Finance Assistant Job Description, Skills, and Salary
Are you searching for a finance assistant job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a finance assistant. Feel free to use our job description template to produce your own. We also provide you with information about the salary you can earn as a finance assistant.
Who is a Finance Assistant?
A finance assistant is a person who assists in managing an organization’s finances. A finance assistant handles invoices, compiles financial statements, enters data into databases, and assists other staff with accounting operations.
The duties of a financial assistant include completing accounting tasks to support the efficient running of the finance department.
Finance assistants are in charge of correctly performing the accounting chores by using numerous accounting concepts in their employment, which is supportive. They must be well familiar with the duties of a financial assistant if they want to succeed in this sector.
A finance assistant also manages an organization’s general bookkeeping and accounting. They are proficient in all office duties related to a financial department. In addition to these processes, they are in charge of maintaining accurate records for invoicing, bank transfers, National Insurance contributions, and payroll. Since this is an assistant position, they may need to assist with various other duties in the finance or accounting division.
You may find finance assistants working in Healthcare, charity organizations, and government agencies. Each sector will have its own set of financial regulations and practices, which might modify the kind of work expected of a finance assistant. However, they will often always be in charge of documenting and reporting the company’s daily financial activity.
A finance assistant may work in a particular division of a firm, such as payroll or invoicing, and report to their immediate manager and the department’s head of finance. In a small business, the finance assistant may have one manager to assist.
Finance Assistant Job Description
What is a finance assistant job description? A finance assistant job description is simply a list of duties and responsibilities of a finance assistant in an organization. Below are the finance assistant job description examples you can use to develop your resume or write a finance assistant 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 the finance assistant include the following:
- Add financial information to the system.
- Attend meetings with the finance department and the entire organization, occasionally helping with financial reporting to managers and senior executives.
- Create and revise balance sheets.
- Inform the appropriate authorities of any unsettling findings or suspicions of misconduct.
- Gather information from employees and make payroll payments for them.
- Help the finance director regularly create and update financial reports.
- Follow the organization’s or company’s financial policies and procedures.
- Manage the budget preparation.
- Keep and compile all documentation, such as monthly payrolls.
- Keep tax payment records.
- Gather and analyze information for reports.
- Examine and follow departmental budgets.
- Gather and input data for several financial spreadsheets.
- Prepare the organization’s tax paperwork.
- Produce reports for both fixed and variable cost analysis.
- Provide cost analysis reports for other departments.
- Process and prepare financial and business paperwork to monitor account balances and make transactions.
- Process invoices and monitor clients’, partners’, and suppliers’ requirements.
- Record all account payments and receipts.
- Review and audit financial accounts and reports to ensure accurate computations and data inputs.
- Resolve any inconsistencies or mistakes you find by speaking with staff members or clients.
- Respond to inquiries and offers support to customers, clients, and stakeholders as necessary.
- Suggest modifications or upgrade to boost precision, effectiveness, and cost savings.
- Take part in audits on a yearly, quarterly, and monthly basis.
- Update daily transaction data entry and financial spreadsheets.
Qualifications
- A high school certificate, GED, or its equivalent
- A Bachelor’s degree in accounting, finance, economics, or a closely related discipline
- Certification as a professional e.g. CPA or CFA (may not be compulsory at this level but will be at an advanced level)
- Experience through an internship or practice as a finance assistant or a similar role
Essential Skills
Although individuals with little to no prior experience can apply for the position, employers will be on the lookout for the following skills and expertise during the hiring process:
- Accounting Software
- Analytical
- Budgeting
- Communication
- Detail-oriented
- Data Entry
- Invoicing
- Forecasting
- Finance Analyses
- Problem Solving
- Organization
- QuickBooks
- Tax Law
- Time Management
Accounting Software
Finance assistants keep track of and record corporate money using accounting software. They can input data if they have excellent accounting abilities, which helps assure the accuracy of your records. Additionally, it guarantees that you can evaluate report data as needed.
Analytical
Analytical skills are necessary for finance assistants. To do this, one must be able to read contracts, comprehend financial figures, and assess the effectiveness of various investment plans. The ability to evaluate data is also necessary while carrying out duties like budgeting or bank account reconciliation.
Budgeting
The process of creating a budget involves deciding how to spend your money. As a finance assistant, you can be in charge of helping customers make budgets and keeping track of their spending patterns. They use this knowledge to encourage people to save more money or make better-informed investments. For instance, they may advise a customer to buy energy-efficient equipment if they have a high monthly mortgage payment to lower their utility costs.
Communication
The capacity for clear and intelligible information transfer is communication. Finance assistants frequently speak with customers over the phone, via email, or in person. They need this skill to give financial advice and delve into difficult subjects. Additionally, they need to pay close attention while clients describe their demands so they can pass appropriate information.
Detail-oriented
The ability to focus and be observant in whatever one is dealing with is being detail-oriented.
Finance assistants’ ability to pay attention to detail will help them do their work successfully. They ensure the accuracy of the data they enter into databases and spreadsheets. Before sending out papers like contracts or agreements, they might also need to evaluate them. They need to pay close attention to detail since they want to ensure they include all the required signatures and that the information is accurate.
Data Entry
Entering information into a computer system is known as data entry. Finance assistants frequently employ data input when recording financial transactions, updating spreadsheets, and producing reports. Strong data entry abilities can help them save time by enabling them to enter data properly and rapidly. If they have strong data entry abilities, they can potentially eliminate errors in their job since they can type more accurately.
