What is an accounting manager? An accounting manager is someone who is responsible for supervising the accounting department for an organization and ensuring that all financial issues are taken care of. To excel at this position, a person needs to have good managerial skills as well as a strong background in finance.
Everything Must Balance
The top priority for any company is the ability to account for every dollar that the company receives and every dollar that the company pays out. At the end of the day, month and year, the books must be balanced to ensure that everything is properly accounted for. If it is not, it could indicate that someone is stealing from the company or that those running the company are incompetent. This could lead to a loss of investor trust at best and an investigation by state and federal government agencies at worst.
Where Is the Company Going?
An accounting manager is responsible for crafting financial policies that will help the company grow and thrive in the future., according to the Monster Resource Center. Working with executives within the organization, this person will suggest ways to improve productivity, profitability and compliance. The person who holds this position will be expected to be able to pore through hundreds or thousands of documents in one sitting to find patterns of inefficiency and other issues that could be costing the company money as well as solutions to those problems.
Work to Keep Payroll Costs in Check
The accounting manager may be responsible for working with HR or others within the company to set payroll parameters for each position within the company. In some cases, whoever fills this role may determine how much a position is worth and set the salary range on his or her own. This can help a company balance the need to pay a competitive salary without overpaying for talent that may not be worth what they are asking for. In addition to payroll limits, the accounting manager may also play a role in managing costs for training and developing employees.
Related Resource: Get a Master’s of Accounting Degree Online
The Accounting Manager Keeps Everything Organized Financially
The head of the accounting department is expected to keep a detailed list of all accounts and use the information within those accounts to create a yearly budget for the organization. This person will also go after accounts that are past due in an attempt to collect as much of the past due money as possible. Typically, a company has 30 to 60 days to pay an invoice after it is received. If the payment is not made on time, the company has to decide whether to consider the debt uncollectible or take collection actions on that account.
The position of an accounting manager is one of the most important within an organization as the person who holds it is responsible for overseeing all of the financial decisions.