definition

[Deleted member 93055]

Dear all,

I know it's a very silly question, but it does confuse me as I was told differently by a few 'professionals'.

I feel I've done quite an overall-role in accountancy, but not sure whether I've covered: statutory accounting, management accounting.

Anyway, here is what I do:

- reveiw all the debtors/creditors to insure they are correctly posted/allocated by my colleagues.
- VAT return
-Payroll
- nominal ledger - journals/ prepayment/ accruals etc.
- prepare profit & loss, balance sheet, cash flow & reconcilation of every GL code.
- at year end, deal with cut-off procedure (review accruals, charge depreciation, write off bad debts, final review debtors/creditos, stock adjust,loan interest etc), meeting with finance direct to review the final accounts before sending out.
- prepare the full files/package for auditors according to their list. reply their queries as first contact point.
- review the final adjustments from auditors.
- review the corporate tax calculation to ensure it looks right.
- maintain our accounting software.

As you can see, the only thing I haven't done is forecast/budget which some people said that is 'management accounts' - whilst someone told me I have done it!

I'm just trying to find out what else I should focus on to close my gap.

Thanks in advance!

 

[Scalloway]

What you have done is exactly what I did in my previous role, which was Financial Accountant. The Management Accountant did the forecating and budgets.

 

[Merlion ABS]

I think you have covered the role a Financial Accountant would do. ie the day to day accounting of the company and making good the figures for the Auditors.

A Management Accountant to me would be doing all the forecasting, budgeting, Monthly or Quarterly reporting, analytical reporting etc.. ie presenting these to the boss as such so they can review how the company is doing on a regular basis.

 

[InPrintImaging]

Technically you are an assistant accountant (fairly senior one, but an assistant non the less). Your role is probably closer to the management accountant, but isn't yet at that level.

You're not a Management accountant because you don't do budgets or from what I've seen, liase with the bank. You arn't a financial/practice accountant because you don't produce accounts in statutory format for companies house (sometimes the auditors infact do this at the drafting stage) which look like this http://www.vtsoftware.co.uk/final_accounts/large.pdf. Nor do you have experience of tax calculation (income tax and corporation tax).

If you are looking to close your skills gap, it depends really on where you want to go with it, but I suspect if you were looking to a recruitment agency they would almost certainly send you to industry rather than practice jobs as your skillset would be easier to sell there.