WHAT DOES AN ACCOUNTING OFFICER DO?
Published: Oct 31, 2024 - The Accounting Officer's oversight of all accounts payable processes at the corporate level ensures timely management of transactions related to IT and other facilities. Comprehensive reviews and updates of financial recording procedures, along with monthly balance sheet reconciliations, maintain compliance and accuracy. Coordination with finance team members and strategic planning with the CFO enhance the efficacy and service delivery of the accounting department.
A Review of Professional Skills and Functions for Accounting Officer
1. Accounting Officer Duties
- NAV Monitoring: Monitor and review of Net Asset Valuations (NAV) services delivered to client.
- NAV Reconciliation Coordination: Monitor the reconciliation report of NAV, and coordinate with clients and regional FA team to ensure the reconciliation task is completed in a timely manner.
- System Change Management: Ensure all change requests in the FA system are raised and participate in UAT for system enhancements.
- Corporate Actions Oversight: Ensure all corporate action events that impact the published value of the Fund are properly updated in the FA system.
- Financial Reporting Review: Review and reconcile the monthly/quarterly/semi-annual/annual financial statements provided by the client.
- Fee Calculation and Reconciliation: Calculation and reconciliation of fees to the fund managers, administrator, and other service providers.
- Internal Reconciliation Management: Ensure that all internal reconciling differences are investigated, and resolved in a timely manner.
- Valuation Accuracy Maintenance: Constantly uphold a high standard of accuracy of Citibank's fund's valuation and asset reports.
- Operational Procedures Update: Review and update the operating procedures, identify control points, and adopt relevant control procedures.
- Regional Team Liaison: Work as FA team representatives to contact with regional team, and follow up on related tasks.
- Audit and Project Participation: Participate in audit activities and ad hoc projects.
2. Accounting Officer Details
- Technical Accounting Management: Managing technical accounting and policy for the organization, including supporting aspects of transformation to implement a best-in-class accounting and reporting policy function and reporting processes for the global Controller’s organization.
- Collaborative Strategic Work: Working collaboratively within the global Controller’s organization, as well as partnering with the business on strategic and growth initiatives.
- Accounting Policy Development: Develop an understanding of researching and documenting technical accounting matters, particularly as they relate to technology and health care, which will aid in the success of supporting and maintaining a best-in-class accounting and reporting policy structure.
- Revenue Consultation Support: Supporting consultations related to revenue from contracts with customers (ASC 606) and preparing or reviewing disclosures within recurring filings with the Securities and Exchange Commission (SEC).
- Team Development and Compliance: Develop and grow the team responsible for establishing accounting and reporting policies to ensure compliance with US GAAP and SEC reporting rules and regulations.
- Policy Leadership: Lead the development and maintenance of accounting and reporting policies in compliance with US GAAP and SEC rules and regulations.
- GAAP and SEC Compliance Management: Manage aspects of developing and maintaining accounting and reporting policies related to compliance with US GAAP and SEC rules and regulations.
- Accounting Standards Update Management: Manage or support reviews of new accounting standard updates and adaptation of processes and policies to reflect applicable updates.
- Emerging Guidance Tracking: Track projects related to emerging accounting guidance and reporting rules.
- Technical Accounting Research: Manage the technical accounting research and related documentation of technical accounting matters.
- Incident Reporting: Undertake compilation of major incidents and KPI reporting.
- Project Implementation Assistance: Assist in implementing product development and business change projects between TPA and Invesco through to satisfactory completion.
3. Accounting Officer Responsibilities
- Accounting Management: Customer and supplier accounting management.
- Invoice Management: Issuing and verifying invoices.
- Payment Management: Managing payments and bank reconciliations.
- Fiscal Compliance: Managing ordinary fiscal obligations and keeping of the registers required by civil and fiscal legislation.
- Consultant Coordination: Relationship management with accountants and payroll consultants.
- Financial Reporting: Preparation of the financial statements.
- Payroll Support: Support for payroll activities.
- HR Cost Monitoring: Periodical monitoring of HR costs.
- Budget Monitoring: Periodical monitoring of budgets.
- Order Management: Handling of orders and order confirmations with checking/controlling discounts/prices.
- Goods Processing: Processing the shipping and returning of goods.
- Demo Product Shipping: Shipping management of demo products.
4. Accounting Officer Job Summary
- Financial Statement Preparation: Preparation of monthly financial statements/financial reporting, net revenue, and expense analysis for the organization according to established procedures and performs other related work related to the Accounting function.
- Controller Collaboration: Works with all segment/facility Controllers to ensure that the monthly financial statements are closed and prepared accurately.
- Financial Performance Monitoring: Monitors financial performance by measuring and analyzing results and communicating variances to leadership.
- Financial Information Administration: Administers and directs programs to provide accurate and timely financial information to the organization.
- Government Reporting: Completes reporting to various government agencies and outside auditors.
- Interdepartmental Coordination: Partners and coordinates information with other departments and finance/accounting staff.
- Monthly Financial Analysis: Prepares monthly financial statements, including current and proper analytical review through detailed and thorough variance analysis of the performance of corporate entities, as well as review/analysis of segment/facility financial statements.
- Financial Reporting Issue Identification: Identifies issues with financial reporting and communicates identified problem areas to appropriate leaders.
- Reporting Accuracy and Timeliness: Ensures that reporting is accurate, and timely and communication around the financials is clear.
- Local Financial Statement Oversight: Works with and coordinates with all segment/facility Controllers to ensure that the local monthly financial statements are closed and prepared accurately in line with GAAP.
5. Accounting Officer Accountabilities
- Accounting Assistance: Assist where necessary with accounting advice, guidance, and direction.
- Accounts Payable Supervision: Supervision of all accounts payable processed in the corporate office.
- Payable Management: Management of corporate payables, including all payables related to IT and those that cover multiple facilities.
- Transaction Review: Review and complete the posting of transactions and journal entries.
- Procedure Evaluation: Evaluates existing procedures for recording assets, liabilities, and financial transactions.
- Procedure Implementation: Implements new, revised, or modified bookkeeping and accounting procedures when appropriate.
- Entry Accuracy Review: Reviews posted entries for accuracy and appropriate accounting practices and compliance.
- Balance Sheet Reconciliation: Ensures that all balance sheet reconciliations are prepared and reviewed every month.
- Service Provision Planning: Defines goals and plans for the provision of services for the department in conjunction with the CFO, Support Services.
- Finance Team Coordination: Coordinates with members of the finance team to ensure accuracy and efficiency is maintained.