A career in accounting can be a very useful and fruitful one if one wants to earn money smartly. A career in accounts not only does provide you with financial security in life but also a handsome amount of money. According to the BLS survey in 2018, the average median salary of accountants was up to $70,500, which exceeded all other earnings of other professions that year. Demands for these jobs also have increased due to the increased need for understanding of finance and also due to the importance of taxes rules and regulations. Here, let’s know about Entry-Level Jobs in Accounting.
So, for entering into this arena, you will need to start from the very basic level. Some of the entry-level jobs in accounting are Bookkeeper, Account Payable Specialist, Accounts Receivable Clerk, Auditing Clerk, Payroll Administrator, and Assistant Controller.
The minimum education needed for these basic roles requires an associate degree in accounting. These programs generally include syllabus relating to fundamental areas of payroll and tax accounting, management, and spreadsheet software. Knowledge of these topics makes the students understand the various skills required for finance and accounting, the process of verifying and processing tax documents, and also a good understanding of finance-related laws and regulations.
Many entry-level accounting jobs are also open for high school students holding diplomas. However, some experience is also required in some companies if you want to get hired. Let us now see potential entry-level jobs you can get based on an associate degree in accounting.
Top six Entry-level jobs in accounting
1. Bookkeeper
If you’re good at managing and maintaining files and records, being a bookkeeper can be a perfect role for you. A bookkeeper’s job is basically to record and maintain the financial transactions of a business. For example, you will have to manage the purchases, expenses, look into the sales reviews, invoices, and payments. As a bookkeeper, you will have to keep the record of financial data in the accounting registers which are required to produce the income statement and balance sheets. A bookkeeper looks into the first six steps of the accounting cycle i.e, transactions, journal entries, posting to the general ledger, trial balance, worksheet, and adjusting entries.
- Job requirements for a Bookkeeper
A bookkeeper’s job has to be very specific and neat with perfection. As a bookkeeper, you have to be accurate, consistent, and a pro in minimizing errors. Along with this, you need to also have a good understanding of the accounting software systems as you may have to look at and manage hundreds of transactions if working in a big company. For this, you need to be proficient in technology as well.
- Bookkeeper Salary
Bookkeepers can get up to $30,000-$60,000 per annum in the US. However, the salaries may differ according to your experience, the company, and the location. The salary usually increases with ongoing years in the same field.
2. Accounts Payable Specialist
An accounts payable specialist upholds and processes the invoices of their organization. Along with bookkeeping and record-keeping, they also have to do the financial reporting and prepare the tax records for financial audits. On the whole, as an account payable specialist, you will have to help the companies with their billing and invoices. Your day-to-day duties may include – managing accounts payable using various software, handling the finances and invoices of various organizations and vendors, maintaining and creating new relationships with vendors, ensuring that the bills and payments are done on time, comparing purchase orders and other payments.
- Accounts Payable Specialist Job Requirements
You should have a minimum of 3 years of experience in accounting if applying for a senior position. Understanding the current finance and accountancy-related trends is required. You should also know your way with spreadsheets and also an experience in general ledgers. Good listening and communications skills along with a good understanding of maths and calculations are a must.
- Accounts Payable Specialist Salary Range
On average you can make up to $60,000 per year from this job. This salary is subject to your education, experience, knowledge, and geographical location.
3. Accounts Receivable Clerk
Accounts receivable clerks look after the credits and debits of an organization’s account. They also validate reports and payments, enter unpaid invoices, and contact customers with a good balance in their accounts. As an Accounts receivable clerk, your job may include- maintaining and updating files of customers, drafting correspondence of due payments accounts and collections, reviewing files, and requesting payments from account holders. Creating reports about the status of customers’ accounts, researching discrepancies, working with customer managers to look into accounts receivable on a bimonthly basis. Assisting in monthly bing statements based on general ledger, assisting accounts manager to bind revenue accounts every month, copying filing, and retrieving materials for accounts receivable, telling information changes to appropriate employees, and performing other important duties are some important jobs for an accounts receivable clerk.
