{"id":65674,"date":"2023-08-30T08:40:00","date_gmt":"2023-08-30T08:40:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=65674"},"modified":"2023-11-12T15:54:28","modified_gmt":"2023-11-12T15:54:28","slug":"what-is-account-management","status":"publish","type":"post","link":"https:\/\/businessyield.com\/management\/what-is-account-management\/","title":{"rendered":"What Is Account Management? Skills, Services and Tools","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

Account management can be seen as a procedure of preparing and providing up-to-date details of financial information to the managers of a business organization. This information is for the purpose of supporting and assisting the managers with their short-term and everyday decisions.<\/p>

While providing account management, there is no need to provide any documents or legal requirements. There is also no specific format or standard that you will need to adhere to.<\/p>

Account management is usually provided for the use of individuals that work in a business organization or an entity. These individuals include; The management, shareholders (owners), and also the employees.<\/p>

What Is Good Account Management?<\/span><\/h2>

Good account management can also be referred to as key account management. It can be defined as a process of organizing and gathering resources to attain an optimal business.<\/p>

Along with this comes a balanced portfolio of recognized accounts that contributes significantly to the objectives of a business, either presently or in the future.<\/p>

Good account management is also an important strategy that many companies adopt, this is because of the benefits that come with it. When a company adopts good account management and uses it as a business strategy, the current customers are up to 70% more likely to buy products from you than your prospects.<\/p>

What Is the Difference Between Account Management and Sales?<\/h2>

The roles of account management and sales are slightly similar but quite different. They both have an end goal of increasing revenue but take different paths while doing it.<\/p>

A strong salesperson’s role is to have multiple mentalities and possess skills like being able to communicate effectively, giving detailed information about the products benefits, persistence, confidence, asking questions to know the wants and needs of their customers, and proactive prospecting.<\/p>

On the other hand, the role of an account manager requires more of a formal mentality. They must be able to prioritize their time and recognize key accounts. This should be based on the funds that would have more potential for their growth. An account manager should be effective and possess skills like prioritizing accounts and time, building relationships, and having long-term thinking (being able to think ahead).<\/p>

Account Management Salaries<\/h2>

The main role of an accountant is to examine and organize financial records. They must ensure that a company’s financial records are in order, including the payment of their taxes. They usually assess a company’s financial operations work to ensure the efficiency of the company.<\/p>

In most cases, accountants work full time on their jobs, which is approximately up to about 48 hours a week. These hours are usually longer during specific times of the year, for example, specific periods such as tax season or during the end of the budget year.<\/p>

An accountant’s median and annual wages are up to $63,550, while their business and operations occupations make $62,500. For their total occupation, it is $34,750.<\/p>

This median wage of these accountants is the wage at which half the workers earned more than the half who earned less. According to research, the lowest 10 percent earned less than $39,930, and the top 10 percent earned more than $111,510.<\/p>

Account Management Tools<\/h2>

In account management, various tools are used to secure vital information and crucial details of your account, but first, what is an account?<\/p>

An account can be defined as a secure portal designed for people to make it easy for them to gain access to their TPG information and safe and convenient.<\/p>

Here are some tools to guide you on how to manage your TPG information, they include;<\/p>