Senior Accountant

Who is the Senior Accountant?

A Senior Accountant is a person who is responsible for reporting of costs, expenditure, profitability, margins, etc and performs the lead accounting role in the organization. Their duties are more than a junior accountant like gathering of data, preparation of journal entries, populating balance sheet and less than the administrative person like decision making, new product launch, changes in the management.

Roles and Responsibilities

The senior accountant plays a very critical role in the financial department of the company with a sound knowledge of accounting and finance. The most important role is to keep the organization financially organized. He is responsible to keep the finance and accounts department of the company in a well-sorted manner so that there should be a better financial picture of the company.

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Below are some of key roles and responsibilities:

  1. Maintenance of the proper books of accounts and the records of the company like balance sheetBalance SheetA balance sheet is one of the financial statements of a company that presents the shareholders' equity, liabilities, and assets of the company at a specific point in time. It is based on the accounting equation that states that the sum of the total liabilities and the owner's capital equals the total assets of the company.read more, profit and loss account, tax liability and maintenance of all other financial activities of the organization.
  2. Preparation of budgets and investigation of errors along with variance analysisVariance AnalysisVariance analysis is the process of identifying and analyzing the difference between the standard numbers that a company expects to accomplish and the actual numbers that they achieve, in order to help the firm analyze positive or negative consequences.read more and reasoning of the same.
  3. Maintenance of the general ledgersGeneral LedgersA general ledger is a book of accounts that records the everyday business transactions in separate ledger accounts. The entries made in a ledger can be verified by getting a NIL balance on summing up all the ledger account amounts in the trial balance.read more as required by the organization
  4. Generate and analyze financial records and data to the organization
  5. Interpret the financial records and suggests if any error is occurring there and should provide ways of improvement of the same.

Skills and Qualifications

  • Senior Accountant requires the sound knowledge of mathematics along with sound accounting knowledge. He should be capable to understand any missing data or incorrect data in the records.
  • Generally, the person with master’s degree is eligible to become the senior accountant, however, the person who has a good number of experience in the field of finance and posses only bachelors degree can also become the senior accountant on the basis of a number of years of experience.
  • It is expected from the senior accountant to possess the leadership qualities in order to guide the junior team members along with the sound knowledge of finance and accounting. The reporting of the senior accountant is generally with the executive of the company or the Vice President or general manager of the company.
  • Senior Accountants are expected to possess good practical as well as the theoretical knowledge of various accounting and financial software.

Job Description of Senior Accountant

Senior Accountant’s Salary

As per the payscale, the average salary of a senior accountant is $68,556. However, salary may differ from company to company depending upon the skills, qualifications and the experience. Many organizations provide additional benefits also along with the salary to senior accountant. Those additional benefits may be fixed or they are linked to performance like performance bonus, incentives, overtime allowance, etc.

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