Main Responsibilities and Required Skills for an Accounts Administrator
An Accounts Administrator is a professional who plays a crucial role in managing financial records and ensuring the smooth operation of accounting processes within an organization. They are responsible for maintaining accurate financial data, processing invoices, and providing support in various accounting tasks. In this blog post, we will explore the primary responsibilities and the most in-demand hard and soft skills for Accounts Administrators.
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Main Responsibilities of Accounts Administrator
The following list describes the typical responsibilities of an Accounts Administrator:
Advise
Advise stakeholders of risk related issues and escalates as required.
Analyze
Analyze data and information to provide insights and recommendations.
Analyze issues and determines next steps.
Approve
Approve expenditures, receives funds and processes deposits.
Assist in
Assist in budgeting and forecasting activities.
Assist in financial analysis and cost management activities.
Assist in inventory management and reconciliation.
Assist internal and external department staff with account related statistics and reports.
Assist in the implementation and improvement of accounting systems and processes.
Assist in the preparation of financial forecasts and projections.
Assist in the preparation of financial presentations and reports for management.
Assist in the preparation of tax returns and ensure compliance with tax regulations.
Assist managers finding cover for overtime.
Assist team with the production of regular client reports.
Assist with the process of logging and banking manual cheques.
Build
Build strong working relationships with rest of team to improve outcomes for the team.
Calculate
Calculate and pay HST, EHT, Payroll Deductions, Corporate payments.
Calculate and pay WSIB premiums and maintain WSIB account needs.
Collaborate with
Collaborate with auditors and external stakeholders during financial audits.
Collaborate with internal and external stakeholders in order to deliver on business objectives.
Collaborate with internal teams to ensure proper financial controls and procedures are followed.
Communicate
Communicate and coordinate with other departments regarding account related requests.
Compile
Compile and prepare material to be sent to bank.
Complete
Complete banking summaries for clients within agreed timeframes.
Complete business banking duties (depositing cheques, account reconciliations, etc.).
Complete employee payroll and expenses, submit to bank for direct deposits.
Conduct
Conduct bank reconciliations and manage cash flow.
Coordinate
Coordinate and executes specific activities for the implementation of strategic initiatives.
Correspond
Correspond with vendors / clients for invoice discrepancies, disputes and claims.
Enhance
Enhance quality assurance measures.
Ensure
Ensure compliance with accounting standards and regulations.
Ensure compliance with all Bank Policy & Procedures and standards.
Ensure information systems are updated.
Ensure procedures accurately reflect controls.
Ensure that financial processes are done.
Enter
Enter data and updates information.
Facilitate
Facilitate regular quality assurances tests.
Follow up
Follow up on overdue invoices and coordinate collections.
Gather
Gather and format data into regular and ad-hoc reports, and dashboards.
Generate
Generate departmental reports for management.
Generate financial reports and statements.
Handle
Handle payroll processing, including calculating wages, deductions, and taxes.
Help
Help keep storage areas clean and organised.
Identify
Identify and analyses discrepancies and errors.
Investigate
Investigate account related issues and take appropriate actions to correct.
Keep
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Liaise with
Liaise with appropriate resource persons.
Liaise with computer resource persons as required.
Maintain
Maintain accounting records for expenditure recoverable from tenants.
Maintain and update accounting databases and software systems.
Maintain Cash Books / Bank Reconciliations.
Maintain confidentiality of financial information.
Maintain strict confidentiality and discretion with respect sensitive information.
Make
Make corrections, processes adjustments and follows up on problems.
Make recommendations on budget allocations.
Manage
Manage obligations to suppliers, customers and third-party vendors.
Manage the holiday / absence records for staff.
Manage vendor relationships and negotiate favorable terms.
Monitor
Monitor and reconcile petty cash transactions.
Monitor and track expenses and reimbursements.
Organize
Organize distributes and verifies the work of others and participates in their training.
Organize work information to ensure accuracy and completeness.
Oversee
Oversee and manager consumable usage tracking to ensure it is tracked to billable jobs as necessary.
Participate in
Participate in training new and existing colleagues and assistants on registered accounts.
Participate in training programs to enhance accounting knowledge and skills.
Perform
Perform other accounting and administrative tasks as assigned.
Perform various administrative and clerical tasks according to the needs of the unit.
Perform various administrative tasks according to the needs of the unit.
Prepare
Prepare and maintain financial records, including invoices, receipts, and payment transactions.
