How to Be Financial Administrator/Bookkeeper - Job Description, Skills, and Interview Questions

May 24, 2020 / 5 Minutes Read / By Albert

How to Become

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The financial administrator/bookkeeper is a vital role within any organization. They are responsible for ensuring the accuracy of financial records, overseeing budgets and financial reports, and managing accounts payable and receivable. As a result of their efforts, businesses enjoy the benefits of improved financial stability, increased operational efficiency, and better decision-making capabilities.

Furthermore, having a dedicated financial administrator/bookkeeper in place can help protect the organization from the risks associated with financial mismanagement, such as fraud or embezzlement. In addition, the presence of a financial administrator/bookkeeper can also create a sense of trust and reliability among customers, suppliers, and other stakeholders.

Steps How to Become

Obtain a high school diploma or equivalent. Most employers require at least a high school diploma for financial administrators/bookkeepers.
Learn accounting basics. Take classes in accounting or bookkeeping at a local college or university.
Develop additional skills. Many employers prefer to hire financial administrators/bookkeepers who have experience with computers and software programs like Microsoft Excel, QuickBooks and Sage.
Get experience. Internships and volunteer work offer the opportunity to gain experience and learn from more experienced professionals.
Obtain certification. Organizations like the Institute of Professional Bookkeepers of Canada offer certification courses and exams for financial administrators/bookkeepers.
Consider additional training. Depending on the type of business and the size of the organization, additional training may be needed for more advanced tasks such as payroll and tax preparation.
Look for job openings. Financial administrators/bookkeepers can find job postings on job boards and through networking with professional organizations like the Institute of Professional Bookkeepers of Canada.
Apply for jobs. Submit a well-crafted resume and cover letter tailored to each position to increase your chances of being selected for an interview.
Interview successfully. Prepare for interviews by researching the company and practice your answers to common interview questions.
Get hired. Once you have landed a position, take the time to learn the companys procedures and get to know your new colleagues.

The role of a financial administrator/bookkeeper is essential in any business. Their role is to manage and record the financial transactions of the organization, ensuring accuracy, compliance and efficiency. The ability to do this job effectively requires a combination of technical skills, such as knowledge of accounting software, as well as interpersonal skills, such as the ability to communicate with people from different backgrounds.

An ideal and capable financial administrator/bookkeeper should possess excellent organizational and analytical skills, be highly detail-oriented, and be able to handle a wide range of tasks with accuracy and speed. Furthermore, they must have strong interpersonal skills and be able to work well with others in order to collaborate and provide financial advice. With these qualities, a financial administrator/bookkeeper can ensure that an organization remains financially healthy and secure.

You may want to check Bookkeeper Assistant, Remote Bookkeeper, and Part-time Bookkeeper for alternative.

Job Description

Maintain financial records and prepare financial reports
Reconcile accounts and prepare monthly financial statements
Prepare and analyze budgets
Monitor and review accounting and related system reports for accuracy
Compile statistical, financial and accounting reports
Process accounts payable and receivables
Prepare tax returns and ensure compliance with payment, reporting and other tax requirements
Monitor investments and develop strategies for cost savings
Manage inventory and maintain accurate records of purchases
Assist with audits, as needed
Implement internal controls to ensure accuracy of financial data
Assist with developing and maintaining financial policies and procedures
Provide support to department heads on financial matters

Skills and Competencies to Have

Thorough knowledge of accounting principles and financial processes
Proficiency in accounting software such as QuickBooks and Microsoft Office Suite
Excellent organizational, communication, and customer service skills
Ability to work independently and handle multiple tasks simultaneously
Familiarity with budgeting and forecasting tools
Strong problem-solving skills
High level of accuracy and attention to detail
Ability to analyze financial data and provide reports
Knowledge of relevant laws and regulations
Ability to maintain confidentiality of financial information

Being an effective financial administrator/bookkeeper requires a range of skills and knowledge. Chief among them is the ability to accurately analyze financial data and identify trends. This skill is essential for making sound decisions about investments, taxes, and other financial matters.

having a firm grasp of accounting principles and processes is important for keeping accurate records and ensuring compliance with regulatory requirements. financial administrators/bookkeepers must be organized and detail-oriented to manage complex financial processes with accuracy and efficiency. Finally, strong problem-solving and communication skills are necessary to effectively collaborate with colleagues, clients, and other stakeholders.

