Fixed asset accountants are responsible for tracking and reporting the value of company assets. They commonly work with a team of other accountants, auditors, and financial professionals to ensure that all relevant information is properly recorded and maintained.
Fixed asset accountants may also be tasked with developing or implementing policies related to fixed asset management. This might include creating guidelines for when new assets should be purchased, how they should be depreciated over time, etc.
Fixed asset accountants have a wide range of responsibilities, which can include:
- Reviewing purchase orders to ensure that all items are accounted for
- Conducting audits of fixed assets to confirm that they are recorded accurately in accordance with government regulations
- Ensuring that all fixed assets are properly recorded and classified according to company policies
- Reporting any discrepancies or potential fraud issues to appropriate department heads
- Reviewing internal controls in place to prevent asset mismanagement or loss due to theft or other unauthorized use
- Calculating depreciation or amortization amounts based on asset type and acquisition date
- Coordinating with external auditors to ensure compliance with financial reporting standards
- Reviewing financial statements to ensure that assets are properly recorded
- Establishing policies and procedures for recording and reporting fixed assets
There are several requirements for obtaining a position as a fixed asset accountant, which may include:
Education: Most employers require asset accountants to have a minimum of a bachelor's degree in accounting or a related field. Some employers prefer to hire asset accountants with a master's degree in accounting or business administration with a concentration in accounting. Relevant coursework includes financial accounting, auditing, taxation and business law.
Training & Experience: Fixed asset accountants typically receive on-the-job training from their supervisors or other experienced accountants. This training helps the fixed asset accountant learn the specific processes and procedures of the company.
Accounting skills: Accounting skills are the foundation of a career as an accountant. These skills include knowledge of bookkeeping, budgeting, taxes and other financial processes. Accounting skills are also necessary for understanding financial statements, which are the basis of the work an accountant performs.
Financial planning skills: Financial planning is the ability to create and implement a budget for a company or individual. This involves forecasting future expenses and income, creating a budget and monitoring the budget to ensure it stays within the parameters set by the company. As an asset accountant, you may be responsible for creating financial plans for companies. This requires you to have a thorough understanding of financial planning and the ability to create a plan that is accurate and effective.