Main Responsibilities and Required Skills for an Accounting Specialist
An Accounting Specialist is a professional who possesses a high level of expertise in accounting principles and practices. They are responsible for handling complex financial tasks and ensuring the accuracy and integrity of financial data within an organization. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Accounting Specialists.
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Main Responsibilities of an Accounting Specialist
The following list describes the typical responsibilities of an Accounting Specialist:
Adjust
Adjust accounts based on collected information.
Administer
Administer associate attendance policy.
Administer the companies T&E policies and procedures via Concur and AmEx.
Aid in
Aid in the preparation of the quarterly presentation to the Board of Directors.
Analyze
Analyze exception reports and follow up internally with corrective actions.
Answer
Answer customer / vendor inquiries via phone and / or email.
Approve
Approve new clients, add them to COBALT / Aderant, and manage billing options in Cobalt.
Assist in
Assist Billing and Accounts Payable when needed.
Assist external auditors and provides required statements and information for the annual audit.
Assist in budgeting and forecasting activities.
Assist in closing the AR Module.
Assist in preparing budget forecasts.
Assist in review and follow up of program approval for housing and TRBHA CER's.
Assist in writing and correcting key financial and job costing reports.
Assist the Senior Accountant with preparing monthly financial reports.
Assist with additional related special projects, as needed.
Assist with assembling financial data for audits . [ ].
Assist with budget preparation, and variance analysis.
Assist with forecast information.
Assist with journal entries and postings on accounts.
Assist with monthly and year-end close procedures.
Assist with pricing of mutual fund security holdings in a precise manner under a strict timeline.
Assist with system conversions or other finance-related projects as needed.
Assist with the preparation and distribution of AIA formatted invoices.
Assist with the preparation and processing of payroll.
Back
Back up reception functions related to reception phone and incoming visitors.
Balance
Balance the monthly activity from the provided trust statements to general ledger.
Calculate
Calculate commissions for the sales team and the business development team.
Calculate Inter Company Transfer Prices for sales to foreign subsidiaries.
Calculate retro pay, sick pay, vacation pay, holiday pay, etc. based on supporting documentation.
Calculate standard-actual cost on SAP and perform variance analysis.
Certify
Certify and audit all payments to assure compliance with terms.
Check
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Classify
Classify documents with the proper expenditure codes and accounting codes.
Collaborate
Collaborate with auditors during internal and external audits.
Compile
Compile and download AP invoices for monthly disbursement support.
Compile the responses for the region and share results.
Complete
Complete administrative and special projects as requested by the Finance Manager.
Complete an annual physical inventory reports for Fixed Assets.
Complete depreciation and amortization entries monthly and update all appropriate systems.
Complete other administrative duties as assigned by supervisor / manager.
Conduct
Conduct annual fixed asset inventories with IT team.
Conduct reconciliations of bank statements, general ledger accounts, and intercompany transactions.
Conduct research on discrepancies and makes appropriate corrections or adjustments.
Conduct various account reconciliations.
Consult
Consult with the supervisor presenting and resolving complex transactions.
Contact
Contact and monitor past due customers to collect payment of delinquent balances.
Contribute to
Contribute to team effort by accomplishing related results as needed.
Coordinate
Coordinate multiple tasks simultaneously.
Coordinate the properation of the corpoerat tax return.
Coordinate with EY in walk through.
Create
Create and maintain process documentation for payroll.
Create documentation of the school Yearly / vacation schedule.
Create / maintain projects in Oracle.
Create radio frequency identification system tags, and create applicable reports and input data.
Develop
Develop and maintain reports and files on the Accounts Payable processing.
Document
Document Early dismissal days for all schools on the schedule.
Ensure
Ensure adherence to accounting standards, regulations, and company policies.
Ensure all member, premium and administrative fees are reconciled on a monthly basis to the penny.
Ensure all taxes and statistics reporting are timely and accurately declared.
Ensure financial operations are compliant with company expectations, processes, and controls.
Ensure ongoing compliance with all applicable accounting policies, rules and regulations.
Ensure that all VAT reporting within remit is compliant with tax and accounting legislation.
Ensure that documented processes are followed.
Ensure that tax related bookings / accounting are accurately and timely maintained.
Examine
Examine and ensure posting to proper account and general ledger.
Execute
Execute and review daily reports.
File
File and maintain accurate financial records and reports.
Follow-up
Follow-up outstanding invoices preventing project closure.
Follow-up with various department supervisors with questions on missing or incomplete timecards.
Generate
Generate accurate invoices in a timely manner.
Generate and mails monthly billings for programs.
Generate monthly invoices.
Generate reports on services and rates for budgeting purposes.
Give
Give and follow verbal and written instructions with attention to detail and accuracy.
Handle
Handle all vendor inquiries.
Identify
Identify and implement process improvements to increase efficiency and effectiveness.
Identify and resolve Coupa iDoc issue and other system related troubleshooting.
