what is a finance assistant?
As a finance assistant, your role is supportive, handling day-to-day activities in the accounting department and reporting to the finance or accounting manager. You must accomplish tasks efficiently to ensure the smooth operation of the department. That means you need to be familiar with your company's accounting principles and financial reporting policies.
Since finance assistant is an entry-level job, your role includes basic bookkeeping activities and administrative tasks. For instance, your job involves managing bank reconciliations and expenses using data entry platforms and accounting software to ensure company accounts are up-to-date. You also update monthly forecasts and company budgets and pass the reports to relevant managers. Sometimes, you collaborate with the human resources department to prepare payroll or with the sales and procurement departments to issue invoices, pay suppliers, or prepare quarterly tax returns.
what does a finance assistant do?
As a finance assistant, you need to be highly organized to manage multiple tasks and possess financial knowledge like bookkeeping and accounting principles. It is also crucial to be detail-oriented since accounting records must be accurate.
Would a career in finance, working as a finance assistant, suit your numeracy skills? Read on to find out what competencies and qualifications you need to thrive in a finance assistant role.
view rolesaverage finance assistant salary
The salary of a finance assistant in the United States varies based on factors such as location, experience level, company size, and industry. On average, a finance assistant in the US earns between $40,000 and $60,000 per year, with a median salary of around $50,000.
A finance assistant's total compensation package may include not only base salary but also additional components such as bonuses, profit-sharing, or benefits like healthcare and 401(k) retirement plans. These performance-based incentives reward employees for their contributions to the company's financial health and success.
what affects the salary of a finance assistant?
Your compensation package varies based on industry, location, and company size. If you work in the banking and financial services sector, you are likely to earn more than a finance assistant in the public sector or nonprofit organizations. Large multinational corporations typically offer higher salaries than small to mid-sized businesses. However, working for a smaller company may provide broader learning opportunities since you will handle a variety of tasks.
Finance assistants working in cities with a high cost of living, such as New York City, San Francisco, or Chicago, tend to earn higher salaries than those in smaller cities or rural areas.
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access our tooltypes of finance assistants
As a finance assistant, you can perform general bookkeeping tasks or specialize in specific roles, such as:
- Accounts Payable and Receivable: Managing incoming and outgoing payments, tracking cash flow, issuing invoices, and handling billing statements.
- Financial Planning: Assisting with budgeting and researching investment opportunities to improve the company’s financial standing.
- Risk Management: Reviewing the company's investment portfolio, evaluating risks, and recommending strategies for risk mitigation.
- Cash Flow Management: Assisting finance managers in monitoring the company's liquidity and financial stability.
working as a finance assistant
If you are detail-oriented and enjoy working with numbers, you will likely find the finance assistant role rewarding. The job demands accuracy in recording financial data and strong organizational skills to manage daily tasks.
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finance assistant job description
Some typical responsibilities of a finance assistant include:
- Supporting senior staff: Assisting finance managers and accountants with preparing reports, budgeting, and strategic planning.
- Performing clerical and administrative tasks: Managing financial records, organizing files, and inputting data into spreadsheets and accounting software.
- Preparing financial reports: Utilizing accounting principles to generate financial statements and reports.
- Assisting with audits: Ensuring compliance with financial regulations and company policies.
- Helping with budget preparation: Compiling financial data to assist in forecasting and budget development.
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work environment
A finance assistant can work in various industries, including corporate finance, banking, healthcare, retail, and government agencies. The work environment is typically an indoor office setting with standard business hours.
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who are your colleagues?
Depending on the industry, your colleagues may include accountants, finance managers, auditors, credit analysts, and sales managers. You may also work alongside procurement specialists and HR professionals.
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work schedule
Most finance assistants work full-time (35–40 hours per week), following standard business hours (Monday–Friday, 9 AM–5 PM). Overtime is rare except during peak financial periods, such as audit and tax season.
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job outlook
The finance assistant role is an excellent entry point into the finance industry. With additional training and certifications, you can advance to positions such as accountant, financial analyst, or finance manager.
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advantages of finding a finance assistant job through Randstad
Finding your finance assistant job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a finance assistant is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
finance assistant education and skills
Finance assistant jobs are typically entry-level positions, but employers look for candidates with relevant educational backgrounds:
education requirements:
- Degree: A diploma or bachelor's degree in finance, accounting, business administration, or a related field can provide a solid foundation.
- Certifications: While not always required, certifications like the Certified Bookkeeper (CB) or Certified Public Accountant (CPA) designation can enhance job prospects.
key skills and competencies:
- Mathematical skills: Ability to perform accurate financial calculations.
- Communication skills: Strong verbal and written skills to interact with colleagues and clients.
- Time management: Ability to meet deadlines and handle multiple financial tasks.
- Attention to detail: Ensuring accuracy in financial records and statements.
- Computer proficiency: Familiarity with accounting software like QuickBooks, SAP, or Microsoft Excel.
FAQs
FAQs about working as a finance assistant:
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what is a finance assistant?
A finance assistant supports senior finance or accounting managers by performing clerical and administrative duties related to financial reporting and bookkeeping.
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what are the duties of a financial assistant?
Finance assistants manage accounts payable and receivable, assist with budget planning, and support financial reporting and audits.
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how much does a finance assistant get paid?
A finance assistant in the US earns an average salary of $50,000 per year, though the actual pay depends on experience, location, and industry.
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what qualifications does a finance assistant need?
A finance assistant typically needs a diploma or degree in finance, accounting, or business administration. Additional certifications can improve job prospects.
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what is the next step after being a finance assistant?
With experience and additional training, finance assistants can advance to roles such as accountant, financial analyst, or finance manager.
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how do I apply for a contracts manager vacancy?
Search for open positions in your area and submit your application online. Ensure your resume highlights relevant experience and qualifications.
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