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Discuss about the Understanding And Using Published Cash Flow Data.

This report contains a detailed description of cost and management accountant job positions. Ten job are been shortlisted from various Australian websites which lay down the role and responsibilities of an accountant. The report also includes information about the cost and management accounting skills required for getting such jobs. In the last, a conclusion is provided stating the importance of cost and management skills.

No.

Position Title

Sector(Industry or Government)

Position Description

Date Listed

Website Address

Search word or phrases

1

Cost Accountant

Hays Accountancy and Finance(recruiting and human resources services)

Work related to preparation of budgets, assisting the CFO and contributing to the planning and development.

16th march

www.seek.com.au

Cost Accounting: More jobs from Hays Accountancy & Finance

2

Management Accountant

Boral Industries (manufacturing and supplying building and construction material)

Giving accounting support, budget preparation, and forecasting and system development.

20th march

www.indeed.com.au

Management  Accountant- GRA (Adelaide)

3

Management Accountant - Property

Jill  (Professional services and management firm for real estate)

Work is to assist the commercial manager in order to meet the financial reporting requirements.

27th march

www.seek.com.au

Management Accountant – Property

4

Cost Accountant

MPAU Finance (Name not specified-civil constructing company)

Work is related to analysing and maintaining the company cost, CAPEX and OPEX tracking and accurate annual budgeting.

19th march

www.indeed.com.au

Cost Accountant Melbourne Region – MPAU

5

Cost Accountant

Anderfield  (Accounting and finance consultants) 

Support in decision making, absorbs vast amount of complex data and work related to month end financial reporting.

5th march

www.seek.com.au

Cost Accountant

6

Management Accountant

Entree Recruitment (Building and construction industry).

Reporting to finance manager, preparing financial statements, cost data management and other related work.

19th  march

www.entree.com.au

Management Accounting

All Adelaide

7

Cost Accountant

BOC Team (Supplier of gas, chemical and equipment)

Managing product costing mailbox, accurate evaluation of BOC’s products, inventory movement analysis.

20th march

www.indeed.com.au

Cost Accounting job

8

Management Accountant

Robert Walters (Recruitment Consultancy )

Identify the ways for leveraging the systems better, reconciliation and reporting of accounts.

26th march

www.seek.com.au

Management Accountant

9

Management Accounting

Government Job - CBD

Providing assistant to the Financial controller, analytical work, business reporting and partnering. Conducting financial investigations and forecasting.

26th march

www.jobsearch.gov.au

Management Job

10

Management

Robert Half

(Recruitment Agency- Name not specified-  Non-profit   organization)

Developing costing models, responsible for providing timely advice, monitoring and analysing the budgets and making variance analysis.

5th April

www.seek.com.au

Management/ Cost Accounting

No.

Position Title

Position Requirements

(responsibilities)

Cost and Management Accounting criteria required  for position

Alignment with learning outcomes of ACCT 6004

1

Cost Accountant

·         Strong management accounting costing skills and reporting to the CFO.

·         Preparation of budgeting and cash flow forecasting, as well as providing statutory accounting assistance.

·         Assisting the CFO with the implementation of MS Dynamics and applicants will have a working knowledge of this ERP.

·         Contribute to the planning, development and evaluation of Faculty programs and initiatives.

·         Undertaking analysis and costing new initiatives

·         CA and CPA qualified.

·         Good communication skills.

·         Used to Ms-Dynamics and ERP systems. 

Yes

2

Management Accountant

·         Accounting support by means of sound management accounting and strong communication skills.

·         Provides opportunity to work with a market leading company covering a wide variety of responsibilities, but not limited to Reconciliations.

·         Preparation of budgets / forecasts monthly Systems development and process improvement.

·         Having a professional degree of accountant.

·         Strong analytical skills

·         Knowledge of Cost and management accounting

·         Ability to forecast about the trends.

Yes

3

Management Accountant - Property

·         The main duty of management accountant position is to deliver a high standard of is responsible for assisting commercial manager to meet the financial reporting requirements of the properties.

·         An accounting degree of CA and CPA is required.

·         High knowledge about the financial reporting requirements.

·         Accruals commercial accounting with excellent excels skills and strong communication Skills

Yes

4

Cost Accountant

·         This Cost Accountant position will be focus on analysis and maintenance of company costs and Reporting to the CFO.

·         Actual v budget costing analysis CAPEX and OPEX tracking and analysis ensuring that costs are accounted for in a consistent manner.

