So, CPG accounting is all about tracking product costs, managing inventory, and making sure all financials are in order. You can think of CPG accounting as a roadmap that can help you track production and distribution costs. They can track the cost of goods sold (COGS), manage accounts receivable, and prepare balance sheets. An entry-level accounting clerk description consists of responsibilities that abridge the gap between senior accountants and management. Yes, as businesses continue to emphasize accurate financial reporting, the demand for accounting clerks remains strong. Beyond record-keeping, accounting clerks provide clerical support such as preparing reports, managing correspondence, and coordinating with other departments.
Necessary Skills and Qualifications
Inventory management is another important accounting consideration for CPG companies. These companies typically have a large amount of inventory on hand, which can be costly to maintain. CPG companies must manage their inventory carefully to avoid overstocking or understocking. Overstocking can lead to increased storage costs, while understocking can lead to lost sales and reduced profitability. Consumer Packaged Goods (CPG) companies have Catch Up Bookkeeping unique accounting considerations due to the nature of their business. CPG companies typically have high volumes of transactions, which can make accounting challenging.
Accounting Clerk Job Description Example/Sample/Template
As a CPG brand, you’ll also need to stay on top of various tax requirements. This can include sales tax, income tax, and payroll taxes if you have employees. This document tracks the movement of money in and out of your business over a certain period.
- Without the right accounting systems in place, even the most popular products can hit a wall, as we have seen in the case of Coca-Cola.
- Even well-known companies continuously invest in advertising to increase brand recognition and stimulate sales.
- An entry-level accounting clerk description consists of responsibilities that abridge the gap between senior accountants and management.
- I’d help you develop a cash flow forecasting model that aligns your production schedule with expected receivables, making sure you’re in a strong financial position throughout the process.
- The core principle of ASC 606 is that revenue should be recognized when a company satisfies a performance obligation by transferring a promised good or service to a customer.
- Revenue recognition, inventory management and reserves, COGS, returns, and tax considerations are all important factors that CPG companies must consider.
Benefits of Partnering with a Staffing Agency for Financial Services
Accounting clerks have multiple responsibilities within accounting departments. On any given day, professionals in this supporting role oversee and organize financial transactions, communicate with accounting cpg accounting and budgeting staff, and prepare financial reports. Over time, qualified accounting clerks may transition to roles as junior accountants. This position typically includes a higher salary and more accounting-specific responsibilities. The Bureau of Labor Statistics notes a steady demand for accounting clerks, citing increased emphasis and regulation in financial reporting contributing to job stability. An accounting clerk position hails from the accounting department in any organization.
- One of the most common certifications in the field is the Certified Bookkeeper (CB) certificate, which covers payroll, financial statements, and reconciliations.
- The retailer places a large order, but their payment terms stretch to 90 days.
- Make sure your resume is up-to-date, including information about your technical skills and certifications.
- Keep in mind, this document is not as helpful for managing the weekly cashflow needs for your business.
- CPG, aka Consumer Packaged Goods, includes products consumers use daily, such as food products, clothing, beauty items, and so on.
- CPG companies typically have high volumes of transactions, which can make accounting challenging.
With the proper CPG accounting, you make sure there’s a positive cash flow, get a clear picture of revenue and expenses, and can easily project future earnings. So, even if business goes slow in some months, you get an idea of how much you can make. Every penny counts, so you need to accurately track product costs, including raw materials, production, and packaging costs.
Entry-level tax clerks usually focus on clerical and administrative tasks. Higher-level bookkeeping accounting clerk roles may require in-depth tax compliance research, detailed reporting, and managing more complex accounts. Advancement opportunities include roles as tax accountants, tax preparers, and actuaries. Organizations in virtually any industry, including healthcare, finance, and professional services, may employ accounting clerks.