Invoicing
Invoicing is the practice of creating a thorough record of transactions between two parties. It is frequently used by finance assistants to keep track of payments and reimbursements and to provide documents for accounting needs. Strong invoicing skills may support them in maintaining precise financial records and guaranteeing that clients pay in full for the business and services provided.
Forecasting
The capacity to foresee upcoming patterns and occurrences is known as forecasting. Finance assistants can be in charge of predicting business success using recent data. It calls for the analysis of data and the formulation of future market scenario projections. This ability can be put to use when planning investments or finances.
Finance Analyses
Finance assistants frequently assist their employers with financial analyses. Understanding how to read and analyze data is a talent that may help them make sound judgments regarding investments or other business-related activities. If their manager is not present, they can also do a financial analysis on their behalf. For instance, if a customer complains about payment, they might need to check the business’s records to figure out what occurred and how to fix it.
Problem-solving
Having the capacity to recognize and address problems is problem-solving. Finance assistants might have to fix issues with accounting software or other office supplies. They may assist their manager in overcoming obstacles they encounter at work. They might be able to conduct research and supply the essential information, for instance, if an investor requests information that is not readily available.
Organization
Organization skill is the capacity to handle and monitor several duties and obligations. As finance assistants, they can be in charge of overseeing many projects simultaneously. It might be easier to remain on top of their work and ensure they meet all deadlines if they have excellent organizing abilities. Additionally, having a well-organized workstation can help them locate files and papers quickly.
QuickBooks
Finance assistants track and manage their company’s finances with a tool, called QuickBooks. To effectively record transactions, reconcile accounts, and provide reports, assistants must be familiar with this program. Regardless of their existing job, the assistant will probably need to learn how to use QuickBooks because many businesses demand their staff to do so.
Tax Law
The collection of regulations known as tax law specifies how firms and individuals are required to submit their income to the government. Finance assistants might have to file taxes on behalf of their company or clients. Understanding tax legislation will help them ensure proper reporting and prevent Internal Revenue Service fines. Additionally, they may utilize their understanding of tax law to respond to inquiries regarding any credits or deductions that an employer might wish to take advantage of.
Time Management
Time management is the capacity to schedule and carry out work in a way that guarantees one meets deadlines. Time management abilities are crucial for finance assistants since they enable them to finish their tasks on schedule and guarantee that their employer’s objectives are satisfied. For instance, they might need to swiftly acquire the information if an investor requests details on a client’s account to assess it before the deadline.
How to Become a Finance Assistant
There are different ways one can become a finance assistant depending on the country of residence. However, below are a few general steps that may work wherever one is to become a finance assistant;
Step 1: Educational Qualification
Since most finance assistants receive on-the-job training, a high school diploma may be okay to acquire entry-level employment in the role. Some firms prefer a bachelor’s degree in accounting, finance, or business-related subjects like bookkeeping, economics, or statistics. Although some employers do not demand a degree for a position as a finance assistant, degree holders advance more quickly to higher finance roles. Most recent graduates work as finance assistants to gain practical experience and advance their careers.
Step 2: Training
Many financial assistants pick up on the specialized methods and techniques required for their position while working.
Training may vary from a few weeks to a month, depending on the organization and the function. Until trainees feel confident enough to execute work independently, training frequently includes observing current financial assistants in action and conducting tasks under supervision.
Step 3: Certification
Different countries have different certifications that may help one to be more knowledgeable and boost one’s chances of becoming a finance assistant.
In the United Kingdom, one can join certification and membership organizations for accountants, such as the Institute of Chartered Accountants in England and Wales, as a finance assistant. Their competitiveness will increase and careers will advance more quickly with professional qualifications. In many situations, certification is not compulsory for the position. However, to move to managerial or higher roles, having certificates may be necessary.
Where to Work as a Finance Assistant
Many enterprises, government agencies, non-profit organizations, educational institutions, hospitals, and other organizations employ finance assistants in their finance and accounting departments. They could also work for firms that provide financial services, such as legal firms, real estate brokerages, insurance companies, financial services offices, etc.
Finance assistants work regular weekday hours. However, they may vary depending on the business. They may sometimes need to work weekends and evenings to accommodate client availability.
Typically, finance assistants spend their days indoors in a cozy office setting. Sometimes it may be necessary to travel to meet with clients, attend conferences, or for other staff members.
Most times that finance assistants work in front of a computer is spent utilizing office software to capture and store data, organize meetings, and send emails. They may be employed directly by a single individual or work in a general department among other assistants, clerks, and other staff members.
Finance Assistant Salary Scale
In the United Kingdom, a finance assistant has an average income of $23,000. They might make between £21,000 and $26,453 per year.
As of August 2022, the average yearly wage for a finance assistant in the United States is $43,120, according to Glassdoor.
The average compensation for a financial assistant in Canada is $50,202 per year, or $25.74 per hour, according to ca.talent.com. Most experienced professionals earn up to $76,250 yearly, while entry-level roles start at $42,500.
According to Payscale, the average income for a finance assistant in Australia is AUD$55,416. While in Germany, a finance assistant makes an average pay of €33128.
According to Indeed, the annual income for a finance assistant in Ireland is €33,353.
Nigerian wages for financial assistants range from ₦106,000 to ₦296,000 per month. According to Salary Explorer, the average monthly wage is ₦180,000.
Salary ranges may differ by industry, nation, employer, and years of experience.
For instance, a finance assistant employed by a major corporation in a financially sound sector like banking or capital markets often earns substantially more than a finance assistant employed by a small firm or non-profit.
