Main Responsibilities and Required Skills for an Accounting Intern
An Accounting Intern is a professional who embarks on a valuable learning experience within the field of accounting. This role provides an opportunity for aspiring accountants to gain practical knowledge, apply theoretical concepts, and develop essential skills in a real-world business environment. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Accounting Interns.
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Main Responsibilities of an Accounting Intern
The following list describes the typical responsibilities of an Accounting Intern:
Aid in
Aid in the preparation of documentation for external audits.
Aid the business in the execution of their daily tasks.
Analyze
Analyze employee expense reports.
Analyze, prepare, and post journal entries.
Assist in
Assist A/P and A/R with ad-hoc requests.
Assist Director of Accounting on day-to-day needs of the department.
Assist finance team with day-to-day operations.
Assist in ad-hoc financial analysis and special projects.
Assist in ad hoc projects (ex. automate a process in the accounting cycle).
Assist in analyzing financial data and identifying cost-saving opportunities.
Assist in budgeting and forecasting activities.
Assist in conducting financial audits and inventory checks.
Assist in financial data analysis and reporting.
Assist in internal control assessments and process improvement initiatives.
Assist in managing vendor relationships and reviewing vendor contracts.
Assist in month-end reporting procedures and activities.
Assist in other areas of the Accounting office as needed.
Assist in preparing tax returns and ensure compliance with tax regulations.
Assist in process improvement and procedure documentation.
Assist in processing event contracts.
Assist in the evaluation and implementation of accounting software and tools.
Assist in the preparation and analysis of financial statements.
Assist in the preparation and submission of regulatory reports.
Assist in the processing of accounts payable and accounts receivable transactions.
Assist in the reconciliation and tracking of fixed assets.
Assist management with ad hoc requests and analysis.
Assist management with meeting coordination, follow-up, presentations and documentation.
Assist management with special projects as needed.
Assist monthly bank reconciliation to ensure transaction completeness and accuracy.
Assist preparing budgeted deferred CAM cost and amortization schedules.
Assist professional staff members with gathering information for financial reports and tax returns.
Assist TH team with cutover testing and reconciliation of MIT from SAP to S4 Commercial system.
Assist with account reconciliations.
Assist with additional ad hoc analysis.
Assist with all areas of ICS projects.
Assist with annual budgeting and monthly forecasting processes.
Assist with general accounting month-end closing procedures.
Assist with month-end close procedures.
Assist with month-end financial reports.
Assist with month, quarter & year-end close activities and reporting processes.
Assist with other duties as assigned.
Assist with preparation of SEC filings and month-end financial reporting.
Assist with processing accounts payable and accounts receivable transactions.
Assist with research for both audit and tax issues.
Assist with the preparation of the Company's P&L and Leadsheet.
Assist with variance analysis during month end.
Assist with various state manual Sales & Use Tax returns.
Attend
Attend internal training classes as appropriate.
Calendar
Calendar invites will be sent for each event to interns.
Check
Check out every single member of Wave's team here.
Collaborate
Collaborate with the finance team on yearly forecasting efforts.
Collaborate with the finance team to analyze and resolve financial discrepancies.
Compile
Compile and analyze sales data to maintain accurate reports.
Complete
Complete general administrative tasks, including filing and miscellaneous data entry.
Complete special projects as needed and other duties assigned.
Conduct
Conduct research on accounting principles, regulations, and industry trends.
Conduct T&E expenses analyses.
Contribute to
Contribute to the development and documentation of accounting procedures.
Contribute to the preparation and execution of key Finance / Accounting tasks at Moog.
Convert
Convert journal entry and the supporting documents into digital copy.
Coordinate
Coordinate with business process owners to schedule process walkthroughs and control testing.
Coordinate with managers to achieve cost planning targets.
Cover
Cover front desk position when Office Coordinator is out of office or on break.
Create
Create, reviews or processes manual journal entries as needed.
Develop
Develop and manage invoicing to internally-generated and external startup companies.
Develop interpersonal skills in order to communicate with external clients.
Develop or collaborates in special projects as required by senior leadership.
Develop planning, organizational and time management skills.
Develop team-based work competencies.
