what is an accounting economist?
An accounting economist is a person who manages the company's main financial administration, including ongoing bookkeeping and preparing the annual accounts when the time comes. Annual reports are also a common task. An accounting economist at a private company also works with tax preparation, investment strategies, and wealth management. An accounting economist at a public company may have several roles to maintain records, analyze costs, and present financial reports.
accountant jobswhat does an accounting economist do?
Accountants work managing all or parts of a company's bookkeeping, that is, recording all incoming and outgoing payments as well as other transactions within the company. It is important that you know the basics of finance, which means you need to be able to handle accounts receivable and ongoing bookkeeping up to the financial statements.
Other tasks such as handling VAT and taxes may also occur, where you need to ensure that employer contributions, taxes, and VAT are reported and paid on time. If you are a more qualified accounting economist, you also need to be able to handle closing of accounts as well as annual reports independently and perform tax calculations and income declarations.
An accounting economist analyzes the results of the financial statements to look for explanations as to why things turned out the way they did and presents the financial statement report to company management. The accounting economist's work may also include developing models for accounting and preparing instructions for how the accounting should be done.
Sometimes the accounting economist participates in the budgeting process and makes assessments of how large the revenues and expenses for a certain period should be if one wants to achieve profitability goals.
If you, as an accounting economist, manage the bookkeeping for an entire group, you are usually given the title "group accounting economist". If you, as an accounting economist, work with handling the bookkeeping from start to finish, including closing of accounts, reporting, and annual accounts, you are often given the title "company economist".
average salary as an accountant.
The average salary for an accountant varies depending on your role, experience, and whether you are junior or senior in the profession. if you are junior, it can be between 35,000 and 40,000 or per month. And if you are more senior with many years of experience, it can be between 40,000 and 50,000 kr per month.
An accountant's salary covers a wider range and depends on the type of role you have in a company. experience is an important factor in determining an accountant's salary level.
read more about the professional field economy, finance and payroll.
different roles of accountant.
When you look at a job description for an accountant, you often see a difference between senior and junior accountant. The title relates to the employees’ tasks. A junior accountant does more of the daily routine entry of accounts payable, bookkeeping up to the financial statements. The accountant then analyzes the work and presents the reports to management.
More senior and experienced accounting economists can apply directly for leadership positions. After a few years, a junior accounting economist can be promoted to senior accounting economist and then receive a promotion to a leadership position.
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authorized accounting economist
FAR (Swedish industry organization for auditors, accounting consultants, tax advisors, payroll consultants, and specialists working at accounting or auditing firms) is both a job description and a certification. To earn this title, you must have a degree in accounting, complete 180 hours as an accountant, or an approved (FAR) post-secondary education (for example, vocational college education) focused on business administration and accounting for at least two years.
In addition, several years of practical experience in the field of accounting are required. These professionals take on advanced accounting and financial positions within an organization. They also act as consultants when individuals and companies plan for the future. Equivalent certification can be obtained through SRF (Swedish Association of Accountants).
working as an accounting economist.
An accounting economist's tasks depend on the company's size and the employee's level of expertise. However, some expectations are standard for accounting economists at all levels.
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tasks
- Maintaining financial records: managing all or part of a company's finances is central to the work of the accounting economist. Common tasks here may include performing or overseeing the entry of financial data. In companies that use integrated software that automatically handles transactions, the accounting economist must check and ensure that everything runs smoothly and works correctly.
- Account reconciliations: an accountant must be able to confirm that the figures on the reports match the actual assets held by the company. if a bank statement does not show the same value as the internal report, the accountant must look for the source of the discrepancy.
- Month-end and closing of accounts: For tax and planning purposes, companies regularly close their financial books. This practice involves completing all transactions for a specific period: a month, quarter, or year. The reports from the month-end provide management with an overview of the organization's financial status. In construction or manufacturing companies, assessing the current inventory of materials may be part of the closing process. Annual inventory and closing of accounts can be a labor-intensive period and process, which may require overtime during the period.
- Tax preparations: Companies make ongoing tax payments. It is the responsibility of the accounting department to prepare the forms and submit the tax declaration properly, while also making use of tax legislation. Failure to perform this duty well can trigger an audit and result in costly fines.
