Entry level Accounting Job Description
Entry-Level Accountants keep up an organization's financial records. They work in an office, where they record and analyze financial data to enable users make valid decisions.
They are also responsible for ensuring that all financial records are correct and timely. The core responsibilities of Entry-Level Accountants include maintaining the company's financial records through analyzing balance sheets and income statement, as well as creating reports.
To become successful, an entry-level accountant should be able to work long hours, and be keen on detail. He or she must be computer literate i.e, must know how to use Microsoft office and must have knowledge of key accounting competencies.
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What does an entry level accountant do?
The question "What does an entry-level accountant do?" is one of the important questions running through the minds of recent accountancy graduates with no experience in the job. Some even ask "what should an entry level accountant know?". They want to know all the important job description, so they don't act like novice on the job.
But the truth is that you are new to the job and nobody expects you to work like you have 10 years experience on the job. Your bosses and superiors will train you on what to do, how to carry out task, etc.
We made a list of entry-level accounting job description, although most of them are very simple, they are what one can learn in few weeks. However, one thing is certain, as you go on with the job, you become an expert in a short time. As your experience increases, your roles and job portfolios also increase.
Entry Level Accountant Responsibilities
This is the answer to the question "What does an entry level accountant do?". Before applying for that role or going for that interview, it is important to know the job description of an entry-level accountant. The following are some of the responsibilities;
1. Maintaining records of assets and liabilities
Assets are properties of a business, they are what a business uses to make more profit examples are; land and building, plants and machineries, debtors, etc while a liability are debts a business owe outsiders. Examples are loans, accrued expenses, creditors, etc. An entry level accountant records the assets and liabilities of a company. They record new assets when purchased, calculate the value of depreciation for old ones.
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2. Updating accounts payable
Accounts payable are bills that a business owe to outsiders which are due for payment but haven't been paid. It is the duty of an entry level accountant to update all accounts payable as soon as they are cleared or when there are incoming ones.
3. Assisting in balancing sheets and income statements
A balance sheet is a statement of assets, liabilities and owner's equity of a company. It measures a company's financial health. We earlier explained the meaning of assets and liabilities, and owner's equity. The balance sheet must be balanced, in the sense that all assets must be equal to liabilities and owner's equity. This is calculated with the formula; Assets = Liabilities + Equity
On the other hand, The income statement is the statement of profit and loss of a business. An entry level accountant keeps records of the balance sheet and income statement.
4. Reviewing income and expenses
They help to check all incomes (revenues) and expenses incurred over a period. This is recorded in the income statement.
5. Preparing regular reports
Preparing regular for reports to interested parties is one of the core job description of an accountant. This can be done monthly, quarterly or annually depending on the company's rules.
6. Assisting with other accounting related duties
Other accounting related functions are computing tax, journal entries, advising the company's management on making certain decisions.
Entry Level Accountant Requirements:
1. High school qualification
An entry-level accountant must have completed high school education or equivalent. However, having some college education is becoming very important and an associate degree in accounting or equivalent is required for some positions. Qualifications such as ICAN, ACA, ACCA or CIMA is an advantage but not required
2. Good organizational abilities
Must be proficient in planning and organizing duties, managing priorities, and managing available resources to completing tasks within the deadline
3. Excellent numerical and analytical skills
He or she must have a good arithmetic skills i.e, must be good with numbers and at least basic analytical skills are enough to get going.
4. Knowledge of Accounting and financial reporting
Ability to check and verify financial records, prepare invoices and vouchers for customers, filing, typing, posting ledger entries and balancing all records on accounts receivable and accounts payable.
5. Proficient in computer and accounting software
An entry level accountant should know how to use MS Office and computer accounting software (e.g. SAP) in preparing financial reports.
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