Key Responsibilities and Required Skills for Accounting Specialist

🎯 Role Definition

The Accounting Specialist plays a critical role in maintaining the financial integrity of the organisation by managing accounting operations, processing transactions, ensuring accurate general ledger maintenance, and supporting internal controls and compliance efforts. You will be responsible for maintaining accurate financial records, supporting month‑end and year‑end closing activities, preparing and analysing reports, liaising with auditors and other stakeholders, and contributing to process improvements in the accounting function.

📈 Career Progression

Typical Career Path

Entry Point From:

Accounts Payable / Receivable Clerk
Junior Accountant
Finance Assistant

Advancement To:

Senior Accounting Specialist
Staff Accountant
Accounting Supervisor

Lateral Moves:

Financial Reporting Analyst
Budget & Forecasting Specialist
Payroll Specialist

Core Responsibilities

Primary Functions

Record, classify and post financial transactions such as invoices, receipts, payments and journal entries to ensure timely and accurate general ledger maintenance.
Process accounts payable and accounts receivable transactions: verify vendor invoices, issue payments, invoice customers, follow up on collections and ensure compliance with company policy.
Perform monthly, quarterly and annual account reconciliations including bank statements, credit card statements, vendor and customer ledgers and inter‑company balances.
Support the month‑end and year‑end close process: prepare accruals, deferrals, adjust entries and ensure all sub‑ledgers roll up to the general ledger.
Prepare and maintain financial reports including balance sheets, income statements, cash flow statements and variance analysis for internal and external stakeholders.
Maintain and update the chart of accounts, fixed asset registers and depreciation schedules, ensuring accuracy and compliance with accounting standards.
Ensure compliance with internal policies, accounting standards (such as GAAP/IFRS) and regulatory requirements, and assist in audit preparations and liaise with auditors.
Monitor cash flow activities, reconcile cash receipts and disbursements, manage petty cash or bank deposits where applicable.
Review vendor and customer accounts, analyse aging reports, follow up on overdue balances and report on outstanding items.
Manage payroll support tasks or liaise with payroll providers: prepare payroll journal entries, handle tax filings and assist with W‑2/1099 preparation when required.
Process invoices, credit‑memos, payment vouchers and reconciliations of billing and remittances, ensuring accuracy and documentation.
Maintain organised documentation, filing systems (both digital and physical), support document retrieval for audits and internal reviews.
Collaborate with other departments (e.g., procurement, operations, HR) to ensure transactions are captured correctly, that accounting entries reflect business activities and align with company policy.
Identify and research accounting discrepancies, perform root‑cause analysis of variances and drive resolution of issues to maintain data integrity.
Assist in budgeting and forecasting activities including preparing input data, analysing variances and supporting management with actionable financial insights.
Participate in improving accounting processes, implementing best practices, automating routine tasks and contributing to the development of standard operating procedures.
Enter data accurately into accounting systems, maintain journals, update ledger entries and ensure timely cut‑offs for financial periods.
Provide ad‑hoc financial analysis and support special projects such as system upgrades, integrations or financial reviews.
Ensure confidentiality and security of financial information, adhere to company data protection policies and ethical standards.
Assist with tax compliance and reporting: prepare or support filings for state/local tax, sales/use tax, 1099s, payroll taxes and ensure timely submission.

Secondary Functions

Support ad‑hoc financial data requests, exploratory data analysis and cross‑functional initiatives.
Contribute to the organisation’s finance roadmap, including system implementations, policy updates and internal control enhancements.
Collaborate with non‑finance departments to translate data needs into accounting operations, streamline workflows and support business decision‑making.
Participate in projects such as automation of ledger processes, migration of accounting systems and financial reporting enhancements.

Required Skills & Competencies

Hard Skills (Technical)

Strong knowledge of generally accepted accounting principles (GAAP) or relevant local accounting standards.
Proficiency in general ledger maintenance, accounts payable/receivable, bank reconciliations and financial close activities.
Advanced Microsoft Excel skills, including pivot tables, formulas, data analysis, and spreadsheet modelling.
Experience with accounting software or ERP systems (e.g., QuickBooks, Sage, Oracle, SAP) and comfort adapting to new platforms.
Ability to prepare journals, accruals, deferrals, reconciliation schedules and month‑end close deliverables.
Strong financial reporting and analysis capability: preparing balance sheets, income statements, cash flow statements and variance explanations.
Familiarity with payroll processing, tax filings (state/local/federal), 1099/W‑2 preparation and regulatory compliance.
Solid auditing support experience: preparing audit schedules, responding to queries and supporting internal control reviews.
Excellent documentation, organisation and filing skills to manage supporting records, digital archives and audit trails.
Strong data entry accuracy, attention to detail, error detection and ability to ensure data integrity and consistency across ledgers.

Soft Skills

Excellent communication skills (verbal and written): able to explain financial information to non‑finance stakeholders in a clear and professional manner.
Strong analytical mindset and problem‑solving ability: able to identify discrepancies, trace root causes and recommend corrective actions.
Highly organised and self‑motivated: able to manage multiple tasks, meet deadlines and work under minimal supervision in a fast‑paced environment.
Detail‑oriented and quality‑driven: consistently ensures accuracy and completeness in financial records and reports.
Collaborative and business‑partner oriented: works effectively across departments, builds relationships and supports team goals.
Ethical judgment and discretion: handles sensitive financial information with confidentiality, integrity and professional conduct.
Adaptable and flexible: embraces change, supports process improvements, learns new systems and thrives in evolving environments.
Results‑focused and proactive: takes initiative to improve processes, meets expectations and delivers high‑quality output.
Service‑oriented mindset: supports internal and external stakeholders with queries, requests and timely responses.
Continuous learner: seeks development opportunities, stays current with accounting standards, regulations and industry best‑practices.

Education & Experience

Educational Background

Minimum Education:
High School Diploma or equivalent, with relevant accounting coursework or certification.

Preferred Education:
Associate or Bachelor’s Degree in Accounting, Finance, Business Administration or related field.

Relevant Fields of Study:

Accounting
Finance
Business Administration
Economics

Experience Requirements

Typical Experience Range:
2‑5 years of progressive accounting or bookkeeping experience in a corporate or non‑profit environment, including AP/AR and general ledger.

Preferred:
Experience with ERP systems, month‑end/year‑end close, financial reporting, audit support and a high‑transaction volume environment.

Key Responsibilities and Required Skills for Accounting Specialist