In the world of economy, accounting is the backbone. From keeping the tracks of the money of every financial account to detecting any discrepancies which can shake the economic structure of a business, accounting is needed.
Management accounting is the field of accounting which is specialized in the financial planning and monitoring of the corporate society. The main objective of the field is to record, report and balance the data of business accurately. Management accounting has different people in different specializations and positions which take care of the different aspects of business and finance. And similarly, many private companies assign different job positions for each specialization which follows a usual structure by setting a framework and a specific job description.
So, let’s check out the main-centric accounting job and its various aspects.
A job of a financial analyst has a very specific role in companies like insurance, international agencies or firms. This job can be seen with the various titles like staff accountant or accounting staff, risk analyst or maybe like portfolio managers. A financial analyst directly reports to finance managers, accounting head or any other senior official in the finance department. They need to do and are responsible for the tasks like-
1) Fund investment or budget trend analysis
2) Reporting or data analysis
3) Cost management decision.
4) Financial practice improvement and evaluation.
Budget is one of the crucial aspects for any firm because it relates to investment and investment on return aspect. That is why this aspect needs to be tackled with perfection. The job of a budget analyst can be seen in the private as well as the public sector too. They work with different titles like a budget accountant, management analyst or cost estimator. They directly report to accounting managers or finance managers. They work on the task like-
1) Budget making
2) Financial task management
3) Cost monitoring
4) Budget reporting
5) Planning and allocation of resources on recommendation
The job of accounting manager is very essential for any corporate firm. You can see this job profile with various names like managing accountant, accounting supervisor or like a senior accountant. And this job has a very essential role to play in a non-profit organization like education or health care institutes. They are mostly responsible for-
1) Auditing requirements
2) Regulation compliance
3) Supervision of whole accounting processes
4) Supervision and training of accounting staff
As the name is itself suggesting us, the position of a controller comes with a lot of responsibility and roles because as a controller you need to manage and systemize everything. They indulge themselves in the works like-
1) Supervision of all accounting functions and processes
2) Financial data maintenance
3) Financial documents and process auditing
4) Tax returns filling
5) Financial reports creation
6) Internal accounting policies establishment
CFO (Chief Financial Officer)
This is considered as one of the high-levels position in any large or small scale organization or company. They have large responsibilities to hoist on their shoulders. They deal with high-level decision making responsibility, supervision and auditing process, policies and budget planning, management and reporting to BOD (Board of directors) or strategic planning and fundraising too.
So, these are the main centric jobs of accounting field, but you can also go for some other interesting job in the field of accounting area. These jobs that we have mentioned require great experience along with your expertise and your accounting degree and diploma.