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. It is important to accomplish your tasks efficiently to ensure the smooth running of your department. That requires familiarity with the company's accounting principles and financial reporting policies.
Since finance assistant is an entry-level role, your workload includes basic bookkeeping activities and administrative tasks. For instance, you manage bank reconciliations and expenses using data entry platforms and accounting 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. You also work with the sales and procurement departments to issue invoices, pay suppliers and prepare quarterly tax returns.
As a finance assistant, being highly organised helps you juggle multiple tasks, and financial knowledge like bookkeeping and accounting principles is also crucial. It is essential to be detail-oriented to maintain the accuracy of accounting records.
finance assistant jobsaverage salary of a finance assistant
A finance assistant receives an average salary of $58,000 per year. The remuneration package in the role ranges from $55,000 to $60,000 yearly. Entry-level positions for recent graduates with less experience attract the lowest salary due to the minimal skills they bring on board. Experienced finance assistants earn more due to their extensive knowledge of accounting and finance practices.
what factors affect the salary of a finance assistant?
Various factors dictate the remuneration packages for workers. For instance, working hours can influence your earning potential. Finance assistants working full-time usually have a higher hourly rate than part-time roles. Your experience and educational qualifications should also meet the minimum threshold to improve your remuneration prospects. Finance assistants working in metro areas earn higher salaries due to the high demand for their expertise.
Want to know what you will earn as a finance assistant? Check out what you are worth with our salary checker.
types of finance assistants
As a finance assistant, you can perform general bookkeeping tasks or specialise in specific roles in the finance department like:
- accounts payable and receivable: a finance assistant manages accounts receivable and payable. You track incoming cash flow, issue invoices and handle billing statements in accounts receivable. Sometimes, you enquire about unpaid bills. Accounts payable keep a record of the company's debts and payment plans.
- financial planning: you can also participate in financial planning roles like budgeting. You help your employer research the best investments to improve their financial position.
- risk management: you may 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
Working as a finance assistant allows you to hone your skills in finance and prepares you for top roles in the business sector. Let's explore the specific duties, responsibilities and job outlook of finance assistants.
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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 file financial documents and photocopy or organise files for your superiors. You also collect and record financial data in spreadsheets and accounting software. It is crucial to keep all the information up-to-date for proper financial reporting.
- preparing financial reports: you utilise accounting principles and techniques to prepare the company's financial statements. You compile the reports under the supervision of senior managers. Your job involves basic bookkeeping duties like organising receipts and vouchers and recording them on 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: you are involved in regular audits to ensure the company's accounting system complies with the financial policy and regulations. You handle inquiries on the company's fiscal policies and procedures. You also review financial statements for accuracy and transparency if you work for an internal auditor.
- 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. From mining companies to manufacturing units, you can find a finance assistant position in any industry. Often, your work setting is an indoor office environment with temperature control and good lighting to provide a comfortable workspace. You are likely to work from a small cubicle or workstation as a finance assistant, while senior finance roles have separate offices.
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who are your colleagues?
Depending on your employer and the industry you work in, your colleagues might include accountants, finance managers, financial planners, and bookkeepers. You might also be working in close proximity to service administrators and office managers, as well as other specialists that could include, but not be limited to, business analysts, payroll specialists, payroll officers, and assistant accountants.
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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 30 hours a week. Most roles are the standard 9 am to 5 pm work routines, but some employers offer flexible working arrangements. Overtime hours and working weekends are 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
A finance assistant performs complex duties that require in-depth knowledge of finance practices. That means you require formal qualifications to join the role:
- relevant education: to become a finance assistant, study finance or accounting to learn the basic accounting practices and principles. If you want to complete a VET qualification, pursue a Certificate IV in business or a diploma in accounting. Completing a bachelor's degree in finance or accounting also boosts your career prospects.
- work experience: most employers prefer candidates with considerable work experience. You can go for internships or take on entry-level positions to learn the ropes.
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. Your job involves making quick calculations and ensuring accurate computations of financial data. Math skills help you maintain the accuracy of financial documents.
- communication and interpersonal skills: as you work alongside various teams in the organisation, it is vital to have good communication and teamwork skills to collaborate with others and ensure efficient communication.
- time management: 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 ensures the accuracy of financial data since minor errors can cause serious issues. Your detail-oriented skills help you spot financial statements and spreadsheet errors 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.
- accounting knowledge: as a finance assistant, you require a good command of accounting practices and regulations. For instance, it is important to understand how to process invoices, prepare financial statements and develop effective budgets. You also need a background in business tax obligations.
FAQs about working as a finance assistant
Here are the most asked questions about working as a finance assistant:
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what does a finance assistant do?
As a finance assistant, you work in the finance department of an organisation. Your job is to track the company's finances. You perform basic bookkeeping and data entry tasks like entering information into databases and filing financial documents. You also handle accounts payable and receivable. That means you process invoices and reconcile bank statements before preparing financial documents.
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what skills do you require to become a finance assistant?
As a finance assistant, you perform diverse roles since you support accounting and finance employees. You need a strong knowledge of bookkeeping and accounting processes to prepare accurate financial statements. Most organisations manage their bookkeeping through spreadsheets or accounting software, so being conversant with the software is crucial. Strong analytical skills are necessary when reviewing financial information.
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what qualifications does a finance assistant need in australia?
A finance assistant requires formal qualifications in accounting and finance, such as a Certificate IV in business administration with a finance major or a diploma in accounting. Some employers prefer candidates to have a bachelor's degree in business or accounting. While it isn't compulsory for finance assistants to complete a certification, attaining a Certified Practising Accountant (CPA) status improves your career prospects.
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what is the next step after being a finance assistant?
Depending on the organisation's size, a finance assistant can be an entry-level role or a very senior one in upper management. As a finance assistant, you work under an accountant or finance manager. As you progress, you take up head accountant or finance manager roles.
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are finance jobs stressful?
Most finance roles are stressful since they involve repetitive tasks requiring high levels of concentration. A simple mistake can take hours to resolve. However, they are exciting jobs if you enjoy analysing financial information.
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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 finance assistant job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here.