Employees referred to as staff accountants have an important function that deals with the finances of the company. Also, they are supposed to keep the financial records updated, generate reports, and observe regulations and standards related to accounting practice. As one of the staff accountants, what chief tasks are you expected to fulfill? What are the necessary qualifications, and how much could one expect to earn? These and other relevant questions, mostly related to staff accountants, will not be hard to answer.
Resume Description for This Job
The resume objectives for a staff accountant position should stress the skills, experience, and qualifications that are relevant. Such a candidate is equipped with a high quality resume description that makes them stand high amongst other applicants. This illustrates this well:
Sample Resume Description:
“A detail-oriented and highly skilled staff accountant with 4+ years working in general accounting functions, preparing and analyzing financial statements, and ensuring compliance with policies and regulations. Able to use accounting software such as QuickBooks, SAP, and Microsoft Excel. Competent in reconciliations, journal entries, and providing audit support. Ability to meet deadlines and maintain records as evidenced by solid organizational and analytical skills. Noteworthy for a hands on approach to resolving issues and impeccable interaction with cross functional teams.”
Salary (Based Range in USA)
The remuneration of a staff accountant can be influenced by the experience of the practitioner, their location as well as the industry which they practice in. This is how the salary range looks like:
- Annual Salary Average: $50,000 – $70,000
- Hourly Rate: $24 – $34
- Entry Level Staff Accountants: These are either rookie graduates or people who have less than two years practice. The salaries for such employees are usually pegged at about fifty thousand per year.
- Mid Level Staff Accountants: Three to five years of practice has shown that the earning potential of staff accountants can go betwen Fifty five thousand to sixty-five thousand annually.
- Experienced Staff Accountants: The Annual Salary for someone with more than 5 years of experience and/or specialized certificates can be around $60,000 and above per year.
Salaries are also dependent on the industry and geographical location. For example, staff accountants working in large cities, such as New York or San Francisco, could command higher wages because of the high cost of living and the need for experienced accountants.
Responsibilities
Encompassing a multitude of activities boosting the financial well being of the company, staff accountants’ duties mainly consist of the following as well tasks:
- Prepares Financial Statements: Staff accountants prepare balance sheets, income statements, and cash flow statements. These reports assist management to evaluate the economic status and operation of the company.
- Account Reconciliation: In order to keep concerns straight, they reconcile accounts to any financial records discrepancies so appropriate action may take place. This includes, but is not limited to, the reconciliation of bank accounts, credit accounts, and other financial accounts.
- Processing Journal Entries: Transactions are recorded in the books through journal entries made by staff accountants, through which adherence to accounting guidelines concerning proper documentation of each transaction is maintained.
- Assisting with Audits: Staff accountants assist auditors by providing documents and relevant information during the internal as well as external audits. They ensure accurate records and adherence to regulations concerning various aspects of the records.
- Tax Preparation: A staff accountant may not be in control of tax filings, however, they do have a major role in ensuring tax returns are prepared satisfactorily by gathering and organizing relevant information.
- Maintaining General Ledger: All employees have a duty of ensuring which accounts and transactions are fully recorded and existence of more than one account do not lead to confusion. Staff accountants perform such tasks by bringing any required changes to the general ledger.
- Financial Analysis: If need be, they may also undertake a financial analysis with a view to spotting trends, cost recoveries, and financial growth areas. Their outputs are intended to assist the management decision area.
- Payroll Processing: In certain companies, complimentary staff accountants are tasked with the responsibility of payroll processing putting into consideration the payment of the employees, benefits, and taxation due to the employees.
- Budgeting and Forecasting: Staff accountants contribute to the budget and forecast preparation processes. Overall, they manage the expenditure and income to ensure that the company achieves its financial objectives.
- Ensuring Compliance: They are responsible for the correct application of accounting, tax, and internal regulations. Such responsibility also involves keeping abreast with developments in accounting and other regulatory framework changes.
