Main Responsibilities and Required Skills for an Accounting Assistant
Accounting Assistants play a vital role in supporting the financial operations of an organization. They provide essential administrative and clerical support to accounting departments, ensuring the accuracy and integrity of financial records. In this blog post, we will define the role of an Accounting Assistant and explore their primary responsibilities. Furthermore, we will discuss the most in-demand hard and soft skills that are essential for success in this role.
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Main Responsibilities of Accounting Assistant
The following list describes the typical responsibilities of an Accounting Assistant:
Accept
Accept, process and reconcile other payments received.
Add
Add financial information to journals and ledgers.
Answer
Answer and clarify questions regarding account statements, billing, and payment application.
Answer phone, transfer calls accordingly.
Assist with
Assist in accounting cycle, all aspect accounting functions.
Assist in developing and installing accounting methods and procedures.
Assist in lease administration activities, including tenant contacts and insurance information.
Assist in organizing corporate events (i.e. annual staff dinner).
Assist in preparation and posting of month end entries.
Assist in processing and recording vendor invoices in accounts payable system.
Assist in year-end audit and review and compilation files.
Assist with AR collections and customer record maintenance.
Assist with budget preparation.
Assist with corporate Health & Safety goals and processes, if needed.
Assist with creating and processing purchase orders.
Assist with filing or pulling items for required projects.
Assist with GL maintenance.
Assist with implementing and maintaining internal financial controls and procedures.
Assist with inventory control item adds, cycle counts etc.
Assist with preparation of financial and statistical statements and reports.
Assist with the boardrooms, kitchen and copy room are kept neat and tidy throughout the day.
Assist with the settlement of 2 credit card bills.
Assist with weekly distribution of field hourly payroll checks.
Attend
Attend networking events as required.
Audit
Audit vendor invoice entry and records invoice audit trails.
Calculate
Calculate and prepare premium invoices.
Check
Check and track payments of all contracts and contract commitments to the Contracts Log.
Collect
Collect, record, and upload approved tax exemption forms applicable for customers.
Compile
Compile and sort invoices and checks.
Compile data and prepare a variety of reports.
Complete
Complete and prepare all documents for car sales as required by the sales department.
Complete basic accounting tasks such as entering bills, creating cheques and manage payments.
Complete loaner agreements as needed.
Complete payments and control expenses by receiving, processing, verifying, and reconciling invoices.
Confirm
Confirm documents and codes are correct.
Contribute to
Contribute to team effort by accomplishing related tasks as needed.
Coordinate
Coordinate and supervise work efforts when multiple Associates are needed to complete work.
Coordinate, communicate and confirm bookings internally and externally as required.
Create
Create required internal management reports from the payroll system.
Develop
Develop and maintain filing systems.
Document
Document any updates or changes to formal procedures, databases, etc..
Draft
Draft and report financial presentations.
Draft / prepare memoranda to various offices, departments and overseas offices.
Drive
Drive to resolve issues, take initiative and exceed goals.
Ensure
Ensure accuracy of Purchase Orders and vendor billings.
Ensure appropriate records of daily and monthly activities are kept.
Ensure office is stocked with office supplies and other required items to maintain the office.
Ensure regular communication with the controller in order to meet accounting requirements.
Enter
Enter and reconcile credit card transactions.
Enter bank transactions (payment) and reconcile bank statements via Excel and QuickBooks.
Enter financial records into internal databases and reporting software(s).
Enter invoices into QuickBooks and uploaded into each order file in Salesforce.
Enter key data of financial transactions in the database.
Execute
Execute and collect lien waivers, W-9s and certificates of insurance, and maintain vendor files.
Follow
Follow standard procedures to execute general accounting tasks.
Follow-up
Follow-up for revised quote confirmation.
Follow-up on collections; and analyze and understand unbilled WIP.
Handle
Handle calls and email (as necessary) and travel booking.
Handle inquiries from internal and external sources.
Handle requests from the region for access change.
Hard
Hard working individual willing to assist wherever needed.
Help
Help implement system improvements, initiate corrective actions and ensure compliance / accuracy.
Help with bank statement reconciliation.
High-Performance
High-Performance culture based on freedom and responsibility.
Identify
Identify and address discrepancies.
Input
Input of import and export costs into MIS system.
Investigate
Investigate and resolve customer account queries including refunds, missing payments and credits.