- Prepare financial reports: one of an accountant's tasks is to share financial information. An accountant takes the information from the financial records and transforms it into a clear report. The accountant can submit a report for review, or company management may ask an auditor to make a formal presentation of the report.
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work environment
An accounting economist usually works in the office and carries out their tasks, using the computer and the various current programs and systems needed. In some companies, more flexible remote work may be approved. The company sets the boundaries for when and how much you are allowed to work from home. During more intense periods, such as monthly and annual closing, it can be helpful to consider which work environment is best suited, but of course in dialogue with your immediate manager.
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work schedule
In most cases, the accounting economist works a 40-hour week as a full-time employee. In addition, the finance department may need to be more available and helpful to consult with management before various important decisions.
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future outlook
The Public Employment Service assesses that there will continue to be low competition for jobs as an accountant over the coming year. Even though many people are trained in the field of economics, it is usually easy to find a job—especially for experienced accountants. There is a high demand to hire accountants, particularly from larger accounting firms.
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benefits of finding a job as an accounting economist through randstad
There are many advantages to finding an open job as an accounting economist through Randstad:
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various development and career opportunities
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an experienced contact person who can help you when needed
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many open jobs within your area
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full-time or part-time work depending on the job/assignment
Do you want a permanent position? A temporary job as an accounting economist is often a steppingstone to an attractive permanent job. Every year, several people get a permanent position with employers thanks to a temporary job that came through us at Randstad. in addition, many companies recruit their permanent employees directly through Randstad.
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education and qualifications as an accountant.
You cannot apply for a job as an accountant without any education.
to work as an accounting economist you need a three-year upper secondary education with an economic focus (economics program). for more qualified accounting tasks, some employers require at least a bachelor's degree in economics from university or vocational college education.
To become an authorised accounting consultant, an academic degree with a business administration focus of at least 180 credits is required, or a post-secondary education approved by FAR or SRF (for example, a vocational college education) with a focus on business administration and accounting of at least two years. In addition, several years of practical experience in the field of accounting are required.
skills and competencies.
A career as an accounting economist is not for everyone. Mistakes in bookkeeping can have serious effects on a company. The employer needs to ensure that those working with the company's accounting have the right skills and attitude.
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attention to detail
An accounting economist who pays attention to details is a strong asset for a company. Part of an accounting economist's job is to look for ways to reduce costs and increase profit. Saving a few kronor on a manufacturing process can add a lot to a company's results over a year.
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computer skills
The accounting economist does most of their work on the computer today. They must master Excel and be able to create spreadsheets and work with accounting software. This employee must also be comfortable with online communication methods such as chat, email, and video conferencing tools.
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organisational skills
The journalizing aspect of an accountant's job requires a higher level of organization. For tracking purposes, the accountant must maintain digital files so that an external auditor can quickly find the necessary information. A well-organized person will also make time-consuming tasks like monthly closing more efficient.
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communication skills
An accounting economist must translate financial information and communicate in a meaningful and objective way, so that company leaders can make well-considered decisions. An accounting economist is a person who helps executives understand the organization's finances.
frequently asked questions about the accounting economist role.
Here are the most frequently asked questions about working as an accountant.
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do you need a certificate to work as an accounting economist?
No, but some employers prefer to hire accounting economists with a university degree or FAR/SRF certification.
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is it difficult to start with accounting as a second career?
If you don't have any accounting experience, you need to get additional education to change careers, such as a high school diploma in economics, a university degree, or FAR certification.
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what jobs are available for someone with little or no accounting experience?
Those who have just started their accounting career often begin by working with accounts payable or accounts receivable in a finance department. This type of job will give them the experience they need to take the next step in their career.
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how do i apply for a position as an accounting economist?
It's easy to apply for a job as an accounting economist. Click on available jobs and search within your area. Then just apply by sending. your CV or personal letters or apply via LinkedIn. Do you need help with your application? Check out all our tips in job searching here!
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further reading about the role of accountant
Here you can find more information about the role accounting economist.
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