Why you need Accountant? Why hire Full-Time Accountant when you can get Outsourced?
What are the Skills / Responsibility by each Level?
Skills / Responsibility | Accounts Assistant | Accounts Executive | Accountant | Finance Manager | CFO | Focus on …. | PAST | Present | Present to Future | Data entry for Day-to-day transaction | ✅ | ✅ | ❌ | ❌ | ❌ | Posting Journal Entry | ❌ | ✅ | ❌ | ❌ | ❌ | Bank Reconciliation | ❌ | ✅ | ✅❌ | ❌ | ❌ | Monitoring Receivables / Payables | ❌ | ✅❌ | ✅❌ | ❌ | ❌ | Review work done by data entry personnel | ❌ | ❌ | ✅ | ❌ | ❌ | Guide accounting clerical staff by coordinating activities | ❌ | ❌ | ✅ | ❌ | ❌ | Prepare Financial Statements | ❌ | ❌ | ✅ | ✅❌ | ❌ | Financial Ratio Analysis and recommend actions | ❌ | ❌ | ✅❌ | ✅ | ❌ | Forecast and Budget | ❌ | ❌ | ✅❌ | ✅ | ❌ | Secures financial information by completing database backups | ❌ | ❌ | ✅ | ✅❌ | ❌ | Well verse with relevant law, regulation and the changes, E.g. Companies Act, GST Act, Income Tax Act, RPGT Act, Labour Act, EIS Act etc. | ❌ | ❌ | ✅❌ | ✅ | ✅ | Shareholding Planning | ❌ | ❌ | ❌ | ✅❌ | ✅ | Succession Planning | ❌ | ❌ | ❌ | ❌ | ✅ | Funding and liaise with financier | ❌ | ❌ | ❌ | ✅❌ | ✅ | Bursa Listing Requirement | ❌ | ❌ | ❌ | ✅❌ | ✅ |
| Assumptions First, Finance Department (FD) vs. Accounts Department. (AD)
FD includes AD. AD is part of FD.
Second, The position / level in FD generally includes
CFO FM Accountant (A) Accounts Executive (AE) Accounts Assistant (AA)
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