An accountant typically maintains financial records and handles other responsibilities in accounting and finance. A corporate accountant also performs these tasks, but on a more specialized and focused level. They usually concentrate on business accounting and are experts at ensuring financial records comply with various regulations, laws, and policies.
Corporate accountants may also oversee the work completed by the divisional and regional accounting groups within the company. All of this work is compiled into the overall financial reports.
What Do Corporate Accountants Do?
In addition to ensuring the company is keeping in compliance with regulations, corporate accountants prepare budgets for each department. They allocate funds for each department, including supplies, hiring, investments, and other needs. In addition, corporate accountants conduct audits to make sure the budget is being followed. Because executives typically set organizational goals based on the budgets, corporate accountants also need to make sure these goals are being met while staying under budget.
Other duties for corporate accountants may include employee expense report processing; completing monthly cash flow analysis; preparing variance analysis to budget and forecast; and maintaining overall responsibility for accounts payable, receivable, and payroll. They are also responsible for consolidating statements, the corporate wide audit and reviewing monthly subsidiary ledgers.
Corporate accountants must be highly organized and have an analytical mind. They should display strong communication skills when writing reports or when communicating with staff and other departments.
How Much Do Corporate Accountants Get Paid?
According to the Bureau of Labor Statistics, accountants earn a median annual salary of $70,500. While additional experience may not have a large effect on pay, certain skills may be more valuable. These skills may include payroll administration or SAP financial accounting and controlling.
Jobs in accounting are projected to grow 10% through 2026. This percentage is dependent on the economy; as the economy grows, so will the need for employment in this and related fields.
How Do I Become a Corporate Accountant?
To become a qualified corporate accountant, individuals first need to earn a bachelor’s degree in accounting. Some companies may also require the Uniform Certified Public Accountant (CPA) credential or Certified Management Accountant (CMA) credential.
Some of the required courses may include corporate finance, business analytics and auditing. The goal of these types of programs is for students to learn how to manage an entire accounting division that may include multiple offices and locations.
Work Toward Becoming a Corporate Accountant
Through a bachelor’s degree in accounting, you will not only acquire a foundational knowledge of accounting topics, but you will also explore how corporations operate and the regulations that are applied to various businesses. You can prepare to be a successful corporate accountant with the online Bachelor of Science in Accounting program from Concordia University, St. Paul. We offer a generous transfer policy and multiple start dates, as well as the ability to complete your coursework when it’s most convenient.