What does an Accounting Specialist do?
An Accounting Specialist contributes to the financial success of a company by maintaining accurate records of accounts. Their work allows the company to know how much money is coming in and going out and serves as the basis for financial statements, including the balance sheet and income statement, which are necessary for producing budgets, securing financing and other key business functions. By successfully performing Accounting Specialist job duties, they ensure their employer pays bills and payroll in a timely manner and complies with federal, state and local tax and reporting laws.
Accounting Specialist skills and qualifications
Success in Accounting Specialist careers requires a specific skill set. Some qualifications that signal quality candidates include:
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Data entry skills to record transactions quickly without making errors
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Ability to use accounting software programs such as QuickBooks, XERO and Fresh Books
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Knowledge of tax and financial reporting laws
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Arithmetic skills to double-check calculations
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Strong analytical skills to locate and correct errors
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Demonstrated organizational skills to keep information from various accounts separate
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Multitasking ability to work on multiple tasks throughout the day
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Time management skills to ensure that reports are completed and payments are received on time
Accounting Specialist experience requirements
How much experience candidates need to perform well in Accounting Specialist careers depends on the type of team they’re joining at your company. If the new hire will join a large accounting team and work alongside other Specialists and Accountants, little to no experience may be necessary. Small businesses that rely on the Accounting Specialist to perform all their accounting duties may wish to focus on candidates that have five or more years of experience. Senior Account Specialists who train or supervise other specialists will also likely need several years of experience.
Accounting Specialist education and training requirements
A high school diploma plus some postsecondary coursework in accounting is generally the minimum education required for Account Specialist jobs. However, some employers may prefer to hire candidates who hold an associate or bachelor’s degree in accounting or finance or who hold Certified Bookkeeper (CB) status. The American Institute of Professional Bookkeepers (AIPB) grants this certification to Account Specialists who have at least two years of full-time work experience in the field. Prospective CBs must also take a four-part exam and pledge to adhere to a code of ethics.
Accounting Specialist salary expectations
According to Indeed Salaries, the average salary for an Accounting Specialist is $79,609 per year. Geographic location, experience, education and certification help to determine specific pay rates for Accounting Specialist jobs.
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Accounting Specialist job description FAQs
What is the difference between a Certified Public Accountant (CPA) and an Accounting Specialist?
Accounting Specialist jobs typically involve clerical work, including data entry, invoice generation and bill payment. CPAs provide financial advice to companies to help them create budgets, lower their tax liabilities and manage cash flow. To perform their work, CPAs rely on financial statements produced using information entered by Accounting Specialists.
Who does an Accounting Specialist report to?
Who an Accounting Specialist reports to depends on the size and organizational structure of the company. The owner or General Manager may serve as the direct supervisor for a specialist at a small business. At larger companies, a Senior Accounting Specialist, CPA or Accounting Manager may supervise one or more Accounting Specialists.
Is it better for an Accounting Specialist to be an employee or an independent contractor?
Small businesses may prefer to outsource accounting functions to an independent contractor if they don’t have enough work to keep someone busy. Adding an Accounting Specialist for part-time or full-time employment may be a better option for companies who want their new hire to focus solely on their companies. If you do choose to contract an Accounting Specialist rather than hire one, consult a labor attorney to ensure your arrangement complies with federal, state and local laws regarding independent contractors.
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