WHAT DOES AN ACCOUNTING DIRECTOR DO?

Published: Nov 26, 2024 - The Accounting Director leads the accounting team's daily operations, overseeing tasks such as general accounting, invoicing, accounts payable, and month-end closing activities in compliance with US GAAP. This position collaborates with outsourced providers to ensure adherence to local, state, and federal tax regulations and reporting deadlines while assisting in the development of international accounting centers and transfer pricing. This role maintains strong internal controls, supports internal and external audits, and ensures efficient financial systems, policies, and procedures to provide accurate and meaningful financial data.

A Review of Professional Skills and Functions for Accounting Director

1. Accounting Director Duties

  • Leadership and Strategic Implementation: Effectively lead a team of accountants across multiple business units while demonstrating progressive thinking to implement growth and development strategies to identify areas of process improvement and execute implementation plans for team members.
  • Financial Accountability and Compliance: Overall accountability for period-end closing activities for assigned business units in accordance with the Generally Accepted Accounting Principles, SOX, and the company’s standard practices and policies.
  • Partnership Development: Develop and maintain strong partnerships with leadership to achieve company goals and objectives while ensuring open and effective communication.
  • Financial Reporting Oversight: Oversee the preparation of financial reporting packages for completeness within the required deadline and make precise and timely recommendations for improvement.
  • Budgeting Support: Responsible for assisting in the preparation of budgets and strategic plan.
  • Audit Leadership: Lead annual financial audits while working with corporate accounting to coordinate audit deadlines.
  • Financial Accuracy and Transparency: Oversees preparation of monthly journal entries, and ensures accurate representation and transparency of financial statements (Income Statement and Balance Sheet).
  • Process Coordination: Directs and coordinates month-end-close processes for assigned facilities, completion of all balance sheet reconciliations, checklists, and approvals by appropriate parties.
  • Audit Coordination: Responsible for coordination and assistance with external and internal audits (financial / CIA / SOX, E&Y), biannual Internal Controls Checklist, annual tax packages, and quarterly SOX reviews.
  • Personnel Management: Manages personnel to include interviewing, work allocation, orientation and training, staff development, problem resolution, evaluating performance, making recommendations for personnel actions, and motivating employees to achieve peak performance.
  • Managerial Support: Provides support to hospital department managers, finance team, system Controller, and CAO Management by giving advice, interpreting policies, and setting up procedures and guidelines to help managers achieve organizational goals.
  • Project Assistance: Assists in other projects and analysis as assigned by CAO management.

2. Accounting Director Details

  • Accounting Policy Development: Develop and maintain accounting policies, in consideration of US GAAP.
  • Standards Implementation and Reporting: Assist with the implementation and reporting of new accounting standards.
  • Financial Modeling: Prepare complex financial modeling to support internal and external valuation requests.
  • Transaction Analysis: Analyze and understand complex transactions.
  • Structural Advising: Advise business partners on the structure and accounting for those transactions.
  • SEC Filings Collaboration: Collaborate with the existing team in the preparation and review of SEC filings as well as supplemental information included in the quarterly earnings releases and investor presentations.
  • Technical Accounting Research and Implementation: Research and implement new technical accounting standards: Lease Accounting, Revenue Recognition, VIE/Consolidation Analysis, Purchase Price Allocation, and Transaction Structuring.
  • Auditor Liaison: Serve as the accounting liaison with internal and external auditors.
  • SOX Compliance Oversight: Oversee SOX compliance for the accounting and finance teams.

