Every business organization needs to abide by certain legal and regulatory methods to look after its financial records and reports. This said an accounting department carries out duty. The accounting department collects its financial data and tabulates them into meaningful information using record books and software. This information helps a company understand its financial position in the market, debts, profits, bills, and losses. These reports help the company to modify company procedures and policies. The accounting manager job description represents the leadership of the accounting department.
What is Description for Accounting and Finance?
1. Accounting
It describes all the steps and procedures to record financial transactions and details relevant to a business. The steps include;
- Summarisation of data
- Data analysis
- Reporting
- Tallying with agencies, regulators, and various tax reports and updates.
2. Finance
The complete record of liquid money resources of a business, government, agency, or individual is called finance. On that note, there are four principal kinds of resources: public finance, personal finance, corporate finance, and private finance. So, naturally, the study of finance helps people to generate money.
What Is An Accounting Manager Job?
The origin of the accounting manager job can be traced to the Mesopotamian civilization with writing and counting about monetary records; audit originated in Egypt and finance by the Romans.
An accountant is a person who evaluates financial statements and performs the steps of accounting like; auditing, data analysis, data record, worksheet management, and closing the record books. The work of an accounting manager to supervise the accounts, develop systems and processes for generating account-related information from raw data, adhere to the regulatory and legal requirements, and suggest improvements on the same.
What Does An Accounting Manager Do?
The origin of the modern accounting manager job can be traced to the financial system of Scotland in the nineteenth century. The current accounting manager job consists of two main systems: financial accounting manager and management accounting manager. Both of them do different aspects of accounting as;
Financial Accounting Manager
These managers maintain the organization’s financial health by; creating financial reports, creating reports on investment activities, and developing long-term financial goals.
Management Accounting Managers
Management accounting managers are mainly involved in risk management, budgeting, recording crunching numbers, and decision-making.
Accounting Manager Job Duties Include:
Be it financial accounting or management accounting; the accounting manager job duties include the following steps:
1.Assign projects to the accounting department
2. Managing and invigilating all the operations of the accounting department of the company, including;
- Accounts
- Ledgers
- Payrolls
- Utilities
- Treasury
- Budgeting
- Forecasts
- Assets
- Cash flow
- Debt activity
3. Monitoring the finance-related data from different sources and marking out the outliers before final tabulation.
4. Enforcing proper accounting methods, policies, procedures, systems, and principles.
5. Coordinate to complete final audits
6. Make probable recommendations
7. Generate financial statements for the company.
Job Brief for Accounting Department
The accounting department of a corporate house consists of several departments. So naturally, the job brief of the accounting department consists of the following work:
- Billing section – Collection of information of sales, invoices, orders, and shipping.
- Budgeting section – Planning for expenditures of the company.
- Collection section – To collect overdue payments.
- Payables – Collection of supplier invoices, employee expenses, and early payment records.
- Payrolls – Tax and deductions from employee pay and deposits calculation.
- Reporting – Calculation of profitability of the company’s products or services.
- Taxes – Calculation of taxable income, sales taxes, and use taxes.
- Financial statements – Creation of journal entries, accounting framework, and the reporting period.
Responsibilities of An Accounting Manager
To put it simply, the accounting manager job requires the accounting manager to co0ordinate with the sub-sections of the accounting department. The responsibilities of the accounting manager include:
- Lead, monitor, and manage the divisions of the accounting department
- Give leadership and targets to the respective accountants in the sub-sections of the accounting department.
- Reconciliation with the financial institutions.
- Ensure timely completion of company’s audits
- Ensure compliance with the company’s financial goals
Requirements for Accounting Manager Job
The accounting manager job requires certain qualifications, passion for the job, and experience. On that note, the requirements for an accounting manager job are as follows:
- A Bachelor’s degree in commerce, business studies, management, and related field from a recognized university, college, or institution.
- A Masters’s degree is in those described above for better remuneration and salary hike.
- Relevant short courses, certificate courses, or diplomas from accredited institutions.