Issue
Issue invoices to customers and external partners, as needed.
Lead
Lead the annual review process, which includes managing the merit and bonus cycle.
Liaise with
Liaise with Finance and Commercial teams with regards to accounts payable issues.
List
List overdue accounts receivable as directed and sends out reminders as required.
Maintain
Maintain and balance an automated consolidation system by inputting data.
Maintain A / R Sub-ledger by way of documenting all daily collections activity and new invoicing.
Maintain confidentiality of all financial data.
Maintain historical records by filing documents.
Maintain New Accounts logs.
Maintain service for office equipment.
Make
Make effective recommendations for promotions, salary increases and bonuses.
Manage
Manage a large volume of payables and vendor inquiry emails.
Manage customer deductions and credits on accounts and document accordingly.
Manage inbound and outbound communications via team mailbox, ticketing system.
Manage inventory orders from purchasing department and verify accuracy.
Manage relations with collection agencies, collection attorney and credit reporting agencies.
Manage tax reporting for real estate taxes.
Manage the accounting of expenses for multiple salespersons.
Manage the weekly check run.
Monitor
Monitor Accounts Receivable and make initial tenant collection calls.
Monitor customer accounts for non-payment and delayed payment.
Monitor purchase order progress and communicating obstructions.
Monitor the expiration dates to assure the Certificates are valid.
Operate
Operate office equipment including personal computer, copiers, and 10-key calculator.
Participate
Participate as appropriate in training.
Participate in financial reporting for the region.
Participate in process improvement initiatives.
Pay
Pay employees by receiving and verifying expense reports.
Pay vendors by monitoring discount opportunities.
Perform
Perform accounting and clerical functions to support Manager.
Perform any accounting related jobs as per direction of the Controller.
Perform a variety of clerical duties such as word processing, filing, faxing and photocopying.
Perform daily accounting processes and tasks.
Perform daily AP processes including processing payments, coding invoices to appropriate matters.
Perform daily security tasks such as.
Perform data entry of tax returns – personal & corporate returns.
Perform general accounting assistant tasks as required.
Perform general accounting tasks.
Perform other basic duties relating to department.
Post
Post customer payments by recording cash, checks, and credit card transactions.
Prepare
Prepare all the reconciliation of each bank account assigned in a monthly basis.
Prepare and coordinate bid proposals, service contracts and approved invoices.
Prepare and edit correspondence, documents, and presentations.
Prepare and reconcile monthly intercompany expenses.
Prepare AR and AP balancing reports.
Prepare batches of invoices for data entry.
Prepare client correspondence.
Prepare commission calculation.
Prepare daily cash reports.
Prepare escalation calculations estimates for Operating Expenses, and Real Estate Taxes.
Prepare financial reports as needed.
Prepare general ledger entries by maintaining records and files, reconciling accounts.
Prepare month-end and ad-hoc journal entries.
Prepare monthly finance reports as required by Finance Manager or Assistant Manager.
Prepare Monthly or weekly Bank Reconciliations and or Credit Card Reconciliations.
Prepare vendor statements for Accounts Payable.
Process
Process accounts payable and vendor file maintenance.
Process accounts receivable / payable and handle payroll in a timely manner.
Process ACH refunds back to clients.
Process documents for signature.
Process financial transactions for multiple company entities.
Process incoming and outgoing mail.
Process inter-company / divisional transactions.
Process invoices received (Including reviewing, verifying and researching) and set up for payment.
Process Travel & Entertainment Expense reports and provide analysis.
Produce
Produce statements and reports.
Provide
Provide clerical and administrative support to management as requested.
Provide expense / vendor analysis as required.
Provide information by answering questions and requests.
Provide Information Security consulting to internal business units & service lines.
Provide support to other company personnel as required.
Provide support to the Finance Manager with day to day functions of the Finance Department.
Provide timely accurate management reporting and issue log maintenance, under moderate supervision.
Provide timely and accurate information and reports on a daily, weekly and monthly basis.
Purchase
Purchase orders are received from the Purchasing Department.
Receive
Receive, redirect, and respond to phone calls.
Receive, review and process vendor, consultant and subcontractor invoices.
Reconcile
Reconcile all payroll related accounts.
Reconcile and post receipts for cash received by various departments.
Reconcile credit card statements to invoices.