·         Accurate annual budgeting and forecasting constantly improving company procedures reporting.

·         Constantly improving and implementing procedures to increase profitability to the company.

·         Ensure that manufacturing costs are accounted for in accordance with standards.

·         Experience with using CAPEX and OPEX.

·         Ability to prepare budgets.

·         Having a degree of CPA or CA or equivalent.

Yes.

5

Cost Accountant

·         Operations and finance, involving decision support, and high attention to detail around financial month end; the role has the ability to influence outcomes and the bottom line across this high volume and complex operation.

·         Absorb vast amounts of complex financial data, and provide financial reports to head office and commercial stakeholders to support the business.

·         Immediate start on a temporary basis for a period of 6-12 months.  Also further opportunity in the business is possible for the right candidates.

·         Month end financial reporting, Cost based accounting, transfer pricing Liaise with financial and non-financial stakeholders across the business.

·         An accounting or business degree.

·         Experience in cost accounting disciplines.

·         Able to work in teams.

·         Have used ERP systems.

·         Handling financial and non-financial stakeholders.

·         High Ms-Excel knowledge and computer skills.

Yes

6

Management Accountant

·         This role sits within a professional and friendly finance team and is charged with the vital responsibility of accounting and reporting for an allocation of companies which will shifts overtime giving a broad company and industry exposure.

·         Reporting to the finance manager, financial statement preparation, general ledger reconciliations, business plan budget and forecast are the key duties of this position.

·         Qualified and Experienced accountant.

·         Proper knowledge about financial accounting.

·         Strong communication skills.

·         Ability to deal with the allocation and shifting of the companies.

Yes

7

Cost Accountant

·         Cost data management, maintaining all cost objects.

·         Ensuring the business uses Order type properly and WIP recognition is in line with posting in SAP FI

·         Management of Product Costing mailbox.

·         Accurately calculate and evaluate across BOC’s product for both Standard and Actual price.

·         Analysis of inventory movements, including stock reporting, costing data management.

·         CA or CPA qualified.

·         Understanding of business process and strong SAP skills.

·         Strong communication and analytical skills.

·         Flexible and proactive approach.

Yes

8

Management Accountant

·         Reconciliation, reporting and analysis. Ensure all applicable balance sheet reconciliations are fully reconciled and all relevant journals are posted on a monthly basis.

·         Prepare annual budgets and rolling forecasts across the portfolio.

·         Resolve revenue, operating cost and CAPEX queries from business leaders which  support Understand performance, trends, risks and opportunities across financial & non-financial metrics to support decision-making

·         Review reporting processes to ensure that information is being compiled accurately and efficiently.

·         Financial modeling and communication skills

·         CA or CPA.

·         Experience holder in management accounting duties.

·         Excellence in using Ms Excel.

Yes

9

Management Accounting

·         Management accountant will provide assistance to the Financial Controller.

·         Assisting in formulating budgetary and accounting policies. Preparing financial statements for presentation to board of directors, management, shareholders and governing and statutory bodies.

·         Conducting financial investigations. 

·         Cost management, Pricing, forecasting, strategic governance of organizations and undertaking audits.

·         CPA or CA degree holder.

·         Having experience is the same field.

·         Good communication and problem solving skills.

·         Have strong financial or accounting background.

Yes

10

Management

Accountant

·         Responsible for partnering with department manager, business analysis.

·         Leading the budgeting, forecasting, variance analysis and monitoring of key expenditure and revenue items.

·         Responsible for providing timely advice to the management accounting manager on key operational issues.

·         Monitoring and analysing budgets and assisting with ad hoc costing analysis.

·         Accounting degree of CA or CPA or any equivalent one.

·         Have used ERP and Microsoft office.

·         Strong problem solving skills.

·         Monitoring and analytical skills.

