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Finance and Accounting - Essay Example

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Financial accounting is the field of accounting that deals with the summary, analysis and reporting of financial transactions in a business (Ryan, 2004, 43-45). They prepare the business final accounts which are for use by stockholders, suppliers, commercial banks and non…
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Finance and Accounting
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Download file to see previous pages They analyze results of strategic decisions and measure the value of the results, strategize to maximize profitability, sustainability and flexibility, ensure that the business continues to grow, return value to owners and attract more resources, and make the decisions that are reflected in the financial statements, they are key players in the world of business (Robinson, 2012, 12). They record, analyze, summarize and report financial information for use by the management and investors, they also play an integral role in the firm’s daily management and decision making process, they execute strategic goals, drive growth and manage the firm’s risk by implementing financial controls over its business activities (Alba, et. al, 2005, 103).
Financial accountability is important in maintaining a healthy business. They also educate their employers on financial information accordingly and advise them. Generally they do not have to work with other employees as they report to the management directly. The average salary of a financial accountant is $50820 per year (Robinson, 2012, 97). Tasks carried out by a financial accountant include summarizing and preparing financial records and statements to report externally, maintaining records of assets, liabilities, capital (shareholders’ equity), tax demands and financial transactions in the organization. They utilize accounting principles to ensure compliance with regulatory reporting requirements.
To become an accountant one requires advanced education and formal certification to get qualified for senior accounting jobs. On the most basic level, accountants keep and inspect financial accounts for companies, government institutions and individuals. Some accountants are self employed while others work for large firms. Most accountants work full time though some work part time. Those who work part time are usually busier during end of financial year and during tax season (Ryan, 2004, 45). Most accounting professionals have ...Download file to see next pagesRead More
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