3. Accounting Director Responsibilities

  • Accounting Management: Manage daily accounting activities, including working with the external accounting firm, to ensure optimization of procedures in place to produce accurate financial information for management and external reporting purposes, compliance with U.S. GAAP, and external audits.
  • Operational Accounting Leadership: Plan, direct, and coordinate all accounting operational functions including Accounts Payable, Accounts Receivable, General Ledger, and Payroll.
  • Financial Audits Oversight: Oversee the monthly close process and lead annual financial audits and quarterly reviews.
  • Strategic Finance Partnership: Partner with the VP of Finance on strategic and operational programs to improve the efficiency of the broader accounting function, observing evolving regulations, legal and governmental requirements, and industry trends that may affect the company.
  • Accounting Systems Improvement: Assess current accounting operations and software, offer recommendations for improvement and implement new processes to accelerate close timelines.
  • Regulatory Reporting and Tax Planning: Oversee regulatory reporting, frequently including tax planning and compliance.
  • Budgeting Support: Provide support for the annual budgeting and planning process.
  • Team Development: Recruit, hire, and mentor a team of accounting professionals as the company scales.
  • Financial Operations Direction: Direct all financial and accounting functions for MNsure so adequate financial reports are established, fiscal controls are maintained, and funds are utilized in the most efficient and effective manner consistent with state and federal laws and Generally Accepted Accounting Principles.
  • Agency Financial Oversight: Oversee the financial operations of the agency including: accounts payable, accounts receivable, revenue recognition, maintenance of the Public Assistance Cost Allocation Plan (PACAP), loading annual budgets, capital asset management, and state/federal annual reporting.
  • Cash Flow Management: Manage the A/R, credit, and collections process, A/P and vendor payments, cash requirements, and banking needs.
  • KPIs Development and Reporting: Develop and report KPIs related to cash, A/R, and A/P.
  • Process Optimization: Streamline cash, A/R, and A/P processes.
  • Bank Reconciliation Assistance: Assist with the bank reconciliation process.

4. Accounting Director Job Summary

  • Strategic Business Planning: Develop short-term and long-term business strategies. Execute strategic plans and objectives, ensure alignment with business needs and all tax rules and regulations.
  • Strategic Partnership and Tax Strategy Formulation: Act as a strategic partner and collaborate extensively with multiple business areas to formulate the tax strategy for the organization.
  • Operational Oversight: Oversee the application and development of unit practices and procedures.
  • Process Improvement and Best Practices Establishment: Proactively evaluate, assess issues and oversee process improvements ensuring the establishment of best practices, policies, procedures, and systems that enhance productivity and positively impact the business.
  • Tax Regulation Expertise: Leverage understanding of the tax rules and regulations, the associated tax staff and the existing accounting control concepts to address management needs in refining accounting/business systems, data or reports accordingly.
  • Tax Law Leadership: Lead the research, interpretation, recommendation, and implementation of tax laws and regulation for all tax operations.
  • Tax Planning and Analysis: Identify, direct, conduct analysis and make recommendations relating to federal and state income tax planning opportunities.
  • Regulatory Relationship Management: Develop and manage relationship with Internal Revenue Service, other taxing authorities, and industry influencers.
  • Industry Representation: Participate in insurance trade group tax committees to represent the company and help drive the company goals and interests.
  • Tax Issue Resolution Partnership: Partner with the business to address and plan for tax issues with respect to real or personal property, human resources and payroll (salary, wage, and employee benefit issues), and sales and use tax issues.
  • Financial Reporting Direction: Direct financial reporting for assigned areas, including use/application of statutory and Generally Accepted Accounting Principles (GAAP).
  • Regulatory Reporting and Records Preparation: Prepare accounting records, regulatory reports, and exhibits for internal and external use.
  • Tax Project Management: Direct various tax projects that involve researching, interpreting, summarizing, and communicating with various departments within the company and numerous outside sources to secure complete and accurate data.
  • Human Resources Management: Administer human resource-related activities including timely performance and salary reviews and ensure all subordinates adhere to human resources policies and practices.
  • Staff Development and Motivation: Select, develop, motivate, and recognize staff.
  • Expense Management: Control expenses to contribute to the overall goals of the department.

