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

May 23, 2021 / 5 Minutes Read / By Albert

How to Become

Professional Organizations

FAQ

Links

The increasing complexity of accounting regulations and the need to stay on top of the latest changes can have a major effect on accounting specialists. This often leads to longer hours spent double-checking financial records and compliance documents, which in turn leads to increased stress levels and burnout. To help alleviate this, companies are often hiring additional accounting specialists to help lighten the workload and make sure that all accounting tasks are completed in a timely and accurate manner. This can lead to improved job satisfaction, better morale, and an overall decreased risk of financial errors.

Steps How to Become

Obtain a Bachelor's Degree. The first step to becoming an Accounting Specialist is to obtain a Bachelor's degree in accounting or a related field. This can be done through an accredited college or university, or through an online program.
Gain Experience. Gaining experience in the accounting field is essential for becoming an Accounting Specialist. Most employers will require at least two years of experience in the field. This can be done through internships, part-time work, or volunteer positions.
Get Certified. To become an Accounting Specialist, you must obtain a professional certification. This is usually done through organizations such as the American Institute of Certified Public Accountants (AICPA). The certification is only valid for a certain period of time, so it is important to stay up-to-date with the latest trends and regulations.
Stay Updated. As an Accounting Specialist, it is important to stay up-to-date on accounting trends and regulations. This can be done by attending seminars, reading industry publications, and networking with other professionals in the field.
Find a Job. Once you have obtained your degree, gained experience, and become certified, you can begin searching for a job as an Accounting Specialist. Many companies are looking for qualified professionals in the accounting field and this can be a great way to get your foot in the door and start your career.

Having the right skills and capabilities as an Accounting Specialist is essential to success in the field. When an individual is knowledgeable in accounting principles, systems and processes, they are able to accurately and efficiently manage financial records and produce accurate financial documents. In addition, having strong problem-solving and analytical skills enables an Accounting Specialist to quickly identify and resolve discrepancies and errors.

Furthermore, excellent communication skills are necessary in order to effectively collaborate with colleagues and clients, as well as to effectively present reports and other information. Finally, being organized and detail-oriented is essential in order to meet deadlines and ensure accuracy in financial documents. With these skills and capabilities, an Accounting Specialist can be a valuable asset to any organization.

You may want to check Risk Management Specialist, Data Processing Specialist, and Communication Specialist for alternative.

Job Description

Prepare and maintain financial records
Reconcile accounts
Prepare financial statements
Analyze financial information
Process invoices, payments, and other transactions
Prepare tax returns
Monitor accounts payable and receivable
Generate financial reports
Develop internal controls to ensure compliance with laws and regulations
Resolve accounting discrepancies
Provide customer service support
Prepare budget reports
Research and analyze financial data
Assist with audits
Implement financial policies and procedures

Skills and Competencies to Have

Knowledge of generally accepted accounting principles (GAAP)
Proficiency in accounting software programs
Analytical and problem-solving skills
Attention to detail
Ability to handle multiple tasks and prioritize workload
Interpersonal and communication skills
Knowledge of financial reporting and budgeting
Ability to work independently and as part of a team
Knowledge of Microsoft Office Suite (Word, Excel, PowerPoint)
Time management and organizational skills

Accounting specialists play an important role in managing the finances of organizations. Effectively managing finances requires a thorough understanding of accounting principles, which is why having a strong accounting background is essential for any accounting specialist. To be successful in this field, an individual must be adept at using accounting software, analyzing financial data, and developing strategies to improve financial performance.

an accounting specialist must be organized, detail-oriented, and have strong communication skills to ensure accuracy in their work. In order to effectively manage finances, an accounting specialist must have a strong knowledge of financial regulations, be able to identify trends within financial data, and have the ability to interpret financial statements. With the right combination of skills and knowledge, an accounting specialist can help organizations make more informed financial decisions and contribute to a more prosperous future.

Graphic Design Specialist, Safety Management Specialist, and Project Management Specialist are related jobs you may like.

