An Accounting Analyst is a crucial role within the finance department of an organization. They are responsible for analyzing financial data, preparing reports, and providing insights that contribute to informed decision-making. In this blog post, we will explore the primary responsibilities and the most in-demand hard and soft skills for Accounting Analysts.

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Main Responsibilities of Accounting Analyst

The following list describes the typical responsibilities of an Accounting Analyst:

Analyze

• Analyze account balances at month-end and prepares variance explanations.

• Analyze accounts on a periodic basis, monitor trends, and flag anomalies.

• Analyze assignment of all CPT-4, ICD-10, UB04 and charges for accuracy and to maximize reimbursement.

• Analyze, investigate and evaluate accounting transactions & reports to ensure accurate reporting.

Approve

Approve cost center modifications and assist in internal order set-up and settlement.

Assist in

• Assist as needed with office admin responsibilities.

• Assist Financial Shared Services with reconciliation of leasing related general ledger accounts.

• Assist in financial planning and budgeting activities.

• Assist in preparation of debt covenant calculation and compliance certificates.

• Assist in preparation, review and analysis of financial statements and budgets for each property.

• Assist in research and monitor changes in accounting rules and regulations.

• Assist in the analysis of pricing strategies and profitability optimization.

• Assist in the development and implementation of accounting policies and procedures.

• Assist in the ERP system launch and implementation for the finance and accounting functions.

• Assist in the evaluation and implementation of financial software systems.

• Assist in the monthly time and activity analysis process.

• Assist in the preparation of annual budgets and monthly forecasts for all RACE21™ expenditures.

• Assist in the preparation of financial presentations for management and stakeholders.

• Assist in the preparation of financial statements and reports for management review.

• Assist in the preparation of financial statements for audits and regulatory compliance.

• Assist staff with training related to software implementation.

• Assist the Finance Director in the preparation of the annual budget.

• Assist the indirect tax team regarding various accounting and audit matters.

• Assist with audit function.

• Assist with costing updates and validation.

• Assist with creating and updating SOX documentation.

• Assist with financial reports for senior management.

• Assist with full-cycle monthly bookkeeping including bank / credit.

• Assist with monthly financial statement analysis and creation.

• Assist with period-end / year-end close, reporting and budgeting.

• Assist with the month-end close process, including bank / credit card reconciliations.

• Assist with the monthly financial reporting process.

• Assist with transfer pricing requests and profitability review exercises.

• Assist with VAT and sales tax compliance requirements.

• Assist with weekly cheque runs as needed.

• Assist with year-end audit preparations.

Assure

• Assure commission entries are accurate per carrier billing and agency invoices.

• Assure that month end closing deadlines are met.

Balance

• Balance AP aging reports and voucher payables.

• Balance payroll liability accounts monthly.

• Balance prepaid accounts monthly and follow up on outstanding issues.

Build

Build and modify Power BI reports for Corporate and Business Unit stakeholders.

Calculate

• Calculate and analyzes raw material losses and yields at the manufacturing plants.

• Calculate, reconcile, and analyze Inventory and Inventory reserves for period close.

Collaborate

• Collaborate in the preparation of documents for the board of directors.

• Collaborate with cross-functional teams to gather financial information and insights.

Communicate

Communicate progress updates in a timely manner.

Complete

Complete Mexico intercompany invoicing, including reconciliation and analysis.

Conduct

• Conduct checks and ensure master data governance for cost centers.

• Conduct financial analysis to identify trends, patterns, and variances.

• Conduct financial research and provide recommendations for process improvement.

• Conduct profitability analysis for products, projects, or business segments.

Contribute to

Contribute to thought leadership and information exchange within global accounting.

Coordinate

• Coordinate and communicate accounting matters with other functions or departments as needed.

• Coordinate and manage Budget and Forecast input, validation, and review.

• Coordinate and / or participates in documentation of internal control processes.

• Coordinate revenue and expense accruals and ensures timely and accurate monthly and quarterly close.

Create

Create and update the working procedures periodically.

Develop

• Develop activity-based costing models.

