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.
Financial controllers handle all tasks related to the budgeting and accounting aspects of a company or organisation. They implement and ensure compliance with internal financial and accounting procedures, and prepare documentation for external audits. They collect information related to financial statements such as assets, liabilities, equity, and cash flow in order to assess the company's financial position to prepare annual budgets and forecasts.
Competences and skills
37 ESCO relationsEssential knowledge 4 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
2 competencesfinancial 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
2 competencesfinancial 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.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences 13 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
13 competencesanalyse 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.
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.
develop financial statistics reports
Create financial and statistical reports based on collected data which are to be presented to managing bodies of an organisation.
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.
ensure compliance with accounting conventions
Exercise accounting management and abidance by generally accepted accounting conventions such as recording transactions at the current price, quantifying goods, separating personal accounts of managers from those of the company, making effective the transfer of legal ownership of assets in its realisation time, and ensuring the principle of materiality.
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 the statutory obligations
Understand, abide by, and apply the statutory obligations of the company in the daily performance of the job.
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.
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.
synthesise financial information
Collect, revise and put together financial information coming from different sources or departments in order to create a document with unified financial accounts or plans.
track key performance indicators
Identify the quantifiable measures that a company or industry uses to gauge or compare performance in terms of meeting their operational and strategic goals, using preset performance indicators.
Optional knowledge 3 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
3 competencesfinancial forecasting
The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
insolvency law
The legal rules regulating the incapacity to pay debts when they fall due.
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 17 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
16 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.
advise on tax planning
Advise on appropriate strategies to include taxes in the overall financial plan in order to reduce the tax load. Advise on questions related to tax legislation and provide advise on the possible implications that decisions in financial matters can cause in a tax declaration. Advise on questions concerning things such as the creation of a company, investments, recruitments, or company successions.
analyse financial risk
Identify and analyse risks that could impact an organisation or individual financially, such as credit and market risks, and propose solutions to cover against those risks.
check accounting records
Revise the accounting records of the quarter and year and ensure that the accounting information reflects with accuracy the financial transactions of the company.
disseminate information on tax legislation
Provide advise on the possible implications for companies or individuals on decisions regarding tax declaration based on tax legislation. Advise on the favourable tax strategies that could be followed depending on the needs of the client.
draft accounting procedures
Lay down standard methods and guidelines to regulate bookkeeping and accounting operations, including determining the bookkeeping system used to record financial transactions.
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.
liaise with auditors
Participate in discussions with the auditors conducting inspections of the organisation's accounts and inform the managers about the results and conclusions.
liaise with financiers
Liaise with people willing to finance the project. Negotiate deals and contracts.
liaise with shareholders
Communicate and serve as communication point with shareholders in order to provide an overview on their investments, returns, and long-term plans of the company to increase profitability.
manage budgets
Plan, monitor, report on the budget and prepare set production budgets.
manage profitability
Regularly review sales and profit performance.
manage the general ledger
Enter data and revise the adequate maintenance of general ledgers in order to follow up on the financial transactions of the company, and other non routine transactions such as depreciation.
prepare financial auditing reports
Compile information on audit findings of financial statements and financial management in order to prepare reports, point out improvement possibilities, and confirm governability.
prepare tax returns forms
Totalise all the deductible tax collected during the quarter or fiscal year in order to fill tax return forms and claim it back to the governmental authorities for declaring taxation liability. Keep the documents and records supporting the transaction.
supervise accounting operations
Coordinate, commission, and monitor operations in accounting departments in order to ensure the accurate record and eventual reporting of the financial operations of the company.