Ensure
Ensure accurate and timely accounts payable processing and respond to vendor inquiries.
Ensure correct inventory levels and organize existing products.
Enter
Enter data into the daily balancing spreadsheet (new format to be developed).
Enter your email to apply.
Explore
Explore the relationship between accounting and the various departments of the resort.
Generate
Generate consolidated balance sheets and income statements including inter company eliminations.
Give
Give reconciled drops to Senior Accountant for deposit.
Handle
Handle Company mail run, sorts and distributes mail accordingly.
Help
Help maintain compliance with accounting standards and company policies.
Help refreshing CAM and Tax recovery files.
Help with accounts receivable, payable, and bank statement reconciliation.
Increase
Increase knowledge of computer skills and technology.
Inform
Inform management and compile reports / summaries on activity areas.
Input
Input financial data into accounting software and ensure accuracy.
Input general ledger entries.
Input media spends into an online accounting software.
Interact with
Interact with internal customers to answer questions about invoicing and payment.
Interact with our Purchasing Team, Warehouse Teams, and vendors to resolve discrepancies.
Learn
Learn accounting software by assisting in the full implementation of the software.
Learn and review ticketing reports.
Learn billing software and how it is integrated into an accounts receivable component.
Learn cash management and cash flow analysis for management review team.
Learn how our month end process works and how our financial statements come together.
Learn how to prepare all financial statements for external and internal reporting.
Learn work paper techniques and proper documentation in accordance with firm guidelines.
Mail invoices on a weekly basis.
Maintain
Maintain accounting database by performing basic data entry.
Manage
Manage and maintain cash application email box archiving according to department standards.
Manage corporate credit cards including reporting and analysis.
Manage electronic deposit process and archive deposit slips.
Manage monthly tracking of physical inventory.
Manage owner and guest accounts within the property management system.
Manage the collection of past due accounts and escalate in a timely manner.
Manage transaction imports, expense entries, and bank statement reconciliations.
Monitor
Monitor and restock office supplies.
Operate
Operate as a multidisciplinary member of the team of creative, independent individuals.
Operate t-shirt printers with accuracy.
Participate
Participate and learn how to complete a show settlement.
Participate in client fieldwork and audit select financial statement areas.
Participate in cross-functional projects to gain exposure to different areas of the business.
Participate in financial planning and forecasting activities.
Participate in month-end and year-end closing activities.
Participate in quarterly re-forecast and annual budget process.
Participate on special projects as they arise.
Perform
Perform accounting and clerical functions to support the finance team.
Perform administrative duties as required.
Perform analyses on rebates and incentives available in the renewable energy space.
Perform and / or reviews account reconciliations.
Perform any other duties as may be assigned from management.
Perform audits of critical systems like Quickbooks, Bill.com, and Hubspot.
Perform customer call back verifications and input of wire transfer.
Perform data entry and maintain accurate financial records.
Perform day-to-day bookkeeping.
Perform other related duties as required or requested.
Perform tasks such as standing, lifting, and walking for 8 hours a day.
Prepare
Prepare ad-hoc analysis and business case modeling as per business requirements.
Prepare and post journal entries with applicable supporting documents.
Prepare engagement letters, verify and process financial statements, valuations and special reports.
Prepare expense analysis and trends.
Prepare final products for shipping.
Prepare financial documentation and reconciliation for audit.
Prepare financial statements.
Prepare lease accounting schedules and entries.
Prepare monthly budget vs actual comparisons with analysis for income statement accounts.
Prepare schedules / analysis for internal and external audit teams as needed.
Process
Process and account for monthly insurance commissions earned and paid.
Process and file invoices - work closely with the accounts payable team.
Process and upload employee expense reports.
Process and verify all credits are accurate and have been issued.
Process sales orders, purchasing orders and customer payments.
Provide
Provide accounting and clerical support to the accounting department.
Provide administrative support to the accounting department.
Provide clerical and administrative support to our Finance / Accounting / Tax teams.
Provide clerical support to the accounting team.
Provide comprehensive accounting services and has technical knowledge to solve complex problems.
Provide input on project processes, strategies, and execution.
Reconcile
Reconcile accounts in a timely manner.
Reconcile balance sheet accounts.
