by Interviewing for an accounting manager position can be a daunting task. As an accounting manager, you are expected to understand and apply accounting principles, develop and monitor financial systems, and manage the day-to-day operations of the accounting department.
To make the process easier, we have compiled a list of common accounting manager interview questions and answers. With this information in hand, you can prepare yourself to confidently answer any questions that come your way during the interview process.
1. What Is the Difference Between a Balance Sheet and an Income Statement?
A balance sheet is a financial statement that summarizes a company’s assets, liabilities, and shareholder’s equity at a given date, while an income statement shows a company’s revenues, expenses, and profits over some time. The interviewer wants to know if the candidate understands the differences between the two documents and can explain them effectively.
Example: The balance sheet is a financial statement that shows a company’s assets, liabilities, and equity at a single point in time, while the income statement is a financial statement that shows the company’s revenues and expenses over some time.
2. Can You Tell Me About a Time When You Managed a Difficult Situation with A Client?
The interviewer is asking for an example of a time when the candidate demonstrated their ability to manage a difficult situation with a client. They are looking for a specific example that highlights the candidate’s problem-solving skills and ability to remain professional and calm even when faced with a challenging customer.
Example: Yes, I recently managed a difficult situation with a client. The client had sent an inaccurate invoice and was refusing to pay the correct amount. I worked with the client to explain the error and explain the correct amount owed. I was able to negotiate a payment plan that satisfied both parties.
3. How Do You Prioritize or Plan Your Daily Tasks to Hit Deadlines?
The interviewer wants to know how the applicant plans and organizes their daily tasks to ensure that deadlines are met. They are looking for evidence that the applicant can prioritize their tasks, set realistic goals, and manage their time efficiently.
Example: A key part of my approach to prioritizing and planning my daily tasks is to break large tasks down into smaller, more achievable goals and then order those goals in order of importance. I then review my plan each day to ensure I am meeting deadlines and making progress and adjust it as needed if something changes.
4. What Is Your Experience with Inventory Management?
The interviewer is looking to understand the candidate’s experience with managing inventory and how it could be applied to the Accounting Manager role. They want to know if the candidate has experience with tracking inventory, ordering supplies, and ensuring that stock levels remain accurate and up to date.
Example: My experience with inventory management includes reconciling inventory records to ensure accuracy, managing inventory levels to optimize profits, and developing strategies to reduce inventory costs. I have also implemented systems to track and update inventory levels in real time.
5. What Is Your Experience with Budgeting and Variance Reporting?
The interviewer is asking this question to assess the candidate’s experience in creating and managing budgets, as well as their ability to report on any differences between the budget and actual results. The interviewer is looking to determine if the candidate has the knowledge and skills necessary to manage the budgeting and variance reporting process.
Example: My experience with budgeting and variance reporting includes creating and managing budgets for multiple departments, analyzing budgeted vs. actual performance, and communicating variance reports to key stakeholders. I have extensive knowledge of budgeting and forecasting principles, and a strong understanding of financial statements.
6. How Do You Make Sure That Payment Is Done On Time?
The interviewer is trying to determine if the applicant has experience in managing accounts receivable and paying bills on time. The interviewer wants to know if the applicant has strategies in place to ensure that payments are made promptly to avoid any financial penalties or late fees.
Example: To ensure timely payment, I would first create a payment schedule that outlines when payment is due and follow up with relevant parties to ensure that payment is received on the specified date. Additionally, I would use automated reminders and payment follow-up emails to stay on top of payments. Finally, I would use accounting software to track payment status and analyze any potential late payments.
7. Have You Ever Had a Cash Flow Problem in Any of Your Accounts, And How Did You Manage It?
The interviewer is asking the candidate to explain any prior experience they have had in managing a cash flow problem in an accounting role. The interviewer wants to know how the candidate handled the situation and what strategies they used to manage the problem. This question provides insight into the candidate’s problem-solving ability and understanding of financial management.
Example: Yes, I have had a cash flow problem in one of my accounts. I managed the problem by analyzing the data, identifying the root cause of the issue, and creating a plan to optimize the cash flow. I implemented the plan and monitored the results to ensure the issue was resolved.
8. How Do You Decide What Invoices To Pay First, When There Isn’t Enough Money To Pay Them All?
The interviewer is trying to understand the candidate’s decision-making process in a situation where there is not enough money to pay all invoices. They want to know how the candidate would prioritize the invoices, and which criteria they would use to guide their decision.
Example: In situations where there is not enough money to pay all invoices, I prioritize payments based on the terms of the invoice, the urgency of the payment, and the expenses associated with the invoice. I also take into account the impact of not paying a certain invoice and the potential consequences of delaying payment.
9. Describe The Functions Of An Accounting System.
The interviewer is asking the candidate to explain the primary responsibilities of an accounting system, such as recording financial transactions, generating financial reports, and creating budgets. The candidate should also explain how an accounting system can help to improve accuracy and efficiency within an organization, as well as provide insights into performance.
Example: An accounting system is a software system that is used to record and process financial transactions within an organization. The primary functions of an accounting system are to record financial transactions, generate financial statements, manage accounts receivable and accounts payable, track inventory, and generate reports.
10. What Makes You a Good Fit for This Role?
The interviewer is looking to determine if the applicant is a good fit for the accounting manager role based on their qualifications, skills, and experience. The interviewer wants to know what the applicant can bring to the role, how they can contribute to the team and company, and if they have the right skills and qualifications to be successful in the role.
Example: I believe my experience in the accounting field and my ability to stay organized and on top of deadlines make me a great fit for this role. I have a proven track record of meeting targets, managing budgets, and developing financial strategies. Additionally, I can work independently and as part of a team.
