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.
Accounting managers assume responsibility for all accounting activities relating to financial reporting. They develop and maintain accounting principles and procedures to ensure timely and accurate financial statements, supervise accounting staff and manage the accounting activities within the appropriate time frame and budget.
Competences and skills
62 ESCO relationsEssential knowledge 12 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencescorporate 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
depreciation
The accounting method of dividing the value of an asset over its useful life for the allocation of cost per fiscal year and in parallel to decrease the value of the asset from the accounts of the company.
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
8 competencesaccounting entries
The financial transactions recorded in accounting systems or books of a company together with the metadata linked to the entry such as the date, the amount, the accounts affected, and a description of the transaction.
financial 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 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.
fraud detection
The techniques used to identify fraudulous activities.
international financial reporting standards
The set of accounting standards and rules aimed at companies listed in the stock exchange which are required to publish and disclose their financial statements.
national generally accepted accounting principles
The accounting standard accepted in a region or country specifying the rules and procedures to disclose financial data.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences 21 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
2 competencesidentify if a company is a going concern
Analyse financial statements, financial information and the outlook of the company in order to determine the going concern of the company.
support development of annual budget
Support the development of the annual budget by producing base data as defined by the operations budget process.
Cross-sector
19 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.
analyse market financial trends
Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
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.
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.
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.
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.
ensure compliance with disclosure criteria of accounting information
Revise the accounting information of the company to make sure it meets the commonly agreed criteria for its disclosure such as understandability, relevance, consistency, comparability, reliability, and objectivity.
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.
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.
manage accounts
Manage the accounts and financial activities of an organisation, supervising that all the documents are correctly maintained, that all the information and calculations are correct, and that proper decisions are being made.
manage budgets
Plan, monitor, report on the budget and prepare set production budgets.
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.
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.
Optional knowledge 6 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competenceglobal standards for sustainability reporting
The global, standardised reporting framework that enable organisations to quantify and communicate about their environmental, social and governance impact.
green
Cross-sector
5 competencesbookkeeping regulations
The methods and regulations involved in the process of accurate bookkeeping.
financial forecasting
The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
liquidity management
The theory and practices around the management of liquidity in a company with the aim of facilitating meeting obligations with thirds parties without compromising the smooth functioning of the company nor incurring in substantial losses.
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 23 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
23 competencesadvise on bankruptcy proceedings
Guide and advise clients on the formalities, procedures and the actions that can ameliorate the losses in case of bankruptcy.
advise 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 public finance
Advise public organisations such as governmental organisations on their financial operations and procedures, to ensure optimal efficiency.
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.
attach accounting certificates to accounting transactions
Collate and link documents such as invoices, contracts, and payment certificates in order to back up the transactions made in the accounting of the company.
calculate tax
Calculate the taxes which have to be paid by an individual or organisation, or paid back by a governmental institution, compliant with specific legislation.
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.
evaluate employees
Analyse employees' individual performances over a certain time span and communicate your conclusions to the employee in question or higher management. Evaluate achievements of staff members.
forecast organisational risks
Analyse the operations and actions of a company in order to assess their repercussions, possible risks for the company, and to develop suitable strategies to address these.
inform on fiscal duties
Inform organisations and individuals on their specific fiscal duties and the legislation and regulations involving fiscal processes, such as tax duties.
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 managers
Liaise with managers of other departments ensuring effective service and communication, i.e. sales, planning, purchasing, trading, distribution and technical.
make strategic business decisions
Analyse business information and consult directors for decision making purposes in a varied array of aspects affecting the prospect, productivity and sustainable operation of a company. Consider the options and alternatives to a challenge and make sound rational decisions based on analysis and experience.
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.
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.
perform account allocation
Allocate transactions on an account by matching the total value, only a part of it or a group of transactions to the original invoice, and by posting financial information such as discounts, taxes or currency exchange differences.
perform cost accounting activities
Execute the cost related activities and operations within the accounting activities such as standard cost development, average pricing analysis, margin and cost ratio analysis, inventory control, and variance analysis. Report the results to management and advise on possible courses of action to control and reduce the costs.
perform dunning activities
Send letters or make phone calls to methodically remind individuals about actions they are requested to take by a set deadline. Use a firmer tone as the due date approaches or passes. If there is an automated dunning process, make sure it runs properly.
plan health and safety procedures
Set up procedures for maintaining and improving health and safety in the establishment or workplace.
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 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.
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.