WHAT DOES A COMMERCIAL ACCOUNTANT DO?

Published: July 26, 2024 - The Commercial Accountant develops and monitors key performance indicators, reporting monthly with strategic insights to enhance decision-making. This role involves creating financial models to analyze and report on customer and product profitability, as well as preparing commercial review packs that drive targeted actions across various business units. Additionally, the position includes leading annual budget processes, performing variance analysis, and partnering with departments such as Supply Chain and Operations to optimize financial outcomes and support strategic business objectives.

A Review of Professional Skills and Functions for Commercial Accountant

1. Commercial Accountant Duties

  • Business KPIs Management: Build a set of KPI’s for the business and report against these on a monthly basis with key insights.
  • Financial Modeling: Create financial models to analyse customer and product profitability and report on the same to the senior management team.
  • Commercial Review Preparation: Prepare a monthly commercial review pack targeting key actions, and drive these actions across the business.
  • Cost Centre Analysis: Perform deep dives on various cost centres for actual vs budget.
  • Cross-Functional Partnership: Work in partnership with the Supply Chain, Operations, Payments, and Technology pillars to identify the root cause of variances.
  • Opportunity Identification: Identify and implement commercial and financial opportunities to grow sales, reduce margin erosion, and minimise revenue leakage.
  • Budget and Forecast Leadership: Play a lead role in the annual budget and periodic reforecasts, including scenario analysis.
  • Budget Driver Monitoring: Understand, document, and monitor key budget drivers.
  • Variance Analysis: Provide detailed monthly variance analysis of performance versus budget with commentary, insights, and suggested actions.
  • Management Presentations: Present to the senior management team on a regular basis.
  • Budget Target Partnership: Partner with the business units to ensure they meet budget targets.
  • Budget Model Ownership: Ownership of the budget model and all budget data held across business and finance systems.

2. Commercial Accountant Details

  • Corporate Reporting: Ensuring accurate corporate and commercial reporting across various projects.
  • Contract Review: Contract review and preparation to be reviewed by various managers for sign-off.
  • Pricing Structures: Assist in establishing various pricing and reporting structures cross-functionally.
  • Product Launch Support: Supporting launches of products into new markets.
  • New Entity Accounting: Responsible for establishing the accounting for new entities.
  • Treasury Collaboration: Working with the Treasury and FX function.
  • Company Integration: Assisting with the integration of newly acquired companies.
  • Pricing Simulations: Preparation of customer pricing simulations.
  • Proposal Drafting: Drafting and reviewing commercial proposals and contracts for customers.
  • Customer Interaction: Dealing directly with customers and senior company management.
  • Management Presentations: Regularly presenting detailed analysis and commercial status to senior management.
  • Financial Analysis: Financial analysis and modelling.
  • Contract Management: Assisting with the management and analysis of a large volume of contracts with global customers.
  • Due Diligence: Assisting in due diligence work.

3. Commercial Accountant Responsibilities

  • Reporting Accuracy: Timely and accurate preparation of Retail finance reports for the group.
  • Reporting Accuracy: Accurate report of variances on Retail P&L and other Revenue Streams.
  • Ad Hoc Projects: Ad hoc internal reporting projects and analysis.
  • Forecasting: Assistance for accurate forecasts and budgets.
  • Financial Processing: Accurately processing daily Retail and other Transactional Products through RG and the financial system.
  • Month-End Process: Assisting with the month-end process, ensuring cashback payments are received, voucher payments have been made, and any other Retail revenues and costs have been recorded accurately, and necessary accruals posted to the finance system.
  • Reconciliation: Completing Month-end balance sheet reconciliations and processing month-end adjustments.
  • Finance Reporting: Delivering, maintaining, and updating finance reports for the group.
  • Process Improvement: Develop and implement process improvements to deliver accurate and timely month-end numbers.
  • Forecasting: Supporting Retail with producing forecasts and accurate budgets for the next financial year.
  • Stakeholder Liaison: Liaising with the Retail team, affiliate networks, and other stakeholders on a daily basis.
  • Performance Monitoring: Monitoring the commercial performance of Retail finance and assisting in challenging cashback, retail, and voucher departments to drive revenues and reduce costs.
  • Cashback Management: Ensuring that cashback and commission arrangements relating to promotional offers are tracked, reconciled, and paid.

4. Commercial Accountant Job Summary

  • KPI Dashboard Creation: Create an effective KPI dashboard and provide effective insights into the commercial aspects of the company.
  • Cashflow Forecasting: Support the FD with cashflow forecasting and financial modeling to establish effective projections.
  • Stock Process Improvement: Improve the intercompany stock processes and transparency of movements, and stock control levels.
  • Fixed Asset Management: Manage the fixed asset register.
  • Accountability Reporting: Provide cost analysis for internal expenditure and develop accountability reporting.
  • External Audit Support: Support the FD in the external audit and be involved in the production of the statutory accounts.
  • Efficiency Improvement: Identify areas to improve efficiencies and develop the automation of processes.
  • Data Analysis: Help build financial models to commercially analyze large data sets.
  • FP&A Development: Support in building out a st rong FP&A function.
  • Business Partnering: Drive a culture of business partnering across the wider business.

5. Client Service Executive Accountabilities

  • Financial System Maintenance: Maintenance of the bespoke financial system
  • Project Financial Initiation: Complete all financial inputs for all new projects
  • Financial Analysis for New Projects: Review and analyze all financial indicators for all new projects
  • Financial Updating for Projects: Complete all financial inputs for all updated projects
  • Financial Review for Updated Projects: Review and analyze all financial indicators for all updated projects
  • Project Review Coordination: Act as a point of contact for project reviews in the absence of UK Group Commercial Accountant
  • Profitability Analysis: Work with Finance and Commercial Directors to understand and put plans in place to increase product profitability, working with multiple stakeholders
  • Commercial Analysis: Have the ability to commercially analyze brand and product performance
  • Cash-Flow Model Development: Support in building new models around cash-flow forecasting
  • Budget and Planning Leadership: Lead in creating new budget and planning models to analyze commercial performance
Relevant Information
What Does A Commercial Lawyer Do?