11. What Are Your Strengths as an Accounting Manager?
The interviewer is looking for a response that highlights the candidate’s strengths in the role of an accounting manager. These might include excellent communication and problem-solving skills, an ability to stay organized and manage multiple projects simultaneously, and a commitment to accuracy and accuracy in financial reporting. The interviewer also wants to hear how the candidate’s strengths will benefit the organization in the long run.
Example: My strengths as an Accounting Manager include my keen eye for detail, ability to work efficiently and accurately, and ability to develop procedures that increase accuracy and transparency. Additionally, I have a strong analytical mindset and excellent communication and interpersonal skills.
12. How Would You Handle an Unexpected Drop in Revenue?
The interviewer is interested in knowing how the candidate would handle a sudden decrease in revenue. The interviewer wants to learn how the candidate will respond to a challenging situation and how they will employ their skills to address the issue. The interviewer also wants to gain insight into the candidate’s problem-solving and decision-making abilities.
Example: In the event of an unexpected drop in revenue, I would first analyze the root cause of the drop. Depending on the cause, I would then develop a plan to address it and mitigate the impact. I would also ensure that the accounting team is aware of the situation and updated on any changes that may be needed to our process of recording revenue.
13. What Are Some Challenges of Working Under Pressure?
The interviewer is looking to find out how well the applicant can manage their stress and pressure when faced with high-stakes tasks. The interviewer is trying to gauge how the applicant responds to pressure, and how they handle difficult situations. The interviewer also wants to know how the applicant prioritizes tasks and deals with tight deadlines.
Example: Working under pressure can be challenging as it can lead to stress, lower morale, and mistakes due to rushed decisions. It can also be difficult to focus on the task at hand and to remain organized. Additionally, it can be difficult to stay motivated and effectively prioritize tasks.
14. How Would You Handle a Staff Member Who Is Having Difficulty Meeting Deadlines?
The interviewer wants to know how you would handle a situation in which a staff member is having difficulty meeting deadlines. They are looking for an understanding of how you would motivate and lead the staff member, as well as address any issues that may be causing the difficulty. They may also be looking for your ability to effectively manage people and handle difficult situations.
Example: I would first ask the staff member to explain the reasons behind their difficulty in meeting deadlines and address the root causes of the issue. This may include offering additional resources, providing additional training, or rescheduling deadlines. I would also provide support and guidance to ensure that deadlines are met in the future.
15. Describe Your Approach to Training a New Accounting Team Member.
The interviewer wants to know how you would go about training a new accounting team member. They want to know what training methods you use, what topics you would cover, and how you would ensure the new team member has the skills and knowledge necessary to excel in the role.
Example: My approach to training a new accounting team member would be to start with a comprehensive overview of the company’s accounting system and processes. I would then provide an introduction to the software and accounting tools used in the day-to-day work. After that, I would assign tasks and provide guidance to ensure that the new team member understands the accounting concepts, can use the software and can complete tasks accurately and efficiently.
16. Tell Me About a Time When You Succeeded at a Difficult Task at Work.
The interviewer is looking for an example of a time when the applicant successfully solved a difficult problem or overcame an obstacle at work. This shows the candidate’s ability to think critically, problem solves, and take initiative even in difficult situations. The interviewer also wants to hear how the applicant used their accounting knowledge and skills to achieve success.
Example: I recently successfully managed a team of five accounting professionals who were tasked with preparing and submitting a large financial statement for a client. The task was complicated and required a great deal of organization and attention to detail. However, with careful planning and by delegating tasks appropriately, I was able to ensure that the team completed the task on time and to a high standard.
17. Have You Ever Had to Resign from a Job or Change Positions? Why?
The interviewer is trying to gain insight into the candidate’s career history, as well as their ability to handle difficult situations. They want to understand why the candidate has changed positions or resigned from a job in the past, and to assess whether the candidate is a good fit for the Accounting Manager position.
Example: Yes, I have had to resign from a job in the past. I had taken a new position that required a greater commitment to both hours and travel, and the demands of the role conflicted with my family’s needs. I chose to prioritize my family and resigned from the job.
18. When Was the Last Time You Used MS Excel, And for What Purposes?
The interviewer is asking this question to assess the candidate’s proficiency in using MS Excel. They want to know when the candidate last used MS Excel, and for what purpose. This will help the interviewer determine if the candidate has the necessary experience and knowledge to be a successful Accounting Manager.
Example: The last time I used MS Excel was last week when I was creating a financial report for the company. I used excel to analyze the data, create charts, and present the results in a visually appealing format.
19. How Do You Maintain the Confidentiality of Company Financial?
The interviewer wants to know how the candidate would ensure that sensitive financial information is kept secure and not shared with unauthorized individuals. The candidate should be able to demonstrate knowledge of organizational policies and procedures related to safeguarding financial information, as well as best practices for securing confidential data.
Example: I ensure the confidentiality of company financials through proper access control, such as password protection, secure encryption, and limiting access to authorized personnel only. Additionally, I regularly review our security measures and update them as needed.
20. What Is Your Vision for The Finance Team?
The interviewer is asking what the candidate’s vision is for the finance team, which includes their goals and objectives, and how they plan to lead the team to success. They are looking for the candidate to demonstrate that they have a clear understanding of the current state the team is in and the direction they want to take it in, as well as their strategies for achieving their vision.
Example: My vision for the finance team is to create a collaborative, efficient, and transparent working environment, where we can use data-driven insights to make sound financial decisions that support the long-term success of the business.
