Accounting Associate Job Description

Accounting Associate Job Description, Skills, and Salary

Get to know about the duties, responsibilities, qualifications, and skills requirements of an accounting associate. Feel free to use our Accounting Associate job description template to produce your own. We also provide you with information about the salary you can earn as an accounting associate.

 

Who is an Accounting Associate?

Accounting associate experts keep detailed records of an organization’s financial activities and double-check the accuracy of documents and records related to those transactions.

An accounting associate assists auditors or accountants at a corporation with basic bookkeeping. Writing reports, providing data analysis and entry, and keeping strong connections with firm clients are among the essential responsibilities of an accounting associate. They also help the accounting or auditing departments with clerical work. An associate degree or higher in accounting, statistics, or economics, as well as experience working in the insurance or financial areas, are required for this position. You’ll need exceptional math, communication, and organizational abilities to succeed in this field. A position as an accounting associate is ideal for ambitious accountants.

An accounting associate is responsible for assisting the accounting department’s operations and assuring the financial services and status of an organization’s financial services and status. Accounting colleagues handle invoices, update client accounts in the database, manage financial reports, assist with tax auditing and processing, monitor the organization’s financial statements and operations, escalate financial disputes, and verify accounts receivable. To execute clerical responsibilities as needed under minimum supervision, an accounting associate must have great knowledge of the accounting business, as well as exceptional analytical and time-management skills.

 

Accounting Associate Job Description

Below are the Accounting Associate job description examples you can use to develop your resume or write an accounting associate job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.

The duties and responsibilities of an accounting associate include the following:

  • Assist the accounting department’s operations and ensure the financial services and status of an organization’s financial services.
  • Reconcile bank statements and provide financial data for an outside CPA to process during tax season.
  • Direct help and complete support for daily A/P-A/R, general ledger, and journal entries for the agency.
  • Perform analysis and validation of accounts payable invoices, as well as review, coding, journal entries, and A/P accounting procedures.
  • Execute budgeting and forecasting tasks with QuickBooks; produce and present final reports to top management.
  • Identify and solve problems that arise during their work, using their knowledge of bookkeeping principles and practices.
  • Perform accounting and related calculations using standard computer software packages.
  • supervise accounting and bookkeeping clerks’ work.
  • Create financial performance, trends, or risk reports for management.
  • Keep track of and supervise revenue and expenses.
  • Authenticate bank accounts
  • Keep track of ledger accounts.
  • Work together with accountants and auditors.
  • Maintain a positive working relationship with clients.
  • Assist with compliance and payroll audits.
  • Advice on budgetary improvements.
  • Appraise all payment applications for appropriate authorization.
  • Process sales contracts, expense reports, salary information, and timesheets for employees.
  • Validate data for accuracy by evaluating and updating information.
  • Ensure that accounts are reviewed for effective supervision of transactions and appropriate placement in specified locations.
  • Monitor, track, and record all income, expenses, and gifts.
  • Validate bank certificates as well as accounts.
  • Compile staff accounts, travel advances, and other entertainment and travel expenses.
  • Manage cash with brokers and banks daily.

 

Qualifications

  • A bachelor’s degree in accounting, finance, or a related field is required.
  • Excellent knowledge of state and federal tax rules and regulations.
  • Knowledge of Accounting principles and practices.
  • A professional Certificate in Public Accountant (CPA).
  • Experience as an Accounting Associate or in a similar role in the accounting department.
  • Excellent numerical and arithmetic abilities.
  • Ability to deal with sensitive information.
  • Mastery of Accounting software and MS Office tools.
  • Excellent ability to operate independently as well as in a group.
  • Knowledge of Accounting software and MS Office tools.
  • Ability to prepare and present reports and letters regularly.

 

Essential Skills

  • Ability to Analyze: Accounting work necessitates a thorough, detail-oriented approach. Accounting associates must go through voluminous financial documents to ensure that every detail is correct and up to date. Otherwise, their analysis could produce contradictory results.
  • Organization: To handle several clients, fulfill deadlines, and adhere to correct reporting rules, accountants must be extremely organized. Each job necessitates a substantial amount of documentation, and unorganized accounting associates will find it difficult to maintain track of crucial documents.
  • Thinking Critically: Accountants are regularly confronted with errors, discrepancies, and inaccuracies, which, if not identified and corrected, can have major consequences for companies and clients. Accountants must approach situations seriously, taking into account all variables and potential dangers, to handle these complicated challenges.
  • Communication between people: Accountants must explain their findings to colleagues and clients, many of whom may not have a solid comprehension of complex financial concepts, in addition to evaluating and optimizing financial records. As a result, accountants are essentially data interpreters.
  • Adaptability: The accounting profession, like the rules that guide taxation and financial reporting, is continuously changing and evolving. Accountants must always be ready to adapt to new norms and protocols, as well as technological advancements, workplace dynamics, and new client-interaction platforms.
  • Organizing your time: Many accountants work on several tasks at the same time. Accountants must be able to multitask and efficiently manage their time to fulfill deadlines and deliver appropriate results to their clients.
  • Knowledge of Spreadsheets: To fulfill various responsibilities, today’s accountants use several software tools such as Microsoft Excel and other spreadsheet systems.
  • Team spirit: Many accounting professionals operate in teams, contrary to the popular belief that accountants work alone at a desk. Accountants may help their company achieve excellent results and set the road for potential advancement chances by engaging in team initiatives and cooperating with colleagues.
  • Writing ability: Accountants must explain sophisticated ideas and concepts in layman’s terms in emails and other correspondence to non-accounting professionals. They also prepare memos that take positions on financial statements or tax returns, as well as for instructions and recommendations for team members to improve on-the-job efficiency.
  • Reliability and trustworthiness: Accountants must be dependable and trustworthy since they have access to private financial information about firms and clients. Clients’ capacity to trust accountants has a significant impact on the strength of their professional relationships.
  • Numeracy skill: Accountants require high numeracy abilities since they are always analyzing numbers and performing computations.
  • Computer skill: Advanced software packages, as well as advances in artificial intelligence and cloud technologies, are allowing accountants to spend less time on routine data-entry chores. Accountants must have strong computer abilities to take advantage of modern technology.
  • Pay close attention to the details: To obtain accurate outcomes, accountants must take a rigorous approach to their work, which includes following the necessary methods and paying attention to detail. Errors in their job can cost a corporation a lot of money.

