[Accounting Roles] What Kind of Reports Does the Accounting Team Write?

Hello, this is Unlock, an accounting professional here to help open doors for your career and job transitions.

 

here to : 어떤 상황에서 누군가의 목적이나 역할을 나타내는 표현입니다. 즉, 특정한 이유로 존재하거나 어떤 일을 수행하기 위해 준비되어 있다는 의미입니다. 예를 들어, "here to help open doors for your career"라는 문장은 "여러분의 커리어를 위한 문을 열어드리기 위해 여기 있습니다"라는 뜻으로, 그 사람이 그 방식으로 돕거나 지원할 준비가 되어 있다는 의미입니다.

 

Today, I’d like to address questions about the reports typically prepared by the accounting team and explain them in detail.

to address questions : 질문에 답하거나 질문을 다루기 위해라는 의미입니다. 즉, 누군가가 제기한 질문이나 문제를 해결하거나 설명하는 것을 뜻합니다.

The accounting team prepares a variety of reports, and the types and frequency can vary depending on the specific role. Let’s take a closer look at each category.

 

1. Reports for External Disclosure

Disclosure : 공개 또는 공시를 의미합니다. 일반적으로 중요한 정보나 사실을 공개하거나 알리는 것을 가리킵니다. 예를 들어, 회계나 법적 문맥에서는 기업의 재무 정보나 중요한 내용을 외부 이해관계자에게 공시하는 것을 의미합니다.

 

One of the most fundamental reports prepared by the accounting team is the financial statement. These are essential documents disclosed to external stakeholders to report the company’s financial status.

The main financial statement components include:

• Balance Sheet: Shows the company’s assets, liabilities, and equity at a specific point in time.
• Income Statement: Displays revenues and expenses over a particular period.
• Cash Flow Statement: Divides cash flows into operating, investing, and financing activities, showing the movement of cash over a certain period.

These financial statements are generally prepared on a quarterly and annual basis and disclosed to the public.

disclose : 공개하다 또는 밝히다라는 의미입니다. 감춰져 있던 정보나 사실을 다른 사람들에게 알리거나 드러내는 것을 뜻합니다. 예를 들어, "disclose financial information"은 "재무 정보를 공개하다"라는 의미입니다.

2. Internal Reports

Internal reports are prepared monthly to assist management and decision-makers within the company.

Key internal reports include:

• Profit and Loss Report: Summarizes monthly profit and loss, analyzing profitability and cost structure.
• Manufacturing Cost Analysis: Analyzes the cost of manufacturing products and identifies cost reduction opportunities.
• Key Cost Indicator Analysis: Reports key cost indicators, such as unit cost and price per unit, to management.
• Budget Performance and Remaining Balance Report: Compares actual performance to budgeted figures and manages the remaining budget.

These reports are crucial for analyzing business performance, managing budgets, and controlling costs.

be crucial for : ~에 매우 중요하다 또는 필수적이다라는 의미입니다. 어떤 것이 특정 목적이나 상황에 있어서 꼭 필요하거나 매우 중요한 역할을 한다는 뜻입니다. 예를 들어, "These reports are crucial for decision-making"은 "이 보고서는 의사결정에 매우 중요합니다"라는 의미입니다.

3. Role-Specific Reports

The type of reports prepared may vary depending on the specific duties within the accounting team.

Examples of key reports by role include:

• Treasury:
  • Cash Forecast Report: Prepared to predict future cash flows and plan cash inflow and outflow.
• Fixed Assets:
  • Construction-in-Progress Statement: Reports the status and progress of assets under construction.
  • Investment Execution Report: Details the fixed asset investment activities and their performance for management.

As shown, the reports may differ depending on the responsibilities, and they are tailored to suit the characteristics of each department.

As shown : "보이는 바와 같이" 또는 "위에서 본 것처럼"이라는 의미입니다. 앞서 설명되었거나 보여진 내용을 다시 언급하거나 강조할 때 사용합니다.

4. Reports by Financial Planning and Management Accounting

Financial planning and management accounting professionals often prepare the largest volume of reports. They create materials to support management’s decision-making and frequently perform new analyses as the business environment evolves each month.

Main reports include:

• Sales and Profit Analysis
• Business Plan and Performance Comparison Analysis
• Project Performance Analysis
• Customized Reports for Management

They often need to construct reports based on new data and not just follow a fixed format, which can be challenging.

5. Report Formats and Adapting to New Roles

Most companies use standardized report formats, which have been in use for a long time internally. Therefore, after changing jobs, as long as you get used to the existing format, adapting to the new role should not be difficult.

However, financial planning and management accounting professionals might face exceptions. They often need to adjust or create new formats according to management’s requirements and changing circumstances, requiring frequent updates and innovations.

The accounting team regularly prepares a wide range of reports, from externally disclosed financial statements to internal management reports.

externally : 외부적으로 또는 외부에서라는 의미입니다. 무언가가 조직이나 시스템의 내부가 아니라 외부와 관련이 있거나 외부에서 이루어진다는 것을 나타냅니다.

These reports play a crucial role in transparently disclosing the company's financial status and supporting effective management decisions.

In particular, financial planning and management accounting professionals need to prepare customized reports for management, requiring thorough analysis and adaptation. However, most companies already have established standard formats, and getting accustomed to them will facilitate a smoother transition.

accustomed to : ~에 익숙한 또는 ~에 익숙해진이라는 의미입니다. 특정 행동이나 상황에 반복적으로 노출되어 자연스럽게 익숙해진 상태를 나타냅니다. 예를 들어, "accustomed to working long hours"는 "긴 시간 동안 일하는 것에 익숙한"이라는 뜻입니다.

Understanding and preparing for the accounting field is crucial, and the ability to draft reports tailored to your role can significantly enhance your job performance.

tailored to : ~에 맞춰진 또는 ~에 맞게 조정된이라는 의미입니다. 특정 요구나 목적에 맞추어 무언가를 조정하거나 맞춤화한 것을 나타냅니다. 예를 들어, "reports tailored to management's needs"는 "경영진의 필요에 맞춰진 보고서"라는 뜻입니다.

Those preparing for a career transition should familiarize themselves with the flow and content of report writing within the accounting team, ensuring they can flexibly adapt to new work environments.

familiarize : 익숙해지다 또는 숙지하다라는 의미입니다. 어떤 것에 대해 배우거나 이해하여 잘 알게 되는 과정을 나타냅니다. 예를 들어, "familiarize yourself with the new system"은 "새로운 시스템에 익숙해지다"라는 뜻입니다.

Wishing you success in your job search, career transition, and a thriving professional life.