WHAT DOES A FINANCIAL ASSISTANT DO?

Published: Mar 24, 2025 - The Financial Assistant interfaces with clients, schedules appointments, and assists with paperwork and inquiries. Responsible for managing client accounts, handling phone calls, and emails, and ensuring timely payment of invoices and contractor fees. Maintains CRM systems, and client files, and supports day-to-day accounting tasks while proactively managing outstanding client debt.

A Review of Professional Skills and Functions for Financial Assistant

1. Financial Assistant Duties

  • Debtor Management: Actively manage debtors and cash collection.
  • Invoice Entry: Enter all invoices onto Financial Force software/raising any queries.
  • Financial Management: Add invoices to Financial Force accounting software, reviewing statements when received and making approved payments.
  • Statement Review: Check statements received and request copy invoices.
  • Document Matching: Match delivery notes to general invoices.
  • Inbox Monitoring: Monitor Accounts inbox and stamp invoices received.
  • Customer Service: Answer incoming telephone calls, dealing with any queries, determining customer requirements, and directing the call.
  • Certification Assistance: Assist the business to achieve and maintain ISO9001 and 45001 certifications.
  • Data Processing: Collate supplier invoices at month end and process data on excel sheets.
  • Cash Flow Management: Monitor and manage monthly cash flow.
  • Budget Review: Review and report against agreed budgets / master cost tracker.
  • Client Liaison: Liaise with client financial team on account queries.
  • Report Preparation: Processing and preparing daily/monthly reports.
  • Invoice Management: Creating, sending, and following up on invoices.
  • Data Review: Collecting and reviewing data for reports.
  • Payment Processing: Preparing payments for employees and month end payments.

2. Financial Assistant Details

  • Invoice Management: Batching and entering vendor invoices, scanning and electronically filing the vendor paid invoices accurately.
  • Collections Management: Sending collection emails to customers and project managers at the designated follow-up dates.
  • Activity Documentation: Documenting collection activities in QuickBooks.
  • Check Processing: Processing check requests from the Regulatory Compliance Department.
  • EFT Processing: Processing EFT requests from the Regulatory Compliance Unit.
  • Payment Matching: Matching payments with customer invoices and creating expense reports.
  • Report Updating: Updating daily receivables reconciliation report.
  • Administrative Support: Data entry, scanning, and copying.
  • Asset Management: Assist in the different stages of the asset management cycle.
  • Team Participation: Active participation in day-to-day business within the finance team.
  • Liaison Role: Contact person for the colleagues in all questions of the area of responsibility.
  • Financial Interface: Interface for all financial issues between external tax consultancy, the BICO group of companies, and internal contacts.
  • Financial Support: Support in the preparation of monthly, quarterly, and annual financial statements.
  • Payment Preparation: Preparation of payment runs / processing of payment transactions.
  • Order Monitoring: Support and monitoring of incoming orders up to invoicing.

3. Financial Assistant Responsibilities

  • Fund Management: Responsible for Special Donation Account (temporarily restricted funds) inquiries, management, and report distribution.
  • Account Creation: Creates new accounts in Raiser's Edge and the general ledger.
  • Inquiry Assistance: Assists with inquiries from internal and external users.
  • Expense Reporting: Responsible for recording and reporting of all Foundation expenses.
  • Financial Assistance: Assists with onBase and Payroll disbursements and assists with AP and Payroll inquiries.
  • Reporting: Prepares internal monthly report and review variances.
  • Program Administration: Assists with the administration of the Mini Grant Program.
  • Meeting Coordination: Attends mini grant meetings, records approvals and denials, and notifies applicants of committee decisions.
  • Fund Transfer: Follows up with recipients to determine appropriate transfer of funds and prepares accounting entries.
  • Budget Support: Assists the Director of Finance with the annual operating budget.
  • Month-End Support: Assists with month end close as needed: journal entries, account analysis, etc.
  • Endowment Reporting: Assists with endowment tracking and reporting.
  • Financial Analysis: Assists the Director of Finance and takes on other job tasks, including account reconciliation and ad hoc analysis.
  • Database Support: Assists with Gift Processing and provides database support.
  • Phone Support: Provides main line phone support daily as part of the phone team.

4. Financial Assistant Accountabilities

  • Data Entry: Inputting purchase orders, invoices, and credit notices.
  • Expense Processing: Processing staff expense forms.
  • Ledger Maintenance: Maintenance of ledgers, attaching scanned documents.
  • Payment Management: Regular supplier payments by BACS, credit card purchase and inputting, one-off payments by cheque or Faster Payment.
  • Journal Preparation: Preparation of journals as necessary for internal transfers of funds/corrections.
  • Invoice Management: Raising sales invoice, liaison with debtors and parentPay administration.
  • Cash Handling: Banking of cash and cheques, inputting details and maintaining accurate records.
  • Supplier Maintenance: Maintenance of supplier details.
  • Bank Reconciliation: Completion of bank reconciliations, including input of non-invoiced income and direct debits.
  • Credit Card Reconciliation: Completion of credit card reconciliations.
  • Record Keeping: Accurate record keeping for charitable funding including submission of claims for reimbursement.
  • Fund Administration: Administration of the 16-19 Bursary Fund.
  • Scheme Management: Financial administration of the Chromebook scheme.
  • Tuition Management: Financial administration of music tuition fees.
  • Accounting Support: Assisting with month-end management accounting including: the preparation of monthly journals, reconciliation of all StaffCircle bank accounts, and balance sheet reconciliations.
  • Management Accounting: Preparation of management accounts and preparations of VAT returns.
  • Cash Flow Monitoring: Monitoring daily, weekly, and month cash flow.
  • System Data Entry: Assisting with input of data into the finance system (Xero).

