Financial Accounting & Reporting

By Progression

The ability to understand the financial statements and report the data accurately.

Level 1

Understands the fundamentals of financial accounting and reporting.

  • Financial reporting & compliance: You are able to work with basic financial data, can report on simple transactions, and create basic reports.

  • Day to day accounting: You understand accounting theory and can accurately apply it to simple elements within the business.

  • Accounting standards: You understand the basics of accounting standards and the need for them.

Level 2

Understands the principles of financial accounting and reporting. Can complete basic tasks such as preparing financial statements, accounts receivable, depreciation schedules, and budgets.

  • Financial reporting & compliance: You understand complicated financial data and how it relates to compliance. You can generate a variety financial reports from large datasets.

  • Day to day accounting: You can analyse company performance, identify areas for improvement, produce monthly financial statements and track inventory transactions.

  • Accounting standards: You have a good understanding of accounting standards and are starting to apply this knowledge to your work.

Level 3

Can prepare complex financial statements, accounts receivable and depreciation schedules, and budgets. Can assist with more complicated tasks such as analyzing and interpreting data and recommending improvements to processes.

  • Financial reporting & compliance: You understand how different elements of the business interact with each other, and can present this understanding to others internally and externally in a way that is clear and comprehensible. You are able to manage compliance with the standards, while mentoring junior colleagues on doing so.

  • Transactional accounting: You are able to take the lead on day to day accounting including forecasting complex cash flow and producing budget forecasts.

  • Accounting standards: You have a deep understanding of accounting standards, and implement them across your work. You contribute to the organisation level discussions around setting the standards.

Level 4

Leads a team of people on financial accounting and reporting. Is able to analyze data from all aspects of the business to make informed decisions about process improvement.

  • Financial reporting & compliance: You are a leader within the organisation in generating comprehensive accurate reports in line with what's required from a compliance perspective. You lead on collaboration with auditors and other external parties.

  • Day to day accounting: You are a leader in the organisation on day to day accounting practices, including but not limited to knowledge of new tax regulations, auditing financial statements and providing financial data to inform management decisions.

  • Accounting standards: You are a subject matter expert on accounting standards and can train other junior staff on the intricacies of these standards.

Level 5

Heads up the finance department. Oversees all areas of finance including cash flow, creditors, inventory, investments, payroll, tax filings, bank reconciliations, expense control, budgeting, cost analysis โ€“ supporting the company's strategic initiatives by leading teams in these areas

  • Financial reporting & compliance: You are an expert on financial reporting. You are responsible for the organisation's compliance with external parties, and communications with the board.

  • Transactional accounting: You have a deep understanding of the entire company's finances. You work closely with senior management to identify risks and opportunities for the business.

  • Accounting standards: You are the organisational leader in ensuring that all financial reporting complies with international accounting standards.

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