The Association of Chartered Certified Accountants (ACCA) is one of the most well-known accounting credentials. You can become an extremely valuable and desirable financial professional by studying the ACCA subjects for all exams. After earning your ACCA, you can work in both the financial and non-financial sectors. The following are some of the options available to you after you complete your ACCA:
Financial accounting is the process of recording, summarizing, and interpreting transactions that occur due to business operations over a given period. They are also in charge of preparing financial statements for external parties such as taxing and regulatory authorities, creditors, shareholders, and investors.
Accountant for Management:
The foundation of management accounting is the process of assessing operations and business costs to prepare financial reports. Managers can use these reports to help them set organizational goals.
Management accountants are in charge of identifying, measuring, assessing, and communicating an organization's financial data. They examine critical organizational data and information to assist management in making critical business decisions. Verify that all financial details comply with the law;
- Keep an eye on the market for opportunities to expand.
- Participate in the financial decision-making process.
- Make financial projections.
- Supervise the work of assistant accountants.
Treasurer of the Corporation:
Corporate treasurers are in charge of ensuring that businesses have enough cash on hand to fulfill their obligations. Their responsibilities include developing financial policies and strategies, providing investment advice, arranging funds for expansion, and managing financial risk. In addition to these responsibilities, corporate treasurers evaluate financial markets, acquisitions, and mergers and negotiate credit lines. This job role is made up of five main components:
- Cash management and liquidity:
- This component ensures that the organization's 'cash requirements' are met efficiently.
Financial Management in a Corporation:
Corporate financial management is the process of ensuring that an organization's financial, management, and corporate strategies are aligned with its objectives. The process of identifying, assessing, and mitigating the risks that an organization may face is known as risk management. Corporate treasurers are also in charge of ensuring that the organization employs appropriate risk management techniques.
Operations in the Treasury:
It includes staying current on financial trends, engaging with investors and bankers to foster good working relationships, and using their extensive treasury skills to solve financial problems. It is a junior accounting position that reports to an organization's finance director or financial controller. The job responsibilities vary from one organization to the next, but the most common responsibilities include bookkeeping and financial account management. They're also in charge of handling incoming payments, tracking them, and preparing financial and compensation statements.
Controller of Finance:
They typically manage an organization's accounting department, ensuring that financial reports and books comply with business and legal requirements. These controllers are primarily concerned with historical records, but they may also be responsible for compliance audits, budgeting, and financial data analysis.
Manager of Finance:
These individuals are in charge of an organization's financial health. Financial managers oversee various aspects of a company's finance department, including financial analysis, financial accounting, and management accounting. Other responsibilities of this position include:
- Creating financial statements, corporate analyses, and financial forecasts.
- Supervising the assistant accountants who prepare the financial statements for the company.
- Analyzing the financial reports of the organization to find cost-cutting solutions.
- assessing market trends to spot potential expansion or investment opportunities.
Accountant Specializing in Forensics:
Accounting, auditing, and investigative skills are used to examine an organization's financial reports and statements in forensic accounting. Their job is to look into an organization's finances to see if there is any fraudulent activity going on. Other responsibilities include:
- Examining an organization's assets, liabilities, and resources in detail;
- Assuring the integrity of the organization's financial statements and records;
CFO (Chief Financial Officer):
A chief financial officer (CFO) is a senior executive in charge of an organization's financial operations. The CFO's core duties in an organization are as follows: In a small company, the CFO is in charge of budgeting, cash flow, wages, and investments. The chief financial officer oversees the preparation of budgets, the efficient distribution of resources, and the determination of employee pay scales in larger organizations.
Reporting and Accounting:
In small businesses, this senior executive manages accounts and prepares monthly or annual financial reports and statements. They have more financial reporting and management roles in large companies.
Planning and Strategy:
To assess productivity and improve efficiency, chief financial officers collaborate with chief executive officers and board members. It is accomplished by utilizing their extensive knowledge of funding sources, markets, and general economic perspectives.
An auditor verifies that an organization's financial and operational records and statements are accurate. Auditors are generally staffed by major accounting companies such as Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC), and KPMG.
Specialist in Taxation:
This position is most commonly found in professional accounting or service firms. A tax specialist's job is to advise clients on tax law on a local, national, and international level, as well as on a personal and professional level. They're also in charge of supporting companies in fulfilling their tax obligations.