Frequent Interview Questions

What experience do you have in accounting?
What qualifications do you have to be an Accounting Specialist?
What makes you the best candidate for this position?
How would you handle a difficult situation with an accounting client?
Describe your experience with budgeting and forecasting.
What strategies do you use to ensure accuracy when preparing financial documents?
How do you stay up-to-date on current accounting regulations and laws?
What have been some of your most successful accounting initiatives?
How have you used technology to streamline accounting processes?
Can you tell me about a time when you had to investigate and resolve an accounting issue?

Common Tools in Industry

Accounting Software. Software designed to help manage financial transactions and generate financial reports. (eg: QuickBooks)
Budgeting Software. Software that helps businesses plan, track and manage their budgets. (eg: YNAB)
Expense Tracking Software. Software that helps businesses track and manage their expenses. (eg: Expensify)
Tax Preparation Software. Software designed to help businesses and individuals prepare and file their taxes. (eg: TurboTax)
Payroll Software. Software that helps businesses manage payroll processes such as calculating salaries, withholding taxes, and issuing payments. (eg: ADP)
Data Analysis Tools. Tools that allow businesses to access and analyze their financial data. (eg: Tableau)
Financial Planning Tools. Tools that help businesses plan for their financial future. (eg: Mint)
Accounting Services. Services provided by professional accountants to help businesses with various accounting tasks. (eg: PricewaterhouseCoopers)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Association of International Certified Professional Accountants (AICPA)
National Association of Certified Public Accountants (NACPA)
Institute of Management Accountants (IMA)
American Accounting Association (AAA)
Financial Executives International (FEI)
The Institute of Chartered Accountants in England and Wales (ICAEW)
Association of Chartered Certified Accountants (ACCA)
Chartered Institute of Management Accountants (CIMA)
Institute of Certified Public Accountants (ICPA)

We also have Financial Planning Specialist, Network Administrator Specialist, and Research and Development Specialist jobs reports.

Common Important Terms

Accounts Payable. The balance owed by a company to its suppliers for goods and services purchased on credit.
Accounts Receivable. The balance owed to a company by its customers for goods and services sold on credit.
General Ledger. A record of all the financial transactions of a business, including revenues, expenses, assets, liabilities, and equity.
Bookkeeping. The process of recording and maintaining financial records.
Bank Reconciliation. The process of comparing the bank statement to the bookkeeping records to ensure accuracy.
Journal Entries. Records of transactions in a company's books of accounts.
Cash Flow Statement. A financial statement that shows the sources and uses of cash over a certain period of time.
Credit Memo. A document sent by a seller to a buyer to reduce the amount owed by the buyer.
Accruals. Expenses that have been incurred but not yet paid or income that has been earned but not yet received.
Debits and Credits. Accounting entries that indicate increases and decreases in an account balance.

Frequently Asked Questions

What qualifications are required to become an Accounting Specialist?

To become an Accounting Specialist, you typically need a bachelors degree in accounting, finance, business, or a related field and at least two years of experience in accounting.

What duties are associated with an Accounting Specialist role?

Duties associated with an Accounting Specialist role include preparing financial statements, producing budgets and forecasts, analyzing financial data, and reconciling accounts.

What skills are necessary for an Accounting Specialist?

Skills necessary for an Accounting Specialist include proficiency in accounting software, strong knowledge of Generally Accepted Accounting Principles (GAAP), strong organizational skills, and excellent customer service skills.

What type of work environment does an Accounting Specialist work in?

Accounting Specialists typically work in an office environment and may be employed by small businesses, corporations, or government agencies.

What is the average salary of an Accounting Specialist?

The average salary of an Accounting Specialist is $50,000 per year.

Web Resources

Accounting Specialist | What Does An Accounting Specialist Do communitycarecollege.edu
Accounting Specialist - Northeast Iowa Community College www.nicc.edu
Accounting Specialist | Renton Technical College rtc.edu