What is financial accounting?
As a financial accountant, it is your job to collect, record and extract financial information before summarising it in the form of periodic profit and loss accounts, a balance sheet and a cash flow statement.
You will also be responsible for the production of the statement of accounts and have a key role in the interim and yearend results reporting process. Liaising with external auditors to ensure a smooth and efficient running of the audit process and optimising tax effectiveness would be a part of this role too.
Why choose financial accounting?
Financial accounting is a great area to get into if you have a real enthusiasm for and excellent knowledge of accounting standards and processes. In larger organisations you will almost certainly be based at head office, so the role can offer early opportunities to be noticed by senior management. Because this role is concerned with the results for the whole company it also provides you with an excellent overview of the organisation, giving fantastic exposure to the heart of a company’s accounting functions.
Financial accounting offers a clear career progression route. As you progress down the core financial route, either Financial Controller or Finance Director roles are likely to open up to you.
Who should become a financial accountant?
Those who are more technically orientated, who enjoy using and keeping their knowledge of accounting standards up-to-date are well suited to this role. If finding niche holes in tax structures or interpreting the depreciation of assets appeals, for example, then this role will allow you to make a real difference.
Salary of a financial accountant
Newly-qualified accountants can expect salaries of €50 - 55k, while professionals with a few year's experience can expect €50 - 65k for a financial accountant role with financial services and commerce.
Are you interested in a job as a financial accountant? Get in touch with our accounting & financial services recruitment team. Or see our latest accounting & finance jobs in Ireland here.