100+ Senior Accounts Executive Interview Questions and Answers

Proficient in using Salesforce, HubSpot, LinkedIn Sales Navigator, and Microsoft Office Suite.

• Salesforce for managing customer relationships and tracking sales activities

• HubSpot for email marketing, lead generation, and CRM

• LinkedIn Sales Navigator for prospecting and outreach

• Microsoft Office Suite for creating presentations and reports

Answering questions related to cash flow, GR-IR, invoice booking, and TDS rate.

• To prepare cash flow, start with the opening balance and add all inflows and subtract all outflows to get the closing balance.

• GR-IR stands for Goods Receipt - Invoice Receipt. It is used to reconcile the difference between goods received and invoices received.

• There are different types of invoice booking such as direct booking, indirect booking, and recurring booking.

• TDS rates vary depending on the ...read more

I focus on understanding client needs, demonstrating value, and aligning pricing with their business goals.

• Conduct thorough research on the client's business and industry to tailor the pricing discussion.

• Use case studies and testimonials from similar clients to illustrate the ROI of our SaaS solution.

• Engage in consultative selling by asking open-ended questions to uncover pain points and align our solution with their needs.

• Present tiered pricing options that allow clients to ...read more

The previous dated invoice of an earlier year should be processed in the current year with proper adjustments.

• Check if the invoice is valid and accurate

• Adjust the financial statements for the previous year if necessary

• Process the invoice in the current year with the correct date and accounting treatment

I would improve my time management skills and my ability to delegate tasks effectively.

• Prioritize tasks based on importance and deadlines

• Set specific goals and deadlines for each task

• Learn to say no to tasks that are not a priority

• Delegate tasks to team members based on their strengths and workload

• Regularly review and adjust task list to stay on track

My typical sales cycle involves prospecting, qualifying leads, presenting solutions, negotiating, and closing deals.

• Prospecting: I research potential clients and reach out to them to gauge interest.

• Qualifying leads: I assess the needs and budget of the prospect to determine if they are a good fit.

• Presenting solutions: I tailor my pitch to address the specific pain points of the prospect.

• Negotiating: I work with the prospect to find a mutually beneficial agreement.

• Closing deal...read more

Journal entries for day-to-day accounting including sales, purchases, bank transactions, and adjustments.

• Sales: Debit accounts receivable/ cash, credit sales revenue.

• Purchases: Debit purchases, credit accounts payable.

• Bank transactions: Debit/credit bank account based on transaction type.

• Adjustment entries: Debit/credit relevant accounts for adjustments like depreciation, accruals, prepayments.

• Example: Sales of $1,000 - Debit Accounts Receivable $1,000, Credit Sales Revenue $...read more

GST due date is 20th of the following month, TDS experience is required, GSTR9 & GSTR9C are annual returns.

• GST due date is 20th of the following month for filing returns and payment.

• Experience in TDS (Tax Deducted at Source) is necessary for the role.

• GSTR9 is the annual return to be filed by regular taxpayers, while GSTR9C is the reconciliation statement to be filed by taxpayers with turnover above a certain limit.

• Knowledge of GST compliance and deadlines is crucial for the S...read more

TDS is a tax deducted by the payer at the time of making payment, while GST is a consumption tax on goods and services.

• TDS is deducted by the payer from the payment made to the payee and deposited with the government.

• GST is a value-added tax levied on most goods and services consumed in a country.

• TDS is applicable on income like salary, interest, commission, etc., while GST is applicable on the supply of goods and services.

• TDS rates vary based on the type of payment and the p...read more

Yes

• Positive cash flows do not guarantee financial stability

• The company may have high levels of debt or other financial obligations

• The positive cash flows may be temporary or unsustainable

• The company may be experiencing operational inefficiencies or declining sales

• Examples: A company with high debt payments or a declining market share

Bill To Ship To model is a business model where the billing address and shipping address are different.

• It is commonly used in e-commerce and wholesale businesses.

• The buyer provides the billing address and the seller ships the product to a different address provided by the buyer.

• It is useful for gifting purposes or when the buyer wants to ship the product to a different location.

• It requires additional documentation and verification to prevent fraud.

• It can also be used in drops...read more

P2P Cycle is the process of procuring goods or services from a supplier and paying for them.

• The process starts with identifying the need for goods or services.

• Then, a purchase order is created and sent to the supplier.

• The supplier delivers the goods or services and sends an invoice.

• The invoice is matched with the purchase order and goods receipt.

• The invoice is approved for payment and payment is made to the supplier.

• Finally, the payment is reconciled with the accounts payable...read more

Accounting rules and reversing invoice posted entry in SAP software

• Accounting rules include principles like matching principle, revenue recognition, and accrual accounting

• To reverse an invoice posted entry in SAP, use transaction code FB08

• Enter the document number of the invoice to be reversed and the reversal date

• Make sure to check the reversal document before posting it to ensure accuracy

Section 94c in case of individual is 30%.

• Section 94c in case of individual is 30%

• This refers to the tax deduction allowed for individuals under Section 94c of the Income Tax Act

• It allows individuals to deduct 30% of their gross total income before calculating the tax liability

As a Senior Accounts Executive, I managed client accounts, ensuring satisfaction and driving revenue growth through strategic planning.