5. Financial Assistant Functions

  • Ensure all work is carried out in accordance with company policies, procedures, standards and work instructions.
  • Maintain internal filing systems for Finance.
  • Update cash and bank books on Excel on a daily basis and prepare for upload into GL on a monthly basis.
  • Update Invoice Receipts and Vendor Invoice Payments into company system as and when cleared to/from the bank account.
  • Ensure Sales and Conversion reports required by the Sales Team are provided to them 
  • Chase up debtors on a weekly basis and update the debtor’s sheet for weekly distribution.
  • Collect information for and prepare payroll payments for employees
  • Arrange payments of purchase orders, business bills and governmental organisations invoices via company bank
  • Perform routine calculations to produce analysis and reports as requested by the regional finance manager
  • Suggest changes or improvements to increase accuracy, efficiency, and cost reductions
  • Review contracts on terms and conditions between 3D partners and track returns
  • Maintain comprehensive excel spreadsheets to track invoice status
  • Prepare invoices for payment (credit card, Paypal and bank)
  • Continuously follow up on outstanding receivables by sending payment reminders
  • Create invoices and credit notes independently
  • Keep track of incoming payments and ongoing reimbursements
  • Work with the finance, controlling and, if necessary, accounting departments

6. Financial Assistant Job Description

  • Scheduling Management: Coordinate and maintain calendar, including scheduling internal and external meetings, establishing conference calls, and coordinating with attendees in multiple locations and over multiple time zones.
  • Expense Management: Preparing and processing monthly expense reports and office supply orders.
  • Financial Support: Assist with financial reporting, as well as company-wide special projects and presentations as requested by senior management.
  • Stakeholder Liaison: Liaise with international company stakeholders.
  • Administrative Support: Provide additional Finance department support such as distributing mail, filing, faxing, photocopying, scanning and tracking documents, data entry, and word processing.
  • Meeting Coordination: Take the lead in coordinating department conference calls and Zooms.
  • Team Participation: Participate in administrative team, providing backup to other assistants and contributing to common administrative duties.
  • Financial Analysis: Analyzes and reconciles financial statements.
  • Report Preparation: Prepares standardized and specialized financial reports.
  • Error Resolution: Researches, identifies, and corrects errors through accounting transfers.
  • Information Provision: Serves as a source of information to staff, faculty, students, and external contacts on financial policies and procedures and departmental activity.
  • Record Maintenance: Establishes and maintains financial records and files ensuring accuracy and completeness.
  • Expenditure Monitoring: Monitors and may approve account expenditures.
  • Staff Oversight: Oversee and instruct support staff.
  • Tax and Budget Support: Support with tax submissions and budget preparation.
  • System Management: Working with finance-related IT systems.
  • Asset Management: Maintaining the company’s asset list and balance sheet.
  • Data Monitoring: Monitoring data and identifying discrepancies.

7. Financial Assistant Overview

  • Invoice Processing: Accurately code and post overhead and other non-production purchase invoices, matching to purchase orders.
  • Invoice Management: Accurately code and post Distribution and other non-production sales invoices.
  • Credit Control: Credit control and ensuring distribution royalties from clients are up to date.
  • Query Resolution: Deal with supplier and customer queries including withholding tax.
  • Transaction Posting: Post transactions from non-production bank accounts.
  • Data Analysis: Analysis of timesheets for Group recharges.
  • Data Management: Upload of all transactions to PSF and maintain the email account.
  • Report Distribution: Monthly distribution of those credit card analysis outstanding to the HoF/FC.
  • Cash Management: Post non-production cash advances and manage the cash in line with group policies.
  • Report Production: Produce and distribute various financial reports for HoF/FC review.
  • Account Reconciliation: Work with JPA to reconcile supplier and debtor accounts on a monthly basis.
  • Cash Reconciliation: Reconcile petty cash monthly and post all related transactions to PSF.
  • Payment Processing: Batch and upload supplier payment runs for authorised invoices from PSF, ready for bank payment authorisation.
  • Document Handling: Open mail and filing documents, including invoices.
  • Compliance Assurance: Ensure compliance with relevant Group and departmental procedures including monthly deadlines.
  • Stakeholder Communication: Communication with debtors and creditors including credit control.
  • Payment Collection: Collecting monthly direct debits and making payments.
  • Financial Closing: Assisting with month-end and year-end processes.
  • Policy Drafting: Assisting with drafting financial policies.

