Accounting assistants record and report ticketing accounting situations to the accountant they work with, verify deposits and prepare daily reports and income. They arrange authorised refund vouchers, maintain the returned check accounts and communicate with ticketing managers concerning any ticketing systems issues.
Accounting assistants typically do the following:
- Reconcile invoices and identify discrepancies
- Create and update expense reports
- Process reimbursement forms
- Prepare bank deposits
- Enter financial transactions into internal databases
- Check spreadsheets for accuracy
- Maintain digital and physical financial records
- Issue invoices to customers and external partners, as needed
- Review and file payroll documents
- Participate in quarterly and annual audits
The following job titles also refer to accounting assistant:
billing and accounting assistant
A minimum of a high school diploma or equivalent is often required to work as an accounting assistant, but many companies prefer applicants with an associate or bachelor’s degree. There are some colleges that also offer a certificate in Accounting studies. These degrees prepare candidates to manage the expected financial responsibilities of an accounting assistant.
Because an accounting assistant is considered an entry-level position, it is common for current accounting students to pursue a position as one while they are studying to become an accountant.
ISCO skill level
ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:
- the nature of the work performed in an occupation in relation to the characteristic tasks and duties
- the level of formal education required for competent performance of the tasks and duties involved and
- the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.
Accounting assistant is a Skill level 3 occupation.
Accounting assistant career path
These occupations, although different, require a lot of knowledge and skills similar to accounting assistant.
Long term prospects
These occupations require some skills and knowledge of accounting assistant. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of accounting assistant with a significant experience and/or extensive training.
Essential knowledge and skills
This knowledge should be acquired through learning to fulfill the role of accounting assistant.
- Accounting department processes: The different processes, duties, jargon, role in an organisation, and other specificities of the accounting department within an organisation such as bookkeeping, invoices, recording, and taxing.
- Bookkeeping regulations: The methods and regulations involved in the process of accurate bookkeeping.
- Depreciation: The accounting method of dividing the value of an asset over its useful life for the allocation of cost per fiscal year and in parallel to decrease the value of the asset from the accounts of the company.
- Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
- Accounting entries: The financial transactions recorded in accounting systems or books of a company together with the metadata linked to the entry such as the date, the amount, the accounts affected, and a description of the transaction.
- Tax legislation: Tax legislation applicable to a specific area of specialisation, such as import tax, government tax, etc.
Essential skills and competences
These skills are necessary for the role of accounting assistant.
- Perform business research: Search and collect information relevant for the development of businesses in different fields ranging from legal, accounting, finance, up to commercial matters.
- Allocate bills: Prepare and issue bills to clients and debtors taken from the accounts receivable of the financial statements. Disclose the amount to pay, the due date, taxing information, and additional details as necessary.
- Check accounting records: Revise the accounting records of the quarter and year and ensure that the accounting information reflects with accuracy the financial transactions of the company.
- Manage corporate bank accounts: Have an overview of the bank accounts of the company, their different purposes, and manage them accordingly while keeping an eye on their balance, interest rates, and charges.
- Follow up accounts receivables: Revise the accounts receivables section in the financial statements in order to breakdown the financial rights that the company has over other entities. Take actions in order to close the accounts and collect the money.
- Use office systems: Make appropriate and timely use of office systems used in business facilities depending on the aim, whether for the collection of messages, client information storage, or agenda scheduling. It includes administration of systems such as customer relationship management, vendor management, storage, and voicemail systems.
- Follow the statutory obligations: Understand, abide by, and apply the statutory obligations of the company in the daily performance of the job.
- Identify accounting errors: Trace accounts, revise the accuracy of the records, and determine the faults in order to solve them.
- Use accounting systems: Employ accounting systems for recording and managing the accounts, obligations, and rights that the company possesses. Utilise these systems for accounting operations, financial analysis, and preparation of financial statements.
- Issue sales invoices: Prepare the invoice of goods sold or services provided, containing individual prices, the total charge, and the terms. Complete order processing for orders received via telephone, fax and internet and calculate the customer’s final bill.
