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What is a Financial Accounting Manager?
Financial Accounting Managers oversee internal accounting and financial reporting. They ensure that documentation and reports are in accordance with legal requirements and internal guidelines. They are also responsible for the quality of databases and the form and content of financial reports to management; the reporting must enable a quick overview of the current financial situation of the company and thus optimally support the company management in the decision-making process.
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- Education: Economic studies with a focus on finance and accounting, business informatics, several years of relevant professional experience
- Starting salary: €53,000
- Top salary: €110,000
- Opportunities for advancement: Senior or Group Financial Accounting Manager, CFO
Financial accounting managers provide an overview in the flood of data
Transactions are the basis of accounting, and every transaction in a company is a “transaction that affects the financial statements […]” (Wikipedia). Today’s accounting is formally extremely complex, and it often includes millions of business transactions that have to be processed in a very short time. In addition, digitization has long since developed the “register of business transactions” into a management tool that is subject to the highest demands: Reports should ideally provide the financial situation in real time – and management must display it quickly, clearly, correctly and unambiguously inform. The task of the financial accounting manager is to ensure quality despite increasing amounts of data and to keep the flood of information “manageable”.
Financial Accounting Managers are responsible for compliance with legal regulations and international accounting standards
Another essential task of the financial accounting manager is to ensure that the legal requirements – e.g. HGB – and the national and international agreements – e.g. the International Financial Reporting Standards (IFRS) and other standards – are complied with, so that the accounting system is legally and formally flawless and the company is protected from unpleasant surprises with potentially serious consequences. This part of your job requires in-depth knowledge of laws and regulations and how they change frequently. Financial accounting managers initiate the necessary adjustments to the company’s internal “system” and control the associated process changes. You will prepare financial statements and balance sheets, and prepare reports on the company’s cash flow status and general financial performance. They are in constant contact with all departments to request clarifications when planning and reality do not match and corrections are required, and tax consultants and auditing companies are also regularly among their contacts and sparring partners.
In large corporations, tasks are divided up
While medium-sized companies often get by with a financial accounting manager, larger companies often have specialists who divide up the areas of accounts receivable, accounts payable and personnel. What they all have in common, however, is that, in accordance with their importance, they usually report directly to the CFO and that they usually report to a team that supports them in their extensive tasks.
What does a Financial Accounting Manager do?
- Contact person for the CFO for all questions relating to accounting and cash management
- Management and monitoring of accounts payable, accounts receivable and personnel accounting
- Ensuring compliance with legal regulations and international accounting standards
- Control and update/adaptation of the recording systems and processes
- Preparation of regular reports on the company’s financial situation / explanation of actual/target deviations
- Supervision and joint responsibility for the short, medium and long-term financial planning of the company
How to become a Financial Accounting Manager
- University degree with a focus on finance/accounting/business informatics or a comparable qualification
- Several years of relevant professional experience in a company or a consulting firm
- Sound knowledge of the HGB and IFRS accounting regulations, mostly also US GAAP
- International degrees (CPA, CMA or MBA) an advantage
- Fluency in English
What does a Financial Accounting Manager earn?
up to €110,000
Salaries vary greatly depending on company size, industry and location.
What do you expect from the Financial Accounting Manager?
- Profound experience in accounting and accounting
- Confident handling of databases and ERP software
- Safe handling of MS Office, especially Excel, as well as presentation tools
- Communication and discussion skills
- Independent, solution-oriented thinking and acting
- Confident, convincing demeanor
Opportunities for advancement as a Financial Accounting Manager
With increasing responsibility and a growing scope of tasks, Financial Accounting Managers are promoted to Senior or Group Financial Accounting Managers. A promotion to CFO is possible, but requires successful team leadership and top management skills.
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