Also known as...
The role in brief...
The Management Accountant is responsible for the company’s accounts and all the processes to account for, run and deliver a monthly TB, P&L, Balance Sheet, Aged debtors and Aged creditors for the agency using X financial accounting systems.
They prepare reports, budgets, commentaries and financial statements. They may also collaborate the with the rest of the finance team to deliver monthly consolidated Group accounts that incorporate the figures from x office/x markets.
- Internal: Agency management/leadership team; Agency account team, including planners/strategists; Creative services and production staff; New business team; Human Resources/Talent Team; Finance/accounts teams across the network, if required. Internal Audit team.
- Internal: Media agency: leadership team; Media account team, including planners/strategists; New business team; Human Resources/Talent Team; Finance/accounts teams across the network, if required. Internal Audit team.
- External: Client marketing team; Client procurement personnel; Other agencies in their client's roster e.g. Public Relations; Regulatory bodies, External Audit team.
- The Management Accountant will report to the Head of Finance; Finance Director.
- They will manage and motivate staff within their team, being accountable for their performance and providing them with professional development opportunities.
- Developing and managing financial systems and policies
- Controlling and accurately forecasting income and expenditure in a timely manner.
- Posting and authorising all purchase invoices and expenses in the company systems and set up payments for review by CFO, and authorization by CEO
- Raising all sales invoices to be sent to clients and chasing any outstanding debts.
- Managing day to day cashflow, reporting on monthly cash flow and forecasting monthly cash requirements.
- Managing accounts payable and dealing with suppliers.
- Reviewing monthly accounts, collaborating with e.g. Client Service leads and others, to provide explanations for variances against budget.
- Preparing all required accounting and legal documentations for any tax audit, internal group auditors or other administration control and assisting in managing the process with the auditors. This may require collaboration with the HR/Talent Team.
- Accounting for any monthly accruals, deferrals and prepayments
- Balancing intercompany accounts between entities as required.
- Collaborating with department leads/heads to set budgets on an annual basis and reforecast on a quarterly basis.
- Assisting in the delivery of annual statutory accounts in local formats.
- Assisting with transfer pricing adjustments.
- Completing quarterly sales tax returns.
- Managing and reviewing any finance leases.
- The role may include payroll followed by liaison with payroll agencies and the HR/Talent Team – payroll varies by agency.
- Involved in recruitment and selection decisions.
- Focused on the professional development of the team.
Those who succeed are...
- Strong in their finance understanding and experience and can collate and analyse data.
- Highly numerate and able to understand, interpret and present reports from a variety of sources.
- Knowledgeable in the agency business model, products and services.
- Connected and collaborate closely with the HR/Talent teams on approvals to hire, managing people related costs and restructures.
- Clear communicators and able to communicate numbers in a user-friendly way.
Where they come from, and where they go…
With a desire to have a career in finance they will pursue their professional accounting studies as they progress into Finance Manager, Head of Finance, Financial Controller and Chief Financial Officer. Qualified finance professionals can move across a variety of businesses and sectors as they apply their commercial acumen and experience. They may come from a sales and marketing related business.
There are a number of professional accountancy bodies Management Accountants train with, though the Chartered Institute of Management Accounts (CIMA) is commonly chosen by aspiring Management Accountants.