5. Accounting Director Accountabilities

  • Financial Systems Management: Direct the management of the monthly closing of the financial systems, ensuring that all activities are executed in a timely manner and in accordance with accounting policies, procedures, and guidelines.
  • Analytical Tools Enhancement: Continual monitoring and assessment of the analytical tools and reports utilized with a focus on systems and process enhancements supporting financial management of the company.
  • Internal Controls Development: Maintain and/or develop internal accounting controls.
  • Policy and Procedure Communication: Organize and communicate accounting policies and procedures.
  • GAAP Compliance: Ensure that accounting processes and operational functions are designed effectively to meet standard internal and GAAP controls and are implemented and consistently performed for all related activities.
  • Team Leadership: Provide leadership and supervision to a team of Accounts Payable and Receivable, Project Accounting, and Payroll operations.
  • ERP Implementation Coordination: Coordinate the implementation of upcoming ERP platform as it relates to the above functions.
  • ERP System Adoption: Work closely with ERP IT team in adoption of new ERP system and improve business capabilities and processes related to Accounting operations.
  • Workflow Automation: Coordinate AP and AR automation and development of other workflow tools aligned with company strategic goals.
  • Staff Management: Direct and manage departmental staff through goal setting, guidance, and coaching.
  • Goal and Project Prioritization: Prioritize and assign departmental goals and projects, and provide developmental opportunities.
  • Staff Development: Evaluate, design, and develop staff skill sets as required in current and future technology.
  • Strategic Direction Setting: Set strategic direction related to areas of responsibility.
  • Talent Management: Recruit, identify, develop, and retain talent that delivers performance excellence.
  • Quality Control: Ensure quality control over financial transactions and financial reporting.

6. Accounting Director Functions

  • Program Analysis for Accounting Professionals: Analyze accounting programs that would benefit Accountants and Bookkeepers.
  • Program Development: Create program and pathways to support firm and customer objectives.
  • Content Collation for Learning: Source and collate best practice technical content ready for learning design and delivery.
  • Subject Matter Expertise: Provide subject matter expertise to design and delivery team members.
  • Company Culture Role-Modeling: Role-model company values, culture, and service standards.
  • Ethical Leadership: Operate with the highest level of conduct, integrity, and confidentiality; setting the example for leaders and associates.
  • Cross-Functional Partnerships: Develop and nurture strong cross functional partnerships.
  • Cultural and Business Leadership: Drive business results and inspire a culture of transparency, collaboration, and accountability.
  • Cost Accounting Management: Responsible for all aspects of cost accounting including machine overhead rates, bills of material, standard production rates, cost calculations, and manufacturing variances.
  • Inventory Analysis and Reporting: Responsible for inventory analysis and reporting.
  • Internal Controls Development: Develop and ensure adherence to company internal controls.
  • Performance Indicator Analysis: Prepare, report, and analyze key performance indicators.
  • Account Reconciliation: Various general ledger account reconciliations.

7. Accounting Director Job Description

  • Accounting Leadership: Lead the day-to-day operations of the accounting team, including general accounting, invoicing, accounts payable, etc., and month-end close activities in accordance with US GAAP.
  • International Accounting Management: Assist with the buildout and ongoing oversight of international accounting centers, including determination of transfer pricing.
  • Regulatory Compliance Oversight: In partnership with our outsourced providers, ensure compliance with all local, state, and federal tax authorities, regulations, and reporting deadlines.
  • Financial Review: Monthly review of financials, including budget versus actual and period over period variance analysis.
  • Budget Coordination: Coordinate with Finance to provide insights during the budgeting process and investigate variances in budget versus actuals.
  • Cross-functional Financial Analysis: Work cross-functionally with the other departments on new products and initiatives in order to understand their financial impact and ensure accounting issues and transactions are identified, mitigated, and properly recorded within the accounting records.
  • Internal Controls Management: Maintain a strong internal control environment, updating the design and scope of controls as the business evolves to maintain the integrity of financial reporting.
  • Audit Support: Coordinate with internal and external auditors to support their quarterly review and annual audit procedures.
  • Process Improvement: Develop, support, and improve the systems, policies, and procedures necessary to drive efficiency and provide meaningful financial data.
  • Financial System Administration: Financial system administration, including reviewing and approving system changes that impact the financial statements.
  • Team Management: Staffing responsibilities include planning, assigning, and directing work, and assessing and providing regular employee performance feedback.