 

How to Become an Accounting Associate

To become an accounting associate the following steps should be considered;

  • Get a degree in accounting: To become an accountant, you must first obtain a bachelor’s degree in accounting, regardless of your future goals. For certain job fields, an associate degree is sufficient, while a bachelor’s degree is desirable. A bachelor’s degree in accounting can lead to a variety of corporate professions and can also serve as a solid foundation for additional accounting studies.

You’ll study tax regulations, accounting principles, and other mathematical ideas as part of your schooling.

  • Find an internship: You don’t have to put everything else on hold while studying to become an accountant. To work in accounting, you’ll need a bachelor’s degree. However, don’t squander your four years.

Find an internship and begin networking with people in your business. When it comes time to look for an accountant career, the network you create over these years will be crucial.

  • Obtain a master’s degree: If you want to develop your accounting career beyond an entry-level position, you’ll need to get an advanced degree in accounting. A master’s degree in accounting can lead to more stable and higher-paying professional pathways such as auditing, forensic accounting, and public accounting. A master’s degree can also help you earn more money in your current work.

With only a bachelor’s degree, you may not be eligible to take the Certified Public Accountant Examination, making a master’s degree necessary to progress your career. The following are some master’s degree options:

    1. Accountancy Master’s Degree
    2. A Master of Science in Accounting is a degree earned after completing a bachelor’s
    3. Master of Professional Accountancy is a degree awarded by the American Institute of Certified Public Accountants
    4. Master of Business Administration with a concentration in accounting
  • Take up a relevant role to demonstrate your willingness: If you’re having trouble finding a job in accounting, look for one that allows you to develop transferable skills. Many administrative occupations, for example, need you to input and handle financial data, but customer-facing employment will help you hone your communication skills. Lower-level positions in areas like payroll or bookkeeping can also be useful stepping stones because they demonstrate that you are comfortable working with numbers and can help you make better career decisions.
  • Take the Certified Public Accountant examination t: You may decide to take the Certified Public Accountant Examination, sometimes known as the CPA, depending on which accounting specialty you pick. You must pass a comprehensive examination and have substantial expertise in the subject of accounting to pursue this professional path. You’ll be able to file Securities and Exchange Commission reports and represent clients before the Internal Revenue Service in tax concerns after passing your CPA exam.
  • Keep your education going: Every year, you’ll need to complete continuing professional education training to keep your CPA license active. Your CPA license must also be renewed every few years. You can also get your Certified Management Accountant (CMA) credential. To obtain this certification, you must have two years of accounting management experience and pass an exam.

 

Benefits of becoming an Accounting Associate include;

  1. Possibility of working in a variety of industries: As an accounting associate you will have the option to work in several settings and sectors. Whether in the technological or farming industries, almost every company requires an accountant. Accounting associates have the option of specializing in any industry of their choice. Some accountants operate in multiple industries at the same time.
  2. Accounting professions are in high demand in practically every industry because every organization and corporation requires an accountant to supervise its finances. Accounting associates have a high demand for their services, which provides them with a lengthy career and employment stability. Accounting associate employment demand is predicted to expand by 4% between now and 2029, which is on par with most other jobs in the US, according to the Bureau of Labor Statistics.
  3. Excellent earnings potential: Accounting associates make a good living, and their pay scales are frequently competitive. Accounting associates in the United States earn an average annual pay of $54,611 each year. This figure is based on a total of 10,600 wages reported to Indeed on January 26, 2021. The earnings of accounting associates are influenced by several things. Their place of employment, years of experience, and geographical location are all aspects to consider. An accounting associate working at the Department of Homeland Security, for example, earns an average of $102,872 per year. An accounting Associate in Denver, CO earns an average of $66,049 a year.
  4. Possibility of starting your own business: Accounting associates who have earned their Certified Public Accountant (CPA) designation can start their firms. This allows accounting associates to take a more entrepreneurial approach to their work and explore a variety of career opportunities within the accounting field. The majority of accountants who start their firms do so after several years of expertise in the sector.

 

Where to work as an Accounting Associate

Accounting Associates can work in the following places

  1. Bank
  2. Companies
  3. Private corporations
  4. Financial industry
  5. Government sector

 

Accounting Associate Salary Scale

The income of an accounting associate varies depending on the specialty, amount of education, and years of experience. Salary is influenced by location.

In the United States, the average salary for an accounting associate is $44,719 per year or $21 per hour. They also receive a $765 bonus on average. The average compensation for an entry-level accounting associate (1-3 years of experience) is $33,392. A senior-level accounting associate (8+ years of experience), on the other hand, gets an average income of $54,137.

In the United Kingdom, the average associate accountant salary is £41,698 per year or £21.38 per hour. The starting salary for entry-level occupations is £32,500 per year, with most experienced workers earning up to £60,000 per year.

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