Financial Assistant Job Description: Top Duties and Qualifications

A Financial Assistant, or Accounting Assistant, helps manage and coordinate all monetary activities within an organisation. Their duties include keeping track of a company’s income, preparing financial reports and helping the company control its spending. 

 

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Financial Assistant duties and responsibilities

Financial Assistants’ thoroughly analyse a company’s income and expenditures through a variety of reporting methods. They are required to think critically and work as a team to make predictions about the company’s future finances. Their main duties include:

  • Gathering and organising financial data from all departments
  • Analysing financial reports, looking for discrepancies and mistakes
  • Recording financial reports on the company’s computer system
  • Producing financial forecast models for potential revenue changes
  • Creating monthly and annual budget reports
  • Helping management think of effective financial strategies

 

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What does a Financial Assistant do?

A Financial Assistant helps analyse the flow of money going in and out of a company. They work under the direction of Financial Officers in the company, keeping track of a company’s spending, analysing losses and looking for ways to earn a profit and forecasting into the company’s financial future. They communicate frequently with departments within the organisation in order to gather data regarding company spending, profits and losses. They also work with Executives and Managers to help figure out long-term financial goals and possibilities for the company. 

 

Financial Assistant skills and qualifications

A combination of excellent interpersonal skills and the ability to work well on one’s own is crucial for this position. Other essential skills include:

  • The ability to work well in large groups
  • Knowledge of economics as well as accounting
  • Analytical thinking skills
  • Thorough attention to detail
  • Understanding of how to implement change in an organisation
  • Leadership skills
  • The ability to assess credit risks
  • Initiative

 

Financial Assistant experience requirements

For many organisations, this is an entry-level position and a way for applicants to receive on-the-job training and experience in the finance sector. Some companies may even list this position as a necessary step to becoming a Finance Analyst or Finance Officer within the organisation as a temporary position meant to give applicants an understanding of how the company operates. A strong understanding and interest in financial management is necessary for all applicants and some previous experience in handling money.

 

Financial Assistant education and training requirements

Employers may require an applicant to have a university degree in a relevant subject like accounting, finance or business studies. Most employers prefer candidates to have at least a college certification in one of the following areas: bookkeeping, accounting or financial studies. Many people gain work experience through completing an Advanced Assistant Accountant apprenticeship. For applicants applying with little experience and without formal schooling, they must have some GCSEs, including maths and English, or have completed A levels in maths, business studies or economics.

 

Financial Assistant salary expectations

According to Indeed Salaries, the average salary for a Financial Assistant is £20,975 per year in the United Kingdom. For most companies, salary is dependent on experience and location of the company. 

 

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Financial Assistant job description FAQs

 

What should I look for in a Financial Assistant CV?

Look for proof that they have knowledge and experience regarding industry software, especially software that specialises in financial reporting or analysis such as Microsoft Excel, QlikView, PrevisionEPM Financial Reporting and Statistical Analysis System (SAS). Look for a CV that clearly highlights their key achievements in previous jobs and is devoid of any grammatical mistakes. 

 

How can you make your Financial Assistant job description stand out?

Explain what makes working for your company unique and exciting. Mention the opportunities provided to employees so they can learn and develop their skills and possibly move to a higher role within the company, such as Financial Officer or Finance Director. Highlight competitive elements that set your company apart from others including salary, flexible working schedule, holidays, enhanced family policies, an employee assistance programme and pension scheme. 

 

Who does a Financial Assistant report to?

This will vary depending on the size and hierarchy of a company, but generally, a Financial Assistant reports to the Financial Director or Chief Finance Officer. If the company is very large, there may be a large finance department where Financial Assistants are assigned to a specific department to monitor and report to the Financial Manager of that department. 

 

Do Financial Assistants have different responsibilities in different industries?

Financial Assistants can be employed in any number of industries from marketing to healthcare. While their main responsibilities do not change, it is important that candidates understand the ins and outs of the particular industry and how it will impact a company’s financial situation. For example, an applicant for a Financial Assistant position at a technology company should know just as much about the product and general state of the tech industry as they do about the position. 

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