8. Financial Assistant Details and Accountabilities

  • Invoice Processing: Receive and process all invoices onto both the utility and stock ledgers, coding invoices accurately and in a timely manner from when they are first received.
  • Inbox Management: Ensuring the invoice email inbox is monitored and emptied regularly.
  • Mail Handling: Ensuring the post is collected and opened daily.
  • Expense Processing: Processing all employee expense claims in accordance with company policy and deadlines.
  • Payment Coverage: Covering payments in periods of absence.
  • Payment Posting: Posting all payments on ledgers.
  • Query Resolution: Challenging and resolving invoice queries.
  • Data Updating: Update monthly carriage cost tracker.
  • Reconciliation: Regularly reconciling supplier statements as they come into the business, ensuring an accurate ledger and Aged Creditors reports.
  • Issue Resolution: Any reconciling differences are to be rectified in a timely manner.
  • Team Collaboration: Responsibility shared with Payable’s manager and other Finance Assistants.
  • Account Reconciliation: Monthly reconciliation of key accounts by MD +5, signed off by the line manager.
  • Financial Review: Monthly Aged Creditor review with line manager.
  • Invoice Timing: Ensure timely processing of all stock invoices.
  • Stock Reconciliation: Matching stock invoices against receipts to ensure the accuracy of the stock balance – querying and resolving discrepancies in a timely manner.
  • Ledger Maintenance: Weekly review of unmatched receipts and invoices, to ensure consistently clean and current position of the ledger.
  • Role Flexibility: Covering the duties of other Finance Assistants in period of absence and busy periods which include: Sales ledger processing and debtor control, Cash management, updating daily cash flow, posting direct debit payments, and Bank reconciliations.
  • Record Keeping: Maintain filing controls to meet company and audit requirements.
  • Cost Tracking: Maintain monthly cost trackers to allow accurate management of accounts.

9. Financial Assistant Tasks

  • Client Support: Assist Financial Advisors in onboarding, ongoing development, and maintenance of client relationships.
  • Client Service: Provide excellent service to clients and potential clients; ensure all communication is prompt, accurate, and adheres to established policies.
  • Confidentiality: Shield client confidentiality in all situations.
  • Interdepartmental Coordination: Interface effectively and follow up with internal departments and external business partners on all applicable matters.
  • Regulatory Compliance: Maintain ongoing knowledge and understanding of compliance regulations, firm policies, procedures, products, and technology in an ever-changing regulatory environment.
  • Problem Identification: Recognize and report potential problems to Office Manager, Financial Advisor, Compliance, and/or Director.
  • Client Communication: Compose effective client correspondence and prepare review materials in accordance with established policies and procedures.
  • Marketing Support: Assist Advisor in organizing marketing campaigns and seminars for clients and prospective clients.
  • Scheduling: Schedule client appointments and conference rooms for appointments.
  • Invoice Matching: Matching purchase orders through to purchase invoices.
  • Ledger Maintenance: Maintaining the purchase ledger for BHS Charity, BHS Trading, and BHS Qualifications.
  • Payment Processing: Preparing and making payments to suppliers.
  • Transaction Processing: Processing company credit card returns from colleagues.
  • Account Reconciliation: Reconciling key control accounts and processing expense claims.
  • Financial Reporting: Calculating and posting accruals and prepayments.
  • Financial Analysis: Gathering information and analysis in support of management accounts and annual audit.
  • Cash Management: Banking and allocation of incoming cash.
  • Revenue Recording: Recording of revenue receipts through journals.

10. Financial Assistant Roles

  • Client Interaction: Interfacing with clients, scheduling appointments, and assisting clients with paperwork and inquiries.
  • Account Management: Account opening and input transactions for clients’ accounts.
  • Communication: Handle phone calls and emails from clients when appropriate, transfer calls to an advisor.
  • Data Management: Update and maintain CRM systems.
  • Record Keeping: Maintaining client files and other record-keeping responsibilities.
  • Payment Management: Make sure all contractors are paid in a timely manner.
  • Query Handling: Be the main point of contact for all timesheet queries and supplier statement reconciliations.
  • Invoice Processing: Make sure all invoices are approved, processed, and paid in a timely manner in accordance with payment terms.
  • Payment Processing: Dealing with invoice queries and entering payments into the bank module.
  • Financial Management: Manage credit cards ensuring all receipts received and posted to the accounting system.
  • Expense Management: Staff expenses posting and payments.
  • Cash Handling: Posting cash received from clients and dealing with invoice queries.
  • Debt Management: Proactively review and chase outstanding client debt.
  • Billing Management: Send billing forms to new clients and chase PO numbers.
  • Invoice Generation: Generating and sending sales invoices to clients using various platforms.
  • Administrative Support: Day-to-day accounting and administrative tasks to support the Finance Department.
  • Expense Processing: Processing expenses and invoices.
  • Payroll Support: Assisting with payroll and bank reconciliation.
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