JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)

Accounting Sector

Accounting Sector – Requirements, Eligibility, Job Profiles, Careers

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Introduction

The Accounting sector is one of the biggest sectors in India and as always Accounting Professionals stay highly in Demand in every sector of business. The Jobs in the Accounting sector can vary from an Entry level clerk jobs to managerial level Accounts executive jobs. Candidates with the right experience can get high-paying jobs in respected organizations. To build the perfect resume, Candidates must have proper educational qualifications, skills, and hands-on experience in junior accounting positions.

The Account Executive directly takes services from the service provider and provides those services to one or more client company delegates. Keeps an ability to develop new relationships/ contacts quickly and beyond all else, confidence in the products and services they are offering.

Accounting Career Requirements

This course, like all others, has some basic prerequisites. To pursue a profession in Accounting and Finance, candidates must have these qualifications. To begin, individuals must pass class 12 from any school board and in any stream. However, the arts and commerce streams are preferred. Then you’ll need to get a bachelor’s degree in the field you’re interested in. The aspirant must then obtain a master’s degree in the relevant discipline. Throughout the degree, the candidate should strive for the highest possible grade. These are the prerequisites for pursuing a career in Accounting and Finance.

Apart from these skills, the candidate needs to possess some extra skills as well. The candidates should have these skills to stand out from other students. The following are some of the skills that the candidate should possess-

Organization Skills:
It is important for a Professional Accountant to have Organisation skills. They are required to manage multiple accounts at a time and keep track of different contacts associated with accounts hence making Organisation skills very important.

Communication and Public Speaking Skills:
Verbal communication and public speaking are important skills of an Accountant as it is needed regularly and every single day and along with effective communication comes good listening skills. All of these together can make a good Accountant. It’s important that the Accountant listen to clients, understand what they heard, and communicates it back to their business team accurately.

Time Management Skills:
The Accountant has to work around tight deadlines and this is a major part of their job. Accountants can have time constraints on closing accounts of prospective as well as old clients. This makes Time Management Skills Necessary.

Accounting Sector career eligibility

A Professional in the Accounting Sector requires to have a Three-year college degree with majoring in business, Accounting, banking, or finance, such as a Bachelor of Commerce (B Com), Bachelor of Accounting and Finance (BAF), Bachelor of Management Studies (BMS), etc.

If you want to have a good chance of working in a reputed organization, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Accounting and Finance. However, it is important that the Accounting professional possess at least two to three years of Experience in the Industry as a clerk or in a Junior position.

How to Pursue a Career in Accounting?

The following are some steps that will help you to pursue career in this field:

Step 1: Complete High school- A bachelor’s degree is required for most Accounting jobs, and some employers prefer or require a graduate degree. It all starts with a high school graduation, regardless of which degree is finally earned. In high school, the candidate must achieve a minimum grade point average of 45-50 percent. They will only be eligible for admission to colleges or universities after that.

Step 2: Give Entrance Exam- Now, you have to sit the entrance examination to get admission in bachelor’s degree. You need to qualify at least minimum criteria. After passing the entrance exam, you can sit for a bachelor’s degree.

Step 3: Obtain Bachelor’s Degree- Many Accounting jobs require a bachelor’s degree as a minimum requirement. A Master’s in Commerce or MBA degree takes about two years to finish and is a popular major at most colleges and universities. To get into a post-graduate program, try to maintain a 45-50 percent average. If you don’t want to pursue a degree, certificate courses are an option.

Step 4: Obtain Master’s Degree- To study further, the candidate should enroll themselves in pg courses. They can pursue a master’s degree or pg diploma. This will increase their chances of getting good placements.

Step 5: Complete Internships- An internship is a crucial stage in the process of seeking postgraduate work. The internship not only provides valuable actual and hands-on experience, but it also assists interns in gaining access to prospective employers and establishing professional relationships. Internships can take place during the summer of a bachelor’s programme or after graduation.

Step 6: Get the Job- Now, you are ready to enter the corporate world. You can create a resume and apply for the job. You can choose the profession or specialization in which you want and then choose the job.

Job Roles in the Accounting Sector

1. Accounts Payable Clerk: The accounts payable clerk will be responsible for handling the company’s bills and managing its accounts payable ledger. In other words, the work of accounts payable clerks includes compiling and maintaining accounting records. Other tasks that the Account Payable Manager has to do include tasks such as, reconciling purchase orders, paying invoices by cash, checks or electronic payment methods, sorting and matching invoices and check requests, preparing and processing accounts payable wire transfers and other payments, preparing accounts analysis, resolving invoice discrepancies, maintaining vendor files, corresponding with vendors about issues or inquiries, producing monthly financial reports, assisting in month-end closing and calculation of salaries and benefits, data encoding of batch pay sheets, and helping in the distribution of paychecks.

