What Does A Financial Accountant Do?

WHAT DOES A FINANCIAL ACCOUNTANT DO?

Published: Mar 25, 2025 - The Financial Accountant ensures accurate inventory valuation in compliance with IFRS, leading financial audits and implementing recommendations. Manages cost variance analysis, reconciliations, and stock provisions while overseeing inventory controls. Monitors stock movements, resolves discrepancies, and ensures accurate financial reporting.

A Review of Professional Skills and Functions for Financial Accountant

1. Junior Financial Accountant Duties

Payment Monitoring: Monitoring and recording payments and receipts on all sterling and foreign currency bank accounts, including investments administration.
Transaction Processing: Preparing payments and inter-account transfers.
Query Resolution: Resolving day-to-day queries on payments.
Bank Reconciliation: Preparing monthly bank reconciliations across a number of banks & multiple currencies.
Ledger Reconciliation: Reconciling balance sheet nominal ledger accounts.
VAT Reporting: Preparing VAT returns, general filing & organizing.
Management Reporting: Assisting with preparation of monthly & quarterly management reporting.
Investment Administration: Helping administer investments – Private Equities & Equities.

2. Financial Accountant Details

Compensation Oversight: Oversee the accounting aspects of the Group’s variable compensation, benefits, and share-based compensation arrangements.
Team Collaboration: Work closely with the Payroll team, the Head of Reward, and the Group HR Director.
Liaison Role: Act as the main liaison with the Group’s Employee Benefit Trust (‘EBT’) and the shared platform administrators.
Model Development: Develop financial models to help assess proposed remuneration schemes and present these to management.
Information Collation: Collate information and provide insight to support the Executive Committee and the Remuneration Committee decision making.
System Efficiency: Contribute to the Finance department’s drive to move to more efficient systems-driven MI.
Query Response: Respond effectively and promptly to compensation queries from the business.
Valuation Calculation: Calculating the fair value of new share options issued and preparing the necessary accounting entries.
IFRS Reporting: Preparing and posting the IFRS 2 charges on the Group’s share options in issue on a monthly basis.
Budgeting Input: Providing input into the Group’s budgeting and forecasting process by developing IFRS 2 charge projections and headcount joiners and leavers.
Program Management: Managing the Group’s share purchase program and liaising with the EBT.
Pay Calculation: Calculating the Group’s annual variable pay capacity and allocations across legal entities and departments.
Performance Monitoring: Monitoring existing performance conditions on long-term incentives and supporting HR in setting future performance underpins.
Auditor Support: Providing share-based payment information to the external auditors and being the first point of contact for addressing audit queries.
Disclosure Preparation: Preparing share-based payment disclosures for inclusion in the Interim and Annual Report and Accounts.
Report Preparation: Preparing the relevant figures and disclosures in the Remuneration report included within the Annual Report and Accounts.
Process Improvement: Identifying ways of streamlining and improving existing processes.
Project Support: Supporting ad-hoc analysis and project work.

3. Financial Accountant Responsibilities

Query Support: Support the Financial Reporting Manager with accounting queries.
VAT Management: Manage VAT returns for Raytheon Systems Limited, Raytheon United Kingdom, Raytheon Company, and Javelin (UK) Limited.
R&D Oversight: Run Raytheon R&D tax claim each year with the wider business support to ensure success.
Management Accounting: Monthly management accounting such as preparing journals, completing reconciliations, and supporting the wider function.
Project Leadership: Support/Lead ad hoc projects – acting as the Accounting Specialist in cross-functional project teams.
Financial Analysis: Analysis of Accruals and other significant balance sheet entries.
Process Improvement: Involvement in Raytheon’s 6 Sigma projects to streamline reporting and drive efficiencies.
Entity Management: Manage Javelin (UK) Limited entity and its day-to-day activities as well as quarterly invoicing and VAT returns.
Project Setup: Project set-up and daily clearing checks to ensure projects are correctly set-up.
Policy Interpretation: Interpretation and communication of Accounting/Finance Policy changes.
Best Practices: Champion best practice and look to improve systems and processes with liaison with wider finance teams.
Bank Analysis: Analyzing bank reports and POS deposits to generate cash discrepancy reports and following up on material adjustments.
Sales Analysis: Using sales tool data to research any sales sub-ledger entries if needed between the POS system and ARCS system.
Sales Validation: Validating accuracy of sales data and preparing manual sales adjustments.
Asset Management: Performing creation, maintenance, and retiring of fixed assets.
Account Analysis: Completing clearing, cost, and accumulated D&A and CIP account analysis.
Reconciliation Performance: Performing sub-ledger reconciliations between the fixed asset, general ledger, and project modules.
Financial Review: Preparing and reviewing the financial statements of assigned accounts which include the monthly preparation of month-end accruals, responding to exceptions based on pre-determined criteria, and preparing any adjusting entries.