• Developed strong relationships with clients to understand their needs and provide tailored solutions.

• Conducted regular account reviews to assess performance and identify opportunities for upselling.

• Collaborated with cross-functional teams to ensure seamless service delivery and address client concerns promptly.

• Utilized CRM software to track in...read more

Debit note and credit note are financial documents used in accounting to record transactions. Handling work pressure involves staying organized and prioritizing tasks. Chasing customers for payment involves effective communication and follow-up. Tackling delayed payments requires patience and negotiation skills.

• Debit note is a document issued by a seller to a buyer, indicating a debt owed by the buyer for goods or services received.

• Credit note is a document issued by a seller...read more

Basic accounting concepts and conventions are fundamental principles that guide the preparation and presentation of financial statements.

• Going Concern Concept - Assumes that the entity will continue to operate indefinitely.

• Accrual Concept - Revenue and expenses are recognized when earned/incurred, not when cash is received/paid.

• Consistency Concept - Accounting methods and practices should be consistent from one period to another.

• Matching Concept - Expenses should be matched w...read more

The golden rule is to treat others as you would like to be treated. Miro entry is a double-entry accounting system. Provisions are liabilities. Freight is the cost of transporting goods.

• Golden rule: treat others as you would like to be treated

• Miro entry: double-entry accounting system

• Provisions: liabilities

• Freight: cost of transporting goods

The project billing cycle involves planning, tracking, invoicing, and payment collection using accounting software.

• Project Setup: Define the project scope, budget, and timeline in the software, e.g., creating a new project in QuickBooks.

• Time Tracking: Use tools like Harvest to log hours worked by team members, ensuring accurate billing based on time spent.

• Expense Management: Record any project-related expenses in the software, such as materials or subcontractor fees, for comp...read more

I discovered a financial discrepancy during a routine audit, leading to corrective actions and improved processes.

• Conducted a quarterly audit of accounts receivable and noticed a $5,000 variance.

• Investigated the discrepancy by cross-referencing invoices and payment records.

• Identified that a client payment was recorded twice due to a data entry error.

• Collaborated with the accounting team to correct the records and prevent future errors.

• Implemented a new verification process fo...read more

Product cost is calculated by adding direct and indirect costs. Landed cost includes product cost and additional expenses.

• Product cost includes direct costs like raw materials, labor, and indirect costs like overheads.

• Landed cost includes product cost and additional expenses like shipping, customs, and taxes.

• Formula for product cost = direct costs + indirect costs.

• Formula for landed cost = product cost + additional expenses.

I would justify expenses by ensuring they align with company goals and provide a clear breakdown of costs. Budgeting would involve forecasting expenses, analyzing past spending, and seeking cost-saving opportunities.

• Align expenses with company goals and objectives

• Provide detailed breakdown of costs to show value

• Forecast expenses based on historical data and future needs

• Analyze past spending patterns to identify areas for improvement

• Seek cost-saving opportunities through negot...read more

Ensuring compliance with accounting standards in project-based work involves rigorous planning, monitoring, and documentation.

• Understand Relevant Standards: Familiarize yourself with applicable accounting standards (e.g., GAAP, IFRS) that impact project accounting.

• Regular Training: Conduct regular training sessions for the team to keep everyone updated on compliance requirements and changes in standards.

• Detailed Project Plans: Create comprehensive project plans that outline f...read more

Managing cost overruns and change orders involves proactive monitoring, clear communication, and effective documentation.

• Proactive Budget Monitoring: Regularly review project budgets against actual expenditures to identify potential overruns early.

• Change Order Process: Establish a clear process for submitting and approving change orders, ensuring all stakeholders are informed.

• Documentation: Maintain thorough documentation of all changes and associated costs to provide transpa...read more

Effective task prioritization involves assessing deadlines, impact, and resources to manage multiple projects efficiently.

• Assess Urgency and Importance: I use the Eisenhower Matrix to categorize tasks, focusing on what is urgent and important first. For example, if a project deadline is approaching, I prioritize tasks that directly impact that deadline.

• Set Clear Deadlines: I establish clear deadlines for each project and break them down into smaller tasks. For instance, if I ...read more

Effective budget tracking involves monitoring expenses, forecasting costs, and adjusting plans to ensure financial goals are met.

• Budget Planning: I start by creating a detailed budget that outlines projected costs for each phase of the project, such as materials, labor, and overhead.

• Regular Monitoring: I track actual expenses against the budget using tools like Excel or project management software, updating records weekly to identify variances.

• Variance Analysis: If actual cos...read more

TDS ensures tax collection at the source of income, promoting compliance and reducing tax evasion.

• TDS is a means of collecting income tax at the source of income, ensuring timely tax payments.

• It applies to various payments like salaries, interest, rent, and professional fees.

• For example, if a company pays an employee ₹50,000, it may deduct TDS before disbursing the salary.

• TDS rates vary based on the type of payment and the recipient's status, e.g., individuals vs. companies.

• I...read more