Accounting specialists process accounts payable and receivable, manage ledger accounts, enter invoices into payment systems, and reconcile payments. They must be experienced in accounting, payment processing, and have computer skills.
Accounting professionals are an integral part of a company’s finance and accounting departments. The individual in the role of Accounting Specialist will have the responsibility of processing accounts receivable and accounts payable. The individual can also manage the ledger account, enter invoices into the payment system, post payments to customer accounts, and process payments to vendors.
While the processes of an accounting or finance department may vary, one generally consistent element is the department’s need for individuals to process, receive, and manage payments. Accounting professionals are at the heart of a company’s financial management. As payments come in for products and services, the accounting specialist will apply those payments to the appropriate account. In small companies and businesses, the person in the role may also complete bank deposits as part of accounts receivable responsibilities.
Similar to accounts receivable, accounts payable must be processed and applied properly. The money paid is normally deducted from the company’s operating or financial accounts. Accounting specialist can also apply and reconcile payments in a company’s ledger account. It is important that money received and paid is accurately recorded and reported. Cash flows from a company’s ledger account are used to update and create the company’s income statements and balance sheets.
The accounting specialist must be proficient in processing invoices. Payments to and from suppliers are recorded according to the payment management system used and the protocol defined by the company. The accounting specialist will be tasked with applying payments to vendor accounts and ensuring that cleared checks are processed and recorded. Suppliers who are paid on a recurring basis usually require the establishment of a purchase order. The accounting specialist can set up and manage payments for purchase orders to ongoing vendors and other service providers.
Journal entries are used to record accounting transactions. The accounting specialist will have the responsibility of performing manual journal entries for both payable and receivable accounting activities. It is common business practice for entries to be reconciled at the end of each month and at the close of the fiscal year. The entries that the accounting specialist makes in the general ledger must be accurate so that the reconciliation accurately reflects the company’s payment history and account balances.
To work as an accounting specialist, a candidate must have a high school diploma or equivalent. He or she must also have experience working in an accounting department; this experience should include payment processing, accounts receivable, accounts payable, and payment reconciliation. Computer skills are also required, as much of the work done by an accounting specialist is accomplished using computerized accounting software.
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