Government Account Manager Job Description

Accounting for Government Funds

Financial information must be reliable and relevant for users who are not experts. Financial reports must satisfy many needs and objectives, including short-term financial position and liquidity, budgetary and legal compliance, and issues having a long-term focus such as capital budgeting and maintenance. There are differences in the amount of detail that users need.

The new governmentwide financial statements are prepared using the accrual basis of accounting and use the economic resources measurement focus. In the accounting period in which revenues are earned and become measurable without regard to availability, expenses are recognized, and in the accounting period in which they are incurred, they are not. The current financial resources measurement focus and modified accrual basis of accounting are used to prepare the government fund financial statements.

The accounting period in which revenue is available and measurable is the one in which expenditures are recognized. The economic resources measurement focus and the accrual basis of accounting are used to prepare fiduciary fund financial statements. The measurement focus and basis of accounting are summarized in Table 1.

The accounting system of a governmental entity should be run on a fund basis to ensure proper segregation of resources and to maintain proper accountability. Each fund is a separate fiscal entity that is established to conduct specific activities and objectives in accordance with the laws and regulations. GASB Codification Section 1300 defines a fund as a fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equity or balances, which are separated for the purpose of carrying on specific activities.

The reporting entity should consider both operating and nonoperating revenues and expenses when applying the major fund criteria to enterprise funds. Revenues and expenditures do not include other financing sources when the major fund criteria are applied to governmental funds. Special items would be included.

The role of the government in monetary system

The Government of the country is responsible for maintaining law and order. It would be impossible to carry on business if there was no atmosphere of calm. The monetary system of the government is needed to make business transactions possible.

The Government is responsible for regulating money and credit, and protecting the money value of the currency in other currencies. The government has a responsibility to transfer discoveries made by the government to private industries so that they can be used for commercial production. The government has a responsibility to inspect private businesses to make sure they produce quality products and to prevent the production and sale of substandard goods.

The Social Welfare State

Without a government, a world of constant insecurity is described by Thomas Hobbes. The horrors of little or no government to provide that function are on display in the world. When war and disorder get too much, citizens will choose the Taliban and the other fanatical governments over warring bands.

The social welfare state is a more expansive concept of government that can help citizens in times of need, such as when they are unable to provide for themselves. The welfare state has evolved to protect the wealthy from the political rage of the dispossessed, as its critics have come to see it. It is providing an infrastructure of care to enable citizens to flourish socially and economically in the same way that an infrastructure of competition does.

It gives citizens a social security that they can use to create their own economic security. Education is the most important priority of the government. The first five years of a child's life are the most important as they determine how well they will learn and process what they learn for the rest of their lives.

The government will have to invest in an entire infrastructure of child development from conception to the beginning of formal education. The teenage years are a time when special programmes, coaching and family support are needed. Investment in education will fall if brains are not able to absorb it.

The government will have to find a way to be anti-scale. Nine ventures will fail and one will take off and scale up, according to the normal venture capitalist approach to investment. More small initiatives that engage more citizens are better for government.

Account Managers

An account manager can serve a variety of roles. They need to adjust their focus to fit the situation of the client and how satisfied they are with their current account status. The account manager would often be a combination of several people.

The account manager is a point of contact for customer support and other services. An account manager may be in charge of a number of smaller accounts or may focus on a few larger accounts. Account managers are used to make sure that customers feel like they are being listened to.

It is less expensive to keep existing clients than to find new clients to replace those that have defected because of poor customer service. Retention can offer a significant return on investment for financial firms and most businesses in general. Account managers and the sales team work together to make sure that the products and services the client has purchased fit their needs.

Depending on the account and the nature of the client, the account manager may be able to serve as a liaison or go-between with other teams or staff members who may have some relation to or impact on the account. The range for account managers in the US is between $45,000 and $85,000 per year. New York is the most populous city with most account management jobs there.

Exception Management at the Control Account Level

The project can be managed on an exception basis at more summary levels of the WBS and OBS, but all significant variances will eventually be traced to the control account level. Control account management responsibilities include schedule planning and status, measurement of accomplishment, actual cost collection, variance analysis and resultant corrective action. Technical scope, schedule, and budget are integrated at this point.

If the control accounts are very summary, there will not be adequate management visibility. If control accounts are too many, the system will cost more and the data will be less effective for project management. Gary Humphreys is the leader in earned value management consulting and training.

Key Account Management Using LinkedIn

A key account manager is responsible for retaining top customers and nurturing those relationships. They should become a strategic partner and advisor to the client, discovering new opportunities to work together for mutual benefit. Key account management reorganizes the business's teams and culture to develop different approaches to their biggest clients across the company, because traditional account management treats every customer relationship approximately the same.

