Financial Management in the Air Force
Leads, plans, and accomplishes financial management activities in support of daily operations and war-fighting missions. These include accounting liaison and pay services, budget preparation and execution, program, cost, economic analysis, non-appropriated fund oversight, audit management, bank liaison, policy and procedures, fiscal law, internal controls, and quality assurance.
Individuals in this career field often interact with Air Force commanders, staff, and units to interpret financial directives and coordinate command programs. They also determine and certify fund availability.
Budgeting
In the Air Force, financial management officers use budgeting to keep track of wing and unit funds. This helps them identify their organization’s needs and evaluate the resources necessary to meet those needs.
As part of the budget process, budgeting officers also track how much money is reserved for Special Duty Assignment Pay, a bonus paid to airmen in some of the service’s most demanding jobs. If Congress approves the service’s budget as written, this money could be cut, which is a concern for airmen.
The job of a financial management officer is essential in the Air Force because it directly impacts the success of missions and the readiness of Airmen. As such, it’s necessary to be very familiar with budgeting. This knowledge is vital to understanding how money is used, its implications, and how it can be improved. The key to effective budgeting is frequently reviewing the results and being prepared for changes.
Payroll
Payroll is the process of paying employees and recording their wages. Managing employee salaries is a significant business responsibility and can have legal consequences if not handled properly.
Typically, a company will use payroll software to make this task easier and keep up with changes in payroll laws. It also automatically deducts statutory deductions like EPF, ESI, and TDS from employees’ paychecks, which must then be remitted to the government.
To work in a financial management role, you must know fiscal law and accounting principles. You also need to understand the budgeting and resource management requirements of the Air Force and other federal agencies. You also need to have excellent verbal and written communication skills.
Accounting
Accounting involves recording financial transactions, storing, sorting, retrieving information, and presenting it in various reports and analyses. It also ensures that the data is standardized and reliable for all stakeholders.
In the Air Force, a financial management officer is responsible for managing all of the accounting and finance operations within the organization. They also serve as a financial advisor to commanders and resource managers.
This job requires a bachelor’s degree and at least 18 months of experience. You must have skills in budgeting, payroll, and auditing. You will also need specialized knowledge of the Air Force’s accounting system, including APX, FPX, and GPX.
Auditing
Auditing is a process that examines financial records and techniques to ensure that they are accurate and follow government regulations and standards. This may involve both internal and external auditing.
The job requires a bachelor’s degree in accounting or finance and some experience in the field. In addition to these qualifications, auditors usually pursue additional certifications like a CPA.
A career in auditing could be the right choice for you if you enjoy reviewing financial documents and processes to ensure they are fair and accurate. It would help if you also had strong organizational skills and the ability to find information and reports quickly.
A career in this position involves assisting in budget formulation, validation, and compilation, requiring frequent contact with commanders and resource advisors. You develop and present analyses and summaries of budget performance during FWG and FMB meetings, impromptu staff meetings, conferences, and compliance or readiness inspections.