WHAT IS AN outsourced accounting manager jobs
Outsourced accounting manager jobs refer to the role of managing the accounting functions of a company that has outsourced its accounting tasks to a third-party service provider. In this position, the accounting manager is responsible for overseeing the financial operations and ensuring compliance with accounting principles and regulations. They work closely with the company's finance team and external service providers to ensure accurate financial reporting and timely completion of accounting tasks. This role requires a strong understanding of accounting principles, attention to detail, and the ability to effectively communicate financial information to stakeholders.
WHAT USUALLY DO IN THIS POSITION
In this position, an outsourced accounting manager is responsible for a wide range of tasks related to financial management and reporting. Some of the key responsibilities include:
1. Financial Analysis: The accounting manager analyzes financial data, identifies trends, and provides insights to help make informed business decisions. They prepare financial statements, including balance sheets, income statements, and cash flow statements.
2. Budgeting and Forecasting: They collaborate with the finance team to develop and manage budgets, as well as forecast future financial performance. This involves analyzing historical data, market trends, and business goals to create accurate financial projections.
3. Compliance and Reporting: The accounting manager ensures compliance with accounting principles and regulations, including Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). They prepare and submit financial reports to relevant authorities and stakeholders.
4. Internal Controls: They establish and maintain internal controls to safeguard company assets and ensure the accuracy and reliability of financial information. This includes implementing policies and procedures, conducting periodic audits, and addressing any identified risks or issues.
5. Team Management: The accounting manager supervises and trains a team of accounting professionals, ensuring their adherence to accounting standards and providing guidance on complex accounting issues. They also conduct performance evaluations and provide feedback to foster professional growth within the team.
TOP 5 SKILLS FOR POSITION
To excel in an outsourced accounting manager role, professionals need to possess a diverse set of skills. Here are the top five skills required for this position:
1. Financial Expertise: A strong understanding of accounting principles, financial analysis, and reporting is crucial for an accounting manager. They should be proficient in interpreting financial data and making strategic recommendations based on their analysis.
2. Attention to Detail: Accuracy is paramount in accounting, and an accounting manager must have excellent attention to detail. They need to ensure that financial records are complete, accurate, and compliant with regulations.
3. Communication Skills: Effective communication is essential for an accounting manager to liaise with internal stakeholders, external service providers, and regulatory authorities. They must be able to explain complex financial information in a clear and concise manner.
4. Leadership Abilities: As a manager, strong leadership skills are necessary to guide and motivate the accounting team. They should be able to delegate tasks, provide constructive feedback, and foster a collaborative work environment.
5. Problem-solving: An accounting manager often encounters complex financial issues and discrepancies. The ability to analyze problems, identify root causes, and propose practical solutions is vital in this role.
HOW TO BECOME THIS TYPE OF SPECIALIST
To become an outsourced accounting manager, individuals typically need a combination of education, experience, and professional certifications. Here are the steps to pursue a career in this field:
1. Obtain a Bachelor's Degree: A bachelor's degree in accounting, finance, or a related field is usually required for entry-level positions. Coursework in financial accounting, managerial accounting, taxation, and auditing provides a strong foundation for a career in accounting management.
2. Gain Relevant Experience: To advance to a managerial role, it is important to gain practical experience in accounting. This can be achieved through internships, entry-level accounting positions, or working in public accounting firms. Building a diverse skill set and demonstrating leadership abilities can pave the way for managerial opportunities.
3. Obtain Professional Certifications: While not always mandatory, earning professional certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA) can enhance career prospects and validate accounting expertise. These certifications require passing rigorous exams and meeting specific experience requirements.
4. Develop Leadership Skills: Aspiring accounting managers should actively seek opportunities to develop their leadership abilities. This can be done by taking on supervisory roles, participating in team projects, and attending leadership training programs.
5. Stay Updated with Industry Trends: The field of accounting is constantly evolving, with new regulations and technologies shaping the industry. It is important for accounting managers to stay updated with the latest trends and advancements in accounting practices, software, and tools.