Implement
Implement training for new hires and identifies training opportunities for current staff.
Import
Import and reconcile Accounts Receivable billings from Settlements group and investigate exceptions.
Import bank account activity from various banks for reconciliation purposes.
Inform
Inform management and compile reports / summaries on activity areas.
Interact
Interact with Pricing and Demand Planning to understand, review and validate rebate agreements.
Keep
Keep process documentation up to date.
Leverage
Leverage outside resources to resolve Coupa system bugs.
Maintain
Maintain all F&A files within the established file structure.
Maintain all vendor and accounts payable records utilizing the Prologue accounts payable system.
Maintain confidentiality and security of the Archives financial activities and records.
Maintain digital and physical financial records.
Maintain fixed asset records and depreciation schedules.
Maintain GL reconciliations and upload them to Blackline, an account reconciliation software.
Maintain our financial records and perform a variety of accounting, bookkeeping and financial tasks.
Maintain project records including reconciliation and add service requests.
Maintain proper encumbrances for assigned contracts.
Maintain records for invoices, debits, and credits.
Make
Make bank deposits as needed.
Make sure governance structure is applied.
Manage
Manage accounts payable process in an accurate and timely manner.
Manage customer credit and bad debt related processes.
Manage daily deposits for Solid Waste.
Manage entire Accounts Payable cycle including 1099 forms.
Manage general ledger activities and monthly close processes.
Manage Internal Orders to track specific customer rebate incentives.
Manage of assets (add, disposal, CIP) and depreciation.
Manage the full cycle of payroll processing, including tax calculations and benefits administration.
Monitor
Monitor aging and follow up with past due accounts.
Monitor aging of Accounts for past due, initiate and collaborate with team on collections efforts.
Monitor and prepare monthly account reconciliations.
Monitor cash flow and manage treasury functions.
Monitor invices coming to department.
Oversee
Oversee accounts payable and accounts receivable processes.
Oversee the preparation of periodic financial statements and the corporate annual report.
Oversee the system of internal controls over accounting functions to minimize risk.
Participate in
Participate in internal contract kick-off meetings.
Participate in various projects that may involve complex issues such as financial transformation.
Perform
Perform administrative and other tasks as needed.
Perform all data entry related tasks per the hiring manager's direction.
Perform check runs as needed.
Perform Customer setup and maintenance tasks as required.
Perform financial analysis to identify trends, risks, and opportunities.
Perform functions using the Standard Army Ammunition Modernized-System.
Perform reconciliation for a variety of accounts and balances.
Post
Post payments received from schools.
Post payments, resolve payment discrepancies, and respond to vendor inquires.
Post transactions in accounting books.
Prepare
Prepare aging reports, financial statements, and other needed spreadsheets.
Prepare all bills and mail invoice statements as outlined per Internal Audit Standard.
Prepare all required paperwork and gathers all supporting documentation.
Prepare and analyze financial statements to ensure accuracy and compliance.
Prepare and review financial statements monthly & quarterly.
Prepare and submit payroll input forms for changes, new hires & terminations.
Prepare and submit tax returns, including sales tax, income tax, and payroll tax.
Prepare and track grants through review and funding process.
Prepare annual reporting on unclaimed property as needed.
Prepare asset creation documentation to close projects.
Prepare checks and electronic payments for signature and approval.
Prepare cheque runs on a weekly basis.
Prepare documents for imaging.
Prepare financial data and projections to include in budget development and reviews.
Prepare for audits and interface with auditors for annual audits.
Prepare general ledger accounting entries.
Prepare, organize and report all Tax related items.
Prepare payroll and all payroll tax returns and deposits on a timely basis.
Prepare payroll related journal entries.
Prepare salary change forms and salary increase letters.
Prepare transmittal of invoices for payment by CMH Accounting.
Prepare trial balances, financial reports, profit and loss statements and balance sheets.
Process
Process accounts payable invoices to ensure timely and accurate payments to suppliers.
Process accounts receivable / payable and accounting transactions in an efficient and timely manner.
Process and reimburse all petty cash accounts.
Process AP invoices and reimbursements.
Process credit line increases for customers.
Process customer payments by recording cash, checks, and credit card transactions.
Process employee reimbursements (travel and expenses).
Process expense costs and revenue postings.
Process invoice for A / P Posts, checks, balances, and adjust accounts.
Produce
Produce statements and reports using a variety of sources.
Provide
Provide accounting-related support for Credit Union operations.
Provide all daily change requirements.
Provide detail analyses and explanation of all transactions.
Provide financial guidance to internal colleagues on financial systems and processes.
Provide monthly and quarterly reports to internal and external parties as assigned.
Provide support for ad hoc accounting and finance tasks as required.
Provide timely and accurate payment processing by processing accounts payable checks semi-monthly.
Provide updates to program and Finance.
Reach
Reach forward, up, down, and to the side.
Receive
Receive payments and prepare bank deposits.
