Account management duties are usually considered to be high-level responsibilities. This is because they involve access to information and processing payments. The responsibilities of managers also include reviewing financial statements and making suggestions for management decisions.
Many businesses have payroll needs but not all of them have access to electronic data feeds, a computer and Internet access and control software or a fax machine. For these businesses, employees who have knowledge of accounting and computer support skills can be hired in lieu of account managers.
For larger businesses, the preferred method is to find a local bank that accepts the business’s checks and banking accounts and deposits the funds. The account manager is in charge of receiving money from customers and preparing financial statements and audits. He will generally be responsible for tracking sales and keeping track of costs associated with each purchase. For larger companies, account managers usually take on day-to-day operations that might include data entry, mailings, customer relations and check routing.
Accounting and bookkeeping services provide account management duties. The job duties of account managers include implementing, maintaining and tracking all client accounts. They also provide cash management services, payroll reconciliations, and close out accounts. A typical service includes:
Account managers create a standard operating procedure (SOP) to communicate to their prospective clients and other internal staff all changes in procedure. A good explanation of these changes, including any additions or deletions, should be included in the SOP so that all parties understand what the current procedures are.
Financial institutions need to account managers to maintain a minimum of three accounts to payroll balances per account. All financial accounts must be handled by a qualified individual. The manager keeps an accurate account of all financial transactions including sales, prices, discounts, and checks. He is also responsible for maintaining accurate financial records such as invoices, records of purchase orders, and record keeping for employee payrolls.
Account management duties also include: management of payrolls, attendance and deductions, as well as taking care of receivables and inventories. An accounting clerk may also be hired by a company to help take care of monthly financial management tasks such as preparing reports and performing a weekly stock check. These individuals may also be hired to assist the owner and/or senior financial officer in managing the company’s finances.
Just as in any business, it is important for the company to maintain a solid bookkeeping system. The practice of turning in individual records from client accounts to a professional bookkeeper to aid in keeping the books has been in existence for many years. Nowadays, some companies rely on third party providers to handle their financial functions.