Financial Accounting

Key Points:

  • Financial accountants work in a wide range of industries and all organisational sizes, including both private and public sectors.
  • A survey conducted by us in 2017, indicated that the average total remuneration for financial accountants with between 1-4 years’ experience in Australia and New Zealand is $90,532*
  • If you enjoy following procedural and technical concepts, then financial accounting might be the one for you.

Financial accounting is a specialised division of accounting that delivers information to external parties in the form of financial statements.

These statements reflect a business' past performance and current position based on a set of standards and guidelines known as GAAP (Generally Accepted Accounting Principles).

A financial accountant's primary duties would include preparing financial statements and reports, provide advice to company decision makers, communicating a company's financial status to external parties and staying on point with the latest trends that would affect financial decisions.

It is important to note that the purpose of financial accounting is not to report the value of a company, but rather to provide objective information that allows others to assess the value of a company for themselves.

Hannah Howard CA"The fast growth space is ever-changing and ever-challenging, the perfect stomping ground to learn and grow. I am thoroughly enjoying the FMCG space right now though I believe finance is a very fungible skillset and imagine I will expand my experience across different industries in the future."
Hannah Howard CA, Group Finance Manager, My Food Bag

Why financial accounting could be the right fit for you

Financial accountants need to determine if a company performs within its stated goals and if its managers make efficient use of resources. This will require you to be extremely objective in your reporting - in order to provide a fair and accurate outlook of the organisation.

As you could be faced with adversarial situations in the course of preparing the financial statements, relationship building and soft skills are also vital. You also need to work extensively with technology and accounting applications in order to calculate, retain and present those financial records - being technologically inclined would be a huge bonus.

If you enjoy following procedural and technical concepts, then financial accounting might be the one for you.

Who can you work for?

Financial accountants work in a wide range of industries and across a range of organisational sizes.

Key skills:

  • Organisational skills
  • Objectivity
  • Eye for detail
  • Self-motivation
  • Financial awareness
  • Methodical approach to problem solving
  • Interpersonal skills
  • Communication

*These figures are taken from the 2017 Chartered Accountants ANZ Remuneration survey results of 180 Financial Accountants with 1-4 years' experience in Australia and New Zealand.