Reconcile
Reconcile accounts and records, and extracts and compiles information from records as required.
Reconcile accounts regularly.
Reconcile and file monthly / quarterly sales and use tax.
Reconcile and services account payments from sensitive and complex accounts.
Reconcile financial records with various accounts.
Reconcile vendor statements.
Reconcile vendor statements, research and correct discrepancies.
Record
Record day to day financial transactions, bank deposits, general ledger postings and statements.
Recruit
Recruit and hire accounting staff and conducts performance evaluations.
Report
Report over / short discrepancies as per Internal Audit Standards.
Research
Research and resolve outstanding items in a timely manner.
Research discrepancies between ledgers and makes adjustments.
Research US federal and state tax statute & US GAAP.
Resolve
Resolve valid or authorized deductions by entering corrections to customer accounts.
Respond to
Respond and resolve employee questions and / or problems in a timely manner.
Respond to all vendor inquiries.
Respond to and resolve inquiries.
Review
Review all location petty cash expense reports including accuracy, proper approvals and coding.
Review and analyze unbilled amounts.
Review and manage Finance email group box to determine by Funding Source.
Review and / or reconcile vendor accounts to ensure balances are correct.
Review and post subcontract invoices.
Review and report inter company liquidity activities.
Review and resolve outstanding checks on a monthly basis for assigned vendors.
Review, approves and enters for payment contractual invoices in accordance with contract terms.
Review employee time records and leave calculations for completeness and accuracy.
Review incoming customer requests and logs required data into tracking system.
Run
Run necessary payroll reports.
Set
Set a good personal example of attitude and performance.
Set-up
Set-up new users on payroll system and coordinate with ADP.
Strengthen
Strengthen Fund handling controls.
Submit
Submit invoice to schools and vendors.
Support
Support key quality and productivity initiatives.
Support month end consolidation of month end financial results.
Take
Take instructions from general manager.
Track
Track and create project budgets and reports.
Track and ensure rebates reserves for larger customers are adequate.
Train
Train new approvers and employees on timesheet processes.
Transition
Transition transactional processes from outsourced service providers.
Transmit
Transmit pension plan reports to plan administrator on biweekly basis.
Use
Use appropriate judgment in upward communication regarding department or employee concerns.
Verify
Verify and enters details of transactions using accounting software.
Verify, post and deposit payments received from schools.
Work with
Work closely with external and internal auditors and tax department.
Work closely with Program Managers, Executive Director and Auditors to complete fiscal duties.
Work with clients as needed to resolve billing questions and concerns.
Work with local resources to get this objective attained, when it cannot be completed centrally.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounting Specialist:
Advanced knowledge of accounting principles and financial reporting standards (e.g., GAAP, IFRS).
Proficiency in using accounting software and enterprise resource planning (ERP) systems.
Expertise in financial statement analysis and interpretation.
Strong understanding of tax regulations and compliance requirements.
Advanced Excel skills for financial modeling and data analysis.
Knowledge of budgeting and forecasting methodologies.
Experience with payroll processing and related tax calculations.
Familiarity with financial auditing processes and internal controls.
Proficiency in using financial analysis tools and techniques.
Ability to perform complex reconciliations and resolve discrepancies.
Understanding of cost accounting principles and methodologies.
Experience with treasury management and cash flow forecasting.
Knowledge of inventory management and cost control.
Familiarity with fixed asset accounting and depreciation.
Competency in using financial reporting and business intelligence tools.
Understanding of international accounting standards and currency exchange.
Experience with intercompany accounting and consolidation.
Proficiency in using financial management software and systems.
Knowledge of regulatory filings and compliance requirements.
Strong technical acumen and ability to adapt to evolving accounting technologies.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounting Specialist:
Attention to detail: Possessing a keen eye for accuracy and meticulously reviewing financial data and reports.
Analytical thinking: Applying critical thinking skills to analyze complex financial information and identify patterns, trends, and insights.
Problem-solving: Demonstrating the ability to identify and resolve financial issues or discrepancies.
Communication skills: Effectively conveying financial information to stakeholders, both verbally and in written reports.
Time management: Managing multiple tasks and deadlines efficiently, prioritizing work effectively.
Adaptability: Being open to change and readily adjusting to new accounting procedures or software systems.
Teamwork: Collaborating with cross-functional teams and effectively communicating financial information to non-financial colleagues.
Integrity and ethics: Upholding the highest ethical standards and maintaining confidentiality in handling sensitive financial data.
Organizational skills: Maintaining well-organized financial records and documentation for easy retrieval and audit purposes.
Continuous learning: Staying updated with the latest accounting regulations, industry trends, and technological advancements.
Conclusion
Accounting Specialists play a vital role in maintaining the financial health and integrity of an organization. Their responsibilities encompass various financial tasks, from financial analysis and reporting to compliance and audit support. Possessing a combination of technical expertise and essential soft skills allows Accounting Specialists to excel in their roles and make valuable contributions to their organizations.
