The staff accountant is one of the most elementary job roles found in accounting departments of various organizations.
The job roles of staff accountants entail working for a corporation, government agencies, a non-profit organization, or even a public accounting firm wherein the related financial operations would continue without hitch due to the crucial tasks being provided by them.
They monitor the correctness of the accounting records, legal compliance, and the financial data, that indicates a company’s fiscal condition.
In the subsequent section, we explain the primary responsibilities, required qualifications, the standard career progression, and opportunities for staff accountants.
What is Staff Accountant?
Staff Accountant is a term used to describe the entry-level to mid-level position in the accounting domain, most often associated with assisting in the preparation and maintenance of financial accounts.
Staff accountants handle accounting jobs, like transaction processing, reconciliation of accounts, and preparation of financial reports.
In a large company, they may also specialize, for instance on accounts payable, accounts receivable, payroll, or the general ledger. In smaller companies, they will handle every aspect of the business.
Key Functions of a Staff Accountant
The core function of staff accountants is to verify the accuracy and completeness of financial statements and reports. Some of their core responsibilities include the following examples:
1. General Ledger
Maintaining a record of and balancing the general ledger that accurately as well as categorizes all financial transactions, many staff accountants perform monthly or quarterly reconciliations in order to confirm the balances of the accounts.
2. Preparation of Financial Statements
Preparing the various financial statements – be it a balance sheet, income statement or cash flow statement – is part and parcel of a staff accountant’s job. Such reports have to be prepared in accordance with any set accounting standard and rules.
3. Reconciliations with Banks
The reconciliation of bank statements with the internal book of accounts is a very important task. Staff accountants are required to identify and clear up such discrepancies in the statement and bring all the cash balances rightly on the books.
4. Accounts Payable and Receivable
They would take care of the accounts payable and accounts receivable by preparing the invoices, making payments and sending payments on time and following up accounts for overstayed payments.
5. Month End and Year End Closures
Staff accountants provide support to the month-end and year-end closure activities. Their involvement in the process includes being prepared for audits, keeping finance data consistent, and assisting with tax filings preparation.
6. Internal Controls and Compliance
Staff accountants ensure that there will be compliance in the financial regulatory compliance as well as accounting standards and internal policies. In most of the time, they ensure that the implementation of internal controls will prevent some errors or fraud.
7. Assistance with Audits
The staff accountants may assist auditors in carrying out the internal and external auditing by providing the financial records and reports and the explanation of accounting procedures.
Staff Accountant Skills
The most important skills are:
1) Strong analytical skills
A staff accountant will have to make analysis of financial data, identify discrepancies, and make amendments accordingly.
2) Attention to details
Accounting calls for accuracy; therefore, staff accountants have to work carefully and should ensure that all the financial records are correct.
3) Knowledge of Accounting Software
Often, one requires familiarity with accounting software like QuickBooks, Sage, or ERP systems like SAP.
4) Knowledge of Accounting Principles
As a minimum, sound knowledge of the Generally Accepted Accounting Principles or International Financial Reporting Standards needs to be maintained for compliance and accuracy.
5) Time Management
Staff accountants frequently juggle multiple tasks and deadlines, such as month-end and year-end closings.
6) Communication Skills
While technical competence is important, Staff Accountants have to be able to communicate financial information to non-technical peers and management.
Career Outlook and Advancement
The demand for practicing accountants remains high. According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is projected to grow about 6% from 2021 to 2031, which corresponds to the rate as fast as the average for all occupations.
This would primarily be driven by increased interest in financial transparency and compliance with regulatory requirements among businesses and a need for cost-effective management of finances.
Of course, the same thing is also to be expected for staff accountants. Indeed, in more experienced careers, accountants become senior accountants, accounting managers, or financial analysts.
Many accountants also acquire specific certifications like becoming CPAs or CAs, which would further improve their job prospects and earning potential.
Conclusion
The staff accountant is a very vital part of the financial system in any business or organization. Staff accountants’ function with essential support duties about managing financial records, ensuring compliance, and reporting finances properly.
This is an entry position that leads to higher accounting positions. The jobs and career opportunities within this function are strong, and making a career as a staff accountant is stable yet full of growth for someone interested in the area of finance and accounting.