In the daily operations of any business, a senior accountant plays the important role of an analytical specialist. As all businesses will need an accurate picture of their cash flow, senior accountant is valuable for being able to make sense of all of the financial data that needs to examine to stay on top of things.
The role that a senior accountant can prove beneficial to both a large and a small side firm alike. The senior accountant’s examinations will be calibrated to match the specific financial initiatives set forth by the upper management staff’s priorities. If there’s anything out of order in terms of financial data, the senior accountant will be one of the first to know that corrective measures need to be taken in order to stay on track.
Any who aspire to be senior accountants will have to keep the following things in mind in order to ensure that they are prepared for the role’s responsibilities.
Responsibilities
According to Investopedia, every senior accountant will have to make sure that their practices adhere to the guidelines set forth by the Generally Accepted Accounting Principles (GAAP). While maintaining adherence to the GAAP, the senior accountant will aim to maintain management’s highest-priority financial initiatives. Naturally, the most competent senior accountants will be able to strike a fine ratio between top-priority fulfillment and GAAP compliance.
In addition to accurate financial data analysis, the senior account will also have to be competent in preparing clear financial statements. Though the data that a senior account analyzes will naturally be slightly more complex than what a non-specialist can determine at a glance, they must be capable of abstracting the data into a description that everyone else can understand.
Based on the results of their financial analysis and statements, the senior accountant should also be able to prepare a well-advised budget. The budget that a senior accountant develops will have to be built upon an accurate risk assessment. Senior accounts can advise the management staff to help them develop their financial goals for a desirable ratio between cost and benefit, potentially maximizing their return without putting too much on the table to lose.
Senior accountants not only need to be financially competent, but also proficient in cooperation as well. Businesses will need to employ a team of accountants in order to handle the mass of data they’ll generate through daily operations, and the senior accountant will be responsible for advising their junior accounting staff for maximum efficiency.
Unlike their junior counterparts, senior accountants will generally not be tasked with the more administrative nuances of the job. Tasks such as balance sheet population, journal entry regulation, and data collection will be left to their junior accountant staff; of course, the senior accountant will likely have a hand in supervising their work to ensure that it’s accurate.
By cooperating with their junior accounting staff and the management staff, senior accountants can see to it that all asset schedules and account balances are properly maintained and reconciled.
Related Resource: What is Risk Management in Finance?
Industry Outlook
According to PayScale, the average annual salary of a senior account is roughly between $50,000 and $82,000 a year. The median annual salary for senior account is approximately $65,000. Depending on their performance, senior accountant can earn annual commissions of up to nearly $12,000, along with a potential bonus of anywhere between about $500 and $9,000. The Bureau of Labor Statistics, which categorizes senior accountants under the classification of accountants and auditors, projects the career’s job growth rate at about 11% by the year 2024.
