Accounting Associate

Balancing is as much a part of a tightrope walker's life as it is of an Accounting Associate's job. Contrary to stereotypical images of accountants peering at spreadsheets all day and deciphering alien-appearing equations, it can be quite exciting to lay the groundwork for accounting procedures as you get a behind-the-scenes glimpse into organizational functions.

What do Accounting Associates do?

An Accounting Associate would typically need to:

1. Assist top-level accountants, auditors, and finance employees within a company; undertake bookkeeping and accounting work, such as data entry, reconciling of accounts, as well as preparing accounting reports and facts as per enacted processes and guidelines.
2. Assist with the preparation of budgets and financial statements; help with tax filings, accounts receivables, accounts payables, and payroll processing; manage insurance claims; assess and encode financial data.
3. Comply with federal, state, and local legal regulations and requirements; clarify accounting related issues, procedures, and policies.
4. Answer calls and manage routine correspondence with clients, responding to their queries, providing information, and ensuring appropriate follow-up; discharge other clerical duties.
5. Handle payments made by or to the company; prepare invoices, statements of accounts, vouchers, and other documents; process, record, and pay invoices, bills, and other transactions.
6. Keep track of and resolve overdue accounts and outstanding payments through communication with departments, vendors, and clients.
7. Ensure proper review of accounts for appropriate supervision of transactions and correct placement to designated areas; supervise, track, and post income, expenses, and gifts.
8. Manage cash with investment brokers and banks daily; validate accounts as well as bank certificates.
9. Collate accounts of staff, travel advances, and other expenses relating to entertainment and travel; appraise payment applications for appropriate authorization.
10. Compile and review financial information; collate monetary data and maintain accounting journals; prepare financial forms, documents, and reports required by management and other governmental organizations.
11. Record fiscal transactions and balancing/reconciling accounts; maintain filing systems.
12. Reconcile employment hours with statements; reconcile bank statements.
13. Acquire, process, and register customer invoices using various accounting software and systems.
14. Manage sales contracts, reports on employee expenses, information on salary, and organization timesheets.
15. Liaise regularly with co-workers, supervisors, managers, and other personnel.
16. Evaluate and update information; undertake validation of data for accuracy; verify the information printed on documents before proceeding with transactions.

The Accounting Associate is an entry-level position typically answerable to either the financial services manager or a senior accountant and filled mostly by fresh professionals seeking their first real-world accounting experience and responsibilities.

Accounting Associates usually work in a comfortable and indoor office setting with accountants, although some, particularly those who are self-employed, work from home. Exposure to video terminal displays is the norm. Work may call for some travel from business to business to verify data. Accounting Associates may work independently with only some supervision as needed. They must, however, be skilled at working with others, and, mainly, in dealing with clients. Working full time is the norm, although you may also find part-time, job-share, and flexible opportunities, especially when your role requires you to work as part of a larger team.

Working in roles such as that of an accounts payable clerk, accounting clerk, or administrative assistant will equip you with relevant experience to become an Accounting Associate. Experience in entry-level jobs will enhance your chances of landing advanced positions. About four years of professional accounting experience will stand you in good stead in your job search.

As in any career, reading as much as possible about the profession and interviewing those working as Accounting Associates are other important ways to explore your interest.

You can depend on an accounting internship to help you discover and develop the skills and abilities needed in the workplace, which include rigor, an affinity for numbers, and being tech-savvy.

As an Accounting Associate intern, you would work under the company's accountant or CFO, helping them carry out their diverse functions to manage cash flow. Internship activities would include following the expenses, entries, and financial wellbeing of the company. Landing some internships may depend on the level and field of your education, and so may the responsibilities you discharge.

An Accounting Associate tackles complex equations and figures daily. Therefore, while not essential, acquiring a four-year bachelor's degree in accounting, business, or finance-related courses from a well-ranked university would give you an edge in the employment market for advanced posts. Your coursework would typically include economics, financial accounting, business ethics, public accounting, and bookkeeping.