Know the KRA & KPI of Accounts Payable Clerk

2. Accounts Payable Specialist: The Account Payable Specialist works to control and monitor the business expenses in detail oriented fashion. The Account payable specialist job requires them to process payments, verify invoices, and perform account reconciliations. To be a good Account payable specialist one should exhibit sound knowledge of best practices in accounting and experience in a similar role. The core task of an account specialist is to optimise the business’s expense control processes.

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3. Accounts Receivable Manager: Account receivable managers are responsible for managing the accounts of a company or organization while working with vendors, suppliers, and other third parties to ensure that their clients receive the best possible service while paying the lowest possible price. They are required to make sure that all payments are made on time and in full which includes tracking down delinquent accounts or negotiating payment plans with clients who are having trouble making timely payments.

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4. Billing Analyst: The billing analyst is responsible for coordinating with other departments to ensure all sales and orders are accurately billed for, setting clients up for billing, issuing invoices, and ensuring invoices correspond with balance sheet reports, reviewing medical records and billing forms to ensure that health care providers have billed their patients correctly, asked with resolving any billing issues that arise between doctors, hospitals, and insurance companies

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5. Billing Manager: The core responsibilities of Billing managers are responsible for overseeing the billing process at their company or organization, ensuring that all of the bills are being generated and sent out on time, tracking payments as they come in, and making sure that everything is being recorded correctly. They also have to manage responsible relationships with vendors and other suppliers of the business for proper bill maintenance, including negotiating contracts, reviewing proposals, and ensuring that the company gets the best possible deals on services and products it needs to operate.

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6. Billing Clerk: Billing clerks are responsible for entering and maintaining customer information, billing them for services rendered, and handling any related inquiries or complaints along with generating invoices, updating databases, and performing other clerical duties. The billing clerk also has to do other tasks such as updating accounting records with issued invoices, new payments, customer information, etc

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7. Bookkeeper Office Manager: Office managers are responsible for overseeing the day-to-day operations of their company’s office and managing a team of administrative staff, such as secretaries and receptionists, and they may also be tasked with managing other office equipment or supplies. Office managers typically have a wide range of responsibilities but more importantly, they ensure that their company runs smoothly and efficiently. This might include anything from scheduling meetings and appointments to ordering supplies or equipment, handling payroll issues, or even resolving conflicts.

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8. Debt Collector: Debt collectors are responsible for collecting payments on debts that individuals or businesses owe to creditors while working directly with the creditors including, banks, credit card companies, independent collection agencies, etc. Debt collectors commonly use phone calls, letters, and other forms of communication to try to convince debtors to pay what they owe but if they wish to they have the authority to take more aggressive actions if necessary. These aggressive measures include seizing assets, garnishing wages, or even filing lawsuits against debtors who refuse to pay their debts.

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9. Full Charge Bookkeeper: Full-charge bookkeepers are professionals who oversee all aspects of the bookkeeping process and commonly work with accountants and auditors to ensure that financial records are accurate, complete, and compliant with relevant regulations. Full-charge bookkeepers may also be tasked with developing systems procedures to improve efficiency or accuracy. The Full charge Bookkeeper also has to create automated reports or databases to make it easier to track transactions or generate reports in the future.

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10. Payroll Accountant: Payroll accountants are responsible for handling the payroll-related activities of their organization. Their work includes calculating and recording employee hours, wages, taxes, etc., as well as preparing checks to be sent out at the end of each pay period.

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11. Payroll Specialist: Being a payroll specialist can be a challenging role due to the complexity as the role and the short turnaround time for payroll. Payroll specialists are accounting professionals who manage payroll-related activities within their organization by calculating and distributing employee paychecks, filing tax forms, handling benefits enrollment, etc. payroll accountants must have strong math skills along with an understanding of tax laws in order to do their job effectively.

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12. Account Executive: An Account executive may work in many fields as accounting is required for all businesses, big and small, and is responsible for helping their companies In some fields, Account executives are also known as account handlers and sometimes also act as intermediaries between other departments within an organization to ensure the success of their clients.

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13. Account Coordinator: An Account Coordinator is the primary medium of communication between a company and its customers. They should help the clients navigate the company’s services or offerings. they may even be responsible for creating and executing marketing plans designed to attract new clients as they work directly with the clients. Their core task is to make clients happy and satisfied.