Without these skills, financial administrators/bookkeepers will not be able to effectively manage complex financial processes, resulting in costly errors and potential legal issues.

Accounts Receivable Bookkeeper, Inventory Bookkeeper, and Tax Bookkeeper are related jobs you may like.

Frequent Interview Questions

What accounting experience do you have?
How do you ensure accuracy when entering financial data?
Can you describe the processes you use to manage accounts receivable and accounts payable?
What software do you have experience with?
What methods do you use to identify and correct discrepancies in a financial statement?
How do you stay organized when managing multiple tasks?
Are you familiar with payroll processing?
Have you ever developed financial reports or statements?
How do you handle complex financial situations?
What strategies do you use to maintain financial records?

Common Tools in Industry

Accounting Software. Used to manage invoices, bills, payments, and other financial transactions. (eg: Quickbooks)
Spreadsheet Software. Used to create and manage financial spreadsheets for tracking income and expenses. (eg: Microsoft Excel)
Budgeting Software. Used to plan and track budgets. (eg: Zero-Based Budgeting)
Tax Software. Used to prepare and file taxes. (eg: TurboTax)
Cash Flow Management Software. Used to track and forecast cash flow. (eg: Float)
Auditing Software. Used to verify accuracy of financial records. (eg: ACL)
Payroll Software. Used to manage payroll, deductions, and paychecks. (eg: ADP)
Banking Software. Used to manage banking transactions and reconcile accounts. (eg: online banking)

Professional Organizations to Know

American Institute of Professional Bookkeepers (AIPB)
Association of Accountants and Financial Professionals in Business (IMA)
National Association of Certified Public Bookkeepers (NACPB)
American Payroll Association (APA)
National Society of Tax Professionals (NSTP)
National Association of Tax Professionals (NATP)
Institute of Management Accountants (IMA)
Association of Certified Fraud Examiners (ACFE)
Financial Executives International (FEI)
Government Finance Officers Association (GFOA)

We also have Junior Bookkeeper, Corporate Bookkeeper, and Online Bookkeeper jobs reports.

Common Important Terms

Accounting. The systematic recording, reporting, and analysis of financial transactions within an organization.
Financial Statements. Documents that summarize an organization's financial position, including balance sheets, income statements, and cash flow statements.
Budgeting. The process of forecasting future financial performance and allocating resources to achieve desired objectives.
Accounts Payable. Money owed to suppliers for goods and services purchased on credit.
Accounts Receivable. Money owed to a company by customers who have purchased goods or services on credit.
Bank Reconciliation. The process of verifying bank records to ensure accuracy and compliance with accounting principles.
Tax Preparation. The process of completing and filing tax returns in accordance with applicable laws and regulations.
Auditing. The process of examining and verifying the accuracy of financial records and documents.
Cash Management. The process of managing the company's cash flow and ensuring adequate liquidity.
Payroll Processing. The process of calculating and distributing employee wages and other payments in accordance with applicable laws and regulations.

Frequently Asked Questions

What is the primary job of a Financial Administrator/Bookkeeper?

The primary job of a Financial Administrator/Bookkeeper is to manage the financial administration and recordkeeping of a business, including accounts payable, accounts receivable, payroll, banking, budgeting and financial reporting.

What qualifications are necessary to be a Financial Administrator/Bookkeeper?

Generally, a Financial Administrator/Bookkeeper needs at least a high school diploma or equivalent and experience in accounting, bookkeeping or a related field. Many employers prefer candidates who have completed a post-secondary program in accounting or a related field.

What software programs are commonly used by Financial Administrators/Bookkeepers?

Commonly used software programs for Financial Administrators/Bookkeepers include Quickbooks, Sage 50, Xero, Microsoft Excel, and Zoho Books.

What are the key skills necessary for a Financial Administrator/Bookkeeper?

Key skills necessary for a Financial Administrator/Bookkeeper include knowledge of financial processes and procedures, attention to detail, problem solving and analytical skills, organizational skills, and proficiency with accounting software.

What is the average salary for a Financial Administrator/Bookkeeper?

The average salary for a Financial Administrator/Bookkeeper is $37,000 per year. Salary can vary depending on experience, location and other factors.

Web Resources

Office of Financial Administration - University of Wisconsin System www.wisconsin.edu
Bookkeeper Certification Training - famu.edu www.famu.edu
What Is a Bookkeeper? The Perfect First Step for www.rasmussen.edu