In Nepal, ACCA members have been working in a wide range of industries, from corporate to nonprofit, and their responsibilities vary based on the type and size of the organization. Whether it be jobs related to accounting, auditing, finance, capital markets, marketing, human resource, or public sector accounting or even the CFO and CEO of the company .
Some ACCA jobs in Nepal are:
Financial accounting refers to the method of recording, summarizing, and interpreting the transactions that occur as a result of business operations, over a specific period of time. Financial accountants analyze financial information with the assistance of cash flow statements and balance sheets. They are also responsible for preparing the organization’s financial statements for external parties like tax and regulations authorities, creditors, shareholders and investors. You will also be expected to create business strategies to increase revenue and profit.
The process of assessing operations and business costs that are required to prepare financial reports is the basis of management accounting. These reports assist managers in setting organizational goals. Management accountants are responsible for recognizing, measuring, assessing, and communicating the financial information of an organization. They analyze critical organizational information and data that is used to assist the management in taking important business decisions. Although their role may seem similar to financial accountants who provide financial statements to external entities; management accountants differ as they analyze information for the internal management of the organization to help measure performance and the strategies employed.
Corporate treasurers are responsible for ensuring that organizations have the capital to meet their obligations. Their roles also include shaping financial policies and strategies, advising on investment opportunities, arranging funds for expansion purposes and managing financial risk. On top of these jobs, corporate treasures assess financial markets and acquisitions and mergers, while also negotiating lines of credit. This job role consists of five key elements, which are:
- Capital markets and funding: This includes assessing and acquiring the funding methods that are available to an organization.
- Liquidity and cash management: This element ensures that the organization’s ‘cash needs’ are met in an effective manner.
- Corporate financial management: Ensuring that an organization’s financial, management and corporate strategies are aligned with organizational goals refers to corporate financial management.
- Risk management: Risk management is the process of recognizing, assessing and mitigating the risks that an organization might encounter. Corporate treasurers are also responsible for ensuring that appropriate risk management techniques are being employed by the organization.
- Treasury operations: This involves keeping up-to-date with the latest financial developments, communicating with investors and bankers to encourage positive working relationships and providing solutions to financial problems by using their in-depth treasury knowledge.
This is a junior accounting role and it falls under the command of the financial director or financial controller in an organization. The job responsibilities vary from one organization to another, but the most common duties involved are bookkeeping, handling the organization’s financial accounts. They also manage the incoming payments, record them and prepare financial and salary statements.
Financial controllers, otherwise known as ‘financial controllers’ are usually senior executives in an organization. They are usually in charge of an organization’s accounting department, ensuring that the financial records and books of an organization are maintained as per business and legal requirements. These controllers are mainly concerned with historical records but may perform other duties such as compliance audits, budgeting process and assessing financial data.
These people are accountable for an organization’s financial health. Financial managers manage different areas in an organization’s finance division, such as financial analysis, financial accounting and management accounting. This job role includes other duties such as:
- Creating business reports, financial statements and financial forecasts;
- Examining the organization’s financial details to ensure it is in line with the legal requirements;
- Overseeing the assistant accountants who prepare the organization’s financial statements;
- Analyzing the organization’s financial reports to find solutions for the reduction of costs;
- Evaluating market trends to recognize expansion or investment opportunities;
- Helping the management in making important financial decisions.
Forensic accounting involves the use of accounting, auditing and investigative skills to examine an organization’s financial reports and statements. This job role is mainly present in professional services organizations. Their duty is to examine if there is any fraudulent activity present in the finances of an organization. Other roles include:
- Closely examining the assets, liabilities and resources of an organization;
- Ensuring the organization’s financial statements and records are accurate;
- Collecting an organization’s financial information and auditing this information;
- Carrying out forensic investigations into the finances of an organization;
- Preparing forensic reports that are to be used in court as supporting evidence.
Chief financial officer (CFO):
A CFO is a senior executive who is responsible for managing the financial operations in an organization. In an organization, the CFO has three main responsibilities, which include:
Management and budgeting:
In a small organization, the CFO is responsible for monitoring budgets, cash flows, salaries and investments. In larger organizations, the chief financial officer oversees the preparation of budgets, allocating resources in an effective manner and deciding pay-scales for employees.
Accounting and reporting:
This senior executive manages accounts and prepares monthly or annual financial reports and statements in small organizations. In large organizations, they have more financial analysis and management duties.
Strategy and planning:
Chief financial officers also collaborate with chief executive officers and the board members to assess productivity and improve efficiency. This is done using their in-depth knowledge of funding sources, markets and general economic viewpoint.
An auditor examines and authenticates the precision of an organization’s financial and operational records and statements. Auditors usually work for large accounting firms, some of them include Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and KPMG. They verify if the financial records of an organization are in agreement with the regulatory framework. Audited financial statements instil confidence in investors and shareholders and it also helps in reducing organizational risk.
This job role is usually found in professional accounting or services firms. The duty of a tax specialist is to advise clients on tax law at local and international levels and also personally and professionally. They are also responsible for assisting organizations in meeting their taxation requirements.
Impact of covid-19 for ACCA members and job:
Since most of the ACCA are employed in bigger companies who can sustain through the pandemic, there has not been much news of layoffs and redundancies as compared to other sectors. Similarly, talking about the future, the economy is the backbone of the country and accounting and finance being an integral part of it, the country is going to require more professionals in this field to bring back to normal. The job market is very unsaturated and the demand for ACCAs only seems to be going up.