How to become An Accounting Associate

• Accounting Assistant
• Junior Accountant
• Accounting Clerk
• Ledger Clerk

What do Accounting Associates do?

An Accounting Associate would typically need to:

• 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
• 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
• Comply with federal, state, and local legal regulations and requirements; clarify accounting related issues, procedures, and policies
• Answer calls and manage routine correspondence with clients, responding to their queries, providing information, and ensuring appropriate follow-up; discharge other clerical duties
• 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
• Keep track of and resolve overdue accounts and outstanding payments through communication with departments, vendors, and clients
• Ensure proper review of accounts for appropriate supervision of transactions and correct placement to designated areas; supervise, track, and post income, expenses, and gifts
• Manage cash with investment brokers and banks daily; validate accounts as well as bank certificates
• Collate accounts of staff, travel advances, and other expenses relating to entertainment and travel; appraise payment applications for appropriate authorization
• 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
• Record fiscal transactions and balancing/reconciling accounts; maintain filing systems
• Reconcile employment hours with statements; reconcile bank statements
• Acquire, process, and register customer invoices using various accounting software and systems
• Manage sales contracts, reports on employee expenses, information on salary, and organization timesheets
• Liaise regularly with co-workers, supervisors, managers, and other personnel
• 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.

Typically a 9 a.m. to 5 p.m. job, an Accounting Associate’s work may extend beyond 40 hours a week during certain seasons, especially in tax or public accounting firms. Be prepared for overtime work on evenings and weekends as a fiscal period ends and during accounting audits or tax time. Holidays and vacation season are when you would put in overtime work if you work in malls, resorts, or hotels that function on seasonal demand.

Accounting Associates are either employed by accounting firms or within the accounting department of businesses in other sectors that have their own accounting departments.

Nearly all industries, including large corporations, small businesses, and nonprofit organizations, use their services, as do those with seasonal demand, such as malls, resorts, and hotels.

Larger companies employ Accounting Associates and clerks to supplement the strength of their financial departments. Some may also work as free agents.

Finding a new job might seem challenging. Aspiring Accounting Associates can boost their job search by asking their network for referrals, contacting companies directly, using job search platforms, going to job fairs, leveraging social media, and inquiring at staffing agencies.

Accounting Associates are generally employed by:

• Private Accountants
• Accounting Firms
• Auditing Firms
• Banks
• Healthcare Facilities
• Manufacturing
• Educational Institutions
• Hospitality Sector
• Malls

As a member of organizations such as the IFAC (International Federation of Accountants), you are eligible to receive their advocacy, development, and support. The IFAC contributes to the global economy, supports international standards, and makes professionals ready to tackle future needs and responsibilities. It serves as a platform for pursuing professional development or connecting with like-minded counterparts in the field. Membership in one or more such associations adds value to your resume while bolstering your credentials and qualifications.

• A deadline-driven environment, with business getting even more hectic than usual during the busy season
• Back pains, eyestrain, and headaches from constantly going over numbers while sitting for extended periods
• Challenging to break the barriers of being just an 'associate'; a constant struggle to prove your ability to expand your workload and shoulder greater responsibility
• Always needing to excel at your job and take the initiative to complete more projects; the need to build accounting specialties while simultaneously acquiring new technology skills to enhance employability
• Being able to use cloud accounting software and operate efficiently in a cloud environment; taking advantage of more automated functions to enhance the value of accounting processes
• Implementing data protection processes and tools since accounting errors and data theft can cause businesses to collapse
• Competition within the accounting industry; preference for external accounting services causing internal departments to shrink; focus on specialized accounting skills like financial forecasting, financial analytics, cash flow projection, and nonprofit accounting
• Staying current with tax regulations; suggesting IT solutions to manage tax filing and complaints
• Helping build customer loyalty based on positive client experience by using accounting features that improve customer experience
• Being able to function remotely or within a team setting

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.

A Brief Historical Account Easily accessible, affordable, and excellent accounting software has allowed the world of accounting to evolve rapidly from earlier years. Instead of calculators and adding machines, accountants now depend on software programs to manipulate numbers faster and in diverse, complex ways. The outcomes are accuracy and details that aid companies and individuals in making better-informed financial decisions. A Penny for Your Thoughts It is useful to prep yourself before tackling a job interview for the role of Accounting Associate as the market is quite competitive. The interview panel could bluntly question you on what daily tasks you expect to carry out in your role or they may put forth a more open-ended query about your thoughts on why your work is vital. Talking about how you would tackle an audit or discrepancy would demonstrate your research and problem-solving skills. Most likely, you will be questioned about your proficiency with accounting software and will also need to present evidence of being able to multitask and apply accounting principles. Freelance Vs. Full-Time Work A freelance Accounting Associate enjoys freedom with regard to flexible schedules, working hours, and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented. While it has unlimited earning potential, freelancing also has less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.

A full-time Accounting Associate, however, has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed and reliable source of income and guidance from their bosses. Despite the above benefits, they are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. There is a lack of flexibility, ownership, and variety, compounded by the need to set aside funds for commuting and attire costs.

When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.

There is more than meets the eye when it comes to being an Accounting Associate. For example, did you know that they make an average of $22.27 an hour? That's $46,326 a year!

Others may see you as a monotonous mathematical genius and a tax expert who merely crunches numbers seated at a desk in Rapunzel’s tower-like isolation. The fact is that Accounting Assistants do have a life outside work, like other professionals. However, at work, they are sharply analytical and accurate, highly detail-oriented, and whizzes at oral and written communication. Make sure, though, you don’t get breathless staying in sync with your fast-paced and time-sensitive responsibilities.

Bottom line: Every accountant is in business for themselves, responsible for their own skills, growth, integrity, reputation, brand, and service to clients and the public. The most important skills you can learn beyond the basics for licensure are how to get new clients and to amaze and delight them.