This study describes a new finite element method that can be used to analyse transverse and axial vibrations of a Functionally Graded Material (FGM) beam under an accelerating / decelerating mass. The differential equations of the FGM beam are obtained using First-order Shear Deformation Theory (FSDT). In these equations, the interaction terms of mass inertia are derived from the second-order exact differentiation of displacement functions with respect to mass contact point. The FGM beam is made of two different materials (Steel and Alumina Al2O3), which vary in thickness with a power law. Including the effects of neutral axis shift and mass inertia, the proposed method can be used when the dynamic behaviour of the FGM Timoshenko beams is to be analysed in transverse and axial directions, depending on the interaction with the acceleration of the moving loads. After validating this work with literature studies, new investigations and fmdings are presented for both moving load and mass assumptions. In addition, the obtained results of Timoshenko Beam (TBT) and Euler Bernoulli beam theory (EBT) are compared for FGM beams with various speeds and accelerations of moving mass.