5 Job Duties of an Accounting Firm Administrator
An accounting firm administrator will usually have similar duties to other financial managers, but some specialize in certain industries or areas of expertise. Below introduces job duties for accounting administrators that are common and not so common.
General Accounting Duties
Accounting administrators will be responsible for preparing financial statements, generating performance reports and managing accounts receivable and payable. They must report on profitability, job costing, revenue trends, timekeeping and accounting systems. They usually forecast cash and revenue flows as well as future interest and charge rates. They are responsible for verifying the accuracy of accounting records and documents, so they must ensure that financial data is properly entered into software programs. They update and maintain financial and business transaction documentation. Some accounting administrators oversee month and year end journal processing and maintenance.
Accounting administrators may supervise staff who process invoices, issue checks and generate payroll. They may also supervise staff who handle sales tax, capital investing and workers’ compensation processing. They maintain and enforce standard accounting procedures, such as the Generally Accepted Privacy Principles (GAAP). Accounting administrators may audit and reconcile records of employees and customers. If necessary, they investigate questionable financial data and transactions. Based on their findings, they may recommend actions to resolve discrepancies, such as strengthening internal controls or clarifying procedures. They coordinate and communicate with management regarding problem identification, corrective action, accounting practices and process improvements.
Accounts Receivable Duties
Some accounting administrators will primarily handle accounts receivable. If so, they will supervise staff who create sales orders and assign item codes based on purchase orders received from contractors or suppliers. They are responsible for the set up, administration and maintenance of customer accounts in Enterprise Resource Planning (ERP) or accounting information system (AIS) programs. They must maintain up to date billing systems and oversee collection and customer remittance activities. Some accounting administrators will work with other business locations for the collection of funds and reconciliation of accounts. They monitor client account details for irregularities like delayed payments and rejected invoices.
Some accounting administrators will have more technical duties. They may exclusively deal with IT, legal, engineering or health care accounts and associated documentation and financial activities. This means they may deal with clients’ accounting IT needs by scheduling and coordinating field technician activities. They may track daily and analyze daily project reports related to finance and project deliverables. They may coordinate billing to clients by helping with professional time tracking and expense entries. Those who deal with health care accounts may track and handle medical insurance billing, collections and reimbursement activities. They must be proficient with Microsoft Office Suite, such as Word and Excel, and common accounting systems, such as Quicken and QuickBooks.
Some accounting administrators work with shipping, production or manufacturing clients. They provide must continually provide clients with accurate financial and statistical data in order for clients to make timely and informed decisions. They may monitor the financial performance of inventory and shipped items. They may work with management to monitor and report on daily production numbers. This may include calculating production runs, current inventory volumes and write-offs for mis-manufactured products. They may directly communicate with client departments regarding concerns or discrepancies.
An accounting firm administrator must excel at monitoring financial trending and performance using standard tools, such as Excel formulas and analytical models. They must have a solid understanding of accounting procedures, financial systems and business management. Most accounting firm administrators have professional credentials, such as through the American Institute of CPAs.