Reconcile records with internal company employees and management, or external vendors or customers.
Reconcile sub-ledger to general ledger account balances.
Reconcile supplier statements.
Record
Record, reconcile and prep monthly tax collections for remittance.
Release
Release checks for suppliers every Tues and Thurs from 3-5pm.
Report
Report directly to the Controller.
Research
Research and resolve exceptions and issues.
Resolve
Resolve billing issues by examining charges and payment history.
Respond to
Respond to employee and government agency inquiries in regards to payroll.
Review
Review all checks and wires prior to distribution.
Review, Analyze and record each invoice and expense report by Line into the system.
Review and approve client invoices.
Review and approves invoices for payment.
Review and process T&M billings.
Review computer printouts against manually kept ledgers and makes corrections.
Run
Run and monitor accounts receivable aging and escalate billing issues as needed.
Scan
Scan and enter data for finance.
Supervise
Supervise other General Service staff as required.
Support
Support accounts receivable responsibilities.
Support duties related to accounts payable and accounts receivable functions.
Support, relate, and strengthen the mission, values and culture of the organization.
Support the Investment Properties Accounting team to enable the work of the group to run smoothly.
Support with preparation of audit information and supporting documents as required.
Support with regular review of organization policies.
Track
Track AP payments and provide accrual information for month end closing.
Update
Update and maintain job cost project files.
Verify
Verify and reconcile payments and depostis made through company account.
Verify calculations and adjusting entries prepared by other team members to ensure accuracy.
Verify status of delinquent accounts and solicit payments on overdue accounts.
Verify that transactions comply with financial policies and procedures.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounting Assistant:
Proficiency in accounting software: Familiarity with popular accounting software such as QuickBooks, SAP, or Xero.
Spreadsheet proficiency: Skill in using spreadsheet software like Microsoft Excel for data analysis and financial modeling.
Knowledge of financial statements: Understanding financial statements, including balance sheets, income statements, and cash flow statements.
General ledger management: Ability to manage general ledger accounts and perform journal entries.
Accounts payable and receivable software: Experience using software specific to accounts payable and receivable processes.
Financial data analysis: Ability to analyze financial data, identify trends, and interpret results.
Knowledge of taxation principles: Understanding of tax laws and regulations to ensure compliance.
Financial reporting: Ability to generate accurate and comprehensive financial reports.
Budgeting and forecasting software: Familiarity with software used for budgeting and financial forecasting.
Financial audit preparation: Knowledge of audit procedures and ability to prepare documentation for audits.
Familiarity with payroll systems: Understanding of payroll processing and experience using payroll software.
Cost accounting techniques: Knowledge of cost accounting methods and ability to allocate costs to specific products or projects.
Financial reconciliation: Skill in reconciling financial records and resolving discrepancies.
Data management and analysis: Proficiency in managing and analyzing large sets of financial data.
Proficient in data entry: Accurate and efficient data entry skills to maintain financial data.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounting Assistant:
Attention to detail: Having a keen eye for detail and a commitment to maintaining accuracy in financial records.
Time management: Effectively managing time and prioritizing tasks to meet deadlines.
Analytical thinking: Applying analytical skills to review financial data and identify trends or discrepancies.
Communication skills: Possessing strong verbal and written communication skills to effectively communicate with team members and stakeholders.
Problem-solving ability: Demonstrating problem-solving skills to resolve accounting issues or discrepancies.
Teamwork and collaboration: Working collaboratively with colleagues to achieve common goals.
Adaptability: Being flexible and adaptable to changing priorities and accounting processes.
Integrity and ethics: Maintaining a high level of integrity and adhering to ethical standards in financial practices.
Organizational skills: Demonstrating strong organizational skills to manage multiple tasks and maintain orderly financial records.
Professionalism: Conducting oneself professionally and maintaining confidentiality when dealing with sensitive financial information.
Conclusion
Accounting Assistants play a crucial role in supporting the financial operations of organizations. They are responsible for various accounting tasks, ranging from maintaining financial records to providing administrative support. To excel in this role, Accounting Assistants require a combination of technical skills, such as proficiency in accounting software and financial analysis, as well as essential soft skills like attention to detail, communication, and problem-solving. By possessing these skills and fulfilling their responsibilities effectively, Accounting Assistants contribute to the smooth functioning of accounting departments and the overall financial health of the organization.
