Table of Contents Hide
- What is Corporate Accounting?
- Qualifications for Corporate Accounting Jobs
- What Are the Responsibilities of a Corporate Accountant?
- Advantages of a Career in Corporate Accounting
- Jobs in Corporate Accounting at the Entry Level
- Corporate Accounting Manager Job Description, Roles, and Requirements
- In Conclusion,
- Is corporate accounting hard?
- What is the difference between accounting and corporate accounting?
When people define corporate accounting, they are referring to a specific accounting branch that handles accounting for companies, prepares their accounts and any cash flow statements, analyzes and interprets the business’s financial results, and examines any events such as absorption, amalgamation, and consolidated balance sheets. In Article, we’ll go over a detailed definition of corporate accounting, as well as the descriptions for entry-level and corporate accounting manager jobs.
What is Corporate Accounting?
This is a subset of accounting that focuses on the accounting of a specific or individual company. It entails preparing final accounts and cash flow statements for specific events such as amalgamation, consolidated balance sheets, absorption, and so on. Corporate accounting is primarily concerned with assessing and analyzing the financial performance of a corporation.
Corporate accounting is concerned with the maintenance of an organization’s financial records in order to ensure that the directed rules are effectively followed and that working procedures are kept within the limits of the organization’s rules, regulations, and policies. It aids not just the company but also the management in making financial decisions. Corporate Accountants that handle all of these jobs are often known as Management Accountants.
It uses a double-entry bookkeeping system in which every transaction is recorded in two accounts, with the debit account being the one from which money is transferred and the credit account is the one to which it is sent. This field of accounting entails preparing and consolidating financial statements and ledgers for an entity. Ledgers and financial data are gathered from various divisions of organizations, and corporate financial statements for company executives are generated. It is ensured that each section of the organization is covered and contributes equally to the company’s income.
Qualifications for Corporate Accounting Jobs
To qualify for a position in corporate accounting, many employers require a bachelor’s degree in finance or accounting. Some employers may also require the Certified Public Accountant credential. This is a smart thing to get regardless, as it can increase the number of job opportunities for those who have it.
What Are the Responsibilities of a Corporate Accountant?
Accountants are in charge of keeping financial records and can specialize in a variety of areas of finance and accounting. Corporate accountants specialize in business accounting and maintain the organization’s financial records to ensure full accounting with the organization’s standards, laws, and policies. Any department that wishes to make a large expenditure must first consult with the finance department to ensure that funding is available. It is the accountant’s responsibility to assist executives in making sound financial decisions.
The industry has two major functions:
- Accounting: in charge of daily operations, such as tracking revenue and expenses, balancing the books, paying all bills, and executing payroll.
- Finance: evaluates expenses and revenue to ensure that capital is being spent efficiently, advises businesses on project costs, and makes capital investments.
Ledgers and Financial Statements
Corporate accountants are in charge of preparing and consolidating general ledgers and financial accounts for a corporation. They gather financial information and ledgers from divisional offices and prepare financial statements for corporate management. These accountants ensure that each segment of the company contributes to the company’s revenue.
Every year, organizations must ensure that they accomplish all of their financial objectives. The corporate accountant is in charge of creating the budget so that each department has enough money to spend. This can be used to cover expenses such as investments, departmental needs (such as supplies), or employment. These accountants frequently conduct audits to ensure that each department adheres to its financial budget and that the organization’s goals are reached each year. Each year, the company’s leaders will evaluate and approve the budgets.
Advantages of a Career in Corporate Accounting
Private accounting ensures that professionals can hone their skills in an area they appreciate. They may have a better work-life balance than those in public accounting, but these firms are also actively addressing this issue as they compete with the private sector more and more. Major merchants, governmental agencies, manufacturing, technology enterprises, biotechnology companies, and environmental organizations are examples of specialty opportunities that frequently require new accounts for their staff.
Business valuation, information technology, and forensic accounting are also in great demand. Accountants have a unique opportunity to contribute directly to the company’s core purpose by working in positions that can promote business growth, such as business system analysts and financial analysts. If you want to be a high-ranking executive in a specific industry or organization, it’s best to gain that specialized knowledge rapidly in a corporate context.
Corporate accountants report the outcomes of the company for which they work, which implies they may be more satisfied with their job than public accountants who work for clients. Private accounting is also superior in terms of personal flexibility. In public accounting, the primary focus is on billable hours, but in private accounting, the primary focus is on producing money for the organization every day.
When it comes to corporate accounting, there are frequently fewer instances of overtime. During tax season, however, it is common for an accountant to work six days a week. For many people, knowing you have a certain task and a set spot to accomplish it each day is reassuring, as having a regular pattern reduces stress.
Jobs in Corporate Accounting at the Entry Level
Staff Accountant- Entry Level
SouthPoint CPA Group, Inc.
US work authorization (Required)
GAAP: 1 year (Preferred)
- 401(k) matching
- Dental insurance
- Disability insurance
- Health coverage
- Insurance for life
- Paid vacation
- Vision coverage
Complete Job Description
Job duties include the following:
- Tax and monthly accounting services are provided to clients.
- Prepare a variety of tax returns
- Collaboration with top employees on review processes
- Help with tax planning
- Communicate with customers
- Account balances must be reconciled, and clients must be advised of any necessary modifications.
