Senior accountants are professionals taking the responsibility of reporting productivity, costs, expenditures and margins for organizations and companies. Dissimilar to junior accountants, these professionals usually do not carry out administrative tasks like data gathering, updating journal entries and populating balance sheets. They take the ownership of collecting and analyzing financial and accounting information for various businesses. They also bear the responsibility of supervising the associate accounting executives in the accounting department of a company. Employers generally look out for candidates with professional certifications and graduate degrees to serve as senior accountants. Senior Accountant Job Description would include the responsibilities and the duties of a senior accountant. We will have a detailed look at the responsibilities and the duties below:
Main Responsibilities and Duties of a Senior Accountant
Some of the most important responsibilities and duties of senior accountants are as follows:
Senior accountants are required to perform various accounting functions. Apart from these they book, reconcile and report n-force premium, loss of fund balance, direct written premium, retro accrual, bad debt allowance, non-admitted A/R and cash applied to A/R on a monthly basis. Month-end and back-up duties are also assigned to senior accountants.
Analysis and Reporting
Senior accountants assist in the preparation of narratives and worksheets monthly management reports along with accompanying schedules. They also prepare actual vs. budget variance reports. Senior accountants also carry out the task of following-up the documentation of important variances. They provide the required help with the completion of annual and quarterly regulatory filings.
Examinations and Audits
A senior accounts helps with DOI examination and external audit carried out on an annual basis. They complete requested materials and help in the preparation of assigned schedules for interim and annual audit.
Senior accountants provide proper help in accordance with testing and receiving the final approval for all the system reports needed for financial reporting, general ledger reconciliations and management.
Cash or Banking
These professionals resolve and even coordinate various issues in relation to banks like bank fee anomalies, enhancement of online services, cleared check differences and targeted balance calculations. They also monitor bank liaison and positive pay exceptions.
The other miscellaneous duties performed by senior accountants include:
• Conforming and abiding by all the internal procedures and policies and regulatory guidance.
• Documenting policies, workflow and procedures for the assigned areas of job ownership.
• Maintaining project log.
• Contributing to the organization’s and the department’s special projects.
• Using in-depth knowledge of company practices and accounting principles in combination with accounting experience for performing financial analysis and accounting activities.
• Analyzing complicated financial records and reports.
• Mentoring and training junior staff.
• Reviewing the journal entries of the junior accountants for ensuring accuracy.
• Making recommendations on the basis of status and analysis of expenditures, reserves and assets.
• Coordinating complicated accounting initiatives and projects with the other members of the finance and accounting team and even with other departments.
• Monitoring and documenting internal controls for support of the auditing team.