What does a finance assistant do?
Finance assistants perform different tasks in the finance department and manage the bookkeeping of the company or organization. You spend time performing data entry, maintaining a budget, and managing taxes. This type of role can allow you to be promoted to an accountant or financial analyst position. As a finance assistant, you also spend time creating cost analysis reports, maintaining accounts payable, and preparing monthly financial reports. Your primary role is to maintain the financial records within the company and find ways to reduce costs while improving the accuracy of maintaining records.
Additional responsibilities of a finance assistant
Additional responsibilities you have as a finance assistant include maintaining the policies of the organization, collecting and reviewing data to use for the reports you create, and overseeing client accounts. You will also report any discrepancies, submit payments for employees, and reconcile bank accounts. You'll find yourself preparing receipts and assisting with audits. You'll also interact with customers and respond to inquiries or concerns regarding accounts.View Roles
What is the average salary of a finance assistant?
The average base salary of a finance assistant is $18.60 per hour or $44,760 a year, according to the U.S. Bureau Labor of Statistics. The base pay is $43,094 with additional pay of $68,924 annually. The highest-paying cities for this position include Santa Barbara, Boston, and Chicago. The most common benefits that are available in this role include 401(k), 401(k) matching, health insurance, and paid time off.
Securing higher pay
As a finance assistant, you have the opportunity to earn a higher salary by enhancing your skills, which include communication, customer service, and data entry. Earning a bachelor's degree instead of an associate degree will make you more qualified as a professional to earn higher pay. Obtaining administrative and clerical experience as a student will also make it easier to stand out among other applicants. Employers will also consider increasing your salary if you pursue relevant certification in the industry and obtain additional training that enhances your experience and qualifications. As you gain more experience in the finance industry as a professional, you'll have the ability to negotiate higher pay as you manage more responsibilities and tasks.
Finance assistant job description
Do you enjoy managing finances and finding new ways to save money? Are you skilled in multitasking and managing large sums of money? If so, you'll enjoy working as a finance assistant. The position will allow you to perform different types of tasks related to the organization's finances and solve different problems. The role is integral in the finance department because you help the company save money, stay updated on taxes, and provide excellent customer service.
What are the responsibilities of a finance assistant?
As a finance assistant, you spend time updating spreadsheets with information related to daily transactions. Preparing receipts and vouchers, creating and setting budgets, and managing records are a major part of your work. You will also create reports and other types of financial documents. You'll occasionally assist with audits when they're needed and adhere to laws and regulations related to your position within the organization. Working to the company's standards is crucial to succeeding in the role and avoiding issues. You will update accounting systems on a continuous basis to stay organized. The duties and tasks you complete allow you to assist and support the financial manager. As financial technology continues to evolve and become more advanced, it requires spending time learning new software programs to boost your productivity and ability to remain organized.
Daily tasks to tackle as a finance assistance
The tasks you spend time completing each day as a financial assistant include processing bank transfer requests, processing and paying invoices, and submitting tax returns. Distributing checks and submitting payments to employees within the company and reconciling travel expenditures are also part of this role.
What type of equipment do finance assistants use?
Finance assistants spend a lot of time on computers performing data entry and managing the budget of the organization. While spending time in the office, you'll use a phone to communicate with other people in your department and with employees or customers. You'll also use printers, copiers, and fax machines.
You use a lot of different software programs to stay organized and maintain detailed records. Some of the top software programs you use include Xero, Expensify, and PlanGuru. FreshBooks is commonly in use by accounting assistants for billing and payment processing. BrightPay is another resource for payroll management. With tax preparation, Gusto is a top program to use because of the automated forms and taxes it provides. You'll also spend time using cloud-based solutions that include Scout's topShelf or SOS Inventory for inventory management. Using a financial dashboard will allow you to have an overview of the financial health of the company and is useful to review each day.
What is the work environment of a finance assistant?
