What is Financial Accounting?

Financial Accounting deals with reporting business activity and financial information to people outside of a company, such as investors and creditors. This is done to check the value of a company.

Duties of a financial accountant

As a financial accountant, you’ll be responsible for running the financial and accounting activities of a company. You’ll study how productive a business is and provide financial information to other departments. Some other duties include:

• Budgeting
• Managing tax payments
• Performing internal audits

Other financial accounting jobs

Besides being a financial accountant, there are other career opportunities available in the accounting field. This article gives a more detailed information about different careers in the field of accounting.  Below are some of the jobs in the field of accounting:

• Financial manager
• Accountant

Financial Manager

Financial Manager is more similar to an accountant. The only difference is that a Financial Manager focuses more on external financial transactions. This means that they prepare documents to present to potential investors or present the information to shareholders. This article dives deeper into what a financial manager is.

Accountant

With these courses you could also become an accountant. The difference between financial accounting and accounting is that an accountant focuses on the internal financial needs of the company.

While a financial accountant focuses more on the finances outside of the company like bringing in investors. 

Click here to find out more about an accountant.

What is Public Sector Accounting?

Public sector accounting is used by governments to manage their finances. It’s important that finances in the public sector is handled correctly since they affect the public services that are available to communities. For example, health care, sanitation and education.

Duties of a Public Sector Accountant

As a Public Sector Accountant, you’ll be responsible for making sure that a company uses public money wisely. Other duties include:

• Preparing accounts
• Managing financial policies
• Developing and managing certain financial systems
• Drawing up financial statements and business plans
• Auditing accounts

What skills are needed to do Accounting?

The accounting field is always changing. Due to this, you’ll need the best accounting skills if you want to be successful. These skills involve more than just the ability to crunch numbers and complete expense sheets.

General business knowledge

Firstly, as an accounting expert, you’ll need good decision-making, bargaining and planning skills. It’s also important that you’re able to see the bigger picture and understand how your accounting role impacts the business or company.

Up-to-date technology skills

Besides being computer-literate, you also need to know about the latest finance software and also how to use it. For example, Sage, Pastel and Excel. Pick up these skills by enrolling in courses or asking someone who is familiar with the software, to show you the ropes.

Communication skills

As an accounting expert, there’s a good chance that you’ll need to communicate with different colleagues and clients. You should keep in mind that the people you speak to might not be as savvy with numbers as you are. Due to this, you’ll need to be able to present information in a way that is easy to understand.

Leadership skills

Accounting experts need to be eager and able to manage projects. You should also help motivate other staff members.

Customer service

Whether you work in public or private accounting, solid customer service skills are key. You need to show good customer service by truly listening to the needs and concerns of your clients. A positive attitude can also go a long way, especially when stress levels are high.

Organisation

Accountants need to deal with a lot of paperwork, numbers and data on a daily basis. To be a good accountant, you need to keep track of all of these things.

Time management

Good time management skills goes hand-in-hand with good organising skills. Managing your workload is only useful if you know how to manage your time.

Adapt to change

A good accountant should be able to adapt to change quickly. In addition to being able to provide better services to your clients, you’ll also be more likely to learn and grow in your career.

Openness

Honesty and integrity are highly valued in the accounting world. Therefore, you must know right from wrong and always display integrity in your work.

Benefits of studying Accounting Courses

A career in accounting can be a rewarding one. It could even lead you to start your own accounting firm as a consultant or analyst. Some of the benefits include:

Job expectations

There are many job opportunities in accounting because every company, business and organisation needs skilled people to manage their finances.

Job security

There will always be a big demand for skilled accounting and financial professionals. Therefore, a career in this sector represents a secure career for life.

Flexibility

If you work as a self-employed accountant, you’ll be able to be more flexible and create your own working hours. This field also allows you the opportunity to run your own accounting business.

Opportunities to advance

If you are already working in the accounting field, further studies could help you develop your knowledge and skills for a possible promotion. With distance learning, you can study further at your own pace without sacrificing your job.

Financial rewards

You have the potential to earn a lot of money, especially if you run your own business. Due to this, the more experience you have in the accounting and finance industry, the more money you can earn.

What Accounting Courses are available?

Skills Academy offers a range of ICB Financial and Public Sector Accounting Courses through distance-learning. These courses are accredited, which means that they are nationally recognised. The great thing about these courses is that you’ll be able to earn a credible qualification at your own pace and from the comfort of your own home.

ICB Courses

The Institute of Certified Bookkeepers (ICB) is an independent external examination body for accredited business qualifications. Their aim is to provide students with the opportunity to get valuable business studies skills for employment backed by credible business qualifications.

CIMA Courses

The Chartered Institute of Management Accountants (CIMA) is the world’s largest professional body of management accountants. Their courses are internationally known for their high-quality standards. They focus on management accounting in the finance and business industry.

Ready to start your Accounting career? Sign up for our Accounting Courses today! 

Get in touch with us and start your studies by using one of the following options:

• Complete our online registration form
• Call us on our toll-free number at 0800 39 0027
• Message us on Whatsapp at 082 318 8892