|Type of paper:||Essay|
|Categories:||Career Profession Accounting Financial analysis Career development|
The accounting analysts are personnel in charge of the creation of an effective financial information analysis of any given company. They are normally involved with the development of the financial documentation for the decision makers of the organization and also in the interpretation of the reports in accounting, which creates sound advice for the future financial decisions. The financial analyst also ensures that there is accuracy in the business transaction records, evaluation of the financial recording as well as keeping control of the processes in the transaction. The analysts also verify and analyze the records of a company while adhering to the rules and the privacy standards of the industry and also have direct access to the control data integration (Wu, 2009). They hence ensure that the conclusions for the future financial decisions are drawn using the complex raw data.
The accounting analysts have a responsibility of working effectively by themselves in conjunctions with other colleagues and fellow analysts. Besides, the analysts are often involved in leading or actively participating in the meetings as well as other corporate team planning and also ensures coordination of the annual financial statements (Wu, 2009). In general, the professional's hand in their report to the finance department or the department of accounting.
To qualify for a career as a financial analyst, a bachelor's degree in accounting, or any other business related course is required. Additionally, the previous experiences, as well as the industry certifications, are an added advantage. As a financial analyst, therefore, there is a need for extensive accounting techniques knowledge in addition to the advanced experience in the risk management software and Microsoft Excel. They must be competent in problem-solving and has adequate analytical skills needed for accurate assessments and also provide sound financial advice. For the creation of the reports and the presentations regularly, there is a need to have advanced written and verbal communication skills.
The main duties and responsibilities of accounting financial analysts include the initiation of all the accounting procedures and systems in the departments of sales and marketing. They are also involved in the analysis, initiation, as well as the implementation of the best procedures and practices in the department of accounting (Bushman, 2001). The financial analysts play a critical role in the establishment of the accounting controls for the generation of the various financial reports. The financial analysis performance, as well as the day to day tasks of a company, is the co-task of a financial analyst.
Also, the financial analysts are involved in the development, testing, and initiation of the auditing strategies and the testing of programs and procedures. Besides, they establish financial controls to ensure cost reduction. Moreover, the reconciliation and the analyses of the various registers and records is another role of the analyst (Bushman, 2001). The financial analyst also works about to ensure the best qualitative practices and procedures are implemented.
An accounting analyst has the capability of reading many pages of the profit and loss statements and fish out where possible poor spending habits, which influences the company's cash flow. A perfect instance of how an accounting analyst makes the companies more profitable can be found in a typical investment proposal. Financial accounting analysts must always have an ability to utilize independent judgment in the establishment of the accuracy and the reasonableness of the information. Also, the analyst must have the ability to cordially working with the people of different backgrounds in the organization.
Wu, J. S., & Zang, A. Y. (2009). Accounting Analyst Responsibilities and Duties.
Journal of Accounting and Economics, 47(1-2), 59-86. https://www.greatsampleresume.com/job-responsibilities/accounting-analyst-responsibilities/Bushman, R. M., & Smith, A. J. (2001). Job Description for Accounting Analyst
Journal of Accounting and Economics, 32(1-3), 237-333. https://www.payscale.com/research/US/Job=Accounting_Analyst/Salary
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