4. Financial Accountant Accountabilities

Statutory Compliance: Own the preparation, quality and filing of statutory accounts including Branch consolidations for relevant local statutory entities (including Belgium) within specified deadlines
Meeting Preparation: Assist in board and WC meeting preparation financial data
Vendor Management: Manage local outsourced accountants (where applicable) to ensure accounting and filing compliance
Auditor Relations: Build a good working relationship with external auditors, managing requests and coordinating responses to queries and audit action points
Team Coordination: Coordination with EY central and local teams
Period Reporting: Period end reporting - ownership of the production, review and analysis of P&L and B/S
Reconciliation: Monthly Blackline balance sheet reconciliations - preparation.
Tax Reporting: Provide Accounting input for the preparation of VAT returns, CIT, Intrastat, Statutory and other statistical returns.
Audit Support: Provide Accounting support for tax audits
Financial Integrity: Provide guarantee for the integrity of local ledgers, ensuring the numbers are materially correct, and appropriate accounting treatment has been applied.
Regulatory Compliance: Keep up to date with local compliance requirements.
Document Management: Oversee Finance document retention in compliance with both local laws and Verizon policies.
Stakeholder Management: Build a good working relationship with other areas of Finance and the business, as well as external stakeholders while supporting adherence to local statutory requirements in a timely manner
Change Management: Support change management within the wider International Finance Team.
Process Improvement: Contribute in developing, implementing, and maintaining systems, procedures and policies for the group
Technology Utilization: Leverages system and technology knowledge to drive simplification efforts.
M&A Integration: Be SME and key contributor to the integration of acquisitions into Verizon within countries of responsibility, aligning processes, structures and controls to Verizon’s best practices

5. Financial Accountant Functions

Reporting Coordination: Responsible for coordinating the month-end reporting for multiple subsidiary companies.
Financial Oversight: Ensure strong financial controls are in place, balance sheet reconciliations are completed, and consolidation of the group result.
Auditor Liaison: Responsible for liaison with auditors and preparation of the year-end pack.
Career Development: Reporting to a talented CFO, this is an excellent first move for a candidate seeking to transfer from practice into industry.
Financial Advisory: Providing timely financial information and providing advice and guidance to budget holders and service managers.
Standards Implementation: Assisting with the implementation of new accounting standards such as IFRS 16 and a new fixed asset register system.
Accounts Support: Support in the production of statement of accounts and provision of working papers for external auditors.
Transaction Oversight: Ensuring the completeness of the financial transactions of the organisation on the finance system.
Balance Sheet Management: Ensuring monthly Balance Sheet reconciliations are completed on time and discrepancies investigated and resolved.
Asset Management: Assisting the Finance Manager in ensuring the fixed asset register is accurate and up-to-date.
Journal Accuracy: Ensuring journals are completed accurately and backup documentation filed accordingly.
Reconciliation Management: Ensuring monthly income and expenditure reconciliations are completed on time and discrepancies investigated and resolved.
Statutory Assistance: Assisting with the preparation of statutory accounts for all registered entities.
Bookkeeping: Maintaining books for various entities in multiple currencies, including balance sheets and P&L reviews.
Auditor Interaction: Dealing with external auditors’ queries concerning statutory accounts and tax computations.
Tax Preparation: Preparing schedules and dealing with queries from the tax accountants.
VAT Assistance: Assisting with VAT submissions for multiple entities.
Cash Management: Assisting the Senior Legal Cashier with cash management and SRA Accounts Rules.

6. Financial Accountant Job Description

Reporting: Prepare timely and accurate consolidated management accounts (including Income Statement, Balance Sheet, Cash flow statement and analysis) on a monthly basis
GAAP Reporting: Prepare annual and quarterly financial statements and supporting disclosure schedules in accordance with GAAP for external reporting on Form 10-Q and Form 10-K
Variance Analysis: Review monthly group reporting packs from operational sites and liaise with sites to understand key accounting items/variances
SEC Reporting: Support preparation of external reporting documents and SEC filings, including XBRL
Auditor Liaison: Liaise with external auditors in relation to consolidated external reporting
System Efficiency: Work individually and as part of a team to generate efficiency in the use of finance-related IT systems, utilising the ERP and consolidation systems to full potential
GAAP Knowledge: Maintain a thorough understanding of GAAP reporting and other disclosure requirements and assist in accounting research related to new and existing accounting pronouncements
IFRS Reporting: Assist with preparation of consolidated IFRS financial statements
SOX Compliance: Maintain SOX process and control documentation, ensuring the proper design and execution of internal controls
Budget Consolidation: Contribute significantly to the consolidation and presentation of budget and quarterly reforecasts
Performance Analysis: Perform and present analysis on Group Key Performance Indicators (KPIs), including Treasury KPIs
Reporting Support: Provision of support and analysis both in advance of and during the quarter end and year end external reporting processes
SEC Reporting: Participate in the preparation of quarterly bond reports, Annual Reports and SEC filings
Relationship Management: Build and maintain strong working relationships with other Group Functions (National Finance, Tax, Treasury), as well as divisional
IFRS Reporting: Independently prepare monthly, quarterly, and annual financial statements according to IFRS and local accounting standards
Financial Analysis: Perform financial statement analyses and ensure the quality of the financial statements
Process Optimization: Support the continuous development and optimization of accounting processes in cooperation with various departments

