Financial Accounting Manager
When looking for a consistent stable job opportunity there are hardly any better options than financial accounting manager. As long as there are companies, there will have to be a record of accounting and financial documents to track each company`s progress. In fact in recent years the burden of keeping records and financial information has increased with the crackdown on controls, procedures, and public access to reliable records.
There is a broad range in salary available at the financial accounting manager level depending in large part on the size of the firm you are working for, as well as which area of the country you live in. Most medium to large size companies pay in the range of $70,000 to $120,000 for a financial accounting manager with an average of 5 years experience. Most firms typically require a minimum of an MBA with accounting experience, but many require a CPA certification.
One solid thing about a financial accounting manager is that your job is regulated based upon federal standards and guidelines that are handed down by GAAP. The good news is that the skill set that you learn is easily transferred from one company to another. You are dealing with a set of accounting rules that are not specific or indicative of the type of industry you are in or any of the proprietary knowledge of that business.
Typically financial accounting positions are responsible for reconciling all of the accounts of the business and making the necessary journal entries to be able to maintain an accurate General Ledger. Typically each month, the accounting department will prepare financial statements which close the period by preparing a set of balanced books which show a cash flow statement, balance sheet, and income statement for that periods financial activity. The accounting manager must ensure that all of the entries have the appropriate documentation and source data to be able to withstand a financial audit by a third party auditor.
In addition to closing the books, often a financial accounting manager is responsible for keeping track of the accounts receivable (ie any money owed to the company) and the accounts payable (ie any money that the company needs to pay to a third party.) Often there is additional responsibility put upon the accounting manager by the tax department to make sure that various legal entities are tracked in the appropriate way to maintain any tax advantages. This means that what are often simple entries have to be routed through a series of accounts so that it accurately reflects a paper move, which is only on the books for tax advantages.
The key difference in an accounting manager verses a straight finance manager is typically that a finance manager does not make journal entries into the accounting system. Finance managers are heavily involved in the planning and budgeting processes up front. Finance managers also are responsible for expense controls and making sure that all the departments arrive on budget. Another key difference is that accounting managers prepare documents for government agencies and financial auditors, but the finance manager is typically responsible for internal management reporting and controls.
There is a broad range in salary available at the financial accounting manager level depending in large part on the size of the firm you are working for, as well as which area of the country you live in. Most medium to large size companies pay in the range of $70,000 to $120,000 for a financial accounting manager with an average of 5 years experience. Most firms typically require a minimum of an MBA with accounting experience, but many require a CPA certification.
One solid thing about a financial accounting manager is that your job is regulated based upon federal standards and guidelines that are handed down by GAAP. The good news is that the skill set that you learn is easily transferred from one company to another. You are dealing with a set of accounting rules that are not specific or indicative of the type of industry you are in or any of the proprietary knowledge of that business.
Typically financial accounting positions are responsible for reconciling all of the accounts of the business and making the necessary journal entries to be able to maintain an accurate General Ledger. Typically each month, the accounting department will prepare financial statements which close the period by preparing a set of balanced books which show a cash flow statement, balance sheet, and income statement for that periods financial activity. The accounting manager must ensure that all of the entries have the appropriate documentation and source data to be able to withstand a financial audit by a third party auditor.
In addition to closing the books, often a financial accounting manager is responsible for keeping track of the accounts receivable (ie any money owed to the company) and the accounts payable (ie any money that the company needs to pay to a third party.) Often there is additional responsibility put upon the accounting manager by the tax department to make sure that various legal entities are tracked in the appropriate way to maintain any tax advantages. This means that what are often simple entries have to be routed through a series of accounts so that it accurately reflects a paper move, which is only on the books for tax advantages.
The key difference in an accounting manager verses a straight finance manager is typically that a finance manager does not make journal entries into the accounting system. Finance managers are heavily involved in the planning and budgeting processes up front. Finance managers also are responsible for expense controls and making sure that all the departments arrive on budget. Another key difference is that accounting managers prepare documents for government agencies and financial auditors, but the finance manager is typically responsible for internal management reporting and controls.