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An accountant trainee assists with financial reporting, vendor bidding, expense control, financial projects, and auditing. They may also prepare estimates, develop financial policies, and keep accurate records. The position is designed to develop accounting skills and can lead to a career as a manager or executive. Trainees may also generate ideas for financial management strategies and assist with budget control and vendor relationships.
An accountant trainee gradually assumes the responsibilities of a mid-level accountant as they develop their skills. Key job duties include assisting with financial reporting, managing the vendor bidding process, controlling expenses, managing financial projects and auditing. Depending on the company’s needs, the intern can help prepare estimates, come up with ideas for financial management policies, strategies and information technology applications. Keeping accurate records is also an important part of the job, as trainees are often responsible for recording receipts and expenses.
Placement in an accountant trainee position after completing a two- or four-year college degree can be the start of an accounting career. The position is designed to give the trainee time to apply and develop their knowledge of accounting practices, including recording cash inflows and outflows in a ledger. As the typical objective is to transform the employee into a future manager or executive, the intern may be responsible for a wide range of financial management activities such as audits, official financial reporting and budget control. Official financial reports may vary from country to country and may include the preparation of a balance sheet, a cash flow statement and an income statement.
Generating ideas for a company’s financial management strategy is a process that an accounting intern can participate in. As he gains experience with the organization’s current policies and practices, he can come up with more efficient and innovative methods. Some companies pair trainees with mentors who are responsible for familiarizing them with the company’s standard business practices. In some cases, mentors may work with trainees to develop ideas and make recommendations to senior-level management.
Most organizations are not completely self-sufficient and often build relationships with external vendors to carry out business operations. An accountant trainee can assist with the vendor or vendor tender process, including invoicing, assessing costs, and meeting payment obligations. He will likely assist with collection and follow-up activities with suppliers your organization works with. Part of controlling expenses involves collecting late payments and ensuring that write-offs are minimized.
Budget control and design are usually part of the trainee’s job responsibilities. This often alerts supervisors when expenditures and revenues are at risk of falling short of expectations. When this occurs, the intern can provide recommendations on how to get the organization back on track or come up with strategies to remedy the situation. In some cases, these ideas may involve redesigning financial processes that involve computer software applications.
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