Financial Assistant Job Description
A financial assistant plays a crucial role in handling the day to day activities of the accounting and finance department. Financial assistant responsibilities comprise a wide range of accounting duties and functions that need to be executed in an effective manner to support the smooth operation of the finance department.
Their job is mostly supportive in nature and they are responsible for carrying out the accounting duties accurately by applying various accounting priniciples. If you are aiming to stabilize in this field, you must be well acquainted with the financial assistant responsibilities.
Key Responsibilities of a Financial Assistant
Financial assistants generally work under the supervision of some senior personnel from the finance department like a finance manager who guides them, and gives directions to perform the relevant accounting and financial tasks.
They are involved in monitoring the flow of all the cash transactions, ensuring their proper entry, verifying the accuracy of financial records, assisting in report generation, and recommending policies for improving the financial procedures and policies.
Here is some detailed information on what exactly are the responsibilities carried out by the financial assistants:
- To process and oversee the work of financial transactions, accounts payable, accounts receivables, vouchers, etc., by thoroughly checking and correcting the accounting and other relevant financial records
- To provide support in preparing the financial reports in the accounting and finance system as per the instructions received from the seniors
- To maintain, update, and retrieve the financial information from the financial database and system
- To assist in the preparation of receipts and vouchers and their relevant formats, so that the financial details can be entered correctly in the accounting system
- To apply the basic accounting principles, knowledge, and techniques to analyze the variances, assist in production of journals, and perform routine accounting activities
- To perform accounting computations and calculations accurately, and try to identify if there are discrepancies, and if there are any errors, try to resolve them
- They are responsible for maintaining and updating the accounting spreadsheets, journal logs to ensure that it is compliant with organizations rules and regulations, and any other relevant legislation.
- They need to handle high volumes of financial data and information, and should be well acquainted with ways of storing and retrieving it whenever there is any need.
- The financial assistants are involved in regular audits and may suggest policies for initiating new accounting procedures and systems. They are also responsible for handling inquiries and queries and provide information about the fiscal policies and procedures.
- They assist in the budget preparation and ensure that expenditures that have been incurred are posted to appropriate accounts. They participate in the financial meetings and may note down the minutes of the meeting.
Essential Skills and Abilities
- To be a good financial assistant, you should have good administrative and clerical skills, and should be able to follow instructions as given.
- You should be a good team player and should be able to work on deadline driven situations.
- Superior proficiency in Word, Excel, and PowerPoint is essential as you will need to handle huge data related to finance.
- You should be able to prioritize and organize your work to ensure that it is completely within the given time limit.
- In depth knowledge of book keeping and accounting procedures is a must along with high degree of concentration and an ability to identify accounting discrepancies.
A high school diploma or a bachelor's degree from an accredited university supported by knowledge in book keeping, accounting, or finance would be sufficient to be eligible for the post of a financial assistant. You should have good math and computation skills to be able to make the calculations with good speed and accuracy.
Financial assistants generally work from Monday through Friday, with their weekly work schedule generally lasting for not more than thirty five to forty hours. Sometimes, they work overtime in the evenings or at nights to complete the accounting assignments on time. They may sometimes require to work even on the public holidays or weekends.
The average annual salary of a financial assistant is $48,000. It, however, varies in the range of $30,000 to $60,000 depending on the level of experience, skills, educational background, location as well as the size and type of the organization they are working for.
The individuals who are well versed with the accounting principles, concepts, and theories along with proficiency in computers have got a wide range of opportunities available in almost every field wherever there is a finance department.
Once you become experienced and are backed with additional qualifications and knowledge, you can definitely climb up the ladder of success and advance to managerial posts.
Thus, if you are really eager and keen on making a career in accounting and finance sector, you must make sure that you carry out the financial assistant responsibilities efficiently and effectively.
Assistant Financial Manager Responsibilities