Qualifications
In a bid to play this role effectively and efficiently, certain qualifications and skills are necessary for a staff accountant. Amongst these qualifications are educational attainment, professional accreditation, and other attributes that may help in enhancing accuracy and reliability in the management of finances:
Education:
- A bachelor’s in accounting up to the second class divisions, in finance or any similar field is highly recommended. While some employers will accept individuals with suitable industry backgrounds instead of a degree, most staff accountant postings require the understanding of fundamental accounting concepts.
Certifications:
Certifications are not necessary in most cases, but they can be able to increase your qualifications and also your job opportunities. The most popular certifications include:
- CPA- Certified Public Accountant
- CMA – Certified Management Accountant
- CA- Chartered Accountant
For its extensive QuickBooks use, certification for the application is included to the above mentioned.
Experience:
- Such novice jobs may entail between 0 and 2 years relevant accounting/finance experience. Nevertheless, most roles of a mid level or senior staff accountant require a working and relevant experience of between 3-5 years. Experience with accounting software and financial reporting is quite an asset.
Technical Skills:
- Include Accounting Software: It is important that staff accountants manage to use accounting software as well as compute mathematical equations on a spreadsheet software like Microsoft Excel. For those looking for a job, it may also be an advantage to be familiarized with accounting software such as QuickBooks, SAP or Oracle.
Attention to Detail:
- As accounting is a matter of numbers cautiousness is required, accountants do haveto be keen to notice errors in financial records and ensure that they have rightly computed all the needed computations so that there are no inconsistencies in the data.
Analytical Skills:
- Staff Accountants, assist accounts staff within the organizations where they perform data analysis which involves reviewing financial information so that they can practice trend evaluation, and analysis which determines company choices.
Communication Skills:
- As the staff accountants do work in teams and also liaise with other departments so developed communication skills tend to come in handy in making the reports on findings, co-working with people, or doing audits or taxes.
Organizational Skills:
- Since accountants are expected to juggle several tasks and deadlines at once, good attention to detail and good managements skill comes in handy when dealing with tracking financial statements or reports and ensuring that various projects are completed in time.
FAQs
Q1: What is the distinction between the staff accountant and the senior accountant?
The difference is mainly experience and responsibility. Senior accountants are people who have worked for the longest period of time and will be expected to supervise the staff accountants or perform intricate financial tasks or taxes or financial audits.
Q2: Is CPA certification a must have for staff accountants?
In most cases staff accountant positions do not require CPA certification, however, it can enable one to explore wider career opportunities and it is common that for career progression, such certification is a necessity CPA certification is endorsed by many if not all employers requiring staff accountants to obtain their CPA license.
Q3: What fields of work employ staff accountants?
Staff accountants work in almost every field of work: finance, manufacturing, health care, retail, and even government. They are able to perform their duties in small enterprises, large companies, and accounting firms.
Q4: Is it possible to become a staff accountant with only an associate degree?
Your aspirations can begin with an associate’s degree in accounting as it is relatively less in comparison to a bachelor’s degree that is required for quite a majority of staff accountant roles in the field. However, in some cases, employers may be flexible with the requirement of degree if the candidate possesses substantial years of work experience.
Q5: What skills do you need for a staff accounting position?
For a staff accountant, the following skills are some of the most crucial: Excellent attention to detail, Ability to think analytically, Knowledge and proficiency with accounting software applications, Good communication skills, Organizational and time management skills that allow the individual to deal with various projects and strict deadlines.
Conclusion
Staff accountants are instrumental in the powerful and diverse functions of an organization’s financial management. They help in the capturing of business transactions in proper books of accounts, assist in the performance of the core functions of accounting, and participate in management through report writing and analysis. Equipped with good education background, experience, and specific accreditations, it is possible to become a staff accountant which is very rewarding with tremendous scope for growth in different sectors. In any of these scenarios, the introductory challenges still remain for the beginner as well as the experienced candidate, and the only difference lies in the effort put in with respect to the job description, the fundamental experience and knowledge, and the pay level offered.