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14. Account Relationship Manager: The Core job responsibilities of an Account relations manager are to Maintain Good Relations with the clients of the business meanwhile actively seeking out new clients. They have to work in various settings within an organization such as Finance, retail, etc. They are responsible for building the interest of the general Masses in the current product or the brand.

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15. Accounting Office Manager: Accounting Office managers are responsible for overseeing the day-to-day operations of their company’s office and managing a team of administrative staff, such as secretaries and receptionists, and they may also be tasked with managing other office equipment or supplies. Accounting Office managers typically have a wide range of responsibilities but more importantly, they ensure that their company runs smoothly and efficiently. This might include anything from scheduling meetings and appointments to ordering supplies or equipment, handling payroll issues, or even resolving conflicts.

Know the KRA & KPI of Accounting Office Manager

16. Cash Manager: They oversee the income as well as the outflow of cash in a business organization hence the name. They oversee all types of cash flows from vendors, clients, etc, so the efficiency of the business is maintained. they must be able to make sound financial decisions on a daily basis, including everything from deciding which invoices should be paid immediately versus waiting until the next payday, to determining how much cash should be kept in reserve at any given time.

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17. Chief Accountant: Chief Accountants are professionals who oversee all aspects of the bookkeeping process and commonly work with accountants and auditors to ensure that financial records are accurate, complete, and compliant with relevant regulations. Chief Accountants may also be tasked with developing systems procedures to improve efficiency or accuracy. The Chief Accountant also has to create automated reports or databases to make it easier to track transactions or generate reports in the future.

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18. Audit Manager: An Audit manager needs leadership and management skills and is responsible for overseeing the work of auditors, ensuring that they complete their assignments in a timely manner and meet all relevant deadlines. Audit managers also commonly provide guidance and feedback to their team members on how best to conduct audits and interpret findings. This may include providing training or coaching on specific techniques or methods used by the organization.

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19.Accountant: An Accountant may work in many fields as accounting is required for all businesses, big and small, and is responsible for helping their companies In some fields, Accountant s are also known as account handlers and sometimes also act as intermediaries between other departments within an organization to ensure the success of their clients.

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20. Accounting Clerk: An Account Clerk may work in many fields as accounting is required for all businesses, big and small, and is responsible for helping their companies In some fields, Account Clerks are also known as account handlers and sometimes also act as intermediaries between other departments within an organization to ensure the success of their clients.

Know the KRA & KPI of Accounting Clerk

21. Junior Accountant: An Junior Accountant may work in many fields as accounting is required for all businesses, big and small, and is responsible for helping their companies In some fields, Junior Accountants s are also known as account handlers and sometimes also act as intermediaries between other departments within an organization to ensure the success of their clients.

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22. GST Compliance Executive: The core responsibilities of the GST Compliance Executive are responsible for overseeing the Filing of returns, Input Tax Credit Reconciliation, Payment of GST overseeing and ensuring timely compliance, Preparing & maintaining books of accounts, and reconciling of financial statements in compliance with the norms. Responsible for timely Filing of Accounts and Statutory Filings like GST, TDS, etc.

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Conclusion

Accounting in India is a Growing sector with many career opportunities arising. Both Large and small companies are always on the lookout for skilled and educated Accounting Professionals. To create a successful career in Accounting you must have the right skills and hands-on experience in the Accounting Sector.

FAQs

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FAQs

Q1: What are the basic requirements to enter the accounting sector?

A1: The basic requirements typically include a bachelor's degree in accounting or a related field, knowledge of accounting principles and practices, proficiency in accounting software, and strong analytical and mathematical skills.

Q2: What eligibility criteria are needed for a career in accounting?

A2: Eligibility criteria for a career in accounting usually involve having a relevant educational background, such as a degree in accounting, finance, or business. Professional certifications like CPA (Certified Public Accountant) can also be required or highly beneficial.

Q3: What are some common job profiles available in the accounting sector?

A3: Common job profiles in the accounting sector include roles such as accountant, auditor, financial analyst, tax specialist, and management accountant, each with specific responsibilities and areas of focus.

Q4: How can one advance their career in the accounting sector?

A4: Advancing a career in accounting often involves gaining experience, obtaining advanced degrees or certifications like CPA or CMA (Certified Management Accountant), specializing in a particular area of accounting, and developing strong professional networks.

Q5: What trends are currently impacting careers in the accounting sector?

A5: Current trends affecting careers in accounting include the increasing importance of technology and data analysis, the demand for strategic financial advice beyond traditional accounting tasks, and a growing emphasis on compliance and regulatory knowledge.

JOB DESCRIPTION AND RESPONSIBILITY KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)