WHAT DOES A FINANCE ACCOUNTING MANAGER DO?
Published: Mar 12, 2025 - The Finance Accounting Manager coordinates and manages the general accounting functions, ensuring accuracy and maintenance of ledger accounts and resulting financial statements. Oversees frequent financial reporting submissions to regional management on scheduled times, and manages company working capital and cash flow thresholds. Develops and implements financial policies and procedures across order-to-cash and procure-to-pay processes, maintaining rigorous controls to ensure accuracy and compliance.
A Review of Professional Skills and Functions for Finance Accounting Manager
1. Finance Accounting Manager Duties
- Team Leadership: Lead the Finance Services team to empower them as independent, financial experts who are sought out by TAC executive management and staff for assistance with financial matters for TAC and TAC-related entities.
- Process Development: Develop processes and procedures to encourage the team to take full ownership of duties and to continuously work to improve processes and implement best practices.
- Professional Development: Implement a professional development program for the team to build knowledge and competencies that ensure expertise in a broad area of financial matters.
- Financial Oversight: Oversee TAC's internal accounting functions, including general ledger, investments, cash management, account reconciliations, accounts receivable, accounts payable, budgeting, and payroll.
- Best Practices Identification: Identify and prioritize changes and recommendations for implementation of best practices around these areas.
- Process Evaluation: Drive constant evaluation and assessment of processes leading to process improvements to streamline existing processes.
- Strategic Implementation: Implement strategic improvements for financial processes across the organization, including TAC-related entities.
- Relationship Building: Build and develop relationships with executive management, board leadership, and all stakeholders to ensure a comprehensive understanding of the organization's needs for accounting, budgeting, and financial services and its strategic direction.
- Regulatory Compliance: Ensure compliance with rules and regulations for all TAC-related entities including: Governmental Accounting Standards Board (GASB)/Financial Accounting Standards Board (FASB) standards; Internal Revenue Services (IRS) laws, Public Funds Investment Act, and Texas sales tax requirements.
- Audit Support: Direct and support the activities of the outside auditor during the annual financial audit process for TAC and TAC-related entities.
- Liaison Role: Serve as staff liaison for questions and discussions between TAC executive management, department staff, and outside auditors.
- Reporting Strategy: Develop and implement reporting strategies and data analysis in collaboration with the IT and data teams.
- Stakeholder Engagement: Gather input from stakeholders, executive management, and board leadership on what is needed for comprehensive reporting of financial information.
- Strategic Evaluation: Continually evaluate and update strategies to ensure business needs are being met and data for new reporting requirements is gathered.
2. Finance Accounting Manager Details
- GAAP Compliance: Ensures Market's accounting activities (related to local JTI entity, Distributors, and Factory) are performed in accordance with local statutory accounting principles and compliance with GAAP requirements for JTI Group, in a timely and accurate manner.
- Team Management: Manage and oversee Shared Service teams to successfully deliver the outsourced activities.
- Audit Accountability: Accountable for end-to-end processes of statutory audit and tax filing for headquarters in Singapore.
- Treasury Management: Manage treasury activities for local JTI entity, as well as closely observe Distributors' cash flows and take necessary steps to ensure efficient funding requirements and optimization of cash.
- Compliance Leadership: Corporate Agenda of Compliance & Control.
- Policy Initiative: Initiate the regular review of and via cross-department liaison, drive the company-wide compliance to key JTI policies such as GHE, T&E, Local BAP, KYS, KYC, ABC, AML. This includes providing to local users ongoing trainings, advice, updates.
- Control Coordination: Act as local coordinator for advising, developing, and implementing necessary business control gates in accordance with internal control principles (segregation of duties, JTI policies, and procedures).
- Risk Management: Act as Champion of Enterprise Risk Management process for local JTI entity.
- Audit Leadership: Lead and coordinate preparation of Internal Audit usually once every 3-5 years.
- Operational Efficiency: Efficiency & Effectiveness: Taking a holistic view of the business operations of JTI and Distributor, develop, implement, and maintain a robust control environment across departments.
- Asset Protection: Regular review & identify procedures to protect company assets & resources.
- Risk Support: Support cross-functions in risk assessment of business cases (especially Marketing & Sales with trade investment, etc.), recommend possible control gates to mitigate/avoid risks.
- Risk Mitigation: Initiate and support implementation of mitigation measures for the most high-risk areas.
- Compliance Promotion: Promote awareness, mindset, knowledge of compliance & control across departments.
- Project Management: Performs any assignment/project as may be assigned by the Finance Director.
- Team Development: Recruit, motivate, and guide the professional development of the team reporting directly and indirectly to the incumbent.
3. Finance Accounting Manager Responsibilities
- Process Coordination: Coordinate monthly financial close processes with Shared Service Center and Dura-Line teams.
- Risk Identification: Identify compliance risks, propose mitigation plans, and coordinate the remediation.
- Technical Management: Manage all new technical accounting issues (arising from new regulations or business events) and ensure all aspects are correctly addressed in the management and financial reporting.
- Global Collaboration: Work closely with global finance functions.
- Policy Enforcement: Ensure policies are in place and followed - maintain and develop sufficient processes and controls within Europe.
- Business Cooperation: Cooperate with local business leaders (sales leaders, key management people) in interpreting results, improving financial performance, and driving finance objectives.
