WHAT DOES AN ACCOUNTING COORDINATOR DO?
Published: Oct 31, 2024 - The Accounting Coordinator is responsible for processing general accounts receivables, and non-inventory payables, and performing vendor billing alongside receivables management, including collections. This position encompasses assisting with month-end reporting, customer pricing reconciliation, credit management, and the generation of monthly financial statements. Additionally, this role supports cost savings analyses, contracting performance reviews, and the accurate reconciliation of general ledger accounts.
A Review of Professional Skills and Functions for Accounting Coordinator
1. Accounting Coordinator Duties
- Administrative Support: Provides administrative support for all aspects of the bid process, obtaining bonds when needed, insurance certificates, completing bid forms for private and public entities, obtaining correct signatures, and ensuring the timely submission of bid documents while tracking the same.
- General Administrative Support: Provides all general and varied administrative support for the Contracting/Asphalt Division, maintaining up-to-date physical and electronic file systems, and obtaining and updating licenses, insurances, bonds, and contracts for the business.
- Payroll Management: Provides leadership for weekly payroll analysis, documentation, reporting, support, and data input to ensure the timely, accurate, and complete submission of weekly payroll for Contracting and Plant hourly employees.
- Record Maintenance: Maintains all electronic and physical records for Certified Payroll on projects, liaising with the centralized payroll department to ensure accurate and timely submission of certified payrolls to clients by various government entities.
- Fact-Checking: Fact-checks and coordinates pay adjustments, ensuring accuracy.
- Purchase Order Processing: Efficiently prepares Purchase Requisitions for the creation of Purchase Orders in SAP, receiving PO purchases, including contracting subcontractor payments and maintenance purchases.
- Volume Reporting: Reports daily volume on the job level, reconciles sales volume, and runs the APEX report on a monthly basis.
- Sub-Contractor Reconciliation: Reconciles subcontractor payments and retainage per job and per pay item.
- Invoice Processing: Processes Contractor Haul invoices for payment, investigating payment discrepancies.
- Vendor Management: Establishes new vendors and contract haulers, reviews rates and payment details, and prevents over/short payments, including requesting manual check requests.
- Fuel Report Reconciliation: Reconciles the Fuel Report to support on/off-road equipment tax returns on a monthly basis.
2. Accounting Coordinator Details
- Operations Management: Manages and oversees the daily operations and accounting bookings by reviewing trial balance accuracy.
- Month-End and Year-End Supervision: Supervises and successfully completes the process of month-end and year-end tasks in line with statutory and regulatory guidelines and group policy.
- Financial Statement Preparation: Manages the preparation of statutory financial statements and monthly reporting to the group and authorities (ANCOM, Statistics, NBR).
- Financial Reporting: Conducts monthly financial reporting in line with group policies, including controlling and monitoring of expense budget realization.
- Cost Allocation Management: Deals with cost center allocation methods and participates in the development and implementation of cost center distribution automation.
- P&L and Balance Sheet Monitoring: Monitors and analyzes P&L and balance sheet transactions, ensuring correctness, addressing discrepancies, and confirming the overall correctness of P&L and BS statements.
- Regulatory Compliance: Ensures accuracy in statutory, tax, and regulatory reporting.
- Audit Leadership: Leads, supports, and completes the external financial and tax audit process.
- Service Level Agreements: Executes procedures for charging between legal entities as per service level agreements.
- Transfer Pricing Documentation: Responsible for the documentation and preparation of the transfer pricing file.
- Internal Control Development: Develops and maintains internal controls and effective accounting systems in compliance with local legislation, implementing the company's financial policies and accounting procedures.
- Business Development Involvement: Involved in new business developments, validating accounting flows by proposing necessary accounting entries, highlighting accounting and fiscal implications, and validating accounting software flow setup to comply with finance and accounting rules.
- Technological Initiative: Actively involved in initiatives for new technological systems implementation, process standardization, and improvements of accounting techniques and methods.
- Software Implementation Coordination: Coordinates the implementation of new accounting software and any new application and software development impacting accounting processes.
- Regulatory Awareness: Stays up-to-date with the latest accounting laws and procedures, taking action to address changes.