8. Accounting Director Overview

  • Financial Recording and Reporting: Ensure accurate and timely recording and reporting of the Company’s financial performance in accordance with SEC and GAAP requirements in the multi-channel/multi-brand environment.
  • Accounting Policies Development: Develop, evaluate, and maintain accounting policies and establish an appropriate internal control environment in accordance with Sarbanes-Oxley requirements in our multi-channel/multi-brand environment.
  • Process Efficiency Implementation: Evaluate and implement processes that enable efficiencies and create cost savings for the Company.
  • Relationship Management: Manage relationships with cross-functional and external parties, including providing education around accounting and financial architecture of the Company.
  • Talent Leadership and Development: Lead and develop internal talent for succession planning and talent optimization.
  • Financial Close Oversight: Direct monthly, quarterly, and year-end close processes.
  • Corporate Accounting Management: Manage and direct the corporate accounting team.
  • Accounting Review: Review corporate accounting workpapers related to inventory, revenue, accruals, and capitalized development.
  • Accounting Direction: Direct all aspects of accounting, revenue accounting, general accounting, inventory, accounts payable, and month-end processes.
  • Cross-Departmental Collaboration: Work closely with other business departments such as development, procurement, construction, and finance.
  • FP&A Collaboration: Assist and work closely with FP&A team in budget and forecasting processes.
  • NetSuite Project Leadership: Lead NetSuite projects to create efficiencies in processes for inventory and revenue.
  • Executive Reporting: Prepare presentations to Vice President, Accounting, Senior Vice President, Accounting, and CFO.

9. Accounting Director Details and Accountabilities

  • Accounting Department Supervision: Supervise Accounting Department including Accounts Payable Coordinator, Staff Accountant, and Administrative Coordinator.
  • Staff Management: Conduct hiring, terminations, and performance reviews of accounting staff.
  • Staff Training and Counseling: Train and counsel accounting staff to be sure that proper accounting procedures are maintained.
  • Financial Reconciliation: Reconcile and adjust posting from A/P and Payroll.
  • General Ledger Review: Review and correct General Ledgers at month-end.
  • Financial Relationships Management: Caretaker of all banking relationships, loans, insurance, and investments.
  • Loan Record Keeping: Keep records of inter-entity and inter-family loans.
  • Owner Distributions: Prepare monthly distributions to owners.
  • Capital Expense Accounting: Maintain accounting of Capital Expense Reserves.
  • Tax Filing: Filing of county Business Taxes.
  • Unclaimed Assets Management: Sending of Unclaimed Asset reports and payments to the State.
  • Software Liaison: Main point of contact with Yardi and ClickPay.
  • System Administration: Administrator who adds and modifies user records and passwords in Yardi.
  • Technical Support: Help users with Yardi issues and errors.
  • Hardware Procurement: Order replacement computers, printers, and monitors.
  • Telecommunications Management: Order and activate employee cell phones.

10. Accounting Director Tasks

  • Capital Project Accounting Supervision: Supervise day-to-day accounting associated with capital projects, capital accruals, inventory, lease accounting, and operating expense accruals.
  • External Audit Direction: Direct activities relating to all external audits, including detailed process documentation and safeguarding of assets.
  • Budget Variance Analysis: Analyze and prepare all budget variance analysis including capital improvement budget variance reports, consolidated financial statements, and annual business plans.
  • Technical Accounting Research: Conduct technical research related to new accounting pronouncements, unusual or large transactions, difficult/interpretative GAAP assessments.
  • Accounting Standards Implementation: Implement new accounting standards: ASC 842 – Leases, Current Expected Credit Losses (CECL).
  • Policy and Procedure Design: Design and implementation of comprehensive policies and procedures for CAPEX/OPEX accruals, inventory, disposals/abandonments, and capitalization policy (capitalization thresholds, interest, capitalized vs. expensed R&M).
  • GAAP Assistance: Assist Controller with any and all GAAP-related matters.
  • Transactional Accounting Troubleshooting: Troubleshoot and resolve transactional accounting anomalies.
  • PCAOB Audit Preparation: Prep Company for PCAOB audit standards conversion (controls, documentation, review level assessment, control GAP (deficiency) assessment).
  • Journal Entry Review: Review JEs in the accounting system.
  • Purchase Order Review: Review coding on Purchase Orders to ensure alignment with capitalization policies and expense vs capital analysis.

