Main Responsibilities and Required Skills for an Accounting Generalist
An Accounting Generalist is a professional who possesses a broad range of accounting knowledge and skills. They are versatile individuals who can handle various financial tasks and contribute to the overall financial health of an organization. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Accounting Generalists.
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Main Responsibilities of Accounting Generalist
The following list describes the typical responsibilities of an Accounting Generalist:
Answer
Answer internal and external telephones and record messages accurately.
Answer telephones and record messages accurately.
Assist in
Assist in budget preparation and variance analysis.
Assist in contract review and financial risk assessment.
Assist in financial audits and coordinate with auditors.
Assist in financial modeling and scenario analysis.
Assist in other areas of the accounting office as needed.
Assist in the development and implementation of internal controls.
Assist in the evaluation and selection of financial software and tools.
Assist in the implementation and improvement of accounting systems and processes.
Assist in the preparation of tax returns and ensure compliance with tax regulations.
Assist in the procurement system management for new users.
Assist the Staff Accountants in maintaining the labor management system.
Assist the team with various special projects and department initiatives.
Assist with Balance Sheet reconciliations as needed.
Assist with guest requests and questions.
Assist with other duties as required throughout the department.
Assist with procurement system and invoice procedures.
Assist with reconciliation of visa statements and quarterly transaction levies.
Assist with the implementation of approved changes to departmental processes.
Collaborate with
Collaborate with cross-functional teams to analyze and resolve financial issues.
Conduct
Conduct financial research and analysis for special projects.
Conduct regular reconciliations of accounts, including bank accounts, credit cards, and intercompany accounts.
Create
Create month end statements and correctly match invoices to statement details.
Education
Education assistance funds and family scholarship programs.
Ensure
Ensure compliance with accounting principles, regulations, and company policies.
Ensure compliance with internal controls and safeguards the assets and resources of the hotel.
Ensure general cashier reconciliations are completed on a daily basis.
Ensure payments of all authorized expenditures incurred are correct and on time.
Ensure that client billing and payroll are prepared accurately, efficiently and on time.
Ensure the accurate entry of timesheets and payroll expenses into finance system.
Ensure timely and accurate collection of all outstanding Accounts Receivable.
Enter
Enter and post all approved invoices accurately into Accounts Payable.
Handle
Handle cash management and cash flow forecasting.
Handle payroll processing and ensure compliance with payroll regulations.
Maintain
Maintain communications and relationships with vendors and clients.
Maintain confidentiality and handle sensitive financial information with integrity.
Manage
Manage the fixed asset register and perform depreciation calculations.
Monitor
Monitor and analyze financial performance metrics and provide insights to management.
Monitor and reconcile inventory accounts.
Participate in
Participate in month-end and year-end closing activities.
Participate in process improvement initiatives to enhance efficiency and accuracy.
Perform
Perform financial analysis to identify trends and areas for improvement.
Perform general ledger accounting and maintain accurate financial records.
Post
Post deposits and payments to the City Ledger.
Prepare
Prepare and analyze financial statements, including balance sheets, income statements, and cash flow statements.
Prepare and update monthly budget.
Prepare daily bank deposits for checks and foreign currency.
Prepare financial reports for internal and external stakeholders.
Prepare manual and weekly checks, get appropriate signatures, and file all back-up.
Prepare manual and weekly vendor payment runs, get appropriate signatures, and file all back-up.
Process
Process accounts payable and accounts receivable transactions, ensuring accuracy and timeliness.
Process monthly bank reconciliation.
Process monthly credit card reconciliation.
Process payroll semi-monthly.
Process WCB, GST, Carbon tax, basic benefits.
Produce
Produce and manage Records of Employment (ROE).
Provide
Provide accurate and professional responses to payroll queries.
Provide backup support to Payroll, including timesheet posting and payroll processing.
Provide guidance and training to junior accounting staff.
Provide support in cost accounting and cost control initiatives.
Reconcile
Reconcile and issue weekly gratuities to F&B Outlets and Spa.
Reconcile General Ledger accounts as assigned.
Resolve
Resolve any guest inquires related to billing.
Respond to
Respond to customer service requests by phone or email in a timely and professional manner.
Review
Review banquet checks against Catering orders for accuracy of preparation.
Review month end statements and correctly match invoices to statement details.
Review verify and process payroll data for preparation of cheques.
Stay updated with
Stay updated with accounting standards, regulations, and industry trends.
Support
Support financial planning and forecasting activities.
Support the preparation of grant proposals and financial reports for funding agencies.
Train
Train operations on standard accounting practices as needed.
Update
Update foreign currency exchange rates according to policy.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounting Generalist:
Proficiency in accounting software (e.g., QuickBooks, SAP, Oracle).
Advanced knowledge of financial reporting standards (e.g., GAAP, IFRS).
Strong understanding of internal controls and financial risk management.
Experience in financial analysis and financial modeling.
Expertise in using spreadsheets for data analysis and reporting (e.g., Microsoft Excel, Google Sheets).
Knowledge of cost accounting methods and techniques.
Familiarity with tax laws and regulations.
Proficiency in ERP (Enterprise Resource Planning) systems.
Experience with financial forecasting and budgeting processes.
Understanding of complex accounting transactions (e.g., consolidations, acquisitions).
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounting Generalist:
Attention to detail and high level of accuracy in work.
Strong analytical and problem-solving abilities.
Excellent communication skills, both written and verbal.
Ability to work independently and as part of a team.
Effective time management and organizational skills.
Adaptability and flexibility in a dynamic work environment.
Integrity and ethical behavior in handling financial information.
Strong interpersonal skills for building positive relationships.
Ability to prioritize tasks and meet deadlines.
Critical thinking and decision-making skills.
Conclusion
Accounting Generalists are highly valuable professionals who possess a diverse skill set and play a pivotal role in maintaining the financial stability of an organization. Their responsibilities span various areas of accounting, including financial reporting, analysis, compliance, and process improvement. To excel in this role, Accounting Generalists need a combination of technical expertise, including proficiency in accounting software, financial analysis, and knowledge of regulations, as well as essential soft skills such as attention to detail, communication, problem-solving, and integrity.
