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What is a Financial Accounting

When reading on the ICB courses you often come across the ICB Financial Accounting course, but do you know what it is? You can’t study a course if you don’t know what a course is or what it is about. Knowing what you can do afterwards with the qualification is also a big factor. We tried to answer some of your questions.

What is Accounting?

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations. It has been referred to as the language of business. It is the bookkeeping of all the money and what happens to it in a business, from where it comes from to where it ends up going to.

What is an Accountant?

An accountant is a practitioner of accounting or accountancy, that helps managers, investors, tax authorities and others make decisions about allocating resources. They are the actual person doing a company’s books and making sure that all the books balance. They also have the responsibility of reporting any activities with the money that is not above board or even illegal. They are also able to give advice on financial planning if there has been a part of the books that can perform better, such as income and lowering the outcome.

What is a financial accountant?

Financial accounting is the field of accounting that deals with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes. A financial accountant is the person that does the books of the company and has the responsibility of creating these resources. They are able to provide you with a company’s full financial history and statements.

What course should I study?

If you want to become a financial accountant, your best bet is to study the ICB Financial Accounting course programme. Below the four courses are set out with their subjects.

National Certificate: Bookkeeping (NQF 3)

  • Bookkeeping to Trial Balance
  • Payroll and Monthly SARS Returns
  • Computerised Bookkeeping
  • Business Literacy

Further Education and Training Certificate: Bookkeeping (NQF 4)

  • Financial Statements
  • Cost and Management Accounting

National Diploma: Technical Financial Accounting (NQF 5)

  • Income Tax Returns
  • Business Law and Accounting Control

National Diploma: Financial Accounting (NQF 6)

  • Corporate Strategy
  • Management Accounting Control Systems
  • Financial Reporting and Regulatory Frameworks
  • Research Theory and Practice

What salary can I expect?

PayScale states that the average salary for a financial accountant in South Africa is R322,721 a year. This is also the best website to look at the average for any job you are considering.

What next?

Next up is to start your studies. Starting your ICB Financial Accounting journey can be a rewarding one. Luckily registering is really easy. First step is to choose your training provider. They will help you. After that you register on the ICB Learner Portal to register with the ICB themselves. That’s it. Why not join today?

 

Written by: Maretha Lubbe

Last updated: April 23, 2019

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