What is an Accounting Manager?
Accounting Managers are in charge of supervising the work of accountants, bookkeepers, auditors, and other accounting professionals in a number of industries.
If you enjoy dealing with numbers but want to lead rather than work alone, being an Accounting Manager might be a good career choice.
An Accounting Managers principal responsibility is to handle all financial reporting in the company. They are in charge of creating and managing the accounting systems and procedures that accountants use to gather, analyse, and verify financial data for a business. They also ensure that companies comply with legal and regulatory standards.
Depending on the industry that they work for, Accounting Managers may also establish yearly budgets, track financial data, and make financial decision suggestions.
To guarantee accurate reporting, the Accounting Manager will work with the chief financial officer (CFO) in defining principles and monitoring the department to ensure proper processes are followed. Apart from working with the CFO, it is the Accounting Manager’s responsibility to cooperate with department heads across the entire business and to discuss budgets and cost-cutting measures.
They also collaborate closely with the controller and director of finance to enhance workflow and explore new initiatives.
Responsibilities
The size, nature, and goals of a business will additionally determine Accounting Managers responsibilities.
Some of these responsibilities will include:
- Evaluation, development, and improvement of departmental controls, systems, and processes to improve accuracy and efficiency.
- Managing the accounting department’s day-to-day operations and ensuring that all major projects, month-end, and year-end reports are done properly and on schedule.
- Assisting other departments in developing strategies, setting goals, and making decisions that might affect the company’s bottom line.
- Financial data analysis and report creation for management, stakeholders, and external parties such as suppliers and lenders.
- Maintaining accurate and full financial records and, when appropriate, taking part in audits or reconciliations.
- Ascertaining that all accounting processes are in compliance with country-specific rules and relevant financial regulations. management, stakeholders, and external parties like suppliers and lenders have access to ports.
- Recruiting, training, and motivating accounting employees, as well as monitoring and distributing department work.
- Keeping up with the newest developments in the financial sector.
Salary
Salaries differ greatly depending on the industry, size of the company, location, sector and employer.
The greatest pay tends to be found in London and its surroundings. The private sector, particularly the banking and capital markets sector, as well as organizations situated in the City, pay some of the highest wages for Accounting Managers in the UK.
In the United Kingdom, an Accounting Manager’s average annual salary is projected to be £58,121, while the additional compensation is anticipated at £7,629 per year.
The overall average salary for Financial Accounting Managers in London amounts to £61,629 per year, ranging from £37,000 to £111,000, while the additional compensation is anticipated at £9,308 per year.
Depending on a company’s strategy, some decide to offer their employees a lower initial salary while providing them with high additional bonuses, while others offer high salaries and lower bonuses. Cash bonuses, commissions, tips, and profit sharing might all be options for further income.
Working hours and work location
Accounting Managers are found in all types of companies, such as consulting firms, service providers, tech companies, employment agencies, advertising agencies, public relations agencies, advertising, banking, government agencies etc. The typical working hours are 9 a.m. to 5 p.m., five days a week, with considerable flexibility. However, depending on current deadlines and workload, longer hours may be necessary. If you’re in the early stages of your job and are pursuing professional education, you’ll need to add extra hours to your official working day.
Qualifications
Although there are a few various methods to become an Accounting Manager, the most common option is to earn a bachelor’s degree in a field such as business administration or business management. Securing a MBA in either business or finance discipline can further your career opportunities. As with most other jobs, work experience is regarded as one of the determining factors when pursuing a career in Accounting Management and looking for eligibility for those lucrative salaries. Obtaining additional qualifications will not only provide you an advantage in the employment market, but they will also raise your total worth.
These are some of the most frequent Account Manager certifications:
The Certified Sales Professional (CSP) curriculum teaches you how to sell in a consultative manner.
Attendees return to the territory with a revitalised zest for selling, from business development to enhanced time and territory management; goal-setting to prospecting, and all in between.
The CMA (Certified Management Accountant) is an advanced professional certification that assesses accounting and financial management abilities that are critical to a company’s success.
If you want to further your career and become a chartered accountant or work in an accountancy, audit, or tax business, the ACCA is the course for you.
Applied Knowledge, Applied Skills, and Strategic Professional are the three levels of the ACCA, and you’ll need to complete relevant job experience at some time to qualify.
The ACCA qualification process takes about five years in total.
The ACA is a qualification gained through the Institute of Chartered Accountants in England and Wales, or ICAEW for short. The Institute of Chartered Accountants in England and Wales is Europe’s largest professional accountancy body.
Skills
In order to be successful as an Accounting Manager you will need these skills:
must have skills:
- Management and supervisory skills.
