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Different types of jobs in finance

There are many different types of jobs in any finance team. Everything from paying the company’s bills to reporting the company’s financial results to shareholders and managers is carried out by the finance team. There are many departments within the finance function and different jobs roles within each department. The roles vary from administrative jobs that require no formal training to management accounting roles that often demand CIMA or AAT training.

Management Accountants

Management accountants provide management with information that helps them to determine business decisions. If they are working for a limited or limited liability partnership company they have to provide annual accounts that include a balance sheet, a profit and loss account, as well as other information. Among other things, these accounts are used by HM Revenue Customs to work out what tax is due or owed.

Accounts Payable

Accounts payable staff have to deal with the company’s supplier invoices. This is an administrative job that involves liaising with managers who need to authorise invoices and reporting on invoices that are ready to be paid so that management can assess how much should be paid in order to maintain a good cash flow. This department often communicates with the accounts receivable function to maintain cash flow.

Accounts Receivable

Accounts receivable is often referred to as credit control. This department handles the cash that comes into the business. They are also responsible for maintaining cash flow and reducing debts. There are many different roles within the credit team including collectors, whose main responsibility is to call the customers to chase them for money and administrative staff who allocate cash onto the system and deal with chasing letters and statement runs.

Payroll

This function is responsible for paying the staff’s wages. Like most accounting functions, this department’s work is scheduled over a monthly cycle. This can lead to longer hours at month end, especially if there are any problems with the pay run. More so than any of the other accounting functions, the majority of this department’s work is carried out internally as the only supplier that payroll would ever have cause to contact is the bank.

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