General Ledger Accountant Job Description and Demand in Canada

If maintaining general ledger entries, reconciling financial statements, and ensuring ledger data accuracy and precision seems lucrative for a full-time engagement, then you should be a general ledger accountant. 

With the ongoing shortage of accounting professionals in Canada, attractive opportunities are opening up for General Ledger Accountants in almost every sector.

What Are the Responsibilities of a General Ledger Accountant?   

1) General Ledger Management:

• Maintain and update the general ledger with accurate and timely entries.
• Reconcile general ledger accounts to ensure accuracy and completeness.
• Ensure all transactions are recorded in compliance with company policies and accounting standards.

2) Financial Reporting:

• Prepare monthly, quarterly, and annual financial statements.
• Assist in the preparation of management reports and analysis.
• Generate and review financial reports to ensure accuracy and compliance.

3) Reconciliation:

• Perform account reconciliations, including bank reconciliations and balance sheet account reconciliations.
• Investigate and resolve discrepancies and variances.

4)  Month-End and Year-End Close:

• Execute month-end and year-end closing processes.
• Ensure all financial close activities are completed accurately and within deadlines.
• Prepare and post journal entries for accruals, prepayments, and adjustments.

5)  Audit and Compliance:

• Assist with internal and external audits.
• Ensure compliance with internal controls, policies, and procedures.
• Support the preparation of documentation for audits and regulatory compliance.

6) Variance Analysis:

• Analyze financial data to identify trends, variances, and discrepancies.
• Provide explanations for variances and suggest corrective actions.

7) Systems and Process Improvement:

• Assist in the implementation and maintenance of financial systems.
• Identify opportunities for process improvements and efficiencies.
• Support automation initiatives to enhance accounting processes.

8) Collaboration:

• Work closely with other departments to ensure accurate financial reporting.
• Collaborate with accounts payable, accounts receivable, and other finance team members.

What do You Need to Become a Successful General Ledger Accountant?   

Regarding education, a bachelor's degree in Accountancy & Taxation or a master's degree in an economic field is ideal, but If you don't have the right degree, you can also compensate with professional accounting courses and relevant work experience in the financial sector.  Relevant work experience alongside a qualification will aid applications and increase job prospects.

 For example, Accounts Receivable Accountants or Accounts Payable Accountants can advance to the role of General Ledger Accountant after about three years.

As a General Ledger Accountant, you deal with complex matters, so you need to be able to keep an overview, make connections, and provide structure. Regulations change regularly, so it is important to constantly want to keep learning about novelties and keep your knowledge regarding taxation up to date.  A General Ledger Accountant has access to a lot of confidential data, such as the salaries of all employees within the organization hence it is also necessary to be able to handle confidential information discreetly.

Finally, good language skills are a huge advantage, since you are in regular contact with customers and suppliers."  

General Ledger Accountant Key Skills

• Strong written and verbal communication skills are essential
• Be an effective team player with the ability to work under your own initiative
• Strong computer skills especially MS Office
• Critical thinking
• Budgeting and bookkeeping
• Mathematical skills
• Attention to detail
• Communication

Personal Attributes also play a vital role in grabbing this accounting role

• Integrity: Commitment to ethical standards and practices.
• Adaptability: Ability to adapt to changes in a fast-paced environment.
• Proactiveness: Initiative to identify issues and propose solutions.

Career Path for General Ledger Accountants in Canada

• Entry-Level: Junior Accountant, Staff Accountant
• Mid-Level: General Ledger Accountant, Senior Accountant
• Senior-Level: Accounting Manager, Financial Controller, Finance Manager

What Career Opportunities Does a General Ledger Accountant Entail in Canada?

There are two main career paths you can take from this position. On the one hand, you can delve further into the analytical part of your duties and evolve into a position as a business controller or financial controller. On the other hand, you can choose to take on more responsibilities within operational accounting and grow into the role of senior accountant. As a senior accountant, you will, for example, execute financial statements and financial statements. Eventually, the role of CFO or finance manager is certainly among the later career possibilities, if this is in line with your ambitions.

Are General Ledger Accountants Currently in High Demand In Canada?  

Employers struggle to find the right talent due to the complexity of the role. Clear scarcity of accountants in the Canadian labour market since the end of last year General Ledger Accountant vacancies tend to remain open for a long time.

General Ledger Accountant Employers in Canada

• General Ledger Accountants work in the public and private sectors, industry and commerce, private accountancy practices, and family businesses. These include:
• National Public Service Bodies 
• Global Professional and Financial Services
• Large and Family-owned Accounting and Solicitors Firms 
• Construction and Engineering Firms 
• Healthcare and Pharmaceutical Groups    

Conclusion

Embarking on a career as a general ledger accountant in Canada offers a world of opportunities. A career as a general ledger accountant in Canada not only offers a solid salary but also provides room for financial growth. With the right qualifications and experience, you can secure a vital role in the financial sector, ensuring businesses operate efficiently and effectively.

Reach out to Get Trained Get Hired, and book a free 30-minute career counselling meeting. At Gettrainedgethired.com we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases.  After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-275-7150.

Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your situation and is not intended to be used without consultation from professionals. Salman Rundhawa and Gettrainedgethired.com will not be held liable for any problems that arise from the usage of the information provided on this page.