What Are The Responsibilities of an Accounting Manager?
The accounting manager plays a vital role in overseeing and maintaining the financial health of a business. They supervise a team of accountants and ensure that daily functions—analyzing financial data, maintaining bookkeeping records, managing invoices and billing, preparing reports—operate smoothly. Accounting managers are also primarily responsible for establishing accounting procedures to increase organizational and operational efficiencies.
Additionally, the accounting manager typically oversees and executes the following:
Sets Priorities to Meet Financial Goals
The accounting manager works with the executive team to determine the company’s goals and priorities, then verifies that the accounting procedures can support those objectives. The accounting department is ultimately responsible for providing financial visibility that informs organizational decisions. With this in mind, the manager may need to analyze current workflow and implement new processes to rectify any inefficiencies or promote general improvements.
Manages Financial Information
Though staff accountants may more commonly prepare financial reports, the accounting manager is responsible for analyzing those reports to make recommendations and better strategize with the executive team. This information can be used to prepare budgets and develop key performance indicators for the business, as well as to safeguard against fraud or errors.
Additionally, the accounting manager oversees the month-end close process, which entails taking the measures to review, record, and reconcile all accounts and transactions. The month-end close process is crucial to ensuring accounting accuracy, measuring progress towards long-term goals, and facilitating financial planning.
Leads the Accounting Team
The accounting manager manages a team of accountants, and often will take part in the recruiting, hiring, and training of new employees. A good manager should possess the leadership skills to give clear direction to the team, as well as to assess performance and provide feedback. The manager should similarly identify areas in which staff accountants need additional training or professional development. Whereas staff accountants are responsible for executing many of the day-to-day tasks, the accounting manager reviews work and ensures quality.
Does Your Business Need an Accounting Manager?
If you feel that your company is at the point of needing additional oversight for your accounting team, bringing on an accounting manager could be a prudent move for the overall compliance and growth of your business. However, if the prospect of hiring an accounting manager feels daunting, keep in mind that the manager doesn’t need to be on staff for your company to reap the benefits. You may not feel ready to add salary and benefits to your payroll—which is when outsourcing becomes an attractive option.
As your business grows, so will the complexity of the financial reporting and compliance that is required to keep your business thriving. Outsourcing an accounting manager can be a cost-effective way to maintain compliance, ensure timely reporting, and meet and achieve organizational goals. If you’re not ready to commit, you can bring in an accounting manager to spend a few hours training other accounting staff, recommending process improvements, or advising on financial decisions. The outsourced hours can supplement your accounting team’s day-to-day work without breaking the bank, as well as provide expert support for overall company efficiency.