How to Be Staff Accountant - Job Description, Skills, and Interview Questions

Apr 30, 2020 / 5 Minutes Read / By Albert

How to Become

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The need for a staff accountant is essential for any organization to manage their finances efficiently. When an organization has a staff accountant, they are able to maintain accurate financial records, understand cash flow, and track expenses. This leads to better budgeting, improved financial decision-making, and an overall better financial outlook.

In addition, a staff accountant can help reduce costs by identifying areas where the organization is overspending, as well as provide advice on how to cut costs. they can identify potential areas of growth, where the organization can invest in order to increase revenue. All of these benefits make having a staff accountant an invaluable part of any business.

Steps How to Become

Earn a Bachelor's Degree. To become a staff accountant, it is essential to have at least a bachelor's degree in accounting or a related field. Most employers prefer to hire candidates who have obtained a bachelor's degree in accounting, although some may accept candidates with degrees in business, finance, or economics.
Obtain Professional Certification. Professional certification is not required for staff accountants, but employers may prefer to hire candidates who have obtained certifications such as the Certified Public Accountant (CPA) or Certified Management Accountant (CMA). Obtaining a certification will demonstrate your commitment to the profession and provide employers with extra assurance that you possess the requisite skills and knowledge.
Gain Experience. Most employers will require staff accountants to possess at least two years of experience in the field. During this time, you should gain experience with all aspects of accounting, including auditing, tax preparation, financial statement analysis, and budgeting. You can gain experience by working in an accounting firm, completing an internship, or volunteering at a non-profit organization.
Develop Skills. To be successful as a staff accountant, you must have strong analytical, organizational, and problem-solving skills. You should also possess excellent communication skills and the ability to work independently and as part of a team.
Keep Up with Changes in the Accounting Field. The accounting field is constantly evolving, so it is important to stay up to date on the latest developments and regulations. You should also strive to gain experience with the latest software programs used for accounting purposes.

The lack of efficient management and organization can lead to a variety of issues for an accounting team. Without a clear strategy, accountants may be overwhelmed by their workload, leading to inefficiencies, resulting in missed deadlines or inaccurate data. Additionally, poor organization can lead to missed opportunities for financial savings or cost avoidance, as well as decreased staff morale due to the added stress and burden of unorganized tasks. Taking the time to establish an effective organizational system can make a significant difference in the productivity and success of an accounting team.

You may want to check Compliance Accountant, Billing Clerk, and Credit Controller for alternative.

Job Description

Ensure accuracy and completeness of financial records and reports.
Prepare journal entries and account reconciliations.
Analyze, review and reconcile financial data.
Prepare financial statements, income tax returns and other reports as required.
Participate in the preparation of budgets, forecasts and other financial planning activities.
Monitor financial compliance with laws and regulations.
Provide support to other departments on accounting matters.
Assist in the preparation of external audit schedules and documents.
Maintain an understanding of current accounting principles, practices and procedures.
Recommend process improvement initiatives.

Skills and Competencies to Have

Knowledge of accounting principles, concepts and procedures
Knowledge of auditing principles, concepts and procedures
Knowledge of financial reporting and analysis
Ability to review financial statements and interpret data
Detail-oriented with strong organizational and analytical skills
Excellent communication and interpersonal skills
Ability to work independently and as part of a team
Proficiency in computer and software applications related to accounting
Ability to multi-task, set priorities, and meet deadlines
Knowledge of Generally Accepted Accounting Principles (GAAP)

Organizational and communication skills are essential for a successful career as a staff accountant. The ability to organize information and documents and communicate effectively with colleagues, clients, and other financial professionals is a key skill in this role. An organized staff accountant can ensure that all necessary paperwork and documents are filed properly, deadlines are met, and financial records are accurate.

Furthermore, an accountant who can communicate clearly and concisely can explain complex financial concepts to non-financial professionals and help ensure that the client is well-informed about their financial situation. A staff accountant who has strong organizational and communication skills will be more successful in their career and be better able to serve their clients.

Controller, Financial Reporting Analyst, and Senior Accountant are related jobs you may like.

