A certified financial accountant is in charge of overseeing a client’s or company’s financial needs in general. He is in charge of keeping accurate records and bookkeeping, as well as complying with tax filing requirements and managing business plans. A certified financial accountant can also serve as a financial advisor, advising businesses and individuals on the best ways to invest their assets in order to maintain or grow their accounts.
A certified financial accountant’s record-keeping responsibilities include proper documentation of a client’s or employer’s profits and losses. This includes keeping detailed records of all incoming revenue and company expenses, such as the day-to-day costs of running a company or managing a portfolio. When working on behalf of his employer, a certified financial accountant may also be responsible for obtaining the necessary business licenses. He’s also in charge of preparing and filing a company’s year-end financial statements.
The certified financial accountant is also responsible for filing the required tax returns on a yearly or quarterly basis. This can include things like filing tax returns, paying quarterly estimated tax payments, and preparing year-end financial summaries that show where profits came from and what caused any losses. During tax audits or other government financial inquiries, a certified financial accountant serves as the lead.
Certified financial accountants must ensure that the company’s expenses and investment plans are governed by a proper business plan. When working for a company, the certified financial accountant is expected to participate in the annual budget planning process. He or she gives information on the highest and lowest profit margins for the coming year, as well as available capital to run the business. He must be able to provide summaries of his client’s portfolio’s past performance as well as the expenses that may be incurred as a result of upcoming planned investment strategies on an individual basis. He may also be in charge of allocating portions of the annual budget to individual departments or divisions based on each unit’s estimated operating costs.
A certified financial accountant’s secondary role could be that of a financial adviser. This could entail recommending different investment options, managing investment allocations, or simply assisting a client in maximizing the potential of their portfolio. On a corporate level, he’d be in charge of overseeing the company’s investments and ensuring that any liquid assets the company has are put to the best possible use.