How to Be Accounting Generalist - Job Description, Skills, and Interview Questions

May 8, 2021 / 5 Minutes Read / By Albert

How to Become

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The lack of an Accounting Generalist can have serious repercussions on the financial health of an organization. Without the skills and knowledge to properly manage the financials, the company may experience cash flow issues, delayed payments, and errors in financial reporting. These issues can lead to significant financial losses and damage to the companys reputation. Additionally, without an Accounting Generalist to manage accounts receivable, accounts payable, payroll, and other financial tasks, the company may be unable to access potential financing opportunities or secure necessary investments.

Steps How to Become

Obtain a bachelor's degree in accounting or a related field. Most Accounting Generalists have at least a bachelor's degree in accounting or a related field, such as finance. This degree will provide you with the foundational knowledge and skills you need to succeed as an Accounting Generalist.
Gain related work experience. Many Accounting Generalists have at least two years of experience in the field. This could include working as an accountant, bookkeeper, financial analyst, or other related roles. It is important to gain hands-on experience to better understand the accounting field.
Pursue professional certifications, if desired. Although not required, some Accounting Generalists may choose to pursue professional certifications, such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA). These certifications can help demonstrate your expertise and may even lead to higher salaries and greater job opportunities.
Consider specializing in a specific area of accounting, such as auditing, taxes, or financial planning. As an Accounting Generalist, you may specialize in a specific area of accounting. This will help you become an expert in that particular area and may help you stand out from other job applicants.
Stay up to date on developments and trends in the accounting field. The accounting field is constantly evolving and changing. As an Accounting Generalist, it is important to stay up to date on the latest developments and trends in the field. This could include reading industry publications or attending professional conferences.

Being an accounting generalist requires staying up to date with the latest financial regulations, trends, and technology in order to remain competitive and qualified. To stay ahead, it is essential to stay informed of changes in financial policy and current events related to accounting, as well as take advantage of educational opportunities. Taking advantage of continuing education courses and pursuing certifications like the Certified Public Accountant (CPA) can help stay ahead of the competition.

staying abreast of advances in technology can help one become more efficient and accurate in their work. Developing strong research and problem-solving skills can also help identify and address problems quickly and effectively. By staying informed and taking advantage of educational opportunities, accounting generalists can stay ahead and qualified in their profession.

You may want to check Legal Generalist, Compliance Generalist, and Logistics Generalist for alternative.

Job Description

Prepare journal entries and reconcile accounts
Maintain the general ledger and bank reconciliation
Support month-end and year-end close processes
Prepare account analysis and reconciliations
Prepare financial statements and reports
Prepare budgeting and forecasting reports
Assist with internal and external audits
Ensure compliance with accounting standards and regulations
Identify process improvements and recommend solutions
Manage accounts receivable and accounts payable
Research and resolve discrepancies in financial records
Maintain cash flow forecasting documents
Monitor and analyze financial data
Process payroll
Monitor corporate credit card usage

Skills and Competencies to Have

Knowledge of accounting principles, practices and procedures
Ability to analyze financial data and prepare financial reports
Ability to interpret and explain financial regulations, guidelines, and procedures
Proficiency in the use of accounting software
Strong organizational and problem-solving skills
Excellent written and verbal communication skills
Ability to maintain confidentiality of financial information
Ability to work with minimal supervision and prioritize multiple tasks
Ability to develop, implement and maintain internal controls
Ability to work collaboratively with all levels of staff, management, and external partners

Accounting generalists play an important role in any organization. Their ability to maintain accurate financial records and ensure compliance with applicable regulations is crucial to the success of any business. As a result, having strong accounting skills is essential for any accounting generalist.

This includes knowledge of accounting principles, such as debits and credits, and the ability to prepare financial statements and reports. accounting generalists must have strong problem-solving skills, be able to multitask, and have excellent communication skills in order to effectively collaborate with other departments. Lastly, it is important for accounting generalists to have a thorough understanding of relevant laws, regulations, and accounting standards in order to comply with government regulations and provide accurate financial reporting.

