Appendix B
CORPORATE ACCOUNTING CAREER PATHS

INITIAL YEARS IN CORPORATE ACCOUNTING

Numbers in parentheses are the minimum number of years usually required in a position before being eligible for promotion. The job descriptions and required years are intended only an overview. Every company has specific job requirements.

Staff accountant (1 year): Assists supervisors and managers with managing accounts payable, accounts receivable, payroll, general ledger, financial statements, account analysis and reconciliations, cash and cash balance sheet accounts, auditing cash and cash transactions, sales tax returns, and other work, as needed.

Senior Accountant (2-3 years): Supervises staff accountants and assists with reconciling various general ledger accounts, reviewing financial statements and trial balances for conformity to generally accepted accounting principles (GAAP), coordinating quarterly reviews and year-end audit, performing various account analyses and bank and other account reconciliations, and managing various projects as needed.

MANAGEMENT ACCOUNTING TRACK

Accounting supervisor (3-5 years):

• Supervises accounts payable; payroll and accounts receivable

• Monitors general ledger accounts to ensure accuracy and integrity

• Supervises monthly and year-end closing process

• Ensures accounting and closing routines are in compliance with corporate policies

• Oversees timely and accurate processing of information within general accounting

• Completes various projects as directed by management

• Supervises and trains staff to ensure adherence to company policies and procedures

Account manager (5–7 years): Manages general accounting staff.

Also responsible for

• general ledger, purchasing payroll, cash management, accounts payable, fixed assets, month-end close and expense reporting function

• enterprise resource planning production environment, including systems integration and enhancements that streamline processing

• budget reports and forecasts—develop projections and provide analysis with recommendations and conclusions

• providing U.S. GAAP or IFRS accounting guidance and support for management

• reviewing and updating legislation-mandated controls for responsible functions, support testing efforts and remediation as needed

Assistant controller (7–9 years):

• Assists controller with accounting, financial analysis and reporting

• Supervises accounting staff

• Coordinates internal and external reporting, ensuring compliance with regulatory requirements

• Prepares, controls, and verifies financial and operational management reporting

• Validates and controls inventories

• Prepares budgets, financial plans and forecasts

• Prepares a high level analysis of variances from financial plans, forecasts, budgets and other business related duties as assigned by the controller

• Supervises accounting research and new and updated corporate accounting and reporting policies

Controller (9-10 years):

• Designs, establishes, and maintains an organisational structure and staffing to effectively accomplish department of controller goals and objectives

• Establishes and implements financial best practices

• Recruits, trains, supervises and evaluates department staff

• Prepares financial reports required by banks and investors

• Prepares cash management reports and working capital analysis

• Prepares annual operating plans and forecasts

• Serves as interface with external auditors, bankers, insurance providers and so on

• Monitors and manages the company’s line of credit

• Reviews financial data with senior management monthly

• Prepares financial analysis for contract negotiations

• Maintains customer and vendor relationships

Chief financial officer (CFO):

• Provides direction, management and leadership in the administrative, business planning, accounting, budgeting and automation efforts of the corporation

• Systematically and comprehensively assesses the financial opportunities, challenges and risks facing the company

• Drives development of a sound, comprehensive financial plan that promotes growth and financial stability

• Partners with leadership to ensure finance supports the organisation’s performance and business strategy

• Oversees all aspects of financial management within the organisation

• Communicates to a variety of internal and external audiences about the company’s financial performance, risks, opportunities and plans

• Directs the fiscal functions of the corporation in accordance with GAAP or IFRS

• Ensures the effectiveness of all regulatory compliance and legislation-mandated programmes

• Builds and maintains a responsive, high quality finance organisation within the company

FINANCIAL ACCOUNTING TRACK

Supervising financial analyst (3-5 years):

• Supervises senior and staff accountants

• Assists with short- and long-term planning, budgeting, and forecasting process

• Assists with monthly close process; supports project, service line or product line management

• Provides analytical decision support services or technical expertise for financial and operational issues

• Conducts project planning and product profitability analyses

Finance manager (5–7 years):

• Supervises assigned financial analysts

• Manages monthly accounting close cycle

• Prepares monthly financial statements and various detailed analyses

• Ensures all journal entries are properly recorded in accordance with GAAP or IFRS

• Ensures the accuracy of monthly reconciliation schedules

• Coordinates various audits

• Responsible for preparation and coordination of various ad hoc projects and reports

• Responsible for installing, modifying, documenting and coordinating the implementation of accounting system changes and accounting control procedures

• Assists in coordinating and preparing corporate budgets and forecasts

Assistant treasurer (7–9 years):

• Supervises assigned managers and staff

• Assists treasurer and the CFO in managing banking relationships

• Reviews documents pertaining to lines of credits and loans

• Assists with financial oversight of capital project spending

• Assesses foreign exchange risk and implements hedge programmes

• Oversees interest rate risk management

• Provides detailed consolidated cash flow projects

• Manages and facilitates general insurance policies

• Monitors adherence to corporate credit and cash management policies

• Manages the corporate accounts payable and accounts receivable functions

• Supports investor relations

• Ensures appropriate compliance with legislation-mandated requirements related to cash, debt and equity management

Treasurer:

• Responsible for assessment, systems design, implementation and maintenance of effective investment strategy, cash forecasting and debt management programmes

• Provides expert treasury management, analysis and advice to maximise growth and profit

• Provides analysis on optimal capital structure and financing strategies

• Participates in working capital financing decisions, including forms of financing

• Seeds debt financing efforts

• Builds and maintains relationship with banks

• Manages company insurance programmes

• Supports the activities of pension, investment and finance committees

• Manages investor relations

• Manages foreign exchange risk

• Assists with special projects as required