Key account management is a strategic program that covers the entire organization. The KAM will likely have contact with each level of the business to make sure the customer's needs are met. KAMs can use the map in Lucidchart to simplify their communications.

Sales reps and KAMs can use account maps to find the right people to contact. Track all of the interactions on a single platform. The KAM acts as a visionary because of the strategic nature of the role.

They will be expected to lead both customers and internal executives on key initiatives. If companies can sell on value, they are more likely to be the primary suppliers of large accounts. Only a small percentage of sales executives think their reps are effective at value selling.

You can keep an eye on the market with the help of LinkedIn. You can always stay one step ahead of the competition if you use LinkedIn to monitor account markets. Adding a sales navigator to the company will help keep track of company changes.

Accounting Skills in the Workforce

Accountants have a good job outlook and pay is above the median earnings for American workers. If you enjoy working with numbers, you might be able to find a job in the accounting world. Accountants collect, organize, and track financial information.

They prepare financial reports for internal use by staff and to meet requirements by the government, shareholders, and other external entities. Accountants prepare tax returns to minimize tax liability and report income according to the IRS code. They advise clients or management on strategies to limit tax burdens.

The Bureau of Labor Statistics says that accountants will have 4% growth in employment from the year of 2020 to the year of 2029. Accountants with professional certifications are more likely to have good job prospects. Accounting requires certain skills, such as mathematics and expertise.

Many positions require a thorough knowledge of laws and regulations. Accountants must have strong analytical skills, have a facility with computer software to organize and report financial data, and be detail oriented. Accounting professionals must read and interpret data.

Accountants might look at a client's finances to reduce their tax liability. Auditors might look for instances of people using funds. Accounting jobs require being able to analyze numbers and figures in documents.

A Shortlist of Positive Relationships that you have maintained in the Workplace

Account Managers thrive in a fast-paced, competitive sales environment. They are skilled at communicating with their clients. Account Managers must be problem solvers who can deal with rejection.

Account Managers need to form and maintain positive relationships. Maintaining professional relationships with people you have worked with in the past is indicative of your skills in the workplace. You should try to describe a few positive relationships you have been able to maintain since moving onto new opportunities, even though you are not going to best friends with every former colleague.

Accounting Standards and Standards of Government

Every government accountant is required to follow the standards of the Code of Ethics. The standards set by each board of accountancy guide accountants as they make decisions about every accounting process they are involved in. GASB interpretations, GASB implementation guides, technical bulletin, and statements of governmental accounting standards are some of the content areas discussed.

Concepts statements help people in public accounting identify their objectives no matter what job they hold. They help to establish the foundation for financial reporting standards and requirements that are consistent across the United States. GASB is a private organization.

GASB has created standards for financial accounting and reporting for each state and local government. It has the same guidelines that the state and local government accountants are expected to follow. Accounting majors should take twenty-four semester hours in accounting or auditing.

If you want to take the Uniform CPA examination, you need a few hours of business law. A lot of credit hours should be spent on either accounting or auditing. If they don't have the time to do it, then they can use successful work performance and experience in accounting at the accountant level.

Some certifications require you to have a graduate degree, while others are accessible to those with a lower degree level. Accounting degree programs introduce students to tax law and tax documents, tax preparation, accounting software and technology, accounting records, internal audits, and various other accounting skills knowledge. You can start working in accounting after you get a degree, if you choose to work in the government, accounting firm, forensic accounting, cost accounting, or tax preparation.

Government Accountants

Accountants in the public sector perform the same duties as accountants in the private sector, for example reporting financial information for individuals, businesses, and nonprofits. Government accountants are used to manage budgets, expenses, and revenues at the federal, state, and local levels for organizations such as the military, law enforcement, and public schools. Government jobs can provide security and benefits.

Public sector jobs usually follow a ladder when it comes to raises and promotions, allowing employees to plan for the future. Government accounting tasks are in close proximity to public accounting tasks. Government accountants manage financial data relative to schools, military, and other government agencies, while public accountants work for individuals and businesses.

Account Manager Interview Questions

You can seize the opportunity when you make it to the interview stage for the account management position. You will want to prepare answers to standards such as, "What are your strengths and weaknesses?" The hiring manager will likely ask about the role and about the person.

Jon Hill, chairman and CEO of The Energists, stated that acquiring new contracts is useless if the account manager can't hang on to them. Employers want to hear how you will further the relationship with those you are assigned to serve. Your answer should show that you know how important the actions of an account manager are.

It is possible to discuss ways to assess satisfaction and answer any questions, prompt attention to all correspondence, and dedication to meeting needs so that they will want to stay. Prepare your answers ahead of time to be the best way to prepare for an account management interview. Make sure you talk to your network of friends to make sure you are set up for success.