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An Overview of Basic Responsibilities of Financial Accountants

Financial accounting or analysis is an important part of business planning. It is a major tool that helps to monitor the course of a business plan. The development of business depends on financial accounting and proper analysis of the project. The person who takes care of all the financial aspects is popularly known as Financial Analyst, Financial Accountant or sometimes a Financial Planner.

As a Financial Officer, Basic Responsibilities of a Person are:

  • Record and review financial transactions
  • Proper management and updation of financial records
  • Internal financial assessment
  • Report and analysis of information related to finance to the management
  • Provide expert advice and assistance to people on taxation
  • Keep oneself updated on latest financial news
  • Constant monitoring of financial assets and investment strategies
A financial accountant identifies and records financial transactions, measures, classifies and verifies the financial information and then summarizes, interprets and communicates the financial information to the concerned authority. While performing Computerized Financial Accounting, the financial planner reveals profit and loss for a given period, value and nature of the financial assets and also throws light on the liabilities and equity of the owner. The success of the financial accountant is solely dependent on his ability of sales, how many new clients he acquires and his ability to pitch in new ideas to current clients.

A Financial Accountant Provides Relevant Information on:

  • Resources available with the organization
  • The means employed to finance those resources
  • Profits and loss made
  • Consequent results of the financial decision on the business plan
A Financial Accountant also holds other contemporary titles of a stockbroker, account executive or a broker. Traditionally, the job of a financial accountant involves buying and selling of securities like stocks and bonds on behalf of current clients. Instead of being focused mainly on the process of facilitating transactions, a financial accountant does the work of a financial adviser and a financial planner. Some other titles held by a financial accountant are that of wealth management advisor, corporate finance accountant, financial analysts or even a financial officer.

Some financial accountants specialize in assisting individual clients while others concentrate on serving the business clients. Most of the security firms prefer their financial accountants to specialize in above stated domains.