accounting department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the accounting department within an organisation such as bookkeeping, invoices, recording, and taxing.
Budget managers assess financial proposals of different departments before granting financial resources to projects. They monitor the implementation of budget policies and procedures. They work closely with other departments in the evaluation of programs, their impact in the organisation, the revenue that they can yield, and the financial efforts required.
Competences and skills
44 ESCO relationsEssential knowledge 10 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
6 competencesbudgetary principles
Principles of estimating and planning of forecasts for business activity, compile regular budget and reports.
company policies
The set of rules that govern the activity of a company.
corporate social responsibility
The handling or managing of business processes in a responsible and ethical manner considering the economic responsibility towards shareholders as equally important as the responsibility towards environmental and social stakeholders.
green
cost management
The process of planning, monitoring and adjusting the expenses and revenues of a business in order to achieve cost efficiency and capability.
financial department processes
The different processes, duties, jargon, role in an organisation, and other specificities of the financial department within an organisation. Understanding of financial statements, investments, disclosing policies, etc.
Cross-sector
4 competencesfinancial analysis
The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
financial forecasting
The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
financial management
The field of finance that concerns the practical process analysis and tools for designating financial resources. It encompasses the structure of businesses, the investment sources, and the value increase of corporations due to managerial decision-making.
financial statements
The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
Essential skills and competences 18 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competencesupport development of annual budget
Support the development of the annual budget by producing base data as defined by the operations budget process.
Cross-sector
17 competencesadvise on financial matters
Consult, advise, and propose solutions with regards to financial management such as acquiring new assets, incurring in investments, and tax efficiency methods.
analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
control financial resources
Monitor and control budgets and financial resources providing capable stewardship in company management.
create a financial plan
Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
enforce financial policies
Read, understand, and enforce the abidance of the financial policies of the company in regards with all the fiscal and accounting proceedings of the organisation.
evaluate budgets
Read budget plans, analyse the expenditures and incomes planned during certain period, and provide judgement on their abidance to the general plans of the company or organism.
exert expenditure control
Analyse expenditure accounts against the income and usages of different company units, companies, or organisms at large. Recommend usage of financial resources in efficient manners.
explain accounting records
Provide additional explanation and disclosure to staff, vendors, auditors, and to any other instance about the way accounts were recorded and treated in the financial records.
follow company standards
Lead and manage according to the organisation's code of conduct.
follow the statutory obligations
Understand, abide by, and apply the statutory obligations of the company in the daily performance of the job.
integrate strategic foundation in daily performance
Reflect on the strategic foundation of companies, meaning their mission, vision, and values in order to integrate this foundation in the performance of the job position.
interpret financial statements
Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department's plans.
liaise with managers
Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
manage budgets
Plan, monitor, report on the budget and prepare set production budgets.
manage staff
Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
monitor financial accounts
Handle financial administration of your department, keep the costs down to only necessary expenses and maximise the revenues of your organisation.
strive for company growth
Develop strategies and plans aiming at achieving a sustained company growth, be the company self-owned or somebody else's. Strive with actions to increase revenues and positive cash flows.
Optional knowledge 5 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
5 competencesaccounting techniques
The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
business management principles
Principles governing business management methods such as strategy planning, methods of efficient production, people and resources coordination.
funding methods
The financial possibilities for funding projects such as the traditional ones, namely loans, venture capital, public or private grants up to alternative methods such as crowdfunding.
public finance
The economic influence of the government, and the workings of government revenue and expenditures.
statistics
The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Optional skills and competences 11 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
2 competencescreate a financial report
Finalise project accounting. Prepare an actual budget, compare the discrepancy between the planned and actual budget, and draw final conclusions.
monitor charity's budget
Monitor and manage the charity organisation`s budget such as the annual income and expenditure, fundraising budgets and financial progress.
Cross-sector
9 competencesadvise on public finance
Advise public organisations such as governmental organisations on their financial operations and procedures, to ensure optimal efficiency.
analyse financial performance of a company
Analyse the performance of the company in financial matters in order to identify improvement actions that could increase profit, based on accounts, records, financial statements and external information of the market.
assess financial viability
Revise and analyse financial information and requirements of projects such as their budget appraisal, expected turnover, and risk assessment for determining the benefits and costs of the project. Assess if the agreement or project will redeem its investment, and whether the potential profit is worth the financial risk.
estimate profitability
Take various factors into account to calculate the cost and potential revenues or savings gained from a product in order to evaluate the profit that could be generated by the new acquisition or by a new project.
inspect government expenditures
Inspect the financial procedures of a government organisation which deals with budget and resource allocation and spending to ensure that no faults are being made and no suspicious activity occurs in the handling of financial accounts, and that the expenditures are compliant with financial needs and forecasts.
oversee the facilities services budget
Handle and control the expenditures and revenues from delivering the facilities management services and make sure the work is done within the foreseen budget.
plan health and safety procedures
Set up procedures for maintaining and improving health and safety in the establishment or workplace.
prepare financial statements
Collect, entry, and prepare the set of financial records disclosing the financial position of a company at the end of a certain period or accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
review investment portfolios
Meet with clients to review or update an investment portfolio and provide financial advice on investments.