what is it like working as a financial assistant?
The role of the financial assistant is supportive in nature, as they handle the daily activities of the accounting department and report to the financial or accounting manager. Their responsibilities must be carried out efficiently to ensure the smooth operation of the department. This means they need to be familiar with the company's accounting principles and financial reporting policies.
Since the financial assistant is an entry-level position, their responsibilities include performing basic accounting and administrative tasks. This involves, for example, reconciling bank statements and managing expenses using data entry platforms and invoicing software to ensure the company's accounts are up to date. Additionally, they need to update monthly forecasts and the corporate budget, as well as forward reports to the relevant managers. Occasionally, they collaborate with the HR department to prepare payroll, work with the sales and procurement teams on invoicing or supplier payments, and assist with the preparation of quarterly tax filings.
what does a financial assistant do?
The role of a financial assistant requires exceptional organization skills to handle multiple tasks simultaneously. Additionally, they must have financial knowledge, including basic accounting and bookkeeping skills. Precision is also essential for this position, particularly in maintaining accurate financial records.
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average salary of financial assistants.
Our salary calculator allows you to explore the pay ranges to see how much a beginner or an experienced financial assistant earns.
In addition to the base salary, some companies may offer additional benefits that can boost your income. For example, you might receive perks such as health insurance or an annual bonus.
Want to know how much a financial assistant earns? check out our salary calculator!
salary calculatorhow can I earn more as a financial assistant?
The salary of a financial assistant can vary significantly depending on the industry, geographic location, and company size. If you work in the banking and financial services sector, you're likely to earn more than in the public sector or nonprofit organizations. Multinational corporations generally offer higher pay compared to small and medium-sized enterprises. However, working at a small company can help you develop a broader skill set, as you'll often handle a wider range of tasks. Financial assistants working in larger cities can expect better compensation packages due to higher demand and living costs compared to those in smaller towns.
types of financial assistant roles.
A financial assistant can perform general accounting tasks or specialize in specific roles within the finance department, such as:
- Handling of outgoing and incoming invoices: the financial assistant manages receivables and liabilities. For invoices, they track incoming cash flows, issue invoices, and manage billing statements. If necessary, they also handle unpaid invoices. Those responsible for liabilities keep records of the company's debts and payment schedules.
- Assisting with financial planning: the financial assistant can participate in financial planning tasks, such as preparing budgets. Additionally, they can help the employer identify the best investment opportunities to improve the financial position.
- Supporting risk management: the financial assistant helps with risk management by reviewing the company's investment portfolio. Their role is to assess risks and opportunities. They assist the employer in identifying ways to capitalize on opportunities and manage risks effectively.
- Cash flow management: the financial assistant can help the finance manager monitor the company's cash flow. Their role includes assessing the company's liquidity.
working as a financial assistant.
Someone who pays attention to details and understands numbers will find joy in a financial assistant role. The job requires accuracy in recording accounting information and strong organizational skills to handle daily tasks. Let’s take a look at the responsibilities and work environment of a financial assistant!
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tasks of a financial assistant
Here are some typical tasks of a financial assistant:
- Support from management: their role is to assist the Chief Financial Officer and senior accountants in carrying out their duties. They help prepare financial reports, contribute to budget planning, and participate in strategic planning. Occasionally, they may also need to organize meetings with investors on behalf of the financial leaders.
- Performing office and administrative tasks: routine office and administrative duties are part of the job. For example, filing financial documents, photocopying, or organizing files. Additionally, the assistant collects and records financial data into spreadsheets and accounting software. It’s essential to keep all information up to date for financial reports.
- Financial reporting preparation: the financial assistant utilizes accounting principles and techniques to prepare the company's financial statements. They produce reports under the supervision of senior management and are responsible for basic accounting tasks, such as preparing vouchers and receipts and recording them into accounting software. Their duties include performing accounting calculations and identifying discrepancies before the financial reports are finalized. Additionally, they ensure the accuracy of financial records during reporting periods.
- Support for financial audits: the financial assistant participates in regular audits and ensures that the company's accounting system complies with financial policies and legal requirements. They handle inquiries related to the company's financial policies and procedures. When working alongside internal auditors, they review financial statements to verify accuracy and transparency.
- Budget preparation: responsible for assisting the finance team in planning and creating the budget. For example, they compile a list of company expenses and revenue sources discussed in meetings and perform the necessary estimates financial assistant role. The job requires accuracy in recording accounting information and strong organizational skills to handle daily tasks. Let’s take a look at the responsibilities and work environment of a financial assistant!
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work environment
A financial assistant works across various business sectors and industries. Whether it's a construction company, a manufacturing facility, or a bank, there are financial assistant positions available in any industry. The work takes place in well-equipped offices within a pleasant work environment, and increasingly, hybrid options are available, allowing for some remote work.
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who does a financial assistant work with?
Depending on the industry you work in, your colleagues may include accountants, accounting assistants, financial managers, or account executives. You are likely to have close relationships with lending managers, sales managers, as well as other professionals such as auditors, financial analysts, mortgage brokers, and product managers.
