How to Be Accounting Manager - Job Description, Skills, and Interview Questions

May 17, 2021 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

Links

The cause of inadequate financial controls in an organization can lead to the effect of serious financial losses. Accounting managers play an important role in assessing and mitigating this risk by ensuring proper implementation of accounting policies and procedures. They are responsible for overseeing the daily operations of accounting, monitoring financial transactions, and ensuring accuracy of financial records.

They must also ensure compliance with applicable government regulations and laws. they may conduct internal audits to identify potential weaknesses in the organization's financial controls. the successful implementation of accounting controls by an Accounting Manager will help to ensure that an organization operates with a sound financial infrastructure and minimized risk of financial losses.

Steps How to Become

Earn a Bachelor's Degree. The first step to becoming an Accounting Manager is to earn a bachelor's degree in accounting or a related field, such as finance or business administration. A degree in accounting will give you a solid foundation of knowledge about accounting principles, financial reporting, taxation, and auditing, which are essential skills for an Accounting Manager.
Obtain Relevant Experience. Most employers prefer to hire Accounting Managers who have at least three to five years of experience in an accounting role. Therefore, it is important to obtain relevant experience in an accounting role before applying for an Accounting Manager position. Gain experience by interning, working as an accountant, or taking on entry-level accounting roles.
Obtain Professional Certification. Professional certifications are not required to become an Accounting Manager, but they can demonstrate your commitment to the profession and give you an edge over other applicants. Consider obtaining the Certified Public Accountant (CPA) or Certified Management Accountant (CMA) credential.
Pursue Additional Education. While most employers require a bachelor's degree, some may prefer candidates with a master's degree in accounting or business administration. A master's degree can help you develop the necessary skills and knowledge to become an effective Accounting Manager and can open up more job opportunities.
Network. Networking is an important part of any job search. Get involved in professional organizations in the accounting field and attend job fairs and other events related to your profession. This will give you the opportunity to connect with potential employers and make yourself known in the industry.
Apply for Jobs. Once you have the necessary qualifications and experience, you can start applying for Accounting Manager positions. Make sure your resume and cover letter are up-to-date and tailored to the job for which you are applying. Also, be prepared to answer questions about your qualifications and experience during interviews.

The success of an Accounting Manager depends on their ability to be reliable and efficient. When an Accounting Manager is reliable, their clients can depend on them to deliver accurate financial information on time and in a professional manner. When they are efficient, they save time and money by streamlining processes and utilizing technology to its fullest potential. These two qualities together create a strong foundation for success in the Accounting field, as they ensure that the financial information is accurate and up-to-date while also providing cost savings.

You may want to check Business Analyst, Accounts Payable Specialist, and Collections Specialist for alternative.

Job Description

Oversee and manage daily accounting operations
Ensure accuracy and compliance of all financial transactions
Develop and maintain financial policies and procedures
Prepare and review monthly, quarterly and annual financial statements
Develop and implement internal controls for financial operations
Manage accounts payable, accounts receivable and general ledger functions
Prepare and review budgets and forecasts
Analyze financial reports and identify potential areas of improvement
Monitor and analyze monthly operating results against budget
Liaise with external auditors and coordinate audit activities
Lead annual tax preparation process with external tax advisors
Manage banking activities, including cash management, foreign exchange and investments
Monitor cash flow and provide cash flow projections
Develop and implement financial strategies to improve profitability
Provide leadership and guidance to accounting staff

Skills and Competencies to Have

Financial and management accounting knowledge
Proficient in using accounting software packages
Excellent verbal and written communication skills
Ability to analyze and interpret financial data
Advanced problem-solving and analytical skills
Ability to build relationships with internal and external stakeholders
Knowledge of Generally Accepted Accounting Principles (GAAP)
Ability to manage multiple tasks and prioritize workload
Strong organizational and planning skills
Solid understanding of budgeting and forecasting processes
Expert understanding of accounting and tax regulations

The ability to analyze financial data, manage budgets, and effectively communicate financial information is essential for any Accounting Manager. This skill set enables them to effectively evaluate the current financial standing of a company and develop strategies to improve upon it. Without these skills, Accounting Managers would be unable to identify and address areas of financial risk, leading to potential financial losses.

without the ability to effectively communicate such information with other stakeholders, it can lead to miscommunication and missed opportunities. In order to ensure the success of a business, it is essential that an Accounting Manager possess a strong understanding of financial data and be able to effectively communicate it to the rest of the organization.

