A company’s accountant has the responsibility of managing and reporting of the organisation’s financial information. Whilst in smaller companies an Accountant may perform all the tasks encompassed in an accountancy role, different accountants are generally responsible for different accountancy areas in larger companies. This will include financial accounting and management accounting.
Financial Accountants are usually responsible for preparing and publishing the company’s quarterly and annual financial statements, including an income statement, balance sheet, statement of changes in financial position and statement of retained earnings.
Comparatively, Management Accountants prepare this information for internal presentation. This may include planning the budget process, reporting on internal performance against budgets and evaluating the performance of business units and managers against set benchmarks.
- Examining bank statements and reconciling them with general ledger entries
- Examining expenses submitted by employees
- Keeping an eye on incoming payments from accounts receivable and outgoing payments from accounts payable
- Creating financial reports with the above information included
- Analysing data in order to determine the state of the company’s financial health
- Analysing data to understand where the company is generating and losing revenue
- Examining the proficiency of the software programs used to organise data
- Generating financial reports that display the company’s profits, equity and cash flow
A degree, although not always mandatory, is very advantageous in an accountancy career. A bachelor’s degree in the following is particularly favoured:
- Business Studies
Typically too, accounting positions require professional certification. In Singapore, there are several major accounting bodies with whom an Accountant can gain accreditation:
- Hong Kong Institute of Certified Public Accountants (HKICPA)
- Association of Chartered Certified Accountants (ACCA)
- Association of International Accountants (AIA)
- Chartered Institute of Management Accountants (CIMA)
- CPA Australia
There are a number of international accounting bodies that are recognised too.
Please note, this is an average across various industries. To compare your salary, and receive data on salaries for your sector, visit our salary calculator.
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