Candidates with associate degrees usually earned in two years and even high school diplomas also find jobs as Accounting Associates but may fill lower-paid entry-level positions. You may top up your first degree with a master's degree and two to three years of experience in accounting or a related field.

Be sure to become well versed with the common set of accounting principles, standards, and procedures issued by the relevant authority on financial accounting standards in the country you wish to work. Become proficient in accounting software such as QuickBooks.

A degree and some experience in accounting along with good exam scores can set you on the path to acquiring professional certification that demonstrates your competence in a skill or set of skills such as bookkeeping, typically through work experience, training, the passage of one or more examinations, or some combination of the three. Accounting certification pathways are available at some colleges or offered by professional organizations. You may fulfill continuing education credits by attending online courses and webinars.

Individual government entities conduct licensing, which can also help accounting professionals demonstrate credibility and add specific credentials behind their names. Licensing typically requires the passage of an examination in addition to the fulfillment of eligibility requirements, such as a minimum level of education, work experience, training, or the completion of an internship, residency, or apprenticeship. You could, for instance, earn a license to work as an accounting paraprofessional or a payroll specialist. You may fulfill continuing education credits by attending online courses and webinars. Higher credentials such as CFA (Chartered Financial Analyst) or those qualifying you as internal auditors are also options if you fulfill their criteria.

Starting their career as mostly young and fresh professionals out of college, Accounting Associates typically fill entry-level positions. They gather their first real-world accounting experience working under the financial services manager or a senior accountant.

Performance, experience, and acquisition of professional qualifications drive their career progression. Employees with consistently high levels of performance may be eligible for promotion every two to three years.

You may leverage your experience to rise to management positions or use it as a stepping stone to becoming a fully licensed and competent certified professional Tax Auditor or Cost Accountant through further study and certification.

The rungs on the ladder typically include the roles of Staff Accountant, Accountant, or Accounting Manager. Further experience may see you promoted as Financial Controller, Corporate Controller, or Accounting Director.

Skills that would enhance your pay and job opportunities include budget management, financial applications, analysis, reporting, and general ledger analysis. Willingness to learn a

Continuing professional development (CPD) is the holistic commitment of Accounting Associates towards enhancing personal skills and proficiency throughout their active careers through work-based learning, a professional activity, formal education, or self-directed learning. There are a whole host of CPD courses, seminars, and workshops to help professionals in the field.

CPD allows individuals to upskill continually, regardless of their age, job, or level of knowledge. It prevents practical and academic qualifications from becoming outdated. It enables Accounting Associates to identify any knowledge gaps and progress to a new specialism.

You can opt for online courses to enhance your current skillset. However, certifications such as a CPA (Certified Public Accountant) amongst others, may well be your principal professional development goal as an Accounting Associate. You can incorporate professional development activities into your working week or give it a go at night school after office hours.

Pursuing a master's degree will also help you navigate your career in the direction you wish. In turn, it may also influence the direction of your professional development plan. It is worthwhile to explore the accounting degrees available and correlate them with your future plans before making a choice.

Reconnect with your existing network of colleagues, mentors, and professors and expand it whenever possible by fostering new, professional relationships through work, as well as industry conferences, networking events, and continuing education classes. Make sure to read books to stay current with business trends, acquire and develop insights, and keep your mind sharp.

Check with your company if it offers a fast-track career path. Try to manage at least one employee a year as a way of refreshing your role, increasing your engagement with your job, learning new skills, improving your communication abilities, and possibly earning more. Foster your people and project supervision and leadership skills at work. Find chances to create business plans and budgets and offer to oversee taking one or more internal initiatives to their finish line. Grab customer-facing roles to develop client relations.

Professional development, coupled with experience on the job, will enhance your accountancy skillset, abilities, and accomplishments and enrich your value to organizations and clientele. Make sure to keep track of your goals and achievements.