what is a finance assistant?
As a finance assistant, your role is supportive since you handle day-to-day activities in the accounting department and report to the finance or accounting manager. You have to accomplish the tasks efficiently to ensure the smooth running of department operations. That means you need to be familiar with the company's accounting principles and financial reporting policies.
Since finance assistant is an entry-level job, your role will include basic bookkeeping activities and administrative tasks. For instance, your job involves managing bank reconciliations and expenses using data entry platforms and account software to ensure the company accounts are up-to-date. You also update monthly forecasts and company budgets and pass the reports to the relevant managers. Sometimes, you work with the human resource department to prepare payroll or the sales and procurement departments to issue invoices or pay suppliers and prepare quarterly tax returns.
what does a finance assistant do?
As a finance assistant, you have to be highly organised to juggle multiple tasks and have financial knowledge like bookkeeping and accounting principles. It is also crucial to be detail-oriented since the accounting records must be accurate.
Would a career in finance, working as a finance assistant suit your numeracy skills? Then read on to find out what competencies and qualifications you need to thrive in a finance assistant role.
average salary of a finance assistant
According to ONS, a finance assistant earns a median annual salary of £22,000. When starting your career with basic skills and minimal experience, you are likely to earn £19,522 per year. When you have years of experience and specialised skills in some accounting duties, your earnings can increase to £29,218 per year. Aside from basic salaries, some companies have additional benefits to boost your earnings. For instance, you may receive various allowances like medical insurance and annual bonuses.
what affects the salary of a finance assistant?
As a finance assistant, your compensation package varies hugely depending on the industry, location and company size. If you work in the banking and financial services industry, you will likely earn more than a finance assistant working in the public sector or not-for-profit organisations. Multinational companies usually pay more compared to medium-sized businesses. However, working in a small company allows you to build your skills since you juggle additional tasks. Finance assistants working in London or Birmingham have better compensation packages than those working in Nottingham and Leicester due to demand and cost of living.
types of finance assistants
As a finance assistant, you can perform general bookkeeping tasks or specialise in specific roles in the finance department like:
- account payables and receivables: a finance assistant manages accounts receivables and payables. In accounts receivables, you track incoming cash flow and issue invoices and handlng billing statements. Sometimes, you have to inquire about unpaid bills. Payables keep a record of the company's debts and payment plans.
- financial planning: as a finance assistant, you can participate in financial planning roles like budgeting. You also help your employer research the best investments to improve the financial position.
- risk management: finance assistants assist with risk management by reviewing the company's investment portfolio. Your job is to evaluate risks and opportunities. You help your employer find ways to exploit opportunities and deal with risks.
- cashflow management: a finance assistant can help the finance manager control the company's cash flow. Your job is to evaluate the company's liquidity.
working as a finance assistant
If you are detail-oriented with a knack for numbers, you will enjoy working as a finance assistant. The job demands accuracy in recording accounting information and high organisation skills to deal with daily activities. Let's explore the duties and work environment of a finance assistant.
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duties and responsibilities
Some typical responsibilities of a finance assistant include:
- supporting senior staff: your job is to support the finance manager and senior accountants with their duties. You help them prepare accounting reports and assist with budgeting and strategic planning. Sometimes, your duties involve scheduling meetings with investors on behalf of finance managers.
- carrying out clerical and administrative tasks: your role involves routine clerical and administrative tasks. For instance, you will file financial documents and photocopy or organise files for your superiors. You also collect and record financial data into spreadsheets and accounting software. It is crucial to keep all the information up-to-date for proper financial reporting.
- preparing financial reports: as a finance assistant, you utilise accounting principles and techniques to prepare the company's financial statement. You prepare the reports under the supervision of senior managers, and your job involves basic bookkeeping duties like the preparation of receipts and vouchers and recording them into accounting software. Your job is to perform accounting computations and identify discrepancies before generating the financial statements. You also check for the accuracy of financial records during the reporting stages.
- assisting with audit: as a finance assistant, you are involved in regular audits, and you ensure the company's accounting system is compliant with the financial policy and regulations. You handle inquiries on the company's fiscal policies and procedures. If you work under an internal auditor, you review financial statements for accuracy and transparency.
