Financial accountants: experts for accounting and financial management
Accounting skills are conveyed in every commercial training. An appropriate further training allows to work as a financial accountant in the accounting area managing accounts payable and accounts receivable or in the asset accounting area. Financial accountants may even be responsible for the complex financial management of larger companies.
Which opportunities do financial accountants have on the labour market?
A uniform job profile and a standardised examination procedure for financial accountants do not yet exist. However, institutions such as chambers of commerce and industry offer further training courses to become a financial accountant. With a completed training, the prospects on the labour market are good: competent financial accountants are highly sought-after for both accounting and dunning as well as payroll accounting.
Financial accountants are responsible for all aspects of monetary transactions within a company. Their tasks include the management of incoming and outgoing invoices, dunning, the posting of business transactions and the preparation of monthly, quarterly and annual financial statements and statistics. In addition, they act as contact persons for the management board and for (tax) auditors.
In our digitalised world, they usually need to be proficient in maintaining master data.
Accounting and dunning
Preparation of financial statements and statistics
Master data maintenance
Preparation of information for the management board
Acting as a contact person for auditors
Which hard skills and soft skills should financial accountants have?
Financial accountants need to have completed an appropriate (further) training. The relevant training courses, however, are not structured uniformly in Germany. Competent financial accountants have comprehensive accounting skills and experience in specific industries. Besides, they are well-versed in using software required for accounting and master data maintenance.
In addition, they need to be able to prepare financial statements and statistics and present them to both the management board and external auditors.
Good knowledge of business accounting
Completed further training to become a financial accountant
Industry-relevant background knowledge
Knowledge of the required software solutions
Strong communication skills, team spirit and, ideally, project management experience
What is the average salary of financial accountants?
The average annual salary of financial accountants lies between EUR 28,000 and EUR 45,000, the exact amount largely depending on the previous professional experience and the company's size and requirements. Good salary negotiation skills are definitely advantageous.