Director of Accounting Jobs & Career Guide

Financial Reporting and Compliance

• Oversees the preparation and accuracy of financial statements, including balance sheets, income statements, and cash flow statements, ensuring they comply with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
• Ensures compliance with local, state, and federal government reporting requirements and tax filings.

Internal Controls and Processes

• Develops and maintains internal controls to safeguard the company’s assets and ensure the integrity of its financial data.
• Implements policies and procedures that improve efficiency and consistency across the accounting department.

Team Management and Development

• Manages and mentors the accounting team, which may include accountants, controllers, and financial analysts.
• Responsible for hiring, training, and evaluating team members, fostering a collaborative and productive work environment.

Budgeting and Forecasting

• Coordinates with other departments to prepare annual budgets and periodic financial forecasts.
• Analyzes financial data to identify trends, advise on budget allocations, and forecast future financial conditions.

Audit and Liaison

• Acts as the primary point of contact for external auditors during annual audits and reviews.
• Works with external stakeholders such as auditors, tax advisors, and regulatory agencies.

Strategic Planning

• Contributes to strategic planning and decision-making at the executive level to improve the financial health of the organization.
• Provides strategic financial input and leadership on decision-making issues affecting the organization.

Here is what a typical day might look like for a director of accounting at a major software company:

• 8:00 AM: Start the day by reviewing the latest financial reports and key accounting metrics. Check for any discrepancies or unusual transactions that need immediate attention and schedule discussions if necessary.
• 8:30 AM: Attend a daily morning briefing with the finance team. Update the team on priorities for the day, review any pressing issues from the previous day, and discuss upcoming financial deadlines.
• 9:00 AM: Conduct a meeting with the accounts receivable and payable teams to monitor cash flow and discuss any significant outstanding or overdue accounts. Identify any potential financial bottlenecks and strategize on solutions.
• 9:45 AM: Review and approve significant financial transactions, ensuring they comply with company policies and financial regulations. This includes large transfers, contract signings, or expense approvals.
• 11:00 AM: Meet with the financial planning and analysis (FP&A) team to discuss budget variances and forecasts. Focus on aligning financial forecasts with ongoing projects and operational budgets.
• 12:00 PM: Lunch
• 1:00 PM: Review preparation progress for upcoming quarterly financial statements. Ensure all financial documentation and reports are prepared accurately and in compliance with GAAP standards.
• 2:00 PM: Attend a cross-departmental meeting with IT, sales, and marketing heads to ensure their financial operations align with the overall company strategy. Discuss any major changes in budget allocations or financial planning that may impact their departments.
• 3:00 PM: Meet with external auditors or tax advisors to discuss any ongoing audits or prepare for upcoming ones. Review any points of concern that auditors have flagged and address compliance issues.
• 4:00 PM: Spend time on strategic tasks, such as evaluating new accounting software or tools that could improve department efficiency or accuracy. Stay updated on new financial regulations or tax laws that could impact the company.
• 5:00 PM: Wrap up the day by responding to emails from internal stakeholders or external partners. Prioritize tasks and set up the next day’s agenda.
• 5:30 PM: Brief meeting with the CFO to report on the day’s critical financial activities, upcoming challenges, and progress on major projects.
• 6:00 PM: Head home, though often remaining available for urgent queries or to finalize critical tasks remotely if necessary.