Reconcile balance sheet accounts including correspondent bank accounts.
Reconcile bank statements, accounts payable, or accounts receivable.
Reconcile credit card and check payments across multiple systems.
Reconcile and review for accuracy and audit compliance.
Reconcile credit cards, expense reports, and balances.
Represent
Represent Moog in a manner consistent with its technical and professional reputation.
Request
Request and review monthly vendor statements.
Research
Research, track and restore accounting documentation and discrepancies.
Respond to
Respond to both internal and external audit requests, as needed.
Review
Review Key Accounting Policies.
Review, reconciles, and resolve client issues.
Roll
Roll forward analysis of balance sheet accounts.
Sort
Sort and distribute mail and inter-office information to employees.
Support
Support Accounts Payable / Accounts Receivable functions.
Support Corporate Accounting Department initiatives.
Support month & quarter end accounting close.
Support our quote to cash and procurement to pay processes.
Support periodic special projects.
Support Property Accounting Department initiatives.
Support special projects as necessary including identification of process efficiencies.
Support technical accounting team with updates to accounting policy documents.
Support the finance team with day-to-day tasks and assignments.
Support the finance team with forecasting projects, as needed.
Support the maintenance of the general ledger and chart of accounts.
Support the payment processing and collections teams in supporting working capital initiatives.
Support the payment processing team.
Support the payroll process, including data collection and verification.
Support the preparation of financial reports and presentations.
Support the preparation of financial schedules and supporting documentation.
Take
Take on additional projects to support overall office operations.
Type
Type accurately, prepare and maintain accounting documents and records.
Understand
Understand and learn SOX compliance guidelines and interpretations.
Update
Update and maintain forecast reports.
Utilize
Utilize functions in Netsuite, our accounting software, to ensure data is accurate.
Verify
Verify that all cash / check drops reconcile with matching Closed Drawers in Altru.
Verify that any cash / check drops reconcile with G1 reports.
Verify that any cash / check drops reconcile with square reports.
Wire
Wire and check payments and tracking status.
Work with
Work with local and off shore accounting team in order to complete the daily revenue audit.
Work with staff to ensure effective operation of the accounting department.
Work with the W4A team to verify monthly advisor statements and remit payments.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounting Intern:
Proficiency in Microsoft Excel for data analysis and financial modeling.
Familiarity with accounting software (e.g., QuickBooks, SAP, Oracle).
Basic knowledge of financial statements and accounting principles.
Understanding of internal controls and financial processes.
Ability to perform basic financial calculations and computations.
Knowledge of data entry and financial record-keeping.
Competency in using spreadsheets and databases for financial analysis.
Familiarity with basic taxation concepts and regulations.
Understanding of budgeting and forecasting methodologies.
Proficiency in using general office productivity software (e.g., Microsoft Office Suite).
Basic knowledge of financial reporting standards (e.g., GAAP, IFRS).
Familiarity with inventory management principles.
Understanding of basic cost accounting concepts.
Knowledge of financial analysis techniques and tools.
Basic understanding of fixed asset management.
Competency in using online banking platforms.
Familiarity with electronic payment systems.
Ability to navigate and use accounting software modules.
Understanding of data confidentiality and security measures.
Basic knowledge of financial regulations and compliance requirements.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounting Intern:
Strong attention to detail and accuracy in work.
Effective communication skills, both written and verbal.
Eagerness to learn and willingness to take on new challenges.
Ability to work collaboratively as part of a team.
Good time management and organizational skills.
Strong problem-solving and analytical abilities.
Flexibility and adaptability to changing priorities.
Professionalism and a strong work ethic.
Ability to maintain confidentiality and handle sensitive financial information.
Positive attitude and enthusiasm for the accounting profession.
Conclusion
Accounting Interns play a crucial role in their journey towards becoming competent accounting professionals. They gain practical experience, apply theoretical knowledge, and develop essential skills during their internships. The responsibilities of an Accounting Intern encompass various accounting tasks, from financial analysis to data entry and administrative support. To excel in this role, interns need to acquire both technical expertise, such as proficiency in accounting software and knowledge of financial principles, as well as essential soft skills like attention to detail, communication, and a willingness to learn.