- Perform account allocation: Allocate transactions on an account by matching the total value, only a part of it or a group of transactions to the original invoice, and by posting financial information such as discounts, taxes or currency exchange differences.
- Attach accounting certificates to accounting transactions: Collate and link documents such as invoices, contracts, and payment certificates in order to back up the transactions made in the accounting of the company.
- Prepare trial accounting balances: Ensure that all transactions are recorded in the books of the company and totalise all the debits and the credits of the accounts to find out balance in the accounts.
- Maintain financial records: Keep track of and finalise all formal documents representing the financial transactions of a business or project.
Optional knowledge and skills
This knowledge is sometimes, but not always, required for the role of accounting assistant. However, mastering this knowledge allows you to have more opportunities for career development.
- Labour legislation: Legislation, on a national or international level, that governs labour conditions in various fields between labour parties such as the government, employees, employers, and trade unions.
- Banking activities: The broad and continuously growing banking activities and financial products managed by banks ranging from personal banking, corporate banking, investment banking, private banking, up to insurance, foreign exchange trading, commodity trading, trading in equities, futures and options trading.
- Financial statements: The set of financial records disclosing the financial position of a company at the end of a set period or of the accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
- Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
- Company policies: The set of rules that govern the activity of a company.
Optional skills and competences
These skills and competences are sometimes, but not always, required for the role of accounting assistant. However, mastering these skills and competences allows you to have more opportunities for career development.
- Maintain statutory books: Maintain updated the statutory books of the company with the relevant information of the directors and secretaries, the directors interests, and the register of shareholders.
- Prepare tax returns forms: Totalise all the deductible tax collected during the quarter or fiscal year in order to fill tax return forms and claim it back to the governmental authorities for declaring taxation liability. Keep the documents and records supporting the transaction.
- Calculate tax: Calculate the taxes which have to be paid by an individual or organisation, or paid back by a governmental institution, compliant with specific legislation.
- Manage cash desk: Ensure compliance with company operating procedures and relevant legislation for cash desk activities. Apply the CCF policy and actively control debt management and recovery within agreed parameters.
- Manage payroll reports: Maintain personnel records as well as payroll reports. Record evaluations, promotions or disciplinary actions.
- Interpret financial statements: Read, understand, and interpret the key lines and indicators in financial statements. Extract the most important information from financial statements depending on the needs and integrate this information in the development of the department’s plans.
- Prepare financial statements: Collect, entry, and prepare the set of financial records disclosing the financial position of a company at the end of a certain period or accounting year. The financial statements consisting of five parts which are the statement of financial position, the statement of comprehensive income, the statement of changes in equity (SOCE), the statement of cash flows and notes.
- Perform dunning activities: Send letters or make phone calls to methodically remind individuals about actions they are requested to take by a set deadline. Use a firmer tone as the due date approaches or passes. If there is an automated dunning process, make sure it runs properly.
- Disseminate information on tax legislation: Provide advise on the possible implications for companies or individuals on decisions regarding tax declaration based on tax legislation. Advise on the favourable tax strategies that could be followed depending on the needs of the client.
- Perform cost accounting activities: Execute the cost related activities and operations within the accounting activities such as standard cost development, average pricing analysis, margin and cost ratio analysis, inventory control, and variance analysis. Report the results to management and advise on possible courses of action to control and reduce the costs.
- Manage the general ledger: Enter data and revise the adequate maintenance of general ledgers in order to follow up on the financial transactions of the company, and other non routine transactions such as depreciation.
- Manage accounts: Manage the accounts and financial activities of an organisation, supervising that all the documents are correctly maintained, that all the information and calculations are correct, and that proper decisions are being made.
- Maintain register of shareholders: Keep an accurate register of shareholders and monitoring changes in share ownership of the company.
- Handle financial transactions: Administer currencies, financial exchange activities, deposits as well as company and voucher payments. Prepare and manage guest accounts and take payments by cash, credit card and debit card.
ISCO group and title
3313 – Accounting associate professionals
- Accounting assistant – ESCO
- Accounting Assistant job description template | Workable
- Accounting Assistant Job Description – Indeed