1) A financial accountant prepares financial reports and statements according to GAAP guidelines to provide information for economic decision making to external stakeholders. 2) Financial accountants apply accounting principles to record financial information and prepare regular financial reports and statements as part of accounting cycles. 3) Key reports and statements prepared by financial accountants include the balance sheet, income statement, cash flow statement, and statements of owners' equity.

1. FINANCIAL
ACCOUNTANT
“Historian”
A person with a CA / B Comm Honours is qualified as a Financial
Accountant, responsible to provide information for sound
economic decision-making through the preparation of Financial
Reports highlighting a company's performance for external
parties such as Investors, Creditors and Tax Authorities
Financial Accountants apply established Principles of Accounting
to record Financial Information and prepare Financial Reports
according to GAAP guidelines on a repetitive basis in line with
Accounting Cycles

2. Financial Accountant –
Manufacturing / Services
 Financial Accountants report directly to either the Financial
Manager / Financial Director. They compile Financial Statements
after ensuring appropriate control procedures are in place so that
figures inputted can be accepted as reliable and accurate
 Financial Accounting relies on the following concepts: Stand-Alone,
Going-Concern, Stable Monetary unit of Reporting and Fixed Time
Period (Monthly / Annual)
 Financial Accounting involves Principles of Historical Cost, Expense
Matching / Revenue Recognition and full disclosure along with
modifying considerations such as Materiality, Cost benefits,
Conservatism and Industry Best Practices
 Financial Statements are prepared to ensure the Business makes a
Profit and remains Solvent. Solvency = the Ability of a Business to
pay its Immediate Bills and service its Long Term Loans

3. Financial Accountant –
Manufacturing / Services
 Financial Accountants produce Financial Statements that allow
outside interested parties to evaluate the Profitability and Solvency
of a Business. They must be easily Understandable, produced On
Time and Free from Bias including the following:
 Balance Sheet: Assets minus Liabilities + Stakeholder Equity /
Investment
 Income Statement: Revenue minus Expenses = Net Profit
before Tax
 Owners Equity Statement: Fixed Assets = Plant, Current
Assets = Debtors and Cash vs Liabilities = Creditors and Loans,
Capital investment by Stakeholders for shares
 Cash Flow Statement = Anticipated collection from Debtors
against outflow to settle Liabilities
 Management Commentary: Variance Analysis and
liquidity status to show ability to settle all debts!

4. Financial Accountant –
Manufacturing / Services
 Financial Accountants normally enjoy a Staff complement
consisting of: Bookkeeper/ Creditors Clerk / Cash Book Clerk /
Payroll Officer / Debtors Clerk and Billings Clerk
 Financial Accountants require knowledge of Finance,
Accounting, Budgeting and Cost Control Principles including
GAAP
 Co-ordinates the Company Tender process ensuring updated
costs are utilised and proper escalation is considered

5. Financial Accountant –
Manufacturing / Services
 The Primary Duties of a Financial Accountant are:
 Prepare Profit and Loss Statements (monthly / annual)
coupled with Management Commentaries and Costing
Reports
 Compile and analyse Financial Information from
General Ledger Accounts and documented Business
transactions
 Establish, maintain and co-ordinate the
implementation of accounting procedures and controls
 Complete and analyse Revenue Budgets and Forecasts
(monthly / annual)
 Monitor and review Accounting and related system
Reports for accuracy and completeness
 Prepare and review Revenue, Expenses, Payroll,
Billings and other Accounting documentation
 Review Revenue and Monthly Expenditure trends and
recommend adjustment to appropriate Budget levels
and ensure revision of expenditure highlighted

6. Financial Accountant –
Manufacturing / Services
 Explain Accounting Policies and Procedures to Staff, Vendors
and Customers re Terms and Conditions
 Resolve Accounting discrepancies and queries when reviewing
reconciliations of Control Accounts
 Recommend, Develop and maintain Financial Data bases,
Computer Software Systems and Archiving and Manual Filing
Systems for Statutory purposes
 Supervise the input and recording of Financial data and
Reports for the companies automated Financial systems
 Interact with Internal and External Auditors in completing
Audits
 Collate / prepare VAT, PAYE, UIF, WCA and Skills Levy for
submission and EFT release
 Ensure updating and maintenance of Fixed Assets register once
Capex appropriately motivated and authorised
 Maintain Job Descriptions and develop and train Staff

7. Financial Accountant -
Competencies
 Technical Accounting competency and understanding
 Strong communication and interactive peoples skills
 Advanced hands-on Computer skills of Accounting package
 Well organised and systematic following of routine
 Precise and Analytical
 Demonstrated Planning and Organising Skills
 Deadline conscious
 Ability to work at all levels
 Flexible
 Work under pressure
 Integrity and Compliant

8. Financial Accountant -
Questions and Answers
 Do Fin Acc understand GAAP and why? Y/ N
 Is the Going Concern liquidity important to Fin Acc ? Y/ N
 Fin Acc do not match Expenses / Revenue? Y/ N
 Do Fin Acc recognise Materiality? Y/ N
 Is Best Practice important to Fin Acc? Y/ N
 Are Business Cycles important to Fin Acc and why? Y/ N
 Do Fin Acc authorise / allocate expenditure? Y/ N
 Do Fin Acc compile Consolidated Accounts? Y/ N
 Do Fin Acc calculate Gross Profit margins? Y/ N
 Do Fin Acc produce Ratio analysis? Y/ N
 Do Fin Acc issue Financial Standards and Procedures? Y/ N
 Do Fin Acc develop Costing Systems? Y/ N
 Do Fin Acc compile Capital Expenditure Budgets? Y/ N
 Do Fin Acc implement MIS computerised Acc systems? Y/ N

9. Financial Accountant -
Questions and Answers
 Do Fin Acc compile Cash Flows? Y/N
 Do Fin Acc handle Treasury Functions / Insurance cover? Y/N
 Normal Staff complement reporting to Fin Acc :
Creditors / Procurement Clerk Y/ N
Debtors Clerk Y/ N
H.R Y/ N
Internal Audit Y/ N
Payroll Officer Y/ N
Distribution Manager Y/ N
Sales Manager Y/ N
Engineering Staff Y/N
 Do Fin Acc help complete Tax Computation? Y/ N
 Do Fin Acc control Working Capital Management? Y/ N
 Do Fin Acc compile Income Statements Y/ N
 Do Fin Acc produce Balance Sheets Y/ N

10. Financial Accountant -
Questions and Answers
 Do Fin Acc Submit Internal Audit Reports? Y/N
 Do Fin Acc undertake Industrial Relations disputes? Y/N
 Do Fin Acc handle Company Secretarial practice? Y/N
 Do Fin Acc effect Forex payment to overseas Creditors? Y/N
 Do Fin Acc schedule monthly close-offs? Y/N
 Do Fin Acc control Archive Records? Y/N
 Do Fin Acc maintain Staff Job Descriptions? Y/N
 Do Fin Acc prepare draft Annual Financial Statements? Y/N
 Do Fin Acc prepare V AT, PAYE and UIF for payment? Y/N
 Taxation has nothing to do with Fin Acc? Y/N
 Internal Control systems are of no concern to Fin Acc? Y/N