Accounting Manager Job Description, Skills, and Salary
Get to know about the duties, responsibilities, qualifications, and skills requirements of an accounting manager. Feel free to use our Accounting Manager job description template to produce your own. We also provide you with information about the salary you can earn as an accounting manager.
Who is an Accounting Manager?
An Accounting Manager is a senior accountant tasked with developing systems and processes for evaluating and reporting financial data, as well as ensuring that firms adhere to legal and regulatory standards. Accounting managers make recommendations for improvements to corporate procedures. Accounting managers should ensure that financial reports are accurate and that they follow industry guidelines. They submit annual budget proposals and monthly activity updates for upper management. They oversee the accounting department’s functions, guaranteeing the timely and accurate delivery of financial statements and reporting. These professionals work closely with the financial management team. Accounting managers also contribute to shaping the accounting policies, priorities, and procedures of their organizations.
They are also involved in the preparation of annual budgets, the monitoring of accounting transactions, and the formulation of financial decision suggestions.
Accounting managers used to be responsible for overseeing all financial transactions and financial reporting. However, as transaction complexity has expanded over time, they have recently adopted a more difficult role. They are now in charge of planning, communicating, and leading.
Accounting Manager Job Description
Below are the Accounting Manager job description examples you can use to develop your resume or write an accounting manager job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
The duties and responsibilities of an accounting manager include the following:
- Managing and monitoring the accounting department’s business daily activities.
- Assisting with the company’s financial strategy formulation, implementation, and monitoring.
- Ensuring that budgetary goals and targets are met.
- Designing and evaluating accounting key performance indicators (KPIs).
- Managing accounting teams and ensuring that they achieve the organization’s objectives.
- Keeping accurate and up-to-date financial records.
- Handling performance reviews, providing technical mentoring and training, and providing assistance based on management’s directions and strategies.
- Keeping track of the company’s finances, payrolls, budget, cash receipts, and marketable securities.
- Directing employees to guarantee that all corporate activity is recorded within specified time intervals and with Generally Accepted Accounting Principles (GAAP).
- Preparing monthly and quarterly financial reports for the company.
- Studying rules, providing tax alternatives to management, and filing returns to minimize legally needed taxes.
- Ensuring that daily accounting duties and actions are tracked, monitored, and evaluated.
- Ascertaining financial circumstances, developing and implementing the process of gathering, assessing, verifying, and providing results.
- Reconciling the company’s financial statements.
- Developing personnel by monitoring performance, setting goals, providing ongoing training, and keeping strong employee connections.
- Keeping up with the newest developments in the financial sector.
- Creating and reviewing the necessary ledger entries and reconciliations.
- Performing other responsibilities assigned to the Accounting Manager.
Qualifications
To work as an accounting manager, you must meet the following requirements:
- A bachelor’s or university program in accountancy, finance, or a closely related area is necessary.
- Accounting principles, standards, regulations, legislation, and practices knowledge.
- Accounting Manager with proven experience in management, accounting or related field.
- Accounting software and database knowledge are required.
- CPA (Certified Public Accountant), CMA (Certified Management Accountant), and CIA (Certified Internal Auditor) certifications are all desirable.
- An understanding of enterprise resource planning (ERP) technologies is also a plus.
Essential Skills
To function effectively and efficiently, accounting managers in all businesses should have the following skills:
- Arithmetic skills
Accounting is a data-driven profession, thus accounting managers must be able to evaluate, compare, and understand data. Arithmetic is necessary for financial managers. Understanding international finance, as well as sophisticated financial papers, is essential. They do not require sophisticated math skills such as geometry or calculus, yet fundamental arithmetic skills are required.
- Financial Evaluation
Accounting managers in every industry must possess strong financial analytical skills. They can use these abilities to effectively manage accountants and create goals and priorities for their division. To guarantee optimal financial efficiency, they must be able to recognize problems in various accounting processes.
- Technology Know-how
Technology software’s importance in any organization cannot be overstated.
Accounting managers should be able to perform their jobs using spreadsheets, word processors, and specialized accounting software. They can use these computer programs to manage accounts and provide financial reports. It’s beneficial to learn how to utilize these programs because they’re tools that an accounting manager uses virtually every day in his or her job.
- Analytical abilities
This is a crucial talent for an accounting manager since it immediately affects their capacity to develop effective financial reports because they must analyze raw data before they can derive meaning from it. More specifically, good data analysis abilities enable those in this field to confirm the accuracy of the financial data they review.
- Leadership skill
One of the crucial skills that an accounting manager should hone is a leadership skill. This is because accounting managers are department leaders, communicating with executives to discuss the organization’s goals and developing plans for staff accountants to achieve those goals. An accounting manager is expected to show strong leadership abilities to guide the team toward success.
- Ability to communicate
Communication skills When selecting an accounting manager, one of the most wanted skills is communication ability. After reviewing financial data, one of the responsibilities they are to execute is reporting. As a result, to deliver their results to their company’s stakeholders, they are required to have good verbal and written communication abilities. One of an accounting manager’s skills is the ability to communicate this report to stakeholders who may only have a rudimentary comprehension of financial jargon and concepts.
- Organization Skill
Accounting managers must be structured in order to manage multiple employees and tasks at the same time. They must oversee their entire section while maintaining accurate records.
- Management Skill
These professionals should have strong management skills to effectively supervise their accounting teams. They oversee team assignments to ensure that the group achieves the organization’s objectives.
- Ability to Plan
Accounting managers contribute to the long-term goals of their companies by advising ways to improve efficiency and cut costs, which necessitates competent accounting.
