The difference between the legal accountant and the financial accountant

What is the difference between a legal accountant and a financial accountant?

Who is the Legal Accountant?

The functions of the Legal Accountant

Who is the financial accountant

The functions of the financial accountant

Financial accountant skills

In this article, we recognize the difference between a legal accountant and a financial accountant and some important information related to them

It is known that the application of basic accounting principles is applied to all types of accounting units, but each unit needs to design an accounting system of financial information consistent with its characteristics, but there is no accounting system is appropriate for all types of institutions, as there are a set of factors related to the identification of any accounting system, Such as the nature of the activity of the institution and its legal form and the size of its operations, so there is a difference between the legal accountant and the financial accountant

 At the beginning: Who is the Legal Accountant

The legal accountant is authorized to practice the profession of accounting independently, and the nature of the work of the accountant in the accounting and auditing offices, after three years of work, the accountant provides his documents to the register of accountants and auditors to obtain a special number, and thus entitled after obtaining membership This record is a review of the financial statements of companies and their signature and stamped with their stamp

The legal accountant has an external audit of companies and establishments. The legal accountant has knowledge, skill and experience in accounting, financial accounting, taxation, auditing and auditing.

It is worth mentioning that the legal accountant have professional international associations such as AICPA and the certificate holder is CPA.

The Certified Public Accountant (CPA) occupies a prominent position in the accounting community, where its holders are respected by the accounting community and have the full opportunity to qualify for leadership positions in their field and professionalize their practices in this field

The Legal Accountant functions

:The functions of the accountant are many

  •  Reviewing and auditing financial documents for disbursements on the project. 
  • Monitoring and auditing the financial statements of the sold units' values and ensuring that they are deposited in the escrow account.
  •  Approve the transfer or disbursement of any money according to the provisions of the escrow account.
  • Checking and approving the financial payment document required for disbursement on the project. 
  • Quarterly reports on the financial and accounting operations of the escrow account, the list of the financial position of the project and the disbursements from the escrow account accompanied by the required documents

? Who is the financial accountant

A financial accountant is a person who works as an accountant in an accounting unit, within the company and not as          a legal accountant outside of it. He works on accounts and accounting restrictions to prepare financial statements.                 The financial accountant must adhere to the accounting policies and standards. Periodically using accounting tools to record financial transactions within the company

 The financial accountant functions

  • All financial matters are the functions of the financial accountant, and his work begins with the registration of all the issued and incoming, the books of daily restrictions and financial reports, as well as the financial control over expenses and their follow-up
  • The distinguished financial accountant is distinguished through his use of his accounting skills to organize accounts smoothly and to make periodic reports within the rules and regulations of the accounting profession

Successful financial accountant skills

A successful financial accountant has unique qualities that distinguish him from others, including:

  • To be aware of the fundamentals and concepts of accounting
  • innovation in the way of work, desire and constant quest to benefit and see all the problems and treatment, 
  • cooperation with colleagues in work
  • accuracy in work, to know how to determine his goal and determination to achieve without weakness, 
  • calmness, 
  • the ability to analyze things, 
  • Independence and strength of personality,
  • accuracy and insight, 
  • promptness and awareness, 
  • clear planning and successful observation, 
  • have an open mind and an open mind.

Some basic tips remain for the legal accountant and financial accountant

  1. Excellence in accounting lies in the reading of many books, because the lack of skill in dealing with books means not access to large certificates such as CMA
  2. Keep abreast of changes in this area through the courses and the expanded readings
  3. To learn English and computer: It is very important to learn the basic principles of computers such as Word, Excel, Excel and the Internet as well, accounting terminology to form a base of understanding of data and work easier If the computer learns for general use and accounting use in particular, in addition to the accounting readings that are concerned with it, strengthening the English language is the key to excellence in accounting

In this article, we presented the difference between the legal accountant and the financial accountant, and we hope that you will like it