- Part-time or full-time experience with an authentic firm
- Additional qualifications in business software, information systems or artificial intelligence, and so on.
Average Salary of An Accounting Manager
The salary of accounting managers in Singapore is competitive, reflecting the high demand for skilled professionals in the finance sector. Below is a detailed overview of average salaries, including factors influencing these salaries. The average salary for an accounting manager in Singapore is approximately S$115,751 annually. Salaries typically range from S$85,980 to S$148,010 based on various factors.
| Salary Range | Average Annual Salary (S$) | Average Monthly Salary (S$) |
|---|---|---|
| Entry-Level (0-2 years) | 60,000 - 80,000 | 5,000 - 6,667 |
| Mid-Level (3-5 years) | 80,000 - 120,000 | 6,667 - 10,000 |
| Experienced (6-10 years) | 120,000 - 160,000 | 10,000 - 13,333 |
| Senior-Level (>10 years) | 160,000 - 200,000 | 13,333 - 16,667 |
Factors Affecting Salary of Accounting Managers
Several key factors influence the salaries of accounting managers in Singapore:
- Experience: More experienced professionals typically command higher salaries due to their skills and proven track record.
- Industry: Accounting managers in high-demand sectors such as finance and technology tend to earn more compared to those in other industries.
- Company Size: Larger companies often have bigger budgets and can offer higher salaries and better benefits.
- Location: Salaries are generally higher in metropolitan areas like Singapore City due to the cost of living and demand for skilled professionals.
- Educational Qualifications: Higher qualifications such as an MBA or professional certifications (e.g., CPA) can lead to better compensation.
Salary Based on Experience
The following table summarizes average salaries based on experience levels:
| Experience Level | Salary Range (S$) |
|---|---|
| Less than 1 year | 60,000 - 70,000 |
| 1-3 years | 70,000 - 90,000 |
| 4-6 years | 90,000 - 130,000 |
| Over 6 years | Above 130,000 |
The average salary for an accounting manager in Singapore ranges from approximately S$60,000 for entry-level positions to over S$200,000 for senior roles. The average monthly salary is around S$9,646, with variations based on experience and industry.
Key Skills Required in Accounting Department
As mentioned earlier, the job of an accounting manager requires passion and specific qualifications that help them gain sufficient experience. All of this aforesaid is incomplete without key skills. The key skills required in the accounting department are as follows:
- Strong oral and written communication
- Organizational skills
- Apt attention and details mongering
- Good analytical and problem-solving skills
- Great time management
- Great numerical, logical, and reasoning skills
- Critical thinking skills
- Adaptive and attentive learning enthusiasm and skills
- Good clerical knowledge
- Proficiency with typing, MS Office, computer software.
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Why Pursue Career As An Accounting Manager?
Pursuing a career is, however, an individual’s decision as per their passion and goals. But when it comes to an accounting manager job, one can consider the following reasons:
- Number in job opportunities – No matter how adverse a market condition be, neither is business going to stop, and so does accounting for the same.
- Exciting work and innovation – The job helps one see through various kinds of markets in practice and concentrate on better finance systems.
- Pay range – Accounting job is easy to land, and the pay range is easy to increase with requisite qualification and experience.
How To Become An Accounting Manager?
To become a successful accounting manager, one needs several years of experience, proper career planning, and devotion to the job. On that note, the following are the steps to become a successful accounting manager:
- Get a bachelor’s degree, as mentioned earlier. One can also add additional Master’s degrees to the same.
- In order to qualify as a chartered accountant, one may also take the different entrance exams like CPA, CIMA, CFA, or ACCA.
- Apart from the same, the aspirants must develop their communication skills and computer knowledge to be placed in good companies.
Conclusion
Like every profession, the accounting manager job also has its share of disadvantages. The process of being a successful accounting manager is ongoing, and the learning aspect never stops. It involves only intuitive decision-making, and the progress is plodding unless the business models, company, or market situation changes. But with proper planning, one is expected to emerge as a champion.
More Resources : Account payable Interview Questions | Accountant resume format | Accounting Interview Questions | How to plan for a accounting job
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