7. Financial Accountant Overview

IFRS Support: Supporting the Tax and Reporting Accountant to complete and submit IFRS conversion files to Group company, to meet deadlines.
Statutory Preparation: Prepare the Statutory Accounts with supervision from the Tax and Reporting Accountant.
IFRS Assistance: Assist in the preparation of the IFRS accounts with the supervision of the Reporting Accountant and the Financial Controller.
VAT Support: Support on the preparation and review of the quarterly VAT returns.
Customs Support: Support the customs team with matters that involve tax duties.
Tax Consultation: Provide support to the Business on tax matters in conjunction with the external tax consultants.
Audit Assistance: Support with external audit requests.
Audit Management: Management of Audit visits, ensuring auditors receive requested information in a timely manner.
Business Support: Supporting the business on ad-hoc projects, such as advising management on accounting impacts, tax impacts, provision of financial models, creating new companies, creating new tax registrations, etc.
Tax Registration Management: Managing and submitting information for foreign tax registrations.
Financial Support: Adhoc support in financial information provided for external customer projects.
Close Process Management: Monthly close process typically lasts two weeks.
FP&A Collaboration: Work closely with the FP&A team in London, DFOs across the business to manage expectations and ensure GAAP numbers are maintained in an accurate manner.
Financial Ownership: Take ownership of the completeness of financial information maintained in the PeopleSoft general ledger for Chubb Europe entities.
Reconciliation Ownership: Take ownership of the approval and sign-off on balance sheet reconciliations via the Blackline reporting tool.
Balance Sheet Analysis: Ongoing analysis and investigation for aged items on the Balance Sheet.
FP&A Liaison: Liaise with FP&A to ensure they have the required inputs from ledger systems to meet external reporting needs.
Finance Communication: Liaise, and communicate, with the COG finance team in Philadelphia, ensuring reporting needs and accounting issues are addressed.
Collaboration Management: Collaborate with the expense management and other finance teams in London, ensuring that all inputs and outputs associated with the close process are complete and accurate.
Accounts Monitoring: Responsibility for the monitoring of the accounts payable and receivable and for the reconciliation of ledgers and open items list.
Asset Recording: In charge of adequate recording of the fixed assets using proper accounting principles under HGB and IFRS, including preparation of documentation.
Tax Record Preparation: Preparation of the records and documentation for the tax consultant.

8. Financial Accountant Details and Accountabilities

Financial Preparation: Preparation of Quarterly and Yearly Financial accounts.
Audit Assistance: Assist the Senior Financial Accountant in the preparation of the quarterly and yearly reporting for both internal and external audit under IFRS.
Data Analysis: Respond to financial queries by gathering, analyzing, summarizing, and utilizing custom reports to assist in interpreting data.
Tax Preparation: Assist in the collation of data for the corporation tax return and capital allowance relief for yearly statements and prepare the quarterly tax provisioning for internal quarterly reporting.
Month-End Support: Work with the Senior Financial Accountant in the delivery of the month end close process, analyzing transactions and preparing required journals.
Reconciliation Maintenance: Maintenance of certain reconciliations within the Trial balance, interrogating final balance sheet figures and investigating and correct any differences.
Reporting Facilitation: Facilitate the understanding upon which quarterly and annual reporting needs to be performed.
Capex Management: Be the gatekeeper and controller of capex expenditure by ensuring procedures are met and budgets are followed.
Lease Management: Assist in maintaining the register for IFRS 16 leases and prepare associated working papers.
Trial Balance Preparation: Preparing a trial balance suitable for submitting to the parent for its consolidated results.
Budget Management: Preparing and uploading budgets, forecasts, and other required data to the parent’s consolidation financial system.
Lease Accounting: Gather lease information and prepare lease accounting entries, journals, and reconciliations.
Inter-company Management: Managing, reconciling, and agreeing the inter-company balances.
Regulatory Filing: Preparing and filing HM Revenue & Customs forms, including VAT returns, Alcohol & Import duty, Intrastat forms, authorizing bank payments.
Statutory Support: Assisting with the preparation of the statutory accounts.
Tax Filing: Assisting with the preparation of the corporation tax returns.
Insurance Support: Supporting the provision of After the Event Insurance, whereby an insurance policy covers the cost of legal expenses in the event that the legal case is lost.
Diverse Accounting: Practicing a range of accounting skills across various diverse activities and systems.
Communication Reporting: Reporting and general communication.
Process Improvement: Improving processes and controls.
Regulatory Liaison: Liaising with boards of various group companies (including the regulated companies), satisfying the fitness and properness criteria of the FCA and IOM FSC.