AVERAGE SALARY
The average salary for outsourced accounting managers can vary based on factors such as location, experience, and the size of the company. According to data from the U.S. Bureau of Labor Statistics, the median annual wage for accounting managers was $109,740 as of May 2020. However, it is important to note that salaries can range significantly, with top earners earning well over $150,000 per year.
ROLES AND TYPES
Outsourced accounting manager roles can vary depending on the needs of the company and the industry. Some common types of outsourced accounting manager positions include:
1. Financial Accounting Manager: This role focuses on managing the financial accounting functions of a company, including financial reporting, ledger maintenance, and compliance with accounting standards.
2. Cost Accounting Manager: Cost accounting managers specialize in analyzing and controlling costs within an organization. They track expenses, calculate product costs, and provide insights to help optimize financial performance.
3. Tax Accounting Manager: Tax accounting managers oversee the preparation and filing of tax returns, ensuring compliance with tax laws and maximizing tax benefits for the company. They stay updated with tax regulations and provide guidance on tax planning strategies.
4. Audit Manager: An audit manager is responsible for planning and executing financial audits to ensure the accuracy and reliability of financial statements. They work closely with external auditors and internal teams to identify risks and implement effective controls.
5. Systems Accounting Manager: This role involves managing the implementation and maintenance of accounting software and systems. Systems accounting managers ensure the integrity of financial data, troubleshoot issues, and train staff on system usage.
LOCATIONS WITH THE MOST POPULAR JOBS IN USA
While outsourced accounting manager positions can be found across the United States, some locations have a higher concentration of job opportunities. The following cities are known for having a strong demand for accounting professionals, including accounting managers:
1. New York City, NY: As a major financial hub, New York City offers numerous job opportunities in accounting and finance. Many multinational companies and financial institutions have their headquarters or regional offices in the city.
2. Los Angeles, CA: With a diverse economy and a large number of businesses, Los Angeles provides a thriving job market for accounting professionals. The entertainment industry, technology sector, and professional services firms contribute to the demand for accounting managers.
3. Chicago, IL: Known for its strong business and financial services sector, Chicago offers a range of job opportunities for accounting managers. The city is home to numerous Fortune 500 companies and has a robust accounting and finance industry.
4. Houston, TX: Houston's thriving energy industry and diverse economy create a demand for accounting professionals, including accounting managers. The city is home to many oil and gas companies, as well as a growing number of technology and healthcare firms.
5. Atlanta, GA: Atlanta is a major business and transportation hub in the Southeastern United States. The city's diverse economy, including finance, technology, and logistics, provides opportunities for accounting managers in various industries.
WHAT ARE THE TYPICAL TOOLS
Accounting managers utilize a range of tools and software to streamline their work and enhance efficiency. Some typical tools used in outsourced accounting manager roles include:
1. Accounting Software: Popular accounting software such as QuickBooks, Xero, and Sage are used to manage financial transactions, generate reports, and maintain accurate records.
2. Enterprise Resource Planning (ERP) Systems: ERP systems like SAP, Oracle, and Microsoft Dynamics integrate various business functions, including accounting, finance, and inventory management, into a single platform.
3. Spreadsheet Software: Excel is widely used for financial analysis, budgeting, and creating financial models. Advanced Excel features, such as pivot tables and macros, can facilitate data analysis and reporting.
4. Document Management Systems: These systems help accounting managers organize and store financial documents securely. Examples include SharePoint, Google Drive, and Dropbox.
5. Data Analytics Tools: Tools like Tableau, Power BI, and Google Analytics enable accounting managers to analyze large datasets, visualize trends, and gain insights for decision-making.
IN CONCLUSION
Outsourced accounting manager jobs play a crucial role in ensuring accurate financial reporting and compliance for companies that have outsourced their accounting functions. These professionals possess a strong understanding of accounting principles, financial analysis, and reporting. They also require leadership abilities, attention to detail, and effective communication skills. By following the necessary education, gaining relevant experience, and continuously updating their skills, individuals can pursue a successful career as an outsourced accounting manager. The demand for accounting managers exists across various industries and is particularly high in cities like New York City, Los Angeles, Chicago, Houston, and Atlanta. By leveraging accounting software, ERP systems, and other tools, accounting managers can streamline their work and enhance productivity in this dynamic and challenging role.