Prepare and send payments for vendors.
Prepare correspondence related to the duties of the position.
Prepare journal and ledger entries.
Prepare payroll and Government remittances.
Prepare, renews and monitors securities documentation for account / transaction requirements.
Prepare schedules, reports and financial statements.
Process
Process accounts payable and accounts receivable transactions.
Process employee expense claims and reimbursements.
Process registered accounts tax reporting.
Process systematic plans and bank information setups.
Process tenant refunds as instructed by surveyors.
Produce
Produce and analyse management information.
Produce completion statements relating to property sales and the end of tenants' leases.
Provide
Provide administrative support / coverage for our fee-based business lines.
Provide administrative support to the finance department.
Provide assistance for administration of government grants / subsidies.
Provide backup support for Administrative roles within the district including dispatch.
Provide training and on-going support to others in the department.
Provide vital and multi faceated support to the wider finance and operational teams.
Raise
Raise invoices against Contracts.
Reconcile
Reconcile vendor statements, and follow-up on past due payables for approval / resolving issues.
Record
Record credit card transactions and reconcile it with a monthly statement.
Record expense reports and request payment.
Respond to
Respond to day-to-day inquiries and requests from internal and external clients in a timely manner.
Respond to financial inquiries and resolve discrepancies.
Review
Review new account application documentation.
Send
Send vendor invoices to Project Managers for approval.
Set-up
Set-up accounts, sub-accounts, and budgets.
Set-up and maintain databases and spreadsheets.
Stay updated on
Stay updated on industry trends and changes in accounting practices.
Supply
Supply information and documentation to auditors.
Support
Support change management of varying scope and type.
Support month-end and year-end closing procedures.
Support the audit process by providing necessary documentation and information.
Undertake
Undertake projects as assigned, and participate fully in year-.
Verify
Verify and reconcile financial data to ensure accuracy.
Verify the completeness and accuracy of documentation.
Work with
Work closely and collaboratively with team members across the firm.
Work upon instruction from the Concessions Team to process manual adjustments.
Work with national EH&S Manager to ensure safety policies are being adhered to at the District level.
Work with project managers to prepare client invoicing.
Work with the national Fleet and Mobility Manager to coordinate District Fleet and Mobility devices.
Work with the wider client accounting team to ensure workload is effectively managed.
Most In-demand Hard Skills
The following list describes the most required technical skills of an Accounts Administrator:
Proficiency in accounting software (e.g., QuickBooks, SAP, Xero).
Knowledge of financial principles and practices.
Understanding of bookkeeping and accounting procedures.
Proficiency in MS Excel for data analysis and financial modeling.
Familiarity with tax regulations and compliance.
Knowledge of payroll processing and relevant laws.
Experience with financial reporting and analysis.
Ability to reconcile financial records and identify discrepancies.
Proficiency in data entry and record keeping.
Understanding of budgeting and forecasting processes.
Knowledge of financial statements and their interpretation.
Familiarity with inventory management and costing principles.
Basic understanding of business and financial analysis.
Ability to manage multiple tasks and meet deadlines.
Knowledge of internal controls and auditing procedures.
Experience with bank reconciliations and cash management.
Proficiency in using accounting software modules (e.g., accounts payable, accounts receivable).
Understanding of financial risk management principles.
Knowledge of regulatory compliance related to financial reporting.
Familiarity with industry-specific accounting practices.
Most In-demand Soft Skills
The following list describes the most required soft skills of an Accounts Administrator:
Attention to detail and accuracy.
Strong analytical and problem-solving skills.
Excellent organizational and time management abilities.
Effective communication and interpersonal skills.
Teamwork and collaboration.
Ethical conduct and integrity.
Adaptability and flexibility in a dynamic work environment.
Customer service orientation.
Ability to work independently and take initiative.
Continuous learning and willingness to adapt to new accounting practices and technologies.
Conclusion
Accounts Administrators play a vital role in managing financial records, ensuring accurate bookkeeping, and supporting accounting processes within organizations. Their responsibilities encompass various tasks, from processing invoices and reconciling financial data to assisting in budgeting and financial analysis. Possessing a combination of hard skills, such as proficiency in accounting software and knowledge of financial principles, along with soft skills like attention to detail and effective communication, is essential for success in this role. By effectively fulfilling their responsibilities and leveraging their skills, Accounts Administrators contribute to the financial stability and success of their organizations.