• Develop and maintain excellent relationships with strategic business partners and external providers.

• Develop knowledge related to business / group accounting requirements and standards.

Enable

Enable mortgage origination process through maintenance of daily mortgage rate sheets.

Ensure

• Ensure accounting and reporting is complete and accurate for new Partners and Products.

• Ensure accurate GL coding.

• Ensure all deadlines and schedules are met on time and in accordance with Service Level Agreements.

• Ensure balance revenue is reconciled and complete.

• Ensure compliance with appropriation requisitions policy for expenditures.

• Ensure compliance with financial and internal controls.

• Ensure compliance with internal controls and financial procedures.

• Ensure construction in progress account (CIP) is correct and test assets for impairment.

• Ensure controls and banking processes are properly maintained and SOX compliance is achieved.

• Ensure credit is received for outstanding memos.

• Ensure measures are within Service Level Agreements (SLA) targets.

• Ensure requests are addressed in a timely manner.

• Ensure timely completion of balance sheet and bank account reconciliations.

Evaluate

• Evaluate financial data for accuracy, completeness, and consistency.

• Evaluate profit and cost efficiencies in various areas of the organization.

Finalize

Finalize and have approved the final bank reconciliations for each month.

Foster

Foster Collaboration and Teamwork.

Gather

Gather invoices, audit and verify invoice data and relevant documentation, work with AP on payment.

Generate

Generate adhoc reports for internal and external stakeholders.

Handle

Handle client invoice concerns and make amendments as requested.

Help

Help identify actual and potential network optimization risks and opportunities.

Identify

• Identify and implement process improvements related to the company-wide royalty end-to-end processes.

• Identify and investigate any discrepancies or irregularities in financial records.

• Identify and recommend improvements to internal processes and procedures.

• Identify areas for improvement and implement improvements to processes.

• Identify control risks and gaps.

• Identify that appropriate internal controls are in place and operating effectively.

Improve

Improve business processes and accounting policies to maintain and strengthen internal controls.

Investigate

Investigate and resolve reconciling differences.

Invoice

• Invoice completion of milestones in QuickBooks.

• Invoice Data Entry and Validating Invoices.

Lead

Lead the weekly A / P process using.

Liaise with

Liaise with internal auditors, as required.

Maintain

• Maintain and reconcile Home Leave budget.

• Maintain financial records for Trusts and Cemetery Perpetual Care.

• Maintain fund / investment performance track record.

• Maintain good working relationships with internal and external stakeholders.

• Maintain knowledge of accounting standards, regulations, and industry best practices.

• Maintain the tool in the long term by adding new products, customers and changes to the network.

• Maintain Updated Procedures / Forms and Execute Testing for Applications and Program Changes.

• Maintain up to date financial information for publication.

Manage

Manage petty cash and perform bank reconciliations.

Meet

Meet established Service Level Agreement targets for timing and quality of deliverables.

Monitor

• Monitor and analyze cash flow and working capital to ensure optimal financial management.

• Monitor and analyze key performance indicators (KPIs) to assess financial performance.

• Monitor and report on financial performance against budgets and forecasts.

• Monitor payable requirements.

Organize

Organize work information to ensure accuracy and completeness.

Oversee

Oversee accounting functions.

Participate

• Participate in accounting topics and transactions, such as Revenue Recognition, Acquisitions.

• Participate in financial risk assessment and mitigation activities.

• Participate in the preparation of the budget and forecast.

Perform

• Perform accounting closing duties.

• Perform ad-hoc financial analysis and reporting as required.

• Perform ad hoc projects, analysis and reporting.

• Perform ad hoc reporting, analysis and special projects.

• Perform budgeting and forecasting activities to support financial planning.

• Perform cost analysis to identify areas of improvement and cost-saving opportunities.

• Perform financial review of all CER and DAR requests.

• Perform internal budget auditing function for department.

• Perform Month End Close activities on for your own area of attention.

• Perform monthly and quarterly close processes and post-close reporting.

• Perform other duties and special projects as assigned.

• Perform other duties as assigned.

• Perform quarterly Sarbanes-Oxley testing for compliance.

