{"id":12485,"date":"2022-09-22T16:32:48","date_gmt":"2022-09-22T15:32:48","guid":{"rendered":"https:\/\/www.s1jobs.com\/blog\/?p=12485"},"modified":"2025-01-16T13:51:24","modified_gmt":"2025-01-16T13:51:24","slug":"finance-and-accounting-manager-skills-and-responsibilities","status":"publish","type":"post","link":"https:\/\/www.s1jobs.com\/blog\/finance-and-accounting-manager-skills-and-responsibilities\/","title":{"rendered":"Finance and accounting manager skills and responsibilities"},"content":{"rendered":"

What is the difference between a finance manager and an accounting manager?<\/b><\/h3>\n

Whilst a finance manager and an accounting manager might sound like the same thing. The terms refer to separate job roles within the financial sector. If you\u2019re looking to enter or progress in a career in the world of finance, it\u2019s useful to know the difference. So you can search and apply for the job that best suits your preferences and skillset.\u00a0<\/span><\/p>\n

In a nutshell, an accounting manager focuses on the day-to-day financial aspects of a company’s finances, whereas a finance manager focuses more on long-term planning and risk management. There is also some overlap between tasks, and people in both roles often start with the same qualifications.<\/span><\/p>\n

Here, we take a look at the different responsibilities for each role and share information about how to pursue your chosen career path.<\/span><\/p>\n

Accounting Manager<\/b><\/h3>\n

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What are the responsibilities of an accounting manager?<\/b><\/h4>\n

Every business needs someone who keeps the finances running smoothly. An accounting manager role primarily focuses on overseeing the day-to-day running of a finance department. Making sure that a company is legally compliant by preparing financial reports and ledgers for review and audit purposes.<\/span><\/p>\n

This will include overseeing a team of accountants, making decisions around hiring of new employees, training and upskilling current employees, and letting people go where necessary. In essence, this part of the job is very similar to many managerial positions that you might have come across before.<\/span><\/p>\n

It will also include project management, delegating tasks to make sure deadlines are hit, and putting processes into place to ensure that finished work is completed to the required standards. Most accounting managers will also review junior team members\u2019 work before submission, to check for any errors or advise on areas for improvement.<\/span><\/p>\n

Accounting managers will also need to keep up-to-date with relevant legal legislation and make sure that all company procedures are updated in line with this. They may also try and progress their own skillset, learning from industry peers and bringing in new ideas for improving processes.<\/span><\/p>\n

What skills does an accounting manager need?<\/b><\/h4>\n

Just like other managers, the position requires expertise. You\u2019ll need several years of experience as an accountant first, before progressing to a management position. This is to make sure that you\u2019re confident when it comes to the rules and regulations of accounting, as well as being familiar with the everyday tasks. As a manager, you\u2019ll need to be confident with making decisions, as well as knowing when to ask for help and lean on the specialist expertise of others.<\/span><\/p>\n

Whilst you\u2019re gaining experience in this area, you should also look to improve your soft skills, since you\u2019ll be managing a team of people. Not everyone who is good at accounting will naturally make a good leader, so brushing up on the other skills that you\u2019ll need to support the team will lead you towards success.<\/span><\/p>\n

For example, you should work on your communication and planning skills. To ensure that you can delegate work fairly and clearly. This will reduce the chance of any confusion and errors. Not only is this wasted time frustrating, but it can also be costly when you work in a deadline focused environment.<\/span><\/p>\n

You\u2019ll also need to be happy giving and receiving feedback. Not every one will work the way that you do, nor will you get everything right the first time, so you should be open to suggestions, as well as being able to give constructive criticism and praise. Creating a happy team environment, where everyone pulls together towards deadlines and goals will be vital for success. This doesn\u2019t mean that everyone will be your best friend, but you should aim for a good working relationship with your team.\u00a0<\/span><\/p>\n

Having experience in all of the above when you apply for a job will show an employer that you have the right accounting manager skills.<\/span><\/p>\n

How to become an accounting manager<\/b><\/h4>\n

In order to be eligible for this role, you\u2019ll first need to be qualified as an accountant, and get several years of experience under your belt. Some accounting jobs require a bachelor\u2019s degree or an equivalent qualification that has been earned through a <\/span>foundation apprenticeship role<\/span><\/a> over several years.\u00a0<\/span><\/p>\n

You will also need to hold a professional accounting qualification. There are several available, so choosing the right one will depend on the academic qualifications you already hold or are working towards, cost, and experience. The <\/span>most common accountant qualifications<\/span><\/a> in the UK are:<\/span><\/p>\n