Fixed Asset Accountant Responsibilities

Fixed asset responsibilities are moderately complex in nature and require a professional accountant to effectively conduct these accounting functions and assignments. Fixed asset accountant assists in supporting capital expenditures and fixed assets, handling the ad hoc reporting, and analyzing the capital assets and projects.

He is also responsible for conducting the transactional processing, performing the month end activities and doing all the account reconciliation work. While doing these duties, he ensures that it is in compliance with the professional legal practices and standards, and also with the organization's policies and procedures.

Key Responsibilities of a Fixed Asset Accountant

The level of the fixed asset accountant responsibilities vary depending on the size and type of the organization. It is mostly related to maintaining the records of fixed assets, entering accurate financial data, involved in developing inventory policies and procedures, reporting, and performing other related tasks as per requirement. He identifies the fixed assets of the organization, estimates its depreciation value, and ensures that it is being constantly tracked and maintained in an appropriate way.

To get a more clear idea, here are a few points that will explain in detail the key responsibilities that need to be handled by a fixed asset accountant:

To analyze and compile the financial data, so as to document the financial transactions that have occurred, and assist in preparation of the general ledger accounts by providing a record of assets
To ensure the integrity of financial records, to enter it accurately in the system, and to make sure that it is compliant with the accounting principles and standards
To identify the variances that may have occurred and to analyze, review and develop solutions for the same
To conduct a thorough audit of various financial transactions, records, journal entries, etc., and to verify the credit and debit balance
To ensure that all the depreciation has been posted and recorded in appropriate depreciation accounts
To make recommendations to the management regarding which fixed assets can be disposed and ways to update the accounting procedures and policies

Additionally,

He may be involved in representing the organization during audits, fixing the audit schedules, and answering the questions related to fixed assets.
He is responsible for identifying the discrepancies and resolving them. He researches and suggests ways to improve the existing procedures and systems.
He supervises the work of the clerical and accounting staff and assists them in performing their accounting tasks effectively.
He forecasts the cash flow and helps in the preparation of capital budgets.
He is involved in generating the relevant reports and determines the useful lives and salvage lives of the fixed assets of the organization.

Essential Skills

A fixed asset accountant should have an aptitude for performing mathematical computations, accounting, and auditing.
He should be self driven, motivated, and should be able to function independently as well as should be comfortable working in a team environment.
He should have a multi tasking ability, and should have an ability to work under stressful work environment.
He should have excellent communication, organization, and time management skills.
He should be proficient in computers, as he will need to handle huge database and generate reports related to it.
He should be able to exercise good judgment and make sound decisions, should be able to maintain confidentiality, have excellent planning skills, and should keep himself abreast with the current updates happening in the accounting practices and methods.

Educational Background

The minimum educational qualification to apply for the post of a fixed asset accountant is a bachelor's degree in accounting, finance, tax, auditing, etc. Those with an advanced degree or a CPA qualification and practical working experience would definitely have an advantage.

Work Hours

The weekly routine of a fixed asset accountant normally does not extend beyond thirty five to forty five hours per week. If he has to complete some pending work on a priority basis, he may extend his duty hours late in the evenings or at nights or may even work on weekends and holidays. He may be required to travel occasionally.

Salary Details

The average salary of a fixed asset accountant is $50,000. Entry level candidates can get a minimum salary of $32,000, while the maximum can go up to $60,000.

Career Prospects

Those having an accounting experience and education can definitely move up to senior level positions and acquire a senior post like a financial analyst. The career opportunities in this field really look promising and rewarding. This can definitely be one of the most lucrative career options for those interested in taking up this profession.

Thus, before you apply for the post of a fixed asset accountant, make sure you are well aware of the fixed asset accountant responsibilities, which will not only help you in developing professionally, but also assist in developing your personal skills.