Data Analyst, Revenue Agent, and Financial Analyst are related jobs you may like.

Frequent Interview Questions

What experience do you have in accounting and financial management?
What techniques do you use to stay organized and meet deadlines?
How do you ensure accuracy when managing accounts and reconciling financial statements?
How would you handle a situation where data accuracy was being questioned?
What is your experience with developing and managing budgets?
How have you successfully managed financial reporting and analysis?
Describe a time when you had to make a difficult decision related to accounting?
What strategies have you used to improve financial processes and procedures?
How do you ensure compliance with rules and regulations?
How do you keep up-to-date with changes in the accounting field?

Common Tools in Industry

Accounting Software. A software program used to record and monitor financial transactions, such as invoices, payments, and receipts. (e. g. QuickBooks)
Spreadsheets. A computer program used to organize data into rows and columns for calculations and analysis. (e. g. Microsoft Excel)
Budgeting Software. A software program that helps businesses track and manage their finances by creating and monitoring budgets. (e. g. Oracle Hyperion)
Auditing Tools. A software program that helps organizations analyze their financial records and ensure accuracy. (e. g. Audit Pro)
Tax Preparation Software. A software program used to prepare and submit taxes to the government. (e. g. TurboTax)
Financial Reporting Software. A software program used to generate financial statements, such as income statements and balance sheets. (e. g. SAP Financials)
Business Intelligence Software. A software program used to analyze data and create insights for decision-making. (e. g. Tableau)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Institute of Management Accountants (IMA)
Financial Executives International (FEI)
Association of International Certified Professional Accountants (AICPA)
National Association of State Boards of Accountancy (NASBA)
The Chartered Institute of Management Accountants (CIMA)
Association of Chartered Certified Accountants (ACCA)
American Accounting Association (AAA)
Institute of Internal Auditors (IIA)
The Institute of Financial Accountants (IFA)

We also have Credit Analyst, Credit Controller, and Cost Accountant jobs reports.

Common Important Terms

Accounting Cycle. The series of steps used to record, analyze and report financial transactions of a business.
Financial Statements. Reports that summarize a company's financial position, such as balance sheets, income statements and cash flow statements.
Accounting Principles. A set of criteria and standards used to prepare financial records.
Generally Accepted Accounting Principles (GAAP). A commonly accepted set of rules and procedures for financial accounting that is used to prepare financial reports.
Bookkeeping. The process of recording and tracking financial transactions.
Internal Controls. Policies, procedures and processes designed to prevent mismanagement of assets and protect against fraud and theft.
Auditing. The process of examining and verifying financial documents to ensure accuracy.
Tax Accounting. The practice of preparing financial documents for the purpose of filing taxes.
Cost Accounting. The process of analyzing and tracking the costs associated with producing a product or providing a service.
Budgeting. The process of setting goals and preparing a plan for how a business will use its resources over a set period of time.

Frequently Asked Questions

What is the primary responsibility of an Accounting Manager?

The primary responsibility of an Accounting Manager is to manage and oversee the accounting operations of an organization, including financial reporting, budgeting, accounts payable, and accounts receivable.

What qualifications are necessary to become an Accounting Manager?

To become an Accounting Manager, a minimum of a bachelor's degree in accounting or a related field is usually required. Additionally, some employers prefer candidates with a master's degree in accounting or a related field and/or several years of relevant experience.

What are the typical duties of an Accounting Manager?

Typical duties of an Accounting Manager include overseeing the preparation of financial statements and reports, ensuring accurate and timely financial data is recorded, managing accounts payable and accounts receivable functions, monitoring cash flow and forecasting, developing budgets, evaluating internal controls and recommending improvements, and other financial activities.

What skills do Accounting Managers need?

Accounting Managers need excellent organizational, analytical, and problem-solving skills. They must also have strong communication and management skills, be able to work independently as well as part of a team, and have a thorough understanding of accounting principles and procedures.

What is the average salary of an Accounting Manager?

According to the U.S. Bureau of Labor Statistics, the average salary for an Accounting Manager was $83,510 in May 2020.

Web Resources

How to Become an Accounting Manager - Western www.wgu.edu
Accounting Manager | PSU Human Resources hr.psu.edu
Accounting Manager NC State Continuing and Lifelong Education mckimmoncenter.ncsu.edu