11. Accounting Director Roles

  • Financial Consolidation and Reporting: Responsible for the consolidation and reporting of various internal financial statements and analysis and external financial statements.
  • M&A Accounting Support: Responsible for the accounting and reporting, cash and debt activity, fixed assets management, assist with the accounting for M&A activity.
  • Accountant Development: Develop and mentor senior and staff accountants.
  • Financial Closing Oversight: Oversee a timely and accurate monthly financial close and prepare significant portions of internal and external reporting.
  • General Ledger Analysis: Analysis of general ledger accounts every month.
  • Financial Statements Preparation: Prepare monthly consolidated financial statements in accordance with GAAP, and on a pro forma basis.
  • Accounting Systems Development: Support development of key accounting systems, processes, and analyses.
  • Equity Administration Support: Support equity administration.
  • Accounting Staff Management: Support, manage, and mentor accounting staff.
  • Audit and Banking Assistance: Assist in financial statement audits and banking administration and relationships.
  • Audit Management: Manage audit process to ensure timely submission of all documentation and proper responses for questions raised by external auditors.
  • Accounting Research Leadership: Lead research for accounting issues in conjunction with the Global Head office.
  • Internal Controls Maintenance: Maintain a strong internal control environment consistent with standards.
  • Accounting Integration: Integrate the accounting functions from all acquisitions to ensure consistent policies, processes, and controls.
  • Technical Accounting Coordination: Coordinate technical accounting support to the Business Development team during all aspects of project development and contract negotiations.
  • Performance Management: Develop and maintain performance criteria for each team member.

12. Accounting Director Additional Details

  • Monthly Closing Leadership: Lead the monthly closing process.
  • Financial Transaction Analysis: Analyze financial information to record transactions, review, and verify accuracy.
  • General Ledger Oversight: Oversee the control of accounts and records in the general ledger.
  • Balance Sheet Reconciliation: Ensure all balance sheet account reconciliations are timely prepared and reviewed.
  • Filings Management: Manage the timely preparation and review of periodic internal and external filings.
  • Accounting Advocacy and Leadership: Act as a trusted advocate and partner regarding new accounting and reporting rules and lead the implementation and execution of such updates and changes.
  • Technical Accounting Collaboration: Work closely with technical accounting to understand and implement the impacts of complex accounting transactions and help to present such impacts to the function heads in finance and accounting and other functions as appropriate.
  • Financial System Development: Play a pivotal role in the development of financial systems to ensure compliance and make recommendations when alternatives are available.
  • Staff Management: Hire, train, mentor, and evaluate the performance of staff.
  • Government Filings Review: Review various periodic government agency filings.
  • Audit Coordination: Coordinate the year-end audit and quarterly reviews by independent auditors.