- Written and verbal communication skills.
- Proficiency in accounting and tax preparation software.
- Proficiency in accounting and finance software.
- Listening skills
- Time Management
- People skills
- Relationship (Trust) Building
- Organisational skills
- Multi-tasking ability
Understanding your Client’s Business & Needs
Adaptability
Work experience
The Accounting Manager role has been employed by large corporations for many years, but it is now being established by a growing number of small and mid-sized businesses.
Having someone in this position frees up overburdened business owners and management personnel to focus on other things by allowing them to cease micromanaging accountancy teams.
Accounting Managers can work for any company that employs a large number of accountants.
Accounting businesses, for example, may recruit Accounting Managers as mid-level or high-level managers inside their firms.
Accounting managers are also employed by government organisations such as Public Sector Audit Appointments Ltd, National Audit Office, Financial Reporting Council and Cabinet Office to supervise tax accountants and cost accountants.
Career prospects
As a prospective student you will be asking yourself what can I do with an MBA in Finance? There are numerous career options after your MBA with Banking and Finance.
Accounting and subsequently Account Management encompasses a wide range of disciplines, including:
- Financial accounting
The focus of financial accounting is the process of gathering information for financial reports for external reporting. Financial accountants are responsible for monitoring or participating in general ledger accounting, accounts payable, accounts receivable, payroll, grant administration, and fixed assets, among other things.
- Cost accounting
Cost accounting is a subsection of management accounting, yet cost accountants’ efforts will have an impact on both financial and managerial accountants. Manufacturing expenses must be documented, presented, and reviewed by cost accountants. They keep track of all variable and fixed expenses to ensure that output matches the cost of production. They also collaborate with management to make future decisions based on financial projections and manufacturing progress.
- Public accounting
Businesses that give accounting advice to customers depending on their requirements are known as public accounting companies. They can work in auditing, assisting with tax returns, advising on protocols for the installation of technology or computer applications, and providing legal counsel.
- Managerial accounting
This sort of accounting records, monitors, and aids in an organisation’s financial planning. The majority of their paperwork is intended for internal stakeholders rather than the general public. They collaborate with their managers to examine and establish a budget that meets the organisation’s short- and long-term objectives.
- Forensic accounting
Forensic accounting is a type of accounting that is used to look into a person’s or a company’s financial records. When certain financial data is missing or unavailable for inspection, accountants may be required to reconstruct it. These experts are frequently involved in court cases regarding fraud, claims, and conflicts.
- Auditing
There are two types of Auditing, Internal and external. The act of a corporation sending financial papers to a third party for financial feedback is known as external auditing. The efficacy of internal accounting processes is determined by internal auditing.
- Tax accounting
Tax accountants help businesses stay in compliance with national legislation when they file their tax documents each year. They also help businesses plan for future tax returns, such as avoiding particular tax loads and comprehending the consequences of certain tax actions. Larger businesses would usually engage a tax accountant to help them negotiate the complexity of financial records.
- Accounting information systems
Accounting information systems (AIS) are the systems that a business uses to gather, store, and process financial and accounting data. Employees in this sector decide when the optimal times are to install new technology and track the development of existing systems to see whether there is a gain in productivity over time.
Despite the fact that these various styles of accounting and accounting management concentrate on different parts of business or even different sorts of firms, they all have the following characteristics:
- Place a premium on ethical procedures.
- Observe the facts.
- Follow specific guidelines.
Serving the public interest by correctly disclosing an entity’s financial condition is regarded as a major characteristic of accounting. It is critical for all Accountant Managers to be accurate in their work, regardless of their job title, the standards that govern the reporting, or who they work for. Accounting Director and Senior Accounting Director are the following career advancement steps after Accounting Manager. As the names imply, these are senior positions that will take seven to ten years to achieve. At this level, you’ll use your previous work expertise to manage teams and serve as a point of contact for any accountancy related issue that emerges.
Related Courses
This one-year full-time program delivered by the University of the West of Scotland will provide you the executive training you need to get your Accounts Manager career off the ground. The London Campus is positioned in the heart of London’s financial district, giving you a unique perspective on UK business.
Other related courses
- Master of Business Administration (MBA)
- Master of Finance (MFin)
FAQ Summary
Accounting Managers are in charge of supervising the work of accountants, bookkeepers, auditors, and other accounting professionals in a number of industries.
In the United Kingdom, an Accounting Manager’s average annual salary is projected to be £58,121, while the additional compensation is anticipated at £7,629 per year.
Although there are a few various methods to become an Accounting Manager, the most common option is to earn a bachelor’s degree in a field such as business administration or business management.