- preparing budgets: your role involves helping the finance team with budget planning and preparation. For instance, you prepare a list of company expenses and revenue sources discussed in meetings and make the necessary estimates.
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work environment
A finance assistant works in various business sectors and industries. Whether it's a construction company or a manufacturing unit, you can find a finance assistant position in any industry. Often, the work setting is indoor office environments in well-maintained offices with temperature control and good lighting to provide a comfortable work environment. As a finance assistant, you are likely to work from a small cubicle or workstation while senior finance roles have separate offices.
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who are your colleagues?
Depending on the industry you work for, your colleagues may include accountants, accounts assistant post, finance managers or branch managers. You are also likely to work in close proximity to credit managers and sales managers, as well as other specialists like auditors, financial analysts, mortgage brokers and product managers.
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work schedule
You can commit to a full-time or part-time work schedule as a finance assistant. Full-time schedules are typically between 35 to 40 hours a week, while part-time positions require a maximum of 30 hours a week. Most roles are the standard 9 to 5 work routines, but you can find flexible work arrangements. Working overtime hours and weekends is rare except during busy periods like audit and tax seasons. Travel is minimal unless you work for a company that provides services to various clients.
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job outlook
A finance assistant role is a great way to join the finance industry. The entry-level position provides exciting learning opportunities that often lead to better roles. You can become an accountant or a chartered accountant with additional training and certification before moving to a finance manager position. If you follow the auditing path, you can become a junior auditor with additional experience.
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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!
education and skills
Finance assistant jobs are usually entry-level opportunities for candidates with minimal experience. However, employers are on the lookout for specific academic qualifications:
- degree: to become a finance assistant, you need a bachelor's degree in accounting, finance or a related business course like economics or statistics. While some employers don't require a degree for a finance assistant role, degree-holders achieve faster progress to higher finance roles. Most fresh graduates become finance assistants to gain real-world experience and secure better company positions.
- specialised training: join the finance assistant position through courses from the Association of Accounting Technicians (AAT) in the UK. The professional body provides finance and accountancy qualifications for finance assistant roles recognised globally. You can pursue a Foundation Diploma in Accounting and Business (Level 2), Advanced Level 3 Diploma in Accounting or Professional Diploma in Accounting (Level 4). There is also a membership programme for accounting technicians.
- certification: as a finance assistant, you can join certification and membership bodies for accountants like the Institute of Chartered Accountants in England and Wales. Professional certifications improve your competitiveness and fast-track your career.
skills and competencies
As a finance assistant, you need the following skills and competencies:
- maths skills: a finance assistant needs good maths and numeracy skills. You have to carry out quick calculations and ensure accurate computations of financial data. Maths skills help you maintain the accuracy of financial documents.
- communication and interpersonal skills: a finance assistant works alongside various workers in the organisation. It is vital to have good communication and teamwork skills to collaborate with others and ensure efficient communication.
- time management: as a finance assistant, your role involves juggling numerous tasks and dealing with strict deadlines. Without time management skills, you cannot keep up with the tasks.
- attention to detail: a finance assistant has to ensure the accuracy of financial data since minor errors can cause serious issues. Your detail-oriented skills help you spot errors in financial statements and spreadsheets during the reporting process.
- computer skills: many companies use accounting software and computerised systems to record transactions. As a finance accountant, your computing skills help you navigate the software easily.
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 taking up clerical and administrative roles. The job involves financial reporting and other roles assigned by senior finance officers.
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what are the duties of a financial assistant?
A finance assistant keeps the account receivables and payables up-to-date. They also assist with strategic planning and budget preparation in a company.
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how much does a finance assistant get paid?
A finance assistant earns an average salary of £22,000 annually. The salary can be higher or lower depending on the complexity of the role and the experience level required.
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what qualifications does a finance assistant need?
A finance assistant doesn't need a degree, but a bachelor's degree improves your chances of securing a job. Certifications and training from accounting bodies also improve your job prospects.
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what is the next step after being a finance assistant?
Depending on the organisational structure, a finance assistant can climb up the ladder to become an accountant or finance manager.
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how do I apply for a finance assistant vacancy?
Applying for a finance assistant job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
