What is a junior accountant?
A junior accountant maintains and compiles reports and financial statements in accordance with government regulations and requirements. The junior accountant can analyze balance sheets, manage general ledger accounts, update financial statements, maintain accounts receivable and accounts payable, pay monthly pay and prepare financial reports. Accountants, auditors and junior auditors generally work full time. Overtime may be required during tax season or at the end of the fiscal year.
Key points to remember
- A junior accountant occupies an entry-level position in an accounting department.
- The duties of the junior accountant include posting journal entries, updating financial statements, maintaining accounts receivable and accounts payable, paying monthly pay and preparing financial reports.
- A junior accountant is supervised by a senior accountant or an accountant manager.
- A bachelor’s degree in accounting is usually a prerequisite with a high level of attention to detail.
Understanding the junior accountant
The duties and career prospects of a novice accountant depend on the situation and the abilities of the candidate. A junior accountant occupies an entry-level position in the accounting department of an accounting, auditing, or government firm. Junior accountants are interested in finance. Accountants learn the ins and outs of the industry they work in because they are aware of all of the expenses, income and investments that are involved in a business entity. A qualified accountant earned an average of $ 70,500 in 2020, according to the Bureau of Labor Statistics.
The role of a junior accountant
The duties and responsibilities of a junior accountant would vary within the organization, but would include accounting for all business transactions with journal entries, updating financial statements, preparing monthly financial reports, calculating social security contributions and the audit and maintenance of accounts receivable and accounts payable. All of this would be done under the supervision of the manager while the junior accountant learns the accounting business and the intricacies of different client situations.
Requirements for a junior accountant
A bachelor’s degree in accounting is a prerequisite for this position as well as a high level of attention to detail. Other desirable qualities include mathematical aptitude, analytical skills, the ability to organize documents well and an interest in finance. A junior accountant uses accounting software, so the ability to use and learn new computer systems is essential.
The perspectives of a junior accountant
The junior accountant position would be suitable for those who love math and are interested in finance. Junior accountants have above-average income potential and access to a large client base. The accounting profession is likely to experience sustained demand as companies and small businesses require accounting services on an ongoing basis. If a junior accountant wishes to move up the career ladder, he could become a Chartered Accountant (CPA), a Certified Management Accountant (CMA) or a Chartered Internal Auditor (CIA) by undertaking and passing the series of exams. The growth of the accounting profession is expected to average about 6% through 2020, according to the Bureau of Labor Statistics. The growth in employment in the accounting field is linked to the global economy. In a growing economy, more accountants are needed.