- Work with an accounting specialist on individual and corporate tax returns.
- Collaboration and communication with other team members
- When called upon, assist other departments and team members.
- 4 year accounting degree completed or in progress
- CPA certification.
- Prior experience in private/public accounting (2 years)
- Microsoft Office proficiency (Word, Excel, Outlook at a minimum, more applications preferred)
- Multitasking ability and ability to operate autonomously with minimal supervision
- Working experience in a paperless workplace.
- Excellent interpersonal and relationship-building abilities
- Team player with a ‘can do’ attitude.
Corporate Accounting Manager Job Description, Roles, and Requirements
What Is the Role of a Corporate Accounting Manager?
A corporate accounting manager’s primary responsibilities in a company or organization are to assure accurate and timely financial reporting, oversee general accounting functions, analyze current accounting processes, and offer recommendations and changes.
Their job description includes assisting management with financial budgeting and forecasting processes, as well as advising staff on how to handle non-routine accounting transactions.
They are in charge of the organization’s everyday accounting or auditing activities and operations.
Their job description also includes managing the senior accountant and ensuring that they meet strict deadlines while doing a variety of accounting tasks.
Job Description for a Corporate Accounting Manager
The roles of a corporate accounting manager differ from one organization to the next, depending on the needs of the firm and the tasks allocated.
The following job description sample, on the other hand, outlines the primary corporate accounting manager jobs, obligations, and responsibilities:
Examine the balance sheet reconciliations and significant accounts of the company, including inventories and stock, taxes, accruals, shipments, prepayments, and intercompany accounts.
Examine the high volume fixed asset register – both book and tax.
Ensure that all financial accounting across the organization is reported on time and accurately.
Lead the implementation and development of new procedures and features to improve the department’s workflow and, if necessary, provide training to new or existing staff.
Prepare and report a monthly consolidated management account to senior management and other relevant stakeholders.
Payroll must be approved on a weekly and monthly basis.
Provide a monthly financial report and commentary with extensive analysis.
Analyze and forecast cash flow statements
Forecast the working capital and cash flow statement for the company.
Analyze and report the difference between the budgeted and actual results.
Analyze and approve all invoices and journals after analyzing and reviewing overhead costs.
Prepare annual statutory accounts for all key firm stakeholders.
Enhance the accounting and automation processes by personalizing the ERP systems.
Assess and update the firm’s accounting rules in accordance with the IFRS standard, as well as process internal controls
Communicate with internal auditors about operational audits and SOX compliance reporting.
Contact external auditors to file income tax returns and statutory audits.
Maintain an active workforce of talented senior and staff accountants.
Develop strong business partner relationships across the organization, including but not limited to finance and strategy, accounting, legal, tax, SEC reporting, treasury, and operations, as well as any key company stakeholders.
Other additional activities, initiatives, or assessments as assigned by the company
Skills, Abilities, and Knowledge Required for the Role of a Corporate Accounting Manager
For the post of corporate accounting manager, most firms will prefer work experience over a graduate degree.
A master’s degree in accounting, finance, or business management with a focus on accounting is normally necessary.
A postgraduate degree in accounting or extra certification such as ACCA, CPA, or ACA might assist prospective job seekers to develop fast in this professional path.
Most employers would expect you to meet the following essential needs and qualifications if you are looking for a job as a corporate accounting manager:
A minimum of six years of experience as a corporate accounting manager, finance manager, or similar function is required; experience working with the BIG 4 is preferred.
A graduate degree in accounting, finance, or a related subject is required.
Certified in ACA, ACCA, CPA, or CA
Excellent verbal and written communication, presentation, negotiation, and customer service abilities
Financial analysis and presentation skills
Other Skills Required
Excellent IT skills — expertise in MS Excel, Powerpoint, Access, Hyperion Financial Management, and any other accounting software.
Excellent analytical, interpersonal, and supervisory abilities
Detail-oriented, self-motivated, and organized with strong knowledge of financial and operational controls
Knowledge and comprehension of financial accounting and reporting in accordance with international accounting standards (GAAP)
Capability to manage several projects, perform under pressure, achieve tight deadlines, and excel in a fast-paced work environment
A postgraduate degree in accounting or an MBA, as well as Oracle experience, is advantageous.
A pre-employment assessment exam may be required as part of the hiring process for this job.
Corporate accounting managers are the backbone of any organization, particularly an organization’s audit and financial unit, in making informed judgments.
If you are an employer, hiring manager, or human resources officer who is in charge of hiring for the corporate accounting manager position at your firm, you can use the sample job description provided in this post to create an effective description for the function.
With a detailed description of the accounting manager you want to recruit, your chances of attracting the best candidates for the job improve.
Individuals interested in a career in accounting will also find this page beneficial in learning about the roles and obligations of a corporate accounting manager, allowing them to make the best career decisions.
Corporate Accounting FAQs
Is corporate accounting hard?
Accounting does involve a complicated set of skills and abilities, as well as good attention to detail, but it isn’t any more difficult than many other popular disciplines of study that lead to excellent lasting employment options.
What is the difference between accounting and corporate accounting?
The worth of a company’s assets and liabilities will be considered in financial accounting because these are required for the accounting process. In corporate accounting, however, the value of these assets is not essential for functionality; it is all about how productive they are.