If you’re looking for a career with stability and plenty of opportunity for advancement, consider becoming an accounting manager. This is a highly sought-after position in the business world, and with the right training and experience, you could be on your way to a long and successful career in accounting. In this article, we’ll explore what it takes to become an accounting manager and what kinds of duties you can expect to perform in this role. We’ll also discuss some of the most common career paths accounting managers follow. So if you’re interested in learning more about this exciting and challenging field, keep reading!
1. What Is an Accounting Manager?
An accounting manager is a professional who oversees the financial accounting and reporting functions within an organization. They are responsible for developing and maintaining accurate financial records, ensuring that all financial transactions are properly documented, and preparing financial statements. In addition, they may also be responsible for managing the company’s budget and overseeing the accounting department. They may also be involved in preparing tax returns and ensuring compliance with relevant legislation. In smaller companies, the accounting manager may do all of these tasks themselves. In larger companies, they will typically work closely with their team to ensure that the company’s needs are always met.
In addition to overseeing accounting activities at a business or organization, accounting managers are also responsible for preparing forecasts, budgets, reports, and analyses.
2. What Is the Difference Between a Chief Financial Officer (CFO) and an Accounting Manager?
The main difference between a chief financial officer (CFO) and an accounting manager is the CFO’s increased level of management responsibility. A CFO oversees all aspects of financial planning and operations for a business or organization. In larger companies, the CFO is responsible for all company financial matters, including budgets, accounting principles and policies, cash flow projections, and performance reporting. The CFO typically reports directly to the chief executive officer (CEO). In addition, a CFO may also be responsible for overseeing other key financial operations such as credit and risk management.
An accounting manager, on the other hand, is not usually involved in developing strategic company direction or initiatives. Their focus is largely on implementing internal controls and processes to ensure financial oversight. They are responsible for keeping track of the organization’s cash flow, managing accounts payable and receivable, paying wages and salaries, etc.
3. What Do You Expect from an Accounting Manager?
The main job of an accounting manager is to ensure that all financial transactions are properly recorded and reported. This includes:
- keeping accurate and up-to-date books of accounts;
- recording income and expenses;
- preparing financial reports;
- preparing budgets;
- understanding tax legislation.
To do this, they must have excellent knowledge of financial principles and practices. It is also important that they are detail-oriented, have strong analytical skills, understand business operations, are able to work independently or as part of a team depending on the nature of the organization’s structure. Accounting managers may need staff under them to help with these tasks.
4. What Skills Are Required to Become an Accounting Manager?
To become an accounting manager, you must have at least a bachelor’s degree in accounting or a related field. You should be comfortable working with business data, financial information systems, and computerized accounting software.
You should also possess excellent leadership skills. Accountants need to motivate their team members to produce the best results possible, so strong communication, organization, and time management skills are also important.
Although specific requirements for accounting managers may vary depending on the size, location, and industry in which they work, there are a number of skills and qualities that all accounting managers must have to be successful in this career:
Business sense — Accounting managers need to understand financial and operational elements within their organization.
Detail-oriented — Accounting managers must be able to compile complex financial records and reports accurately and efficiently.
Analytical skills — Accounting managers need strong analytical skills to evaluate the company’s performance. This often involves performing forecast projections based on past data, which requires the ability to analyze trends, make predictions, and record results in a clear fashion.
Self-starter — Accounting managers typically have staff under their supervision but must work independently with minimal oversight. Strong attention to detail and a high level of organization are critical.
Communication skills — Accounting managers need excellent communication skills because they may also serve as the main liaison between finance and key company decision-makers, clients, suppliers, and other external stakeholders.
Leadership skills — Accounting managers should be able to lead their teams as well as take charge when necessary.
5. Education and Experience Needed for an Accounting Manager Position
An accounting manager position typically requires a college degree in accounting or a related field, as well as several years of experience working in accounting. Previous experience in a supervisory role is also often required. In order to be successful in an accounting manager position, you need to be able to effectively manage budgets, oversee financial transactions, and ensure compliance with financial regulations.
An accounting manager typically has to be familiar with budgeting and financial reporting. Accounting managers also have to manage all of the administrative needs of their department, such as hiring and training employees. They must provide executives with regularly updated reports and generally oversee daily operations within an organization.