- Accounts Receivable Clerk Job Requirements
If you’re interested in this role you will require to have very good verbal and communications skills. An understanding of basic software which is used for this role as per the company requirements is also needed. You should be able to work efficiently as the responsibilities are too much here. Having an open mind while talking to customers is a must.
- Accounts Receivable Clerk Salary
The salary for this role can be up to $38,000. This too may differ according to location, experience, and education.
3. Auditing Clerk
The job of an auditing clerk is to assist an accountant and auditor to check the accuracy of any financial figures in a specific document. An auditing clerk is, in simple words, an editor in the world of accounting. Many times there are minor mistakes in a financial document and an auditing clerk’s job is to rectify and bring to notice these mistakes. Making notations of the errors and ensuring if the document is correct or not are the two major roles of an auditing clerk. Your day to day responsibilities while working as an auditing clerk is ensuring postings, figures and documents are coded and are accurate, verifying transactions and records, correcting the errors and noting down the errors for others’ references, entering information in computers from the receipts, performing payroll functions, making phone calls to clients and customers, using software to enter information, calculate totals using calculators or adding machines, complete various types of tax and contribution forms writing statistical and financial reports, etc.
- Auditing Clerk Job Requirements
Excellent understanding of mathematics, computer technology. You need to have excellent attention to detail and an eye for errors. General knowledge of relevant computer technologies, like spreadsheets and word processing, are required
- Auditing Clerk Salary
An auditing clerk on average can expect up to $41,000.
4. Payroll Administrator
The payroll administrator has an important place in the HR department as the job of a Payroll Administrator is to ensure that the employees of an organization are getting paid equally and punctually. They also look at the administrative activities like calculating hours and taxes and also manage the salaries of the employees. They also look at the works like collecting and entering data about the employee information. Most of the time a payroll administrator is required to work along with the HR and the accounts department of the company and the duties can vary according to the organization. Responsibilities as a payroll administrator include writing checks and adding information and data into spreadsheets. In some companies, Payroll administrators handle accounting, taxation, and software but many firms also require them to function as specialist service providers who can provide comprehensive solutions. In this job, you will have to maintain timekeeping records, ensure regular payments, process the deductions, and handle the payment issues.
- Payroll Administrator Job Requirements
Computing skills along with a good knowledge of mathematics and software are required for this job. Data processing, data handling are also a must. You should be well versed in regional taxation laws, company policies, and compliance requirements.
- Payroll Administrator Salary
The average median salary of a Payroll Administrator is $49,437
4. Assistant Controller
An Assistant Controller is very important to an organization’s financial situation. Depending on a company’s expanse, assisting controllers is necessary to keep track of and manage effectively the financial ledgers. Assisting controllers to look after the accounting activities of an organization and also their internal audits. They are also responsible for checking the errors and discrepancies and handle the budgeting work and resource allocation. In this job, you will have to verify accounts and data of the company to make them in alliance with the financial regulations. Writing budget reports, meeting with chief financial officers and other important executives. Your other major responsibilities as assistant controller include – preparing financial statements, producing and managing spreadsheets, assisting in financial management, auditing, budgeting, using accounting software to maintain records and prepare reports, making and giving tasks to junior staff, coordinating and preparing reports for upper management, etc.
- Assistant Controller Job Requirements
You need to be very analytical and have a presence of mind for this job. Problem-solving skills are required, skills in mathematics, accounting, and financial processes are also needed. An assistant controller should also be a detail-oriented and organized person. Skills in time management and also the ability to prioritize tasks is an important requirement along with strong critical thinking skills.
- Assistant Controller Salary
You can expect a salary of $73,450 for this job as a fresher.
Any of these jobs can get you a really good experience and pay as well if you want to start a career in accounting. So go and apply for these roles asap!
FAQ’s
1. Do these roles need experience in the related field?
No, most of them don’t, however, you should see the company requirements as well.
2. What are the other roles in accounting for a graduate?
You can intern or maybe also get a job (on junior level) in a firm in roles like Public Accounting, Financial Accounting, Auditing, Government Section, and Forensic accounting.
3. What about raises and permanent roles?
These roles mentioned above are important in today’s world due to corporate development and globalization. Hence, the demand is only going to increase if you have the right skill sets with you.
