What you need to know about corporate job in Accounting?

 

Some accountants choose to work in the accounting/finance department of an organization in a drive to make a valuable change to that company. They’re employed in multiple sections of departments. Let’s discuss those sections in detail below:

Financial Accounting / Corporate Reporting

This department is responsible for recording the financial transactions of a company and ensuring the preparation of financial statements as per regulatory standards (IFRS / GAAP). This section can also be segregated into different sub-sections where CA, CPA, ACCA work as a general accountant, treasury analyst, financial analyst, AR Accountant, AP Accountant, Financial reporting accountant as per their expertise:

  • Accounts Receivable

Responsible for recording the revenue and receivables

  • Accounts Payable

Responsible for recording and payment of expenses

  • Financial reporting

Calculating the tax, ensuring all the entries are recorded and preparing financial statements

  • Treasury

Monitoring the cash position of an organization.

  • CAPEX Accounting

Monitoring the asset sub-ledger and its recording in GL

  • General Accounting

Responsible for booking entries other than above

 

Managerial Accounting (also known as Financial Planning & Analysis – FP&A)

The managerial Accounting department serves the internal management to make effective business decisions.

This department is responsible for preparing and monitoring annual budgets, co-ordinate with division managers for profit/cost center revenue and expenses, preparing forecasts, costing analysis, financial and non-financial analysis, etc. Most importantly, analysts working for this department suggest recommendations to the management on business strategy, operations, resource allocations, etc. based on the analysis.

In FP &A, certified accountants work on the capacity of;

  • Cost Accountants
  • Budget Accountants
  • Financial Analysts
  • FP&A Manager

Information Systems (Basically Information Technology)

With the increased use of financial software or ERP to record and analyze the financial activities of an organization, there has been a surge in demand for finance professionals to handle the accounting and finance part of it.

There is a range of ERP software in the market based on the size and complexity of an organization. These can be divided into three tiers:

Tier 1 ERP such as SAP and ORACLE – Designed for the needs of Fortune 1000 Companies.

Tier 2 ERP such as Microsoft, Sage, Epicor – Targeted for mid-sized corporations

Tier 3 ERP such as Quickbooks, Sage 50 – Low-cost software targeted for small organizations

Especially the companies with Tier 1 / 2 ERP have a sub-section under the IT department to handle the financial systems. Some of the professional accountants work in such department as:

  • Financial System Administrator

             Oversees the effectiveness of the ERP, handles IT issues, ad-hoc report creation, etc

  •  Functional Consultant

              Guides the core finance team on the efficient use of the software, handles any issues, handles technical                    part of creating the ad-hoc reports

  •  Manager, Financial systems

             Manages the overall use of financial systems, researches innovative ways to improve the processes

 

To know more about corporate accountants:

https://www.accaglobal.com/an/en/qualifications/why-acca/competency-framework/job-profiles/corporate-and-business-accounting/corporate-accountant.html

 

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