Frequent Interview Questions

What experience do you have in staff accounting?
What do you consider your most significant accomplishment as a staff accountant?
What challenges have you faced in staff accounting, and how did you address them?
Describe your experience with financial reporting and analysis.
How have you used technology to help manage accounting processes?
How do you ensure accuracy in your work?
What do you find most challenging about the staff accounting role?
How do you stay up-to-date on the latest accounting regulations?
What strategies do you use to meet tight deadlines?
How do you prioritize tasks when faced with multiple assignments?

Common Tools in Industry

Accounting Software. A software program used by accountants to manage financial transactions and generate reports. (eg: QuickBooks)
Spreadsheet Software. A software program used to create and edit spreadsheets. (eg: Microsoft Excel)
Tax Preparation Software. A software program used to prepare and file taxes. (eg: TurboTax)
Bookkeeping Software. A software program used to track financial data such as income and expenses. (eg: Xero)
Budgeting Software. A software program used to create, track, and analyze budgeting information. (eg: Mint)
Financial Analysis Software. A software program used to analyze financial data and make predictions about future trends. (eg: SAP BusinessObjects)
Auditing Software. A software program used to review financial records and check for accuracy and compliance. (eg: ACL)
Project Management Software. A software program used to manage projects and their associated tasks. (eg: Asana)
Data Analytics Software. A software program used to analyze large amounts of data and identify patterns. (eg: Tableau)

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Association of International Certified Professional Accountants (AICPA)
National Association of State Boards of Accountancy (NASBA)
International Federation of Accountants (IFAC)
National Society of Accountants (NSA)
Financial Executives International (FEI)
Information Systems Audit and Control Association (ISACA)
American Accounting Association (AAA)
Institute of Management Accountants (IMA)
Institute of Internal Auditors (IIA)

We also have Tax Analyst, Tax Consultant, and Accounts Receivable Clerk jobs reports.

Common Important Terms

Accrual Accounting. A method of accounting that records financial transactions when the transaction occurs, regardless of the associated cash flow.
Accounts Payable. Money owed to vendors and suppliers for goods and services purchased, but not yet paid for.
Accounts Receivable. Money owed to a business from customers for goods and services provided, but not yet paid for.
Bank Reconciliation. A process in which transactions that have cleared a bank account are compared to transactions recorded in the companys books.
Cash Flow Statement. A financial statement that shows the sources and uses of cash within a company during a certain period of time.
Chart of Accounts. A list of accounts used to record transactions in an accounting system.
Cost Accounting. A branch of accounting that determines the cost of producing goods or services and the cost of running a business.
General Ledger. A book or file containing all of an organizations financial accounts and transactions.
Internal Control. Procedures and policies established by a business to ensure the accuracy, reliability, and security of its financial records.
Inventory Management. The process of tracking and controlling inventory levels to meet customer demand.

Frequently Asked Questions

What is the job description of a Staff Accountant?

A Staff Accountant is responsible for managing financial transactions, including bank reconciliations, accounts receivable and payable, journal entries, and other accounting duties. They may also be responsible for preparing financial reports, analyzing financial data, and assisting with budgeting and forecasting.

What qualifications and experience are required for the position of Staff Accountant?

Generally, a Staff Accountant will need to have a bachelor's degree in accounting, finance, or a related field, as well as 2-3 years of experience in accounting or bookkeeping. Knowledge of financial software, such as QuickBooks or Microsoft Dynamics GP, is preferred.

What are the primary responsibilities of a Staff Accountant?

The primary responsibilities of a Staff Accountant include maintaining accurate records of financial transactions, preparing financial statements and reports, analyzing financial data, reconciling bank accounts, and assisting with budgeting and forecasting.

What are the typical hours worked by a Staff Accountant?

Most Staff Accountants work full-time hours (40 hours per week). However, there may be times when additional hours are required in order to meet deadlines or complete projects.

What salary can a Staff Accountant expect to earn?

According to PayScale, the average salary for a Staff Accountant is $50,702 per year. Salaries may vary depending on experience, location, and other factors.