• Perform various audits to ensure accuracy and reliability of the financial results.

• Perform vendor rebate / discount analysis and allocation.

Prepare

• Prepare ad hoc analytical requests.

• Prepare, analyze and consolidate forecast reports.

• Prepare and assist with audit write ups for quarterly audits and monthly contracts that meet scope.

• Prepare and publish account reconciliation and adjustment journal entries, as may be needed.

• Prepare and review Accruals and journal postings.

• Prepare and submits subcontractors' payment reports.

• Prepare and update process and control related documentation.

• Prepare balance sheet and cash flow on a monthly basis.

• Prepare bank reconciliations for Corporate bank accounts.

• Prepare / Consolidate Management Reporting.

• Prepare detailed financial reports, including income statements and balance sheets.

• Prepare documentation to maximize reimbursement.

• Prepare financial analyses and translate these into advices.

• Prepare financial and cost accounting reports.

• Prepare financial models and conduct sensitivity analysis.

• Prepare journal entries related to assigned functional responsibilities.

• Prepare Journal Entries to Support Financial Transactions.

• Prepare monthly accrual recommendations for large disputed JIB items.

• Prepare monthly analysis for client executive Report.

• Prepare monthly and quarterly accounting reports for submission to management.

• Prepare monthly balance sheet reconciliations within corporate timeline.

• Prepare monthly reconciliations for various general ledger accounts.

• Prepare presentation documents on various impacts.

• Prepare presentation materials on new and existing investments for internal and external uses.

• Prepare project reporting.

• Prepare quarterly payroll reconciliation.

• Prepare regular and special accounting and financial reports for department needs.

• Prepare / review all account reconciliations.

• Prepare sales taxes analysis for new products.

• Prepare Statistics Canada reports.

• Prepare the general ledger, journal entries and trial balance.

• Prepare various sales analysis reports.

• Prepare weekly payments to vendors and match the costs accrued in SAP.

Present

Present to management on past due payables and receivables.

Process

• Process accounting entries in Oracle.

• Process Daily Work Reports for the AP department.

• Process payment runs for outgoing cash.

• Process quarterly Retro payments.

• Process tax remittances requests to Corp Taxation.

• Process tax remittances requests to Corp Taxation, tax notices in Smart Compliance.

Provide

• Provide departments with monthly financial reports and NSF reports.

• Provide documentation required for internal / external auditors.

• Provide guidance for the budgeting process and analyze variances.

• Provide input into policy and procedure amendments.

• Provide input to improve HR processes and practices.

• Provide support for various forecasting, analysis, and planning activities.

• Provide support in tax preparation and compliance activities.

• Provide support on complex projects and ad hoc analysis.

Reconcile

• Reconcile and analyze Balance Sheet and P&L accounts.

• Reconcile balance sheet accounts and resolve outstanding items.

Record

Record payroll journal entries.

Represent

Represent accounting as the subject matter expert on cross functional business projects.

Research

• Research and conclude on appropriate accounting treatment for technical accounting issues (25%).

• Research and respond to any tax agency's questions regarding payroll taxes.

• Research disputed invoice payments with distributor partners.

Review

• Review and approve Sales orders.

• Review and process monthly / quarterly journal entries for various costs.

• Review and reconcile financial transactions and accounts.

• Review and resolve any invoice discrepancies.

• Review and track AR balances with credit cards.

• Review Decision Summaries for capital and expense projects.

• Review financial reports and data to identify possible weaknesses and implement improvements.

• Review supplier documentation for withholding tax requirements and liaise with appropriate.

Stay updated on

Stay updated on industry trends, regulations, and accounting principles.

Streamline

Streamline or eliminate redundant or unnecessary work.

Support

• Support both Accounting and FP& A with special projects and improvements of processes and controls.

• Support coordination of the annual operating costs audits with external auditors.

• Support for Accounting and reporting team during month end / forecast and budgeting process.

• Support internal and external audits by providing necessary documentation.

• Support month-end and year-end closing processes.

• Support our Operations personnel and respond to any ad-hoc requests from them.