Finance assistants work in different types of indoor settings and commercial buildings, depending on the industry and the company. It's common to work at a bank or credit union, insurance company, or investment firm. You work normal business hours but will also spend time working overtime when meeting certain deadlines or if the workload increases as the company expands. Most financial assistants work in an office setting. Depending on your level within the company, you may have your own office or work alongside other professionals in the finance department. There are times when you have the ability to work from home, especially when completing tasks on a computer. Many hybrid and remote finance assistant positions are available in different industries, allowing you to spend time working from home or only spending part of your time in an office setting.
Who are your colleagues as a finance assistant?
When you're working as a finance assistant, one of the main professionals you spend a significant amount of time interacting with during the week is the finance manager. The finance manager is your supervisor and will instruct you on different tasks you need to perform or projects to assist with as you support their position. You also work with other analysts or accountants on the team as you manage the company's money and create budgets. This requires having the skills to communicate effectively and value the contributions of your other team members as you work to improve the processes and find new ways to save the company money.
An additional professional that you also work closely with in the workplace is an executive that you will report to when discussing budgets or any challenges that arise. You will occasionally participate in meetings where at least one executive is present to discuss challenges and issues within the department.
What is the work schedule of a finance assistant?
As a finance assistant, you work at least 20 to 40 hours each week, depending on the company and industry. Some entry-level positions are part-time and require working during the day. Many professionals start out in part-time roles at the beginning of their career, especially as they attempt to gain more experience after earning an associate or bachelor's degree. Full-time finance assistant positions require working during the business hours of the organization. You'll occasionally work in the evening or on the weekend when attempting to meet deadlines, especially when preparing taxes or if your workload increases.
What is the career outlook of a finance assistant?
If you want to pursue a job as a finance assistant, fewer opportunities will become available in different industries in the coming years. According to the U.S. Bureau of Labor of Statistics, there is expected to be a 2% decline in finance assistant positions from 2020 to 2030 with 20,000 fewer jobs available.
Despite the decline, there will still be an average of 120,900 openings available each year as more employees change careers or exit the workforce. Furthering your education by earning a bachelor's degree in finance or obtaining additional certifications can make it easy to obtain employment and stand out among other applicants.
What are the advantages of working with Spherion as a finance assistant?
Working with Spherion as a finance assistant will provide you with more networking opportunities and the chance to connect with a leading company. As a top staffing company, Spherion has connections in various industries and the experience needed to help professionals find employment. The advantages of working with Spherion include:
- Receiving your pay each week
- An easy interview process
- Training opportunities to sharpen your skills
- Working one-on-one with a contact person who will answer your questions and assist you
- Flexible scheduling
- A Spherion team member to assist you in finding jobs that meet your criteria
What education do you need as a finance assistant?
As a finance assistant, you need to earn your associate degree or bachelor's degree. Most finance assistants have earned a bachelor's degree. Positions that are more advanced require applicants with a master's degree. Some companies will also require you to have proper training, which includes shadowing financial professionals.
Skills and competencies
In addition to data entry, the skills you need to succeed as a finance assistant include communication and organization skills, accounting skills, and the ability to solve problems. You must work well in a team and have high attention to detail to avoid errors or mistakes. You should also be capable of working well in a fast-paced environment while under pressure.
Many people have questions related to finance assistant positions and what the job entails. There are a few frequently asked questions that can allow you to gain a better understanding of the role.
Is a finance assistant a good job?
Yes, a finance assistant is a great position that will allow you to move to more advanced roles in your career. It provides you with exciting learning opportunities in an interesting environment.
What skills are needed for a finance assistant?
As a finance assistant, you must have knowledge about different software programs. You should also have strong analytical skills and excellent time management skills.
Is a finance assistant an accountant?
A finance assistant is technically not an accountant, but you will have the opportunity to grow into the role after gaining more knowledge, experience, and education. You don't need as much education compared to an accountant role, although you share many of the same duties and responsibilities.
How do I apply for a job as a finance assistant?
Applying for a job as a finance assistant is easy with Spherion. You can search for finance assistant jobs on Spherion.com by job title and location. If you don't see the perfect role, you can submit an open application. Once you submit your contact information and resume through Spherion's open application, a recruiter from the office closest to you will reach out with details about the potential finance assistant roles that fit your skill set and professional goals.