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.
Accountants review and analyse financial statements, budgets, financial reports, and business plans in order to check for irregularities resulting from error or fraud, and provide their clients with financial advice in matters such as financial forecasting and risk analysis. They may audit financial data, resolve insolvency cases, prepare tax returns and provide other tax-related advice in reference to current legislation.
Competences and skills
57 ESCO relationsEssential knowledge 11 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
4 competencescommercial law
The legal regulations that govern a specific commercial activity.
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
7 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.
accounting techniques
The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
bookkeeping regulations
The methods and regulations involved in the process of accurate bookkeeping.
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.
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.
tax legislation
Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences 15 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
0 competencesNo competences in this bucket.
Cross-sector
15 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.
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.
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.
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.
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.
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.
identify accounting errors
Trace accounts, revise the accuracy of the records, and determine the faults in order to solve them.
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.
perform balance sheet operations
Make up a balance sheet displaying an overview of the organisation's current financial situation. Take into account income and expenses; fixed assets such as buildings and land; intangible assets such as trademarks and patents.
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.
prepare trial accounting balances
Ensure that all transactions are recorded in the books of the company and totalise all the debits and the credits of the accounts to find out balance in the accounts.
Optional knowledge 6 competences
Occupation specific
0 competencesNo competences in this bucket.
Sector-specific
1 competencefilm production process
The various development stages of making a film, such as scriptwriting, financing, shooting, editing, and distribution.
Cross-sector
5 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.
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.
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.
national generally accepted accounting principles
The accounting standard accepted in a region or country specifying the rules and procedures to disclose financial data.
Optional skills and competences 25 competences
Occupation specific
2 competenceskeep track of expenses
Make sure that project expenses are duly recorded. Ensure careful bookkeeping, regularly review the budget, respect budget allocations, and take all necessary steps to keep the expenses transparent.
resolve difficult account allocation cases
Perform various activities in the account area which require special technical expertise such as registering income from investments, capital levies or dividends and interests from fixed-interest securities.
Sector-specific
6 competencescheck the production schedule
Check the daily and long term schedules for rehearsal, training, performances, season, tour, etc., taking into account the project timeline and all the preparations required by the production.
- Scope note
- For this skill it is essential to know about occupational and intellectual property regulations.
consult with motion picture producer
Consult with a motion picture producer about requirements, deadlines, budget, and other specifications.
consult with production director
Consult with the director, producer and clients throughout the production and post-production process.
manage inventory
Control product inventory in balance of availability and storage costs.
monitor after sales records
Keep an eye on the after sales feedback and monitor customer satisfaction or complaints; record after sales calls for thorough data analysis.
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
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.
advise on risk management
Provide advice on risk management policies and prevention strategies and their implementation, being aware of different kinds of risks to a specific organisation.
calculate production costs
Calculate the costs for every production stage and department.
conduct financial audits
Evaluate and monitor the financial health, the operations and financial movements expressed in the financial statements of the company. Revise the financial records to ensure stewardship and governability.
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 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.
handle financial transactions
Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
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.
manage budgets
Plan, monitor, report on the budget and prepare set production budgets.
manage corporate bank accounts
Have an overview of the bank accounts of the company, their different purposes, and manage them accordingly while keeping an eye on their balance, interest rates, and charges.
manage payroll reports
Maintain personnel records as well as payroll reports. Record evaluations, promotions or disciplinary actions.
manage revenue
Manage revenues, including deposit reconciliation, cash handling, and delivery of deposits to the bank.
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.
perform risk analysis
Identify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.
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.