Capital accountant

Controller Job Description

Capital Accountants are most often employed by large corporations, although some work in consulting firms, mid-sized companies or even governmental entities. Those retained by large corporations are an integral part of the business, as they have tremendous impact on a company’s financial reporting. The day-to-day responsibilities vary widely based on where a capital accountant works and what professional level they have attained but you’ll need to have the necessary knowledge to gain access to this career. You may share these duties as a member of a team or group if you work with a large company or bank (in which case, you’ll need all these skills), or you may be the only specialist in this area in the office of a smaller company.They help to devise and administer a company’s capital asset program. This program is one of many important accounting information systems you may work with in your career. This includes performing regular audits, identifying important assets and tracking them, and calculating the acquisition value of assets. You’ll need to know about asset value, market value, and valuation methods to do these tasks. They identify new assets for potential acquisition. Assets are evaluated based on their practicality and profit potential, along with the specific policy requirements of each company. They also prepare an annual budget outlining capital expenditure. This document guides and provides advice on financial decision making for senior management and has deep consequences for the bottom line. Maintaining depreciation schedules carefully is one of capital accountant’s duties. These schedules determine how quickly an asset loses value and are often tailored for specific industries or assets. This will need to be reviewed for each annual budget and may be reviewed throughout the year at larger corporations. In practice, the work of capital accountants is similar to most other accountants. They work closely with financial facts and figures, operate according to Generally Accepted Accounting Principles (GAAP), and handle projects ranging from regulatory compliance to strategic financial services.
Capital Accountants have a thorough understanding of GAAP and how it applies to capital assets. In addition, they should have extensive knowledge of all depreciation methods and which ones are most applicable to their respective industry. They need to be proficient in business applications, such as Microsoft Office; intermediate Excel skills.They should have knowledge and experience with accounting systems and the internet; computer literacy, and ability to apply accounting skills and concepts. Knowledge of Generally Accepted Accounting Principles is also important. Besides that, capital accountants need communication skills, including the ability to clearly and effectively communicate information to internal audiences and client groups. Demonstrated project management skills and ability to contribute as part of a project team are essential for a successful capital accountant.
For most capital accounting positions, a bachelor’s degree in accounting or finance is required. Because of the specialized nature of capital accounting, most of the relevant coursework will be mastered through courses in financial accounting. As with any accounting or finance position, a professional can increase their career opportunities and educational development by attaining a post-graduate degree such as a Masters in Business Administration (MBA). An MBA can give a specialist a competitive advantage because it demonstrates a commitment to higher education and personal development. In addition, the Graduate Management Admissions Council (GMAC) reports that, on average, the entry-level salary of an MBA graduate is $11,000 more annually than that of other graduates.

Typical duties of a Controller

• Administration of capital asset program by performing periodic audits, tagging assets for tracking purposes and assigning proper acquisition values
• Evaluating potential capital expenditures for practicality and profitability
• Annual capital expenditure budget preparation
• Consistent management of depreciation schedules

Skills:

• Have previous accounting experience
• Have good organisational skills
• Be able to work to tight deadlines
• Be a good communicator, both written and oral
• Good Excel skills
• Good IT skills
• Previous experience in Capital Accounting (desirable)

Qualifications: Bachelor’s degree in accounting or finance