Yes

  1. The above data analysis and data collection table reflects the two job profiles named as cost accountant and management accountant. Various Australian job websites are been used for finding out the 10 job positions of both the accountants. The data is collected from the websites such as seek, indeed, entree and jobsearch.gov.au. The positions are classified as cost and management account and are categorized in different industries. The common requirements of the positions are related to preparing reports, budgets, forecasting and maintaining the cost systems in the organization. To get selected for the job, an individual must have proper knowledge about analysing the various costs, finding the reasons for variances, managing the financial accounts, inventory and to support the other finance managers in decision making process. According to the cost and management accounting skill, one should be CA or CPA qualified or have a degree equivalent to it. The individual must have a solid accounting background to get selected for the profiles. Also the person must have strong communication or interpersonal skills, have used ERP systems and great knowledge of Microsoft Office tools.
  1. Degrees like CA, CPA, CIMA and other equivalent courses are most common cost and management accounting skills. These courses are very important in order to have a job of an account. They are considered as professional degrees and give high level education and professional knowledge regarding the work of accountant. Also they help in attaining good designation in an organization. Every organization or company who is recruiting accountant keeps a high demand of such courses and degrees. Apart from the theoretical knowledge, one should also be excel at using the tools of Microsoft office and must be aware about the ERP systems.
  2. The less common or less weighted accounting skills and knowledge are the graduate courses like Bachelors of Commerce and other diploma courses of accounting. They are not considered as professional ones and hence are less in demand by the companies. They are not highly sought as the CPA or CA degrees because they do not provide high level of specialization and knowledge about the work of accounting. Also they are not able to attract a good job position of an accountant. To be a management and cost accountant, higher professional skills are required which can only be ascertained by pursuing the specialized courses.
  3. Now days, being a management account is not an easy job. There are various challenges faced by them as per the growing demands of the companies. In today’s era, organizations are demanding for more proactive accountants who can easily and quickly adopt the changing conditions of the environment (Mishra, 2011). However, some of the challenges are:
  • Some environmental reports like globalization, changes in customer preferences and rapidly changing technology contributes to the change in business environment. As a result of which, accountants have to face such modifications and deal with them effectively.
  • Some of the organizational factors like changing strategies, modifications in products design, risk and uncertainty also comes out as a big challenge for management accounts as they need to cope with them quickly in order to maintain the success of the organization (Zainuddin & Sulaiman, 2016).
  • Other challenges related to change in government regulations, variations in policies framed by the government and other political changes also affects the working of an organization. To face them is a big challenge for accountants as they are required to comply with such changes instantly
  1. ACCT 6004, covers topics like context and nature of management accounting costs which includes its concepts and behavior that helped in increasing cost and management skills of a person. Topics related to CVP analysis, variance analysis, budgetary control, ABC costing lay more emphasis on cost accounting. The learning outcomes of the subject clearly explain the nature, importance and role of management and cost accountant in an organization. The outcomes are aligned to the job descriptions to a great extent that each and every job profile discussed above require a basic accounting knowledge and a professional degree of CA or CPA.
  2. Apart from the above topics, ACCT 6004 should also include concepts like cash flow management and fund flow management. As they are also a part of management accounting and specially pay more focus on cash management skills (Palanivelu, 2007). Cash flow statement basically shows the inflow and outflow of cash within the business whereas fund flow reflects the sources and applications of the fund or money available. The changes in working capital are shown in fund flow statement and the cash made from or used in operating, financing and investing activities is present in statement of cash flows. It is the duty of a cost or management accountant to have proper knowledge about such topics in order carry out their responsibility in a very effective manner (Jury, 2012).

Conclusion

The report concludes that in order to get an accountant job, one must pursue all the required skills and knowledge and should have appropriate experience in the field. Also, job positions perfectly align with the learning outcomes to ACCT 6004 and clearly states the duties of a cost and management accountant.

References

Jury, T. (2012). Cash flow analysis and forecasting: the definitive guide to understanding and using published cash flow data (Vol. 653). United Kingdom: John Wiley & Sons.

Mishra, D. (2011). Management Accountant: Role & future challenges. [Online]. Available from: https://poseidon01.ssrn.com/delivery.php?ID=562116100073094026018083093069112005017000001037065088099113083029029004099103083023000001018010122038004027073103083025006010111020068012086000100120116013104094003020022042066072002077067102031076066029102117012112086124113106089118080072124066009072&EXT=pdf [Accessed 5 May 2018].

Palanivelu, V. R. (2007). Accounting for management. New Delhi: Firewall Media.

Zainuddin, Z. N., & Sulaiman, S. (2016). Challenges faced by management accountants in the 21st century. Procedia Economics and Finance, 37, 466-470.

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[Accessed 14 April 2024].

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My Assignment Help. Cost And Management Accountant Jobs In Australia: Essay On Roles And Responsibilities. [Internet]. My Assignment Help. 2019 [cited 14 April 2024]. Available from: https://myassignmenthelp.com/free-samples/understanding-and-using-published-cash-flow-data.

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