An account manager plays a critical role in the financial health and growth of an organization. They act as the primary point of contact between a business and its clients. From managing client accounts, preparing financial reports, and collecting payments to identifying growth opportunities, an account manager handles a wide array of financial responsibilities.
Suppose you are looking to start your career in the accounting and financial management domain. In that case, accounting jobs can open up diverse opportunities to gain broad exposure to company finances while directly liaising with clients.
This blog covers a detailed account manager job description along with an average salary range, required qualifications, interview preparation tips, and more to help you excel as a client financial manager.
What Does an Account Manager Do? – Key Responsibilities
An account manager’s day-to-day role encompasses the following core tasks:
Managing Client Accounts and Relationships
- Maintain regular communication with existing clients via calls, emails, etc., to address concerns and provide financial updates.
- Prepare sales reports, financial statements, billing information, etc., for client review.
- Identify and develop relationships with new potential clients.
- Oversee client accounts and financial portfolios to ensure adherence to company standards.
Processing Payments and Invoicing
- Verify the accuracy of client invoices, purchase orders, etc., related to products/services.
- Send periodic invoices and payment reminders aligned to client billing cycles.
- Reconcile accounts receivable, payments received, and deposits made into company accounts.
- Track unpaid/outstanding invoices and initiate collection efforts.
Financial Analysis and Reporting
- Analyze client financial metrics and study sales patterns, and forecasts to identify opportunities for growth and improvement.
- Prepare customized reports highlighting vital client financial data points for internal teams and external clients.
- Research industry trends and new reporting standards to provide recommendations on improving financial tracking and planning.
Compliances, Policies, and Processes
- Ensure client accounts and payments are compliant with all accounting standards and company policies.
- Coordinate with compliance teams to administer financial audits.
- Document and update Standard Operating Procedures pertaining to client accounts, collections, reporting, etc.
What Qualifications Do You Need to Become an Account Manager?
To enter an entry-level accounting jobs as an account manager, here are the typical credentials required:
Educational Background
- Bachelor’s degree in accounting, finance, or business administration preferred
- Coursework covering financial reporting, managerial accounting, and business statistics is beneficial.
Technical Skills
- Proficiency in accounting software
- Excel skills for financial statements and reports
- CRM platforms
- Billing and invoicing tools
Interpersonal Abilities
- Strong verbal and written communication
- Ability to manage multiple clients
- Project management and problem resolution
- Analytical skills
What is the Average Salary for an Account Manager?
An account manager’s average base pay can range between $39k to $90k per year, depending on factors like:
- Location
- Company size and industry
- Years of experience
- Professional qualifications
Conclusion
An account manager plays a vital role in overseeing client financial portfolios, managing ongoing relationships, and identifying growth opportunities. While it is a complex role involving financial statements, reporting, collections, and compliance, an account management career offers strong compensation and high demand across industries.
FAQs
1. What soft skills are most important for an account manager?
Strong relationship management, communication/interpersonal skills, and emotional intelligence are highly valued soft skills for succeeding as an account manager.
2. How can you progress your account management career?
You can move up by consistently taking on more responsibility, managing larger client portfolios, mentoring staff, spearheading initiatives, and demonstrating leadership abilities.
3. What is an account manager’s typical schedule?
Account managers often work full-time standard office hours but need to be available for client calls/emails outside of the 9-to-5. Expect occasional travel to client sites and events.
4. Is an accounting degree required to become an account manager?
While an accounting or finance degree is preferred, some employers may substitute degree requirements for experience managing clients, finances, or data analytics.
5. What types of companies hire account managers?
Account manager jobs span many industries, including advertising, technology, consulting, healthcare, retail, insurance, media, and nonprofit.
