Manager of Accounting & Financial Reporting Salary
Approximately three in five of Managers of Accounting & Financial Reporting in the United States have been in the field for more than 10 years. Pay can fall anywhere from $46K to $124K per year, but median earnings come to around $82K annually. In the world of Managers of Accounting & Financial Reporting, total cash compensation can vary between $46K and $124K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $18K and $10K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by career duration. The majority of Managers of Accounting & Financial Reporting claim high levels of job satisfaction. Medical benefits are awarded to most, and the larger part earn dental coverage. Women account for the majority of Managers of Accounting & Financial Reporting who responded to the questionnaire — 69 percent to be exact. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Manager of Accounting & Financial Reporting
Managers of accounting and financial reporting are responsible for providing a variety of financial and account support for their company and clients. They are responsible for all aspects of the financial reporting, including internal controls and payroll services. Managers of accounting and financial reporting also approve purchasing decisions and maintain records for tax purposes. Additionally, they record cash and card transactions (including keeping receipts), communicate with financial institutions, and arrange bank deposits. These professionals also must keep a file of vendor invoices and monitor accounts receivable.Read More...
Other tasks performed by managers of accounting and financial reporting include participating in business development, identifying new opportunities, preparing accurate financial reports, and managing accounting discrepancies to eliminate economic losses. They work effectively with management to prepare budgets, as well as tax forms. They analyze financial data, compare planned budgets and actual expenditures, work close with other business operations, and control managers to facilitate paperwork and increase financial transparency. In addition, They maintain strong relationships with executives within their organization and outside clients. In all tasks, these managers must follow specific accounting guidance set forth by their company, as well as strict regulatory standards.
To be successful in this position, managers of accounting and financial reporting should have strong interpersonal skills, be results oriented, have advanced financial knowledge, and be able to use their leadership abilities to motivate other financial professionals to reach all company objectives. They must also have excellent knowledge of auditing practices and methods. A bachelor's degree in accounting, finance, or a related field is needed for this position. Additional industry and leadership certifications may be preferred.
Manager of Accounting & Financial Reporting Tasks
- Manage all general ledger transactions and prepare reports and analyses.
- Provide regular and ad hoc reports, forecasts, and tax returns.
- Develop, implement, review, and evaluate procedures and policies.
- Hire, train, evaluate, and mentor accounting staff.
Common Career Paths for Manager of Accounting & Financial Reporting
Though it's uncommon, some Managers of Accounting & Financial Reporting move into roles as Corporate Controllers, where they can earn incomes averaing out to a slightly higher $93K per year. Managers of Accounting & Financial Reporting most frequently become Accounting Managers and Financial Controllers even though median compensation is $22K lower and $6K lower, respectively.
Manager of Accounting & Financial Reporting Job Listings
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Popular Skills for Manager of Accounting & Financial Reporting
Managers of Accounting & Financial Reporting seem to require a number of specific skills. Most notably, skills in Financial Analysis, Financial Reporting, Microsoft Excel, and Accounting are correlated to pay that is above average. Those listing Accounts Receivable as a skill should be prepared for drastically lower pay. Quickbooks and Human Resources also typically command lower compensation. Most people who know Accounting also know Financial Analysis and Microsoft Excel.
Pay by Experience Level for Manager of Accounting & Financial Reporting
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average beginner in this position makes around $77K, but folks who have been around for five to 10 years see a markedly higher median salary of $89K. Managers of Accounting & Financial Reporting bring in $89K after working for 10 to 20 years. Respondents who boast more than two decades on the job don't boast commensurate pay, unfortunately; these veterans see average earnings of only $72K.
Pay Difference by Location
Managers of Accounting & Financial Reporting will find that Boston offers an impressive pay rate, one which exceeds the national average by 39 percent. Managers of Accounting & Financial Reporting can also look forward to large paychecks in cities like San Francisco (+35 percent), New York (+24 percent), Los Angeles (+21 percent), and Tampa (+19 percent). Dallas ranks last in the field for pay, reporting salaries 14 percent below the national average. A couple other locations with smaller-than-average paychecks include Cincinnati (9 percent lower) and Minneapolis (4 percent lower).