- Financial Coordination: Coordinate the issuance of financial statements in all relevant jurisdictions and ensure timely filing of all statutory filings.
- Accounting Accuracy: Ensure financial transactions and obligations are properly accounted for both in IFRS and the relevant local GAAP.
- Control Oversight: Responsible for the financial controls applied throughout the region.
- Compliance Oversight: Oversee legal entity compliance, including corporate secretary coordination and transfer pricing documentation, among others.
- Consolidation Preparation: Prepare group consolidated financial statements, including notes and disclosures required under IFRS.
- Local Reporting: Prepare local financial statements, including notes and disclosures required under local GAAPs.
4. Venue Finance Accounting Manager Accountabilities
- Stakeholder Interaction: Interact with the General Manager and team to address any accounting matters at the venue.
- Transaction Maintenance: Maintain and record routine accounting transactions for ticketing, food and beverage, and any other venue operations or event promotion expenses.
- Settlement Accuracy: Responsible for ensuring accurate and timely settlements.
- Financial Involvement: Involvement in venue meetings during the review of venue forecasts, budgets, and variances to actual results.
- Expense Analysis: Analyze areas of expense reduction and revenue enhancement.
- Reporting Consolidation: Responsible for the consolidation and review in all month-end reporting and statements.
- Reconciliation Review: Review all reconciliations for bank accounts, general ledger accounts, various sub-ledgers, etc.
- Payment Processing: Process accounts payable invoices, manual checks, and wires.
- Tax Collaboration: Work with the Tax accountant for financial reports and filings.
5. Finance Accounting Manager Functions
- System Administration: Act as lead administrator of the Company’s consolidation software.
- Financial Consolidation: Ensure accurate consolidation of all Company subsidiaries’ financial results on a monthly basis.
- Verification Control: Perform control verifications to ensure consolidated results.
- Currency Management: Review and ensure foreign currency translations.
- Journal Management: Record top-side journal entries as required and maintain appropriate supporting documentation.
- Regulatory Compliance: Responsible for Census filings.
- Financial Review: Review supplemental forms, roll forwards, and accounts on a consolidated basis.
- Process Optimization: Partner with other functions to drive process improvements and efficiencies.
- Reconciliation Oversight: Oversee Corporate Intercompany reconciliation process.
- Audit Support: Provide support for year-end audit functions.
- Compliance Management: Oversee monthly close calendar and ensure compliance.
- Process Documentation: Understand and document process flows.
- Research Analysis: Research and document accounting transactions.
- Process Implementation: Implement process improvements to streamline the monthly close, reduce cycle time, and improve information quality.
- GAAP Proficiency: Solid working knowledge of GAAP.
- Financial Approval: Review and approve financial package reports.
6. Finance Accounting Manager Job Description
- Operational Management: Manage, prioritize, and oversee the daily operations and KPIs of the accounting team (3 FTE).
- Strategic Participation: Participate in key business initiatives and activities to support business growth.
- Financial Integrity: Responsible for all financial processes, ensuring the completeness, correctness, and timeliness of the financial and project administration.
- Analytical Reporting: Providing management information and insightful financial analysis.
- Performance Monitoring: Objectives and the monitoring of the various departments (both financial and non-financial).
- Financial Advising: Advising on the financial or operational elements of planning, budget, and long-term planning cycle.
- Process Coordination: Ensure the coordination of processes and additional reports.
- Budget Collaboration: Work closely with the management of the different operating companies and actively participate in the preparation of budgets and forecasts.
- Financial Reporting: Financial month/quarter/year closings and periodically provide an up-to-date result and a balanced account.
- Stakeholder Reporting: Oversee the preparation and distribution of the monthly financial statements to internal and external stakeholders.
- Information Maintenance: Maintain external portals for providing financial information.
- Audit Support: Support the company’s external auditor.
7. Finance Accounting Manager Overview
- Leadership: Coordinating and managing the general accounting function, focusing primarily on the accuracy and maintenance of ledger accounts and the resultant financial statements.
- Reporting: Preparing frequent financial reports for submission to regional management on a scheduled basis.
- Financial Management: Managing the company's working capital and cash flow thresholds.
- Policy Implementation: Maintaining, supervising, developing, and implementing credit and/or financial policies and procedures over order-to-cash and procure-to-payment finance-related processes.
- Accuracy Assurance: Preparing monthly financial reports and ensuring the accuracy and correctness of the record to report, order to cash, and procure to pay processes.
- Risk Management: Providing control and safeguard initiatives and improvements to fixed asset areas.
- Tax Strategy: Providing strategy on tax planning and ensuring full compliance with tax reporting and submission.
- System Implementation: Participating in ERP migration and system implementation.
- Liaison: Acting as an external liaison representing the organization's finance and accounting function.
- Stakeholder Management: Being the point of contact for external counterparties: the fiduciary, the auditors, the tax advisors, the regulator.
- Accountancy Oversight: Managing the oversight of the accountancy to ensure the integrity and accuracy of the company's financial records.
- Financial Control: Controlling and managing the bank accounts.
- Billing: Calculating, preparing, and invoicing the ManCo fees and payments to distributors.
- Budgeting: Preparing the annual budgets and forecasts, drafting various reports for management and authorities.
- Regulatory Oversight: Overseeing the outsourced regulatory and tax filings.
- Compliance Drafting: Drafting internal policies and procedures to meet internal compliance and audit requirements.