13. Accounting Director Essential Functions

  • Integrity and Advisory: Operate with impeccable integrity as a trusted advisor to the CEO and CFO
  • Financial Management: Manage all aspects of monthly financial reporting and close, create new processes and guidelines as needed, including the preparation and review of all financial statements
  • GAAP Compliance: Ensure that accounting records are prepared and maintained in accordance with US GAAP and the company's accounting policies, chart of accounts, and related accounting principles and practices, and that subordinate ledgers reconcile with the general ledger
  • Variance Analysis: Prepare variance analysis and supplemental schedules
  • Reporting Skills: Prepare special reports by collecting, analyzing, and summarizing information and trends
  • Accounting Oversight: Oversee day-to-day accounting and reporting for partners
  • Business Acumen: Possess a strong understanding of all aspects of business operations
  • Budget Management: Achieve budget objectives by scheduling expenditures, analyzing variances, initiating corrective actions
  • Cash Flow Management: Oversee and assist in preparation of cash flow reporting and analysis
  • Tax Compliance: Maintain tax compliance and manage information to external tax preparers and auditors
  • Process Documentation: Ensure documentation of, and adherence to, all accounting processes and procedures to ensure appropriate accounting controls
  • Cross-functional Leadership: Operate cross-functionally with various departments independently and manage team of two

14. Accounting Director Role Purpose

  • Financial Control Implementation: Execute the road map to introduce, improve, and enhance financial controls in support of the group’s audit goals.
  • Accounting Oversight: Collaborate with Managers, and provide oversight on all accounting activities.
  • Reporting Leadership: Lead month-end, year-end, statutory, and regulatory reporting requirements with attention to optimizing processes and adding efficiencies.
  • Financial Modeling: Create and maintain financial models to support decision analysis for C Suite and business unit executive leaders on a regular basis.
  • Cash Flow Optimization: Lead internal efforts to optimize cash flow and safeguard assets.
  • Budgeting and Forecasting: Work with the FP&A team on budgeting and forecasting processes through clear understanding of the complex management and financial reporting concepts and key business drivers.
  • Compliance Management: Assist in the execution and management of travel and expenditure compliance tools.
  • Financial Reporting Improvement: Review and improve monthly entity level financial reporting and management reporting output produced by the finance team to contribute to MD&A and monthly executive meetings.
  • Reconciliation Management: Manage the reconciliation processes connecting several financial and travel-related source inputs.
  • System Upgrades Support: Support all Microsoft NAVISION system upgrades, enhancements, fixes, communicating effectively with management, staff, IT, and external consultants.
  • GL Structure Analysis: Regular analysis and updates to the GL structure to align the NAV reporting structure to new business drivers, consolidation, and for evolving reporting needs.
  • Team Management: Manage, lead, and guide the accounting team.
  • Strategic Leadership: Provide leadership and strategy to develop the department.
  • Trend Analysis: Comprehensive analysis of trends and benchmarking.
  • KPI Development: Create KPIs to determine financial performance.
  • Variance Analysis: Assist with budget and forecast and provide variance analysis.
  • Process Improvement: Develop procedures and processes to improve efficiency and performance.

15. Accounting Director General Responsibilities

  • Financial Management: Responsible for the month-end close process in a timely manner.
  • Team Leadership: Lead a team of 7-10 individuals in the General Ledger and Accounts Payable teams.
  • Financial Analysis: Analyze the financials to ensure accurate reporting of our multi-subsidiary and consolidated financials.
  • Process Optimization: Refine processes and increase efficiency in a measurable manner.
  • Team Development: Manage, mentor, and develop the team with an emphasis on accountability for results.
  • Audit Support: Lead and provide support to external auditors.
  • Inventory Coordination: Collaborate with the Inventory Manager to ensure proper recording of inventory adjustments.
  • Cross-functional Collaboration: Partner and collaborate with other functional departments, such as Supply Chain, Media, IT, and more, to support and drive projects to completion.
  • Executive Support: Support the Controller and other leadership team members in advancing the company’s goals and objectives.
  • Financial Reporting: Prepares financial statements and summary-level presentations outlining complex theory and business-related transactions.
  • Stakeholder Engagement: Interact with relevant Business and IT stakeholders to prioritize cross-functional support to ensure adequate financial controls, accounting, and reporting are maintained.
  • Project Management: Deliver project support within agreed-upon milestones
  • Financial Review: Reviewing reconciliations and researching operational issues that are impacting financial reporting
  • Statutory Compliance: Prepare and review year-end schedules for statutory reporting
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