As companies grow and revenues increase, so too will the number of accountants needed to keep up with the financial management of the organization. As the number of accountants increases, the need for a manager to oversee them as employees and oversee their work is needed. their work. The staff will need leadership to ensure they’re all working toward the same goal, mission, and vision.
Accounting managers don’t just supervise accountants; they create systems and processes for analyzing and reporting financial information, ensure organizations follow legal and regulatory requirements and recommend improvements for business procedures. Depending on the type of business, accounting managers may also prepare annual budgets, track financial data, and make recommendations on financial decisions.
The history of the field of finance and the recording and management of financial activities dates back to the dawn of civilization. While fiance has roots in scientific fields, such as statistics, economics, and mathematics, it also includes non-scientific elements that liken it to art.
As the complexity of financial instruments, transactions, stock markets, reporting requirements, and regulation has increased, the need for specialized roles in finance and accounting has grown.
The COVID-19 pandemic has affected employment and the job market, however, the role of the Accounting Manager has, like many other finance and accounting-related positions, become increasingly important due to the complex and intricate nature of budgets – big and small – in a post-COVID world.
2021 has seen a mix of responses as economies start to open up once again now that the distribution of the vaccine has increased. There is much to be hopeful for. Accounting managers will be even more important for companies as they work toward economic recovery and prepare for the future.
As your company grows and your financial matrices become more complex, it will be helpful to hire an accounting manager in order to place a bit of a buffer between the CFO, the controller, and the staff accountants. This will allow for a smoother flow of communication and will ensure that all accountants are getting the same information and are all on the same page.
An accounting manager will help in a number of other ways besides supervision and communication. They will also provide another set of eyes on financial statements and provide needed quality control as they review documents and pay attention to even the smallest details.
They will also be responsible for taking large data sets from staff accountants and condensing them into smaller, more manageable soundbites and presentations when it comes to budget and accounting reporting hierarchies.
Accounting managers act as leaders within their organization, ensuring their accounting staff meets goals. In addition to communicating with their team, accounting managers interact with executives in their organization to discuss priorities and report on their responsibilities.
They update financial documents, design plans for their department, and work with direct reports and supervisors; all of these responsibilities require strong organizational skills.
Accounting managers also do the following things:
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Some accounting positions require a Bachelor’s degree, however that is not true across the board. While candidates can complete a degree in Business Administration, Public Administration, Finance, or Accounting, a wide variety of degrees may qualify someone for the role, depending on their previous experience.
Top Schools – US News & World Report rankings.
Experience plays a significant role in the overall compensation potential for accounting managers. Obviously, the more experience you have, the more you can and likely will be paid. That said, those candidates who are highly qualified can expect to be included in high-level decision-making processes and, therefore, can expect to be well compensated for their work.
For more detailed compensation information for accounting managers in [city-name], download our free compensation/salary report below.
The average annual salary for accounting managers in Arizona was 123k in 2019. The hourly wage averaged $59.24.
For more detailed compensation information for accounting managers in Surprise, download our free compensation/salary report below.
What do accounting managers like about living and working in Surprise, Arizona?
The best things reported are good amenities for families, sunny weather all year, several really nice golf courses to choose from, and good outdoor recreation options, many available all year.
It’s got a fairly large retiree population, lots to offer sports fans, and it has a surprisingly surprising name.
Here are a few additional “pros” for living and working in Surprise.
On the other hand, some folks have complaints.
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Positions in accounting will see an unusually high growth trajectory in the next 10 years. This is testimony to just how important this position is when it comes to an organization’s overall success. Positions in accounting and finance at all levels have a strong demand across many industries and types of organizations, including the public sector.
According to the BLS, the job outlook for directors of finance is projected to grow 15% from 2019-2029, much faster than the 4% average growth predicted for all jobs. However, this growth is expected to vary by industry.
Financial managers and accountants in the investment industry, cash management, and risk management are expected to stay in high demand.
The supply of candidates and demand for open positions have a direct correlation to a company's ability to hire. Download a free Supply and Demand report for accounting managers in Surprise, Arizona below.
Finding and hiring the best accounting manager candidates can save you money right away and well into the future.
The costs of making a bad hire are well documented. The cost can run as much as 30% of the employee's first-year earnings according to the US Department of Labor. Bad hires can cost a whopping $240,000 in expenses related to hiring, compensation, and retention per The Undercover Recruiter. 74% of companies who admit they've hired the wrong person for a position lost an average of $14,900 for each bad hire according to CareerBuilder. These statistics support our long-held position that behavioral questions are the best way to get to know your candidates and past behavior is the best indicator of future performance.
The information below comes from the best practices Amtec uses for finding the highest quality candidates.
When defining the role you are creating, we recommend a position profile to fully evaluate the position you are hiring for. You must decide if the engineer can work remotely or must work in Arizona. If working in Surprise is essential, make sure you include that in your job posting so candidates can decide how many miles they can commute.
When you are looking to source the best quality candidates for your open positions, make sure you have done the legwork to hire an "A Player". You can do this by making sure your company's perspective is aligned with the current market, you have taken into account the job responsibilities, as well as what type of characteristics you are looking for to fit your company culture. Then proceed to write a job posting to attract high-quality candidates.
Finding candidates who are great with numbers, knowledgeable of the latest accounting principles, proficient in the use of a variety of software programs and tools is important for your success. But besides these things, look for candidates who have experience, abilities, or character traits such as:
You wrote a job posting, posted the position online, and received a lot more resumes than you’d bargained for! Next comes the enormous task of sorting through those resumes to eliminate the ones that are clearly not a good fit. Now, you have a stack of resumes for candidates who have potential. So how do you go about screening the remaining candidates?
It starts on the phone! As a recruiter, the goal of your telephone screening is to learn more about your candidates. You can confirm that they have the educational qualifications and relevant experience, but you also need to determine if they would fit into your company's culture. To make this job easier, use a system to consistently evaluate results. This way you can equally and objectively compare candidates and evaluate their "soft skills", like communication and thinking process. Download Amtec's Professional Assessment Questionnaire below to help with screening candidates.
An individually customized questionnaire that helps assess a candidate's competence with written communication skills, thinking processes, and other relevant skills.
At Amtec, we believe in the power of behavoral interview questions to go beyond the experience and skills listed on the candidate's resume. Although you will want to confirm in the interview that the candidate does indeed have the experience listed on their resume, your assessment needs to go much deeper than that. An interview using behavioral questions can help you determine how well the candidate will fit with your company culture.
Download Amtec's best practices on conducting super effective interviews to find the best candidates and fill your open jobs.
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