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How can you become a Financial Accountant?

How can you become a Financial Accountant?

Financial Accountant

A Financial Accountant prepares financial statements where they can evaluate a company's financial performance to improve in decision making. They will need to know about Financial Statements, such as the income statement, balance sheet, cash flow statement and statement of retained earnings.

What are the job roles of a Financial Accountants?

  • To prepare financial statements
  • To prepare monthly and annual accounts
  • To provide financial advice
  • To undertake financial audits
  • Manage financial information and budgets
  • To counsel clients on business improvement
  • To deal with the insolvency
  • To produce reports and recommendations for internal audits or public-sector audits
  • Provide advice to clients on tax planning (within current legislation to enable them to minimise their tax liability)
  • Advice on tax issues associated with activities such as business acquisitions and mergers
  • To arrange financial management reports, including financial planning and forecasting
  • To maintain accounting records
  • To prepare accounts and management information for small businesses (accountancy)

What skills are needed for the job role of Financial Accountant?

  • Numeracy
  • Organisational and Time Management skills
  • Understanding the business industry and its own companies situation
  • Teamwork & Leadership
  • IT proficiency
  • Oral, Written Communication and interpersonal skills
  • Problem-solving & Analytical Skills

How can you become a Financial Accountant?

  • ACCA qualifications - two levels; Fundamentals and Professionals. Modules covering a variety of subjects from corporate and business laws to audit and assurance.
  • ICAEW chartered accountant status - also referred to as the ACA, this qualification include three to five years of practical accounting work experience and the completion of 13 modules
  • AAT accounting courses - made up of three qualifications across three levels, they combine industry knowledge and practical work skills.

Placement, work experience, or part-time role is pre-requisite to apply for jobs in financial accounting. KBM provides accounting work experience.

What is the average salary of a Financial Accountant?

  • The salaries depend on the size, location and type of the employer company. The starting salary for new/fresh graduates will be £28,000. If you have completed the ACCA course, the starting salary will start from £40,000
  • After completing the CIMA qualification (Chartered Institute of Management Accountants), your base salary will be £33,000. Experience is the deciding factor for a higher salary. Senior Financial Accountants can earn from £65,000.

How can KBM Training help?

KBM Training offers courses from Bookkeeping & VAT to Financial Accountants.

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