Our video focuses on Rohit Thapa, one of our ACCA students. He is currently working in the finance department of an automotive company as a commercial accountant. He also has one eye on becoming a fully Chartered Accountant.
We thought we’d look into commercial accountancy and tell you a little bit more about the role.
What is a Commercial Accountant?
A Commercial Accountant is responsible for the efficient running of an organisation’s accounts, including everyday duties such as general entries, balance sheets, ledgers, reporting and advice management on tax issues, budgets and forecast and planning.
They would have responsibilities such as:
- Investigating accounting and financial anomalies
- Analysing financial information and preparing reports
- Variance analysis and WIP reporting
- Completing tasks and reporting within financial deadlines
- Supporting contract negotiations
How much can a Commercial Accountant earn?
A Commercial Accountant salary ranges from around £27,000 to £52,000, depending on experience. Average salary is roughly £35,000*.
What skills do Commercial Accountants need to have?
You’ll need to have good communication skills to be able to explain financial reports to those who might not have the same level of knowledge as you do.
You’ll need to be adaptable as the world of finance is always changing - whether it’s regulations, compliance, the stock market, or local markets.
IT literacy is a must have. You’ll be using niche software, and will need to be able to embrace technology to improve systems, processes and result delivery.
Be confident. You’ll need to be able to talk to heads of departments, company leaders, and decision makers to convince them to make the right call.
What qualifications do I need to be a Commercial Accountant?
You’ll need to either do ACCA, CIMA or ACA to become a qualified accountant, and then you can go into the commercial side of accountancy.
*Source: www.payscale.com March 2020