Responsibilities Of An Accounting Officer
An Accounting Officer is a very important individual for the growth of every organisation that handles financial records. A good accounting officer can provide a better financial foundation for any organisation. An accounting officer prepares the departmental budget and also implements and manages the budget. An accounting officer is also involved in preparing invoices, recording payments, and managing the expense of the organisation.
The main roles and responsibilities of an accounting officer are to review financial reports, follow up on the budget, provide financial advice, manage accounts, create and process the invoice, manage a company’s accounts payable and receivable, and send bills and invoices to clients, track company expenses, process refund and more. Now let us check in detail each of the responsibilities of an accounting officer.
Accounting Officer Responsibilities
Review Financial Reports
An accounting officer reviews a financial report by checking the accuracy of the financial document and making sure that it is in compliance with relevant laws and regulations. They also check whether the financial report is complete, accurate and valid. The completeness of the financial reports is checked by making sure that all the financial transactions that occur are recorded. This financial transaction can be vouchers for goods or services. They check the accuracy of the financial report so that the transactions are recorded as the correct amounts on a timely basis. Accounting officers review the validity of a financial report by using prescribed policies and procedures.
Budgetary Follow Up
Budget follow up is a report that shows all information on contract value, budgets and remaining value. This budget report is very useful for status meetings, project follow ups and general reporting. The accounting officer monitor expenditures, revenue and use of company resources to ensure businesses operate within budget. This budget report is prepared by the accounts or finance officer. Based on this budget report account officer guide on necessary adjustment to stay within budget in a given year.
Financial Advice
An accounting officer has a clear idea of both the financial weaknesses and strengths of a company. He or she to other employees on how to improve the financial status of a company. An accounting officer evaluates internal finance management systems, procedures and business risk. Based on a financial report an accounting officer decide on how to uphold the financial status of a company. An accounting officer advises the organisation on how to increase profit and reduce losses.
Account Management
An accounting officer manages both general and subsidiary accounts of an organisation. He or she is responsible for depositing revenue received by a company. An accounting officer ensures proper scrutiny of accounts and that ample documentation of expenditures and revenue. They are also responsible for preparing annual financial statements and facilitating the reconciliation of the accounts of a business.
Creating and Processing Invoice
Creating and Processing invoices is a critical aspect of running a business. The invoice process includes receiving a supplier invoice, approving it, paying the invoice and recording it in the general ledger. An accounting officer works regularly with clients to make them familiar with billing procedures and approving payments. They also cross check invoices with payments and expenses to ensure accuracy.
Managing Account Payable and Receivable
Accounting officers play a significant role in balancing company’s asset, liabilities and stakeholder’s equality in accounting. Accounts payable is a current liability account that keeps track of money that a company owes to any third party. Account Receivable is a current asset account that keeps track of money that third party owes to the company. Both the accounts payable and accounts receivable are similar in the way they are recorded. Accounting officer prevent mixing up of account payable and account receivable by evaluating corresponding records. Mixing the result of account payable and account receivable can lead to a lack of balance in companies accounting and finance.
Sending Bills and Invoice to Clients
Accounting officers ensure the accuracy and timing of bills and invoices sent to clients by the company. An invoice or bill is an important document that indicates the sale or supply the company sends to the consumer. The invoicing process begins when clients first agree to the assignment, and it ends when you submit an invoice for the work and receive payment.
Tracking Organisation Expenses
Expenses Tracking is an important part of the smooth running of any organisation. Keeping a record by tracking receipts, invoices and other outgoing expenses improves the financial health of your company. Tracking expenses recording can prepare you for tax season. An Accounting officer keeps track of the expense report and provide financial advice to employees on how to manage expenses.
Processing Refunds
An accounting officer plays a major role in processing refunds to clients. Refunding is the process of returning deposits to clients. To make an effective refund process ensure that your company has a clear and concise refund or return policy, availability of customer service and a fast and simple refund request process.
Finprov aim to help you through the process and support you to achieve your goal to be an accounting professional. Through this learning experience, we aim to build the accounting professionals of tomorrow. Various courses offered by Finprov are PGBAT, CBAT, CMA USA, CA Foundation, PGDIFA, Gulf VAT, GST, SAP FICO, DIA, CHRPP(HR payroll processing) and more. These courses are provided to learners by the best trainers and with the best technical support.