With these skills, accounting generalists can help ensure the success of any organization by providing accurate financial information and advice.

Environmental Generalist, Help Desk Generalist, and Recruiting Generalist are related jobs you may like.

Frequent Interview Questions

What experience do you have in the accounting field?
What qualifications do you possess that make you a great fit for this role?
What challenges have you faced in previous accounting positions?
How have you handled difficult situations with clients or colleagues in the past?
What systems have you used to maintain accurate financial records?
How do you stay up-to-date with changing regulations and best practices in the accounting field?
What strategies do you use to ensure accuracy and completeness of financial statements?
How would you prioritize tasks and manage your workload in this role?
Describe how youve gone above and beyond to demonstrate your commitment to customer service.
What do you think are the most important qualities for a successful accounting generalist?

Common Tools in Industry

QuickBooks. Accounting software for tracking assets, liabilities, expenses, and income. (eg: Invoicing, payroll, inventory management)
Microsoft Excel. Spreadsheet program used for data analysis and reporting. (eg: Creating financial statements, analyzing trends)
PeachTree. Accounting software for tracking accounts receivable and accounts payable. (eg: Generating financial statements, tracking customer payments)
Xero. Online accounting system for creating invoices, tracking expenses, and managing payroll. (eg: Automating bookkeeping tasks, real-time reporting)
Bill. com. Cloud-based payments platform for managing billings, payments, and cash flow. (eg: Automating accounts payable, approving invoices)
Sage 50. Accounting software used for invoicing, budgeting, and tracking expenses. (eg: Generating reports, monitoring accounts receivable)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
National Association of Certified Public Bookkeepers (NACPB)
Association of Chartered Certified Accountants (ACCA)
Institute of Management Accountants (IMA)
National Association of Tax Professionals (NATP)
Financial Executives International (FEI)
American Society of Women Accountants (ASWA)
Government Finance Officers Association (GFOA)
National Society of Accountants (NSA)
American Accounting Association (AAA)

We also have Tax Accounting Generalist, Data Analysis Generalist, and Sales Generalist jobs reports.

Common Important Terms

Accounts Payable. Invoices and payments related to goods and services purchased by a company.
Accounts Receivable. Money owed to a company by customers for goods and services provided.
Bank Reconciliation. The process of comparing a company's bank account records with its own records to ensure accuracy.
Bookkeeping. The systematic recording, organizing, and analyzing of financial transactions.
Cash Flow Statement. A financial statement that tracks cash inflow and outflow over a specified period of time.
Cost Accounting. The process of analyzing the cost of producing goods or services.
Financial Statements. Documents used for reporting financial information, such as balance sheets, income statements, etc.
Internal Controls. Procedures and protocols used to ensure the accuracy of business operations and to protect assets.
Payroll. The process of paying employees for their work.

Frequently Asked Questions

What is an Accounting Generalist?

An Accounting Generalist is a professional responsible for performing a variety of accounting tasks, such as bookkeeping, payroll, financial statement preparation, and accounts receivable and payable.

What qualifications are required to become an Accounting Generalist?

Generally, an Accounting Generalist must have a bachelor's degree in accounting or a related field, plus several years of professional experience working in accounting. A Master's degree in accounting or finance is often preferred.

What skills are needed to be successful as an Accounting Generalist?

To be successful as an Accounting Generalist, one must possess strong analytical, communication, and problem-solving skills, as well as a working knowledge of Generally Accepted Accounting Principles (GAAP) and financial software.

What types of tasks does an Accounting Generalist typically perform?

Typical tasks performed by an Accounting Generalist include preparing financial statements, reconciling accounts, running payroll, preparing government reports, and processing accounts payable and receivable.

What is the average salary range for an Accounting Generalist?

According to the U.S. Bureau of Labor Statistics, the median annual salary for Accountants and Auditors was $70,500 in 2019. The salary range for Accounting Generalists can vary depending on experience and location.