9. Financial Accountant Tasks

Cash Management: Maintain cash records for multiple portfolio entities and deposit checks.
Check Management: Maintain outstanding checks with banks and address any issues.
Journal Maintenance: Record routine journal entries and reconcile general ledger accounts.
Report Assistance: Assist with forward and tie out of prior year financial reports.
Audit Support: Assist with external audit requests.
Project Support: Assist other accounting groups with one-off projects and other responsibilities as requested by management.
Accounting Functions: Perform all related accounting functions required to maintain the financial statements in compliance with IFRS, company/group policy, and procedures.
Financial Reporting: Prepare monthly financial statement pack and consolidation.
Closing Support: Support the regular closing process in line with the organization's timeline.
Statutory Compliance: Support the preparation and filing of annual statutory accounts and footnotes.
Auditor Interaction: Dealing with internal & external auditors.
Financial Supervision: Supervise bank reconciliation, internal cash management process, and oversee Accounts Payable and Accounts Receivable processes.
Control Enhancement: Help to develop and strengthen the internal control environment.
System Development: Contribute to the development of new or amended accounting systems, programs, and procedures.
Financial Analysis: Provide sound, insightful analysis on an ad-hoc basis to stakeholders.
Controller Assistance: Providing assistance to the Financial Controller in the provision of information required to monitor performance and to manage the firm.
Management Reporting: Production of monthly management accounts.
Asset Management: Maintaining an accurate record of fixed assets to allow appropriate charges for depreciation based on a realistic assessment of useful lives.
Financial Provisioning: Provision of appropriate accurate financial information on a daily, weekly, and monthly basis to provide the Managing Partner, Group Leaders, and Directors the information they require to manage Group/Departments.
Partner Support: Providing Partners with an admin service relating to provision of cars purchased through the firm.
Legal Reporting: Drafting of all reports required by the Law Society.

10. Financial Accountant Roles

Inventory Valuation: Responsible for the valuation and reconciliation of group inventories in line with IFRS requirements and consolidation of financial statements (IFRS and GAAP) for filing purposes.
Cost Analysis: Reviews and analyses landed costs to ensure that inventory is valued accurately (on a product, SKU, and location basis) in accordance with IFRS.
Audit Leadership: Leads the financial audit in relation to stock checks and inventory reconciliation.
Audit Implementation: Responsible for implementing audit recommendations.
Cost Variance Analysis: Manufacturing cost variance analysis.
Cost Management: Monthly update of standard costs in the bill of materials.
Cost Review: Review standard and actual costs for inaccuracies.
Cost Validation: Validate the cost of goods sold as part of the month-end close.
Overhead Application: Accumulate and apply overhead costs, as required, by using robust accounting principles.
Inventory Disposal: Work with the materials review board to locate and dispose of obsolete inventory.
Inventory Revaluation: Complete annual inventory revaluations and calculation of stock provisions.
Balance Sheet Reconciliation: Reconciliation of balance sheet for areas in scope, including inventory.
Inventory Reconciliation: Responsible for reconciliations and stock checks of components, WIP, semi-finished goods, and finished goods making true-up and revaluation adjustments to ensure that bulk supplied is valued in accordance with the transfer pricing policy.
Stock Accounting: Accounting for stock movements between packaging plants and from customers.
Stock Reconciliation: Reconciling stock movements at the packaging plants.
Sales Reconciliation: Reconciling stock movements with sales transactions at the company.
Discrepancy Management: Monitoring, reconciling, and resolving discrepancies with the company on a regular basis during the month.
Inventory Control: Responsible for ensuring controls over inventory are robust and movements are recorded accurately.
Payment Management: Responsibility for the execution of payment transactions and monitoring of cash including reconciliation of the bank and credit cards statements.
Account Reconciliation: Monthly reconciliation of accounts and support in the preparation of the monthly and yearly closing.
VAT Assessment: Clarification and assessment of VAT matters.

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