To work in accounting, a person typically needs a bachelor’s degree in accounting or a related field. In some cases, a master’s degree may be required. For higher-level positions within the field, such as senior vice president of finance or chief financial officer, many employers require executives to have an MBA from a top business school.
In order to get the necessary experience for an accounting manager position, it is often best to work your way up through the ranks within the finance department of a company. An entry-level job in accounting typically requires little more than having completed courses in basic bookkeeping and tax preparation. As you grow more experienced, you can move into other areas like auditing or consulting.
6. Salary of an Accounting Manager Job
According to Payscale, the average salary for an accounting manager is $68,512 per year. However, this varies depending on the location, experience, and company size. Accounting Manager salaries range from about $45,000 per year for entry-level accounting managers to over $100,000 per year for experienced executives.
A starting accounting manager typically earns between $45,000 and $50,000 per year. Depending on the industry or company size, there is a wide variation in salary for this position. For example, an entry-level accountant may earn around $45,000 at a small startup firm but would likely start closer to $60,000 at a larger company. After several years of experience, an accountant can typically expect to be earning $55,000 – $65,000 at the junior level and around $75,000 per year at mid-level positions.
The earnings of an accounting manager increase with more experience. After working for ten years in the field, salaries can range from $65,000 – $75,000 at the junior level to $90,000 per year at the mid-level. Senior accounting managers typically earn around $100,000 – $110,000 per year.
7. Benefits of Being an Accounting Manager
Some of the benefits of being an accounting manager include:
• Flexible working hours: Accounting managers will usually be expected to work between 40 and 50-hour weeks, but these hours can be flexible.
• A good salary: The salary you receive will depend on the role of accounting manager that you take up and your general level of experience in the field.
• A great team: At the heart of being an accounting manager is successfully managing your team in order to make your company more profitable and efficient. You will work closely with your staff in order to ensure that this happens.
• Potential for career growth: If you are successful as an accounting manager, this may allow you to progress upwards within your company. For example, if the company becomes large enough, you could be offered a position as CEO or managing director with greater control over the direction of the firm.
• Doing something you enjoy: Accounting can be a lucrative and fulfilling career. It allows you to work with numbers and financial reporting, which could appeal to those who like this type of work.
• Other benefits: Depending on your situation, there may be other benefits such as health insurance or access to further training that comes with the role of accounting manager.
8. Career Growth Opportunities for an Accounting Manager
There are many career growth opportunities for an accounting manager. Some of these include becoming a controller, chief financial officer, or vice president of finance. An accounting manager can also become a certified public accountant or a chartered global management accountant.
Accounting manager career opportunities can be found in many different types of organizations. These include manufacturing, finance, insurance, retail trade, wholesale trade, utilities, transportation, and warehousing. There is always room for career growth.
9. Top Recruiting Companies for an Accounting Manager
Some of the top recruiting companies for an accounting manager include:
- 1. Airswift
- 2. Robert Half International Inc.
- 3. Hudson
- 4. Accounting Principals
- 5. Kelly Services Inc.
- 6. ADP, LLC
- 7. Robert Half Management Resources
- 8. Janco Associates, Incorporated
- 9. Nordstrom
- 10. The Ken Blanchard Companies
10. Best Colleges to Study Accounting Management
There are several colleges that offer degrees in accounting and management. However, not all of these colleges are created equal. Here is a list of the five best colleges to study accounting and management:
1. Harvard University: Harvard offers one of the best accounting and management programs in the country. The faculty is extremely knowledgeable, and the facilities are top-notch.
2. Stanford University: Stanford offers a highly-rated accounting and management program. The curriculum is challenging, but it prepares students for real-world business situations.
3. University of Pennsylvania: UPenn has a well-respected accounting and management program. It provides students with a solid foundation in business theory and practice.
4. Columbia University: Columbia’s accounting and management program is popular with students interested in finance. However, SEI does not allow Columbia to disclose its tuition rates or other data.
5. University of California-Berkeley: U.C. Berkeley’s accounting and management program prepare students for careers in industry, government, consulting, and nonprofit organizations.
The accounting manager career path is a great option for someone with excellent math skills and an analytical mind. It can be challenging, but it also offers many opportunities for growth. If you’re interested in pursuing this career, start by getting a degree in accounting or finance. Then look for internships or entry-level jobs at accounting firms or other businesses that deal with finances. With hard work and dedication, you can eventually move up the ladder to become an accounting manager.