3. Accounting Coordinator Responsibilities
- Schedule Preparation: Prepares supporting schedules according to the monthly close schedule.
- Commission Review: Reviews and reconciles insurance carrier commission statements to expected revenue.
- Commission Reporting: Assists with monthly producer commission reports, analyzing and correcting discrepancies.
- GL Transaction Recording: Responsible for recording GL transactions to ensure the accuracy of financial statements.
- Tax Document Formatting: Formats tax returns and invoices for client review.
- Document Scanning: Occasionally scans client original tax documents and prepares documents for shipment back to the client.
- Document Receipt Documentation: Documents the receipt of signed client documents.
- Digital Document Organization: Organizes and sorts digital tax documents from client submission folders.
- Data Entry Support: Assists tax or bookkeeping departments with occasional data entry projects.
- Client Communication: Responsible for communication with clients by email or phone, answering questions, and transferring calls.
- Customer Billing: Responsible for monthly customer billing.
- Collections Management: Performs collections functions to maintain current A/R and maximize cash flow.
- Deposit Preparation: Prepares and processes deposits.
- Expense Report Submission: Serves as delegate for COO to submit AMEX expense reports via the Concur Solutions Application.
- Journal Entry Preparation: Performs month-end journal entries to post Amazon gift card stipends and reconciles worksheets.
4. Accounting Coordinator Job Summary
- Payroll Administration: Administers the processing of the organization's payroll and collects payroll data to maintain accurate payroll records.
- Best Practices Application: Applies best practices to payroll processes and related functions.
- Expense Analysis: Analyzes payroll and employee expenses for accuracy.
- Report Creation: Creates ongoing month-end, quarterly, and year-end organizational reports.
- Deposit Reconciliation: Reconciles payroll deposits, tax withholdings, wage garnishments, and deductions.
- Error Resolution: Reconciles errors and maintains payroll records.
- System Implementation: Implements, maintains, and reviews payroll processing systems.
- Employee Payments: Pays employees by directing the production and issuance of paychecks or electronic transfers to bank accounts for weekly, bi-weekly, and bi-monthly payrolls.
- Payroll Update Processing: Ensures accurate and timely processing of payroll updates, including new hires, terminations, and changes to pay rates.
- Compliance Knowledge: Maintains knowledge of and executes payroll processing in compliance with applicable laws and payroll tax obligations.
- General Ledger Reconciliation: Reconciles related payroll and benefit general ledger accounts, including accrual accounts, cash accounts, payroll tax accounts, withholding accounts, 401k accounts, and flexible spending accounts.
- File Management: Maintains files and manages processes related to various accounting areas.
- Accounting Support: Supports other accounting functions.
- Problem-Solving Participation: Participates in problem-solving and special projects within the Finance department.
5. Accounting Coordinator Accountabilities
- Accounts Receivable Management: Process TSG general accounts receivables and non-inventory payables.
- Vendor Management: Vendor billing and receivables, including collections efforts.
- Reporting Assistance: Assist with month-end reporting/processes.
- Customer Pricing Support: Assist with customer pricing/profile/tax reconciliation.
- Credit Management: Complete credit applications/credit references/tax exemption certificates.
- Financial Adjustments: Adjustments/transfers/replacements/margins, etc.
- Operational Support: Understand and assist with daily operational functions, physical inventories, and monthly financial statement generation.
- Special Assignments: Complete other special assignments as directed by the Business Manager.
- Data Analysis Support: Support gathering and updating of financial data used in the analysis of cost savings opportunities and/or continuous improvement projects, as directed by the Financial Accounting Manager.
- General Accounting Support: Support general accounting and other administrative functions.
- KPI Preparation: Prepare contracting KPI statement and perform job cost review.
- Allocation Entries: Prepare tack/supervision allocation entry and equipment move re-class entry.
- Month-End Close Assistance: Assist with month-end close and the handling of GL account reconciliation functions.
- Vendor Communication: Communicates and corresponds with vendors regarding all updates, and works closely with the Supervisor, Accounting and/or Controller on a daily basis.
- Performance Tracking: Track contracting trucker performance indicators to include cycle time and load per truck, using Microsoft Excel.
- Written Communication: Prepare written hauler communications.