Mistakes to Avoid When Hiring an Accounting Manager

Hiring an accounting manager can feel like a daunting task. There are many things to consider, and mistakes could cost you in time or money down the road. Consequently, it’s essential to understand what an accounting manager does, how to find the right one, and, most importantly, the top five mistakes to avoid when you hire accounting manager professionals.

What Is an Accounting Manager?

An accounting manager is responsible for the financial health of your business. They produce financial reports, direct investment activities, and develop strategies to reduce costs. Additionally, accounting managers often oversee a team of accountants and support staff.

What Are the Main Accounting Manager Responsibilities?

Before you create a job ad for hiring the finance person, review the responsibilities associated with this role. Determine whether you need to tweak any of these responsibilities or whether you need to make adjustments to other positions or roles that overlap. Consider the following duties of an accounting manager:

  • Developing and implementing accounting policies and procedures
  • Supervising the preparation of financial statements
  • Coordinating audits
  • Managing the tax compliance process
  • Overseeing the budgeting and forecasting process
  • Directing investment activities

5 Tips for Hiring an Accounting Manager

Now that you understand what an accounting manager does, you can start thinking about finding the right one for your business. Here are five tips for hiring an accounting manager.

1. Define the Qualities You Need

Make sure you’re clear on the qualifications you need for the job. The ideal candidate will have experience in both accounting and management. They should also be able to communicate with other team members effectively. Additionally, remember to consider both hard and soft skills.

2. Offer a Competitive Salary

When hiring an accounting manager, you need to offer a competitive salary. Strong compensation offerings will help you attract the best candidates. To determine a competitive salary, research the average salaries for accounting managers in your area. If you intend to hire remotely, you might want to consider nationwide compensation statistics.

3. Create a Job Ad

Once you know the qualifications you need, you can create a job ad that will attract suitable candidates. Include a detailed job description for successful accounting manager recruiting. It should list the duties and responsibilities of the position and the qualifications your business needs. Don’t forget to share what your company offers to the successful candidate.

4. Use an Applicant Tracking System

An applicant tracking system can help you organize job applications and manage your hiring process. This software can also automate some steps of identifying qualified candidates. For example, it might look for specific keywords and qualifications. Be sure to review its decisions and adjust for better results in the next round.

5. Check References and Conduct a Background Check

Doing this will help you confirm that they are who they say they are and that each candidate has the experience you need. Checking references can also give you insight into their work ethic and how they interact with others. In some cases, it can help you determine whether the experience included in the resume is true or accurate.

5 Accounting Manager Hiring Mistakes

Hiring an accounting manager is a big decision. Choosing the right professional can directly impact the future profitability of your business. There is no foolproof way to ensure you make the best decision, but watch out for these top mistakes.

1. Making Snap Judgments

Avoid making rushed judgments about a candidate’s qualifications or abilities. Personal biases can also cause you to miss out on excellent candidates. Reduce the risk of this happening by creating a diverse panel to review all applications received.

2. Failing to Negotiate Compensation

Top performers tend to have competitive offers when job hunting. They know their worth, which could be higher than you originally intended to pay. Remain open to negotiations if your true goal is to get the best of the best. However, set a ceiling and remember that salary is not the only form of compensation. Here are some additional perks to offer:

  • The ability to work remotely or from the road
  • Flexible work schedules for parents
  • Competitive health care offerings
  • Competitive retirement packages
  • Beautiful and well-designed office spaces

3. Hiring Based on Skills Alone

While skills are essential, they’re not everything. Personality fit is just as important when you’re hiring an accounting manager. The ideal candidate will be a good fit for your company’s culture and values.

4. Prioritizing Software Knowledge Over Accounting Skills

Technical skills are crucial in the modern era of accounting. However, a lack of familiarity with a specific software choice does not equate to a lack of technical skills. Maintain some flexibility in this area to ensure the focus is on actual skills.

5. Failing to Review Job Ads

The ads you used to appeal to workers a decade ago will not attract workers today. Review your ads to ensure it speaks to the value systems of the current workforce. Remember that recruiting is a form of marketing for your business.

The Bottom Line

Hiring an accounting manager doesn’t have to be a daunting task. By understanding the position’s primary responsibilities, you can narrow down your search. Knowing what best practices to follow and what accounting manager hiring mistakes to avoid can further simplify finding the best possible candidate for the job.

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