- Time Management
Time management refers to the ability to efficiently allocate and utilize time. Accounting professionals with good time management abilities can balance their many tasks and give each one the attention and care it deserves. This is especially essential for tax accounting managers, who take on additional work after the fiscal year. As a result, they must organize their tasks meticulously to meet all deadlines.
How to Become an Accounting Manager
Account Management is a critical function in every industry. You should be passionate about accounting before you consider becoming an accounting manager. You can become an accounting manager by following the procedures below after expressing significant interest.
- Education
For employment in this sector, a bachelor’s degree is required. The first step toward becoming an accounting manager is to obtain a bachelor’s degree in a field connected to accounting, finance, or business. You should look into institutions that can provide you with the necessary information for this profession.
Accounting managers often need at least a bachelor’s degree from a reputable institution in finance, accounting, economics, or a similar discipline.
Having a master’s degree is also advantageous for those seeking this position.
You can pursue a master’s degree after earning your bachelor’s degree, ideally in business administration, finance, or economics. These academic programs assist students in developing analytical abilities and financial knowledge.
- Obtain certifications
Accounting manager roles may require certifications, thus they frequently have certifications in addition to degrees. For anyone interested in this profession, certifications such as Certified Public Accountant (CPA), Certified Management Accountant (CMA), and Certified Internal Auditor (CIA) are important.
This is essential because some accounting managers utilize professional certification to demonstrate a level of competence.
The most widely held certification is that of a certified public accountant (CPA). Those entrusted with filing securities and exchange commission reports (SEC) must be Certified Public Accountants (CPA).
Certified management accountant (CMA) and qualification in internal audit leadership (QIAL) certifications, on the other hand, might assist accountants in moving up the corporate cadre. Depending on the certification, students may need to spend more than a year completing prerequisites for these certifications.
You must pass a national exam as well as complete state-specific requirements to earn this certification.
- Acquire relevant work experience
Accounting managers usually come from a background in a related field. They might have worked as a loan officer, accountants, securities agent, or financial analyst, for example. Before pursuing management positions, they must get job experience. While a master’s degree can replace several years of work experience, an accounting manager’s professional background provides managers with valuable hands-on knowledge. Many organizations want five years of professional experience, while individuals with a master’s degree may be required to have fewer.
- Apply for Accounting Manager Positions
Accounting managers can advance to management positions after acquiring a degree, gaining job experience, and becoming certified. You can look for firms that are hiring accounting managers online. For individuals who are interested in applying, several organizations post job openings on their websites or other online platforms. You can also look for jobs related to this field on websites like Indeed, Recruitment Trust, Glassdoor, Flexjobs, LinkedIn, network, and others. One can also ask family and friends working in any of the accounting firms to know if they are in need of accounting managers.
Where to work as an Accounting Manager
Accounting managers work in a variety of settings, including firms that specialize in accounting, non-profit organizations, government agencies, healthcare facilities, and the financial sector, among others.
- Firms that specialize in accounting
Payroll accounts receivable and payable taxes, and/or a variety of other services are handled by an accounting firm for a customer. Auditing and advisory services are available from several accounting firms. Accounting firms generally employ a big number of Accounting managers, thus they can work for them. Accounting managers at large accounting firms supervise teams of accountants, set divisional goals, and collaborate with executive-level workers.
- Nonprofit Organization
The nonprofit sector also known as a charitable organization is a business sector that is motivated by a commitment to a specific cause that is the focus of all income above and beyond what is required to manage the enterprise. Non-profit organizations include trusts, cooperatives, advocacy groups, charity, environmental, and religious groups. Accounting managers in the nonprofit sector can help nonprofit executives balance spending and earnings, supervise staff accountants, and manage the organization’s taxes.
- Government Agencies
The Internal Revenue Service (IRS), Government Accountability Office (GAO), and Federal Bureau of Investigation (FBI) are among the federal, state, and municipal government entities that employ accountants. These organizations require accounting managers to supervise staff accountants and direct divisions.
- Healthcare Providers
Healthcare Providers provide services such as disease diagnosis, surgical operations, fitness value, and patient recuperation. Accounting managers can work in healthcare settings as well. Those in healthcare organizations are in charge of tax, budget, and financial data management. Accounting managers can conduct risk assessments, provide financial advice to healthcare executives, and guarantee that the firm achieves its financial responsibilities.
- Financial Institutions
A financial institution is an organization that deals in financial and monetary transactions. These financial and monetary transactions could be deposits, loans, investments, as well as other currency exchanges. Accounting managers in the financial industry provide budgeting, cost accounting, and management accounting advice to businesses. They make sure that staff accountants contribute to the organization’s objectives.
Accounting Manager Salary Scale
The income of an accounting manager varies depending on their skill set, sector, location, and years of experience.
Accounting managers earn an average of $58,467 per year, with earnings ranging from $39,592 to $87,377. After incentives and profit-sharing, their total compensation ranges from $37,569 to $90,892.
Their pay rises in tandem with their years on the job. Those with less than a year of experience earn between $25,912 and $69,810 per year, while those with more than 20 years earn between $41,462 and $88,048 per year.
Their pay varies depending on the industry. Accounting managers working at public accounting companies, for example, earn the most, according to studies.
Accounting managers in public accounting firms may expect to earn between $48,320 and $100,566 per year. More so, those in the software development industry earn an attractive salary. They earn between $44,105 and $91,701.
Accounting managers receive a variety of benefits in addition to their compensation, including health insurance and paid time off.