Once you have chosen to pursue a career in accounting, you will realize that the field is more varied than many people think it is. There is not simply one type of accountant or one single job description that encapsulates every task that accountants with various job titles must perform. The phrase “financial accountant,” for example, is not just a fancy name for a general accountant. Financial accountants have important responsibilities that can greatly impact the future success of the businesses for which they work.
The Professional Life of a Financial Accountant
At first, the job title of financial accountant may seem redundant. Accounting is, after all, the keeping of financial records. All types of accountants work with financial statements, as the United States Bureau of Labor Statistics reported. However, the job responsibilities of financial accountants go beyond examining written financial records. Financial accountants can have direct impacts on whether and how businesses succeed.
Regardless of industry, all businesses share a common goal: to make money. Company executives know that sometimes growing profits requires growing the business itself. That could mean branching out to create new products and services to sell or simply beefing up the manufacture and services already available, but it almost certainly means increasing the company’s workforce. However, all of these changes require the company to make financial investments in the forms of worker salary and benefits, workspace, and product or service development. Without appropriate planning, the costs could put a once thriving business into financial trouble.
That’s where financial accountants come in. These accounting professionals are responsible for planning every aspect of company finance. Financial accountants are the ones that put together budgets and help ensure that businesses stick to them. They propose smart financial policies that keep companies financially secure and prevent them from overspreading their resources. When it comes to paying employees, financial accountants handle payroll and benefits.
Benefits of Becoming a Financial Accountant
Financial accountant is among the highest paying accounting jobs, with an annual salary that ranges from $44,000 to $100,000. This position allows accounting professionals to work closely with numbers, such as when they oversee payroll or create company budgets. It also allows them to use their knowledge of financial strategies to plan a successful future for a company. A career in financial accounting is a great choice for people who enjoy planning and strategizing as much as they enjoy analyzing numbers.
Financial accountants offer unique skills. Like other accounting professionals, they ensure that financial records are accurate and tax documents are prepared as required by law and filed by deadlines. However, financial accountants also make a real difference in a company’s direction, its growth and ultimately its success. The occupation is a true combination of traditional accounting skills and financial planning skills. The multitude of different opportunities and the high earning potential that goes along with the job makes it a very rewarding position in terms of both financial success and day-to-day work satisfaction.