• Support practitioners by providing accounting and financial information.

• Support the development and monitoring of financial metrics and targets.

Track

Track overdue receivables and ensures timely receipt of all amounts owing.

Train

Train clients or other staff to increase the skills of the client base thereby reducing repeat cases.

Update

Update Purchase Order Unit Price.

Utilize

• Utilize Smart View templates to compare data between different applications.

• Utilize technical skills to create charts and graphs for visual understanding.

Validate

• Validate data coming from the business warehouse and sales reporting systems.

• Validate the monthly amortization in the accounting system.

Verify

Verify, allocate, post and reconcile accounts payable and receivable.

Work with

• Work as accounting liaison between accounting users and programming staff.

• Work closely with Shared Services for AR collections.

• Work equipment provided according to the season (boot, bib, helmet, gloves, etc.).

• Work independently with management guidance on new and unfamiliar tasks / projects.

• Work with senior members of team to develop technical accounting analysis around transactions.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Accounting Analyst:

• Proficiency in financial analysis and modeling.

• Advanced knowledge of accounting principles and practices.

• Experience with financial reporting and consolidation.

• Strong understanding of budgeting and forecasting techniques.

• Proficiency in using accounting software and financial management systems.

• Advanced Excel skills for data analysis and financial modeling.

• Knowledge of financial statement analysis and interpretation.

• Experience with financial research and industry benchmarking.

• Familiarity with ERP systems for financial data management.

• Understanding of cost accounting methods and techniques.

• Knowledge of taxation regulations and compliance requirements.

• Competence in financial risk assessment and mitigation.

• Experience with internal control frameworks and SOX compliance.

• Proficiency in using data visualization tools for financial reporting.

• Understanding of financial auditing principles and procedures.

• Knowledge of relevant accounting standards (e.g., GAAP, IFRS).

• Familiarity with financial planning and budgeting software.

• Ability to perform variance analysis and identify drivers of financial performance.

• Strong analytical and problem-solving skills.

• Understanding of financial systems implementation and integration.

Most In-demand Soft Skills

The following list describes the most required soft skills of an Accounting Analyst:

• Analytical Thinking: The ability to analyze complex financial data, identify patterns, and draw meaningful insights is essential for an Accounting Analyst.

• Attention to Detail: Being meticulous and paying close attention to accuracy when working with financial records, reports, and calculations is crucial.

• Communication Skills: Effective written and verbal communication skills are necessary for collaborating with team members, presenting financial information, and interacting with stakeholders.

• Problem Solving: Accounting Analysts should possess strong problem-solving skills to identify issues, propose solutions, and make informed decisions.

• Time Management: Managing multiple tasks, meeting deadlines, and prioritizing responsibilities are essential skills to ensure timely and accurate financial reporting.

• Adaptability: Being open to change, embracing new technologies, and adapting to evolving accounting practices and regulations are important qualities for an Accounting Analyst.

• Teamwork and Collaboration: Working collaboratively with colleagues from different departments and being able to contribute to a team-oriented environment is crucial.

• Ethics and Integrity: Maintaining the highest level of ethics, integrity, and confidentiality when handling financial data and sensitive information is vital.

• Critical Thinking: Having the ability to think critically and apply logical reasoning to financial analysis and decision-making processes is essential for an Accounting Analyst.

• Attention to Deadlines: Meeting deadlines and managing time effectively to ensure timely completion of financial tasks and deliverables.

Conclusion

Accounting Analysts play a crucial role in the finance department, providing valuable insights and analysis that support informed decision-making. In this blog post, we explored the main responsibilities of Accounting Analysts, ranging from financial analysis and reporting to budgeting, forecasting, and compliance. Additionally, we discussed the most in-demand hard skills, such as financial analysis, accounting principles, and proficiency in financial software. Moreover, we highlighted the essential soft skills, including analytical thinking, attention to detail, communication, and problem-solving abilities. By possessing a combination of these hard and soft skills, Accounting Analysts can effectively analyze financial data, contribute to strategic financial planning, and help organizations make sound financial decisions.