Assistant Accountant Job Description
In this Assistant Accountant job description, we explore the responsibilities and requirements, alongside frequently asked questions like “What does an Assistant Accountant do?” and “How much does an Assistant Accountant earn?"
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What is an Assistant Accountant?
An Assistant Accountant is a professional who plays a crucial role in the financial management and accounting functions of an organisation or accountancy practice. Within an Assistant Accountant role, your responsibilities will typically encompass a wide range of accounting tasks, conducted under the guidance of a Senior Accountant or Financial Manager.
Those in Assistant Accountant jobs often sit in a prosperous position for learning and development, conducting the foundation for an esteemed accounting career, with opportunities for growth into roles such as Senior Accountant, Accounting Manager, or Financial Analyst as you gain experience and expertise.
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What does an Assistant Accountant do?
Like a plethora of accountancy jobs, the responsibilities of an Assistant Accountant will depend on the industry, and type of company, whether that be a FTSE 350, Big 4 Accountancy Group, or a SME. For those seeking Assistant Accountant roles in Manufacturing and Engineering, or other more niche sectors, industry-specific expertise, and/or a keen interest in the industry may be required.
As a standard day-to-day, the typical duties will include:
• Invoice processing: receiving and reviewing incoming invoices from vendors, ensuring they are accurate, properly authorised, and match the company's purchase orders or contracts.
• Financial Record Keeping: maintaining accurate financial records - recording financial transactions, including invoices, payments, and receipts, into accounting software or ledger systems.
• Data entry: entering invoice details into the company's accounting system, allocating expenses to appropriate accounts and cost centres.
• Payment processing: scheduling and processing payments to vendors within the agreed-upon payment terms, including issuing checks, electronic transfers, or managing an automated payment system.
• Vendor management: establishing and maintaining positive relationships with vendors and handling any inquiries or discrepancies related to invoices or payments.
• Expense reconciliation: reconciling accounts payable transactions to ensure that all payments are accounted for correctly.
• Expense reports: reviewing and processing employee expense reports, verifying receipts and compliance with company expense policies.
• Record-keeping: maintaining accurate and organised records of all accounts payable transactions, invoices, and payment documentation.
• Month-end closing: assisting with month-end and year-end closing activities, including preparing reports and reconciliations related to accounts payable.
• Compliance: ensure compliance with relevant accounting principles, regulations, and company policies.
• Continuous improvement: looking for opportunities to streamline and improve the accounts payable process to increase efficiency and accuracy.
• Data Entry and Reconciliation: entering financial data into accounting systems, ensuring that the records are up to date and error-free. This may involve reconciling bank statements, invoices, and accounts to guarantee consistency and accuracy.
• Support in Financial Reporting: assisting in the preparation of financial reports, including income statements, balance sheets, and cash flow statements. Additional help may be needed with generating financial statements for internal and external stakeholders.
• Accounts Payable and Receivable: managing accounts payable by processing invoices, verifying expenses, and ensuring that payments are made on time, as well as handling accounts receivable by invoicing clients or customers and tracking payments.
• Tax Compliance: assisting in preparing and filing tax returns, ensuring that the organisation complies with tax regulations and deadlines.
Budgeting and Forecasting: you may be involved in budgeting and financial forecasting processes, helping to create budgets, monitor actual expenses against budgets, and provide insights into financial performance.
• Audit Support: During internal or external audits, Assistant Accountants assist auditors by providing necessary financial documentation and explanations for transactions.
• Financial Analysis: performing basic financial analysis to identify trends, variances, or areas where cost savings can be achieved. This analysis can help senior management make informed decisions.
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How do you gain a job as an Assistant Accountant?
The job search process can be competitive, so the first thing to remember is to remain persistent and patient. Keep refining your skills, CV, and applying for relevant positions. Remind yourself that gaining a job as an Assistant Accountant may require time and effort, but with the right qualifications, skills, and perseverance, you can increase your chances of securing a position in this field. Additionally, consider seeking guidance from career advisors or mentors who can provide valuable insights and advice tailored to your specific situation.
Gaining a job as an Assistant Accountant typically involves a combination of education, relevant skills, networking, and a strategic job search. We’ve included the basic steps below to help you secure a position as an Assistant Accountant:
Educational Qualifications:
• To enter the field of accounting, a bachelor's degree in accounting, finance, or a related field is often preferred by employers.
Gain Relevant Skills:
• Acquire essential accounting skills, including proficiency in accounting software (e.g., QuickBooks, Excel), financial analysis, tax knowledge, and understanding of accounting principles and standards (e.g. GAAP or IFRS).
Internships and Part-Time Jobs:
• Seek internships or part-time positions in accounting or finance-related roles during your studies. These opportunities provide practical experience and can lead to full-time job offers upon graduation.
Certifications and Professional Development:
• Consider acquiring relevant certifications such as AAT (Association of Accounting Technicians), ACCA (the Association of Chartered Certified Accountants), or ACA (Associate Chartered Accountant), to enhance your qualifications and marketability.
Build a Strong CV:• Craft a well-structured CV that highlights your education, skills, internships, and any relevant coursework or projects. Tailor your resume to the specific job you're applying for. Discover our ‘How to Write the Perfect Graduate Accounting and Finance CV’ article for more.
Networking:
• Attend networking events, career fairs, and accounting conferences to meet professionals in the field. Establish connections on platforms like LinkedIn, and don't hesitate to reach out to professionals for informational interviews or advice.
Use GAAPweb:
• Search for the latest Assistant Accountant jobs, and ensure that you customise your application and cover letter for each job application to emphasise your relevant skills and experiences.
• Upload your CV to the site today to be headhunted for the latest roles.
Continued Learning:
• Stay updated with industry trends and accounting regulations.
• Attend workshops or online courses to expand your knowledge.
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What’s a typical Accountants Assistant Career Path?
Working as an Assistant Accountant can provide a stepping stone to a profitable career. Offering a linear career path if you wish to climb the financial ladder, this role can see you rise from Assistant Accountant, to Accountant, Financial Controller, and eventually Chief Financial Officer (CFO). With continued education, expertise, self-development and dedication, this starting role could see you rise to the top.
Alternatively, this position can see you rise through the ranks of industry. Covering an expanse of sectors, this job role offers you the flexibility to work in the manufacturing world, business services industry, or charity sector.
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How much does an Assistant Accountant earn?
Average pay is malleable by factors such as location, employer, industry and the seniority of the role. However, according to our latest Audience Insight Report, Assistant Accountants earn £31,875 per year on average. Our report also recorded that 44% of Auditors received a bonus this year, and 47% a pay rise.
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Assistant Accountant jobs on GAAPweb
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