What does an Accounting Assistant do?

What are accounting assistants?

Accounting assistant helps the accounting department with day-to-day operations by executing entry-level accounting tasks. Accounting assistants’ key areas of responsibility are accounts receivable and payment. They also assist with collections, invoices, audits, and journal entries. The majority of accounting assistants work in either private accounting offices or for bigger accounting companies in a range of industries.
Accounting assistants often have a degree in bookkeeping, accounting, or finance. Accounting assistants that excel in their jobs are dependable, detail-oriented, and at ease working alone.

What does an Accounting Assistant do?

An accounting assistant works in a company’s accounting department or in an accounting firm, performing basic bookkeeping and administrative chores. The particular tasks vary depending on the company, but an accounting assistant reports to a supervisor, who is most commonly a staff accountant or an accounting manager. Accuracy and attention to detail are essential for anybody interested in a career as an accounting assistant. Accounting assistants should be prepared for government monitoring of their team’s work in addition to reporting to an employer, especially during audits and tax season. Accounts assistants assist accountants with administrative activities such as filing, processing mail, making phone calls, responding to emails, and basic accounting.

Also read : Administrative assistant job description

Accounting Assistant Job Duties include:

1. To monitor daily communications and answer any pending queries.
2. Preparing statutory accounts.
3. Ensuring that there are timely payments being made and records are correct.
4. Working with spreadsheets, sales and purchase ledgers and journals.
5. Recording and filing cash transactions.
6. Controlling the overall budget credit and erasing any outstanding dues.
7. Invoice processing and filing.
8. Processing expense requests for the accountant to approve.
9. Bank reconciliation.
10. Liaising with third party providers, clients and suppliers.
11. Updating and maintaining procedural documentation.

Responsibilities for Accounting Assistant

1. Accounts payable and accounts receivable support duties
2. Assist in the creation of financial and statistical reports and statements.
3. Analyze financial data to find inconsistencies.
4. In a timely manner, investigate and resolve inconsistencies.
5. Maintain the secrecy of all financial information.
6. Accounting policies, rules, and regulations are interpreted and applied to every activity to guarantee conformity with applicable standards.
7. Gather and compile routine reports and summaries

Requirements for Accounting Assistant

1. An Associate’s degree in Accounting, Bookkeeping, Finance, or a related subject is required. A bachelor’s degree is preferable. It is possible to replace a comparable mix of education, training, and experience.
2. At least a year upto 3 years of relevant, hands-on accounting experience are required.
3. Knowledge of Microsoft Office applications, including Excel, ranging from proficient to advanced
4. Outstanding verbal and written communication abilities
5. Precision and attention to detail are essential.
6. Capability to work independently on specified tasks
7. Demonstrates the capacity to balance many priorities while fulfilling deadlines.

How much do accounting assistants make?

The average salary for an accounting assistant in the Philippines varies based on experience, location, and the type of company.

General Salary Overview

• Entry-Level (0-2 years of experience): Approximately ₱240,000 - ₱360,000 per annum.
• Mid-Level (3-5 years of experience): Approximately ₱360,000 - ₱600,000 per annum.
• Senior-Level (5+ years of experience): Approximately ₱600,000 - ₱840,000 per annum.

Salary by City

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This overview indicates that accounting assistants in the Philippines can expect varying salaries based on their location and the type of company they work for. Major urban areas generally offer higher salaries due to greater demand for accounting roles.

Key Skills

Accounting assistants must have a comprehensive skill set in order to adapt to the wide variety of operations they will conduct. Some of the talents that potential accounting assistants should have are as follows:

1. Mathematical abilities:

Assistant accountants must do a variety of financial activities that need rapid and accurate computations.

2. Financial concepts and accounting terminology understanding:

This knowledge base enables assistant accountants to execute a variety of financial duties inside a business while communicating with other accounting professionals.

3. Systematic working style:

Accounting assistants will carry out their jobs accurately and thoroughly if they follow a methodical workflow.
Accounting assistants are frequently allocated a multitude of responsibilities that they must perform, typically within the same time range.

4. Ability to prioritize:

Accounting assistants use this talent to choose which duties are most necessary to perform first and which may be postponed.
Accounting assistants are frequently overseen by accountants and account managers, although most work must be accomplished autonomously.

5. Focus:

This ability enables accounting assistants to perform more efficiently when completing lengthy and difficult jobs.

6. Under pressure performance:

Accounting departments aren’t typically thought of as high-stress areas, although they may be difficult at times, such as towards the conclusion of the fiscal year and during tax season. During these moments, accounting assistants must be able to perform quickly and precisely.

7. Problem-solving skills:

Accounting assistants must use their problem-solving abilities when figures in accounting ledgers are not balanced.

8. Communication skills:

Accounting assistants have strong verbal and written communication skills to interact with their superiors and others. in their accounting teams, customers, suppliers, and other professionals.

9. Customer service:

Accounting assistants benefit from good customer service abilities while dealing with members of the public.

10. Passion for business and finance:

Accounting assistants will thrive in their work if there is a national interest in the business sector and its finances.

11. Organization:

This ability is necessary for filing paperwork, keeping records, and completing other administrative chores.

12. Discretion:

Accounting assistants frequently deal with sensitive corporate and client financial information that must be kept private.

13. Honesty:

Employers must have confidence in their accounting assistants’ access to business cash.

14. Office program skills:

Accounting assistants will benefit from a solid grasp of software, such as Microsoft Office products, which will allow them to prepare reports and invoices as well as handle financial data.

15. Accounting software skills:

Accounting assistants frequently utilize accounting software to carry out their responsibilities. These specific systems may differ from one organization to the next, but recognizing common aspects may help accounting assistants adjust to different environments.

Why pursue a career as an accounting assistant?

Accounting assistants are typically employed in the offices of private accountants or major corporations. These firms might be accounting firms or enterprises in other industries with their own accounting sections. Accounting assistants are employed by a wide range of organizations, including retail shops, industrial corporations, health care facilities, and educational institutions. Accounting assistants may operate independently with minimal supervision as required.
While the majority of accounting assistant work is done in the office, some accounting assistants may be needed to leave the office on occasion to attend meetings with clients or customers.
Although it is unusual, certain accounting assistants may provide freelance accounting services. These experts may work in their clients’ offices or from home, or they may split their time between home and an external office environment.

How to become an accounting assistant?

Individuals who want to work as accounting assistants must go through a series of processes. They must complete their school and training, find an entry-level job, obtain certification, and explore possibilities for further education. The first step toward a career as an accounting assistant is education and training. While some people with only a high school graduation can find work, most companies prefer some college experience. Candidates receive on-the-job training, but college background might help them stand out for entry-level positions. Full-time students may usually finish an associate degree in accounting or business in two years or a bachelor’s degree in four years.

Individuals should next look for entry-level positions and obtain field experience. Depending on requirements, this phase might take weeks or months. Getting some experience will help you stand out from the crowd when applying for more advanced professions. The fourth stage in earning accounting assistant experience is to complete continuing education credits. Individuals can locate continuing education options through accounting and business professional groups. Continuing education mainly include taking online courses or attending webinars. NACPB provides continuing professional education for accountants, which consists of watching videos and doing tests.

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