Staff Accountant Duties and Their Importance
Staff accountant duties encompass the whole gamut of operations that are crucial to the organization, its well being as well as its future growth. Right from the preparation of the journals, various financial reports, to the management of the assets, a staff accountant
is supposed to perform a whole range of duties that might be desired from him by the management.
Some of the staff accountant duties entailed in the job is:
- Preparation of balance sheets, profit and loss statements for the organization
- Preparation of the other financial reports that are desired by the management
- He has to analyze the trends, costs, revenues, financial commitments, and obligations incurred to make a correct prediction of the future revenues and the expenses that might be incurred
- He has to Report to the management about the organization's finances and offer suggestions about the utilization of the resources
- He is also supposed to advise the higher ups in the organization about the tax strategies, and correct assumptions underlying budget forecasts
- In many cases he might be assigned some ad hoc projects that are crucial to the management.
In an Organization that is Big in Size as well as has Huge Assets, the Staff Accountant Responsibilities include:
- Maintenance of the appropriate documentation for all the fixed assets of the company
- He has to work in association with the IT department to do a correct accounting of all the fixed assets that are related to the technological purchases
- He might have to maintain a schedule of the fixed assets in the accounting systems
- He has to decide upon the depreciation periods of all the fixed assets of the company by reviewing them.
- In order to close or open the WIP accounts he might be required to make journal entries
- He might be required to train the less experienced staff accountants
Considering the Seriousness of the Nature of the Staff Accountant Duties, the Person who is Entrusted with the Job needs to have the following Qualifications:
- He must be a graduate in accounting or business
- Must be very good with the figures and numbers
- He is required to be very good in people management
- Must have excellent communication skills, both written as well as verbal