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working hours schedule
A financial assistant can work either full-time or part-time. A full-time position typically involves around 40 hours per week, while part-time roles usually require up to 30 hours per week. Most positions follow the standard 9-to-5 schedule, but flexible working arrangements are also available. Overtime and weekend work are uncommon, but during busy periods—such as during audit and tax seasons—there may be a need to meet deadlines. Travel is minimal, except in financial service companies that work with multiple clients.
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development opportunities
A financial assistant position is a great opportunity to enter the finance industry. This entry-level role offers exciting learning experiences that often lead to better positions. With additional training and certifications, an assistant can become a bookkeeper or a certified accountant before advancing to a financial manager role. If you pursue a career in auditing, gaining more experience can help you become an assistant auditor.
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why it's worth finding a financial assistant position through randstad
There are several advantages to seeking a financial assistant position with the help of a Randstad consultant:
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a consultant with a strong understanding of the financial sector of the labor market supports the selection process
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you can find a wide range of job opportunities on our website
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whether you're looking for a fixed-term or permanent position, we help you find the job that best fits you
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required studies and skills.
Financial assistant positions are typically entry-level opportunities, making them ideal for candidates with minimal experience. However, employers may prefer candidates with specialized knowledge or a university degree:
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a diploma
To qualify for a financial assistant position, a basic degree such as a Bachelor's (BSc) is required, typically in accounting, finance, or a related business field like economics or statistics. While some employers may not strictly require a degree for a financial assistant role, having one can help you advance more quickly into higher-level financial positions. Most recent graduates pursue a role as a financial assistant to gain practical experience and lay the groundwork for their careers.
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specialized training
- Accounting and economic administrator specialization training: this program focuses on bookkeeping and economic administrative tasks, teaching fundamental accounting, economic, and legal knowledge.
- Financial assistant specialization training: this program focuses on tasks related to financial assistance and covers essential financial knowledge, financial planning, budgeting, and liquidity planning.
- Banking specialization continuing education: this program focuses on the banking industry and covers fundamental banking and financial knowledge, as well as banking services and products.
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certificate
professional certifications enhance your competitiveness and accelerate your career progression. There are numerous professional certifications available in Hungary for financial assistants.
- Certified financial assistant certificate: this certification is issued by the Hungarian Financial Services Association (PSZÁF) and verifies that the holder is qualified to perform financial assistant duties.
- Certified professional accountant certificate: this certification is issued by the Hungarian Chamber of Auditors and verifies that the holder is qualified to perform accounting tasks and prepare financial documents.
- Certified corporate finance manager: this certification is issued by the Hungarian Financial and accounting association (PSZÁF) and confirms that the holder is qualified to perform corporate financial tasks, such as financial planning, budgeting, and liquidity management.
Obtaining these certifications can help financial assistants enhance their professional knowledge and improve their career prospects in the financial sector. However, it's important to note that earning certifications alone does not guarantee career advancement, and additional experience and training may be necessary for a successful career path.
skills and competencies.
As a financial assistant, the following skills and competencies are required:
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mathematical skills
A financial assistant needs to have strong math and calculation abilities. They must perform quick calculations and ensure the accuracy of financial data. Good mathematical skills help maintain the precision of financial reports.
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communication and interpersonal skills
A financial assistant works with various employees within the organization. Strong communication and collaboration skills are essential for effective teamwork and ensuring smooth cooperation with others.
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time management
The work of a financial assistant involves handling multiple tasks simultaneously and adhering to strict deadlines. Without strong time management skills, it’s impossible to keep up with the workload.
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accuracy
A financial assistant must ensure the precision of financial data, as even the smallest errors can lead to significant issues. Attention to detail helps to identify and eliminate mistakes in financial reports and spreadsheets.
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computer skills
Many companies use accounting software and computer systems to record transactions. A financial assistant's computer knowledge helps them navigate these software programs with ease.
frequently asked questions.
We have compiled the most frequently asked questions regarding the financial assistant position:
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what does a financial assistant do?
A financial assistant supports finance or accounting managers by handling office and administrative tasks. The role includes financial reporting and other duties assigned by senior financial managers.
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what are the responsibilities of a financial assistant?
A financial assistant keeps track of accounts receivable and payable. Additionally, they assist with strategic planning and budget preparation within a company.
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how much does a financial assistant earn?
Our salary calculator allows you to see the average salary of a financial assistant. Keep in mind, the actual pay can be higher or lower depending on the complexity of the role and the level of experience required.
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what kind of education does a financial assistant need?
A financial assistant doesn't necessarily need a degree, but having a specialized basic diploma can improve your chances of getting the job and may guarantee a higher salary range. Specialized higher or secondary vocational qualifications also enhance career opportunities.
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what is the next step in my career after the financial assistant position?
Depending on the organizational structure, a financial assistant can advance in their career, potentially becoming an accountant, a specialist in their field, or eventually even a financial manager.
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how can I apply for a financial assistant position?
Applying for a financial assistant position is easy: create your Randstad profile and browse our job offers near you. Once logged in, you can apply with just one click for the opportunity that interests you on our website!