WHAT DOES AN ACCOUNTING ASSOCIATE DO?

Published: Oct 30, 2024 - The Accounting Associate manages and documents all revenue and transactions from insurance partners, ensures accurate invoicing and payment controls and aligns recorded revenues with contractual agreements. Detailed financial operations such as journal entries, account reconciliations, and financial statement preparations and reviews are performed to ensure accuracy and compliance. Collaboration with outsourced accountants and finance team members supports the efficient handling of accounts payable, receivable, and procurement processes.

A Review of Professional Skills and Functions for Accounting Associate

1. Accounting Associate Duties

  • Invoicing Management: Prepares invoices and credit memos for all parts and leveler orders for all divisions. Responsible for invoicing standard contract jobs. Invoices, files, and follow-up on freight claims. Approves drop shipment invoices and invoices customers for the product.
  • Record Keeping: Files and maintains records and reports.
  • Collaboration: Partners with other members of the department as well as Customer Service.
  • Invoice Approval: Approves all DLM truck freight invoices and follows up on discrepancies with the carrier.
  • Account Reconciliation: Reconciles freight account monthly. Backup for other invoicing and job cost tasks.
  • Software Proficiency: Uses multiple computer software such as spreadsheets, databases, word processing, email, Internet, etc.
  • Mathematical Skills: Uses accurate mathematical skills to calculate figures and amounts, such as discounts, interest, and percentages, applying concepts of basic algebra.
  • Accounts Receivable Management: Accounts receivable collections and posting of payments.
  • Audit Support: Supports the year-end financial statement audit.
  • Project Assistance: Assists with special projects (new billing procedures, Salesforce cleanup, NetSuite implementation).
  • Regulatory Compliance: Supports regulatory and/or internal examinations and responds as necessary to client inquiries.

2. Accounting Associate Details

  • Accounting Administration: Perform various accounting and administration servicing functions for Registered Broker-Dealer and Investment Advisers.
  • Invoicing Management: Prepare and send monthly invoices for clients, respond to invoice inquiries, and communicate with clients on billing information.
  • Reconciliation: Prepare monthly accounting reconciliations.
  • Accounts Payable Oversight: Oversight of accounts payable processing, including allocation of expenses to various clients as necessary.
  • Financial Statement Preparation: Assistance in the preparation of monthly and annual financial statements.
  • Audit Support: Assist in supporting the annual PCAOB audit.
  • Regulatory Compliance: Assist with regulatory filings related to financial statements. Communicate with regulators as necessary regarding financial and accounting information.
  • Compliance Support: Support Vigilant Directors in various functions to support clients. Assist Vigilant Directors in conducting compliance testing and reviews, and produce detailed reports ensuring all findings are clearly documented with supporting evidence.
  • Policy Development: Support Vigilant Directors in ensuring that business areas meet and maintain compliance requirements by helping in preparing and reviewing new policies, procedures, and training materials.
  • Compliance Tracking: Utilize Vigilant’s Compliance Assurance to track ongoing assessments of compliance policies and procedures.
  • Service Provider Review: Assist other Directors in taking notes and reviewing the adequacy of service providers' compliance policies and procedures, and summarize Vigilant’s checklists.
  • Report Preparation: Support Directors in the preparation of quarterly and annual compliance reports.
  • Regulatory Coordination: Coordinate annual and periodic regulatory filings with Vigilant’s Directors and Managers.

3. Accounting Associate Responsibilities

  • Cheque Processing: Receive customer cheques via mail, prepare and post bank deposits, and deposit the cheques in the bank.
  • Customer Account Monitoring: Monitor customer account details for non-payments, delayed payments, and other irregularities.
  • Customer Communication: Communicate with customers and Sales Representatives via phone/email for follow-up on overdue invoices, and resolve queries and payment discrepancies.
  • Account Reconciliation: Perform customer account reconciliations, and resolve account discrepancies by investigating documentation, and issuing stop payments, payments, or adjustments.
  • Payment Processing: Process customer credit card and EDI payments.
  • Vendor Invoice Verification: Review and verify vendor invoices with a purchase order, process invoices in the accounting system for payments ensuring correct approval, coding of accounts, and cost centers.
  • Vendor Account Verification: Verify vendor accounts by reconciling monthly statements, researching issues, and coordinating with vendors regarding invoicing, payment inquiries, and discrepancies.
  • Expense Report Processing: Review and process employee and Sales Representative expense reports ensuring accuracy and compliance with company policies.
  • Cheque Run Preparation: Prepare and perform cheque runs ensuring appropriate payment terms.
  • Journal Entry Posting: Post journal entries in the accounting system.
  • Tax Credit Compilation: Compile HST input tax credit recapture amounts.
  • Record Maintenance: Maintain financial historical records by filing accounting documents.
  • Reporting Assistance: Prioritize period-end reporting schedules, assist with accruals, and close procedures.
  • Financial Controls Support: Assist with implementing and maintaining internal financial controls and procedures.

4. Accounting Associate Job Summary

  • Invoice Management: Enter all invoices and make payments in accordance with agreed terms.
  • Discrepancy Resolution: Reconcile, investigate, and resolve all invoice claims and discrepancies.
  • Accounts Payable Administration: Accurate and efficient administration of accounts payable processes.
  • Payment Processing: Ensure monthly payment runs are completed on time.
  • Data Entry: Perform data entry, including purchase orders, accounts payable, and receivable.
  • Proactive Communication: Proactive communication and follow-up to efficiently resolve all queries with all stakeholders, internal and external.
  • Transaction Allocation: Daily allocation of bank transactions, invoices, and receipts.
  • Query Management: Follow through on all accounts payable-related queries with internal and external stakeholders.
  • Customer Support: Answer customer account queries via phone and ticketing system.
  • Policy Improvement: Maintain and improve company accounts policies and procedures.
  • Vendor Bill Management: Manage incoming bills from vendors.
  • Reconciliation: Execute credit card and bank account reconciliation.
  • System Automation: Assist in setting up accounting system automation.
  • Expense Management: Manage expense reimbursement reports.
  • General Ledger Assistance: Assist with general ledger accounting.

5. Accounting Associate Accountabilities

  • Revenue Assurance: Ensure the revenue for premium invoiced is according to the contract.
  • Transaction Documentation: Document the transactions, GWP, revenue, and COS commission from the partner level to the summary level.
  • Revenue Verification: Ensure the revenue summarized is according to accounting records.
  • Invoicing Accuracy: Ensure the amount invoiced by insurance is according to the revenue recorded.
  • Transaction Management: Manage the insurance payment control function.
  • Trade Payable Oversight: Ensure trade payable aging across the assigned industry.
  • Journal Entry Input: Input necessary accounting journal entries to reflect the revenue amount in the accounting system.
  • Closing Function Execution: Perform closing functions related to these two accounts.
  • Collaboration: Work closely with outsourced accountants, vendors, and other finance team members.
  • Operations Support: Assist with accounting and finance operations (Accounts Payable, Accounts Receivable, Procurement).
  • Data Capture: Help capture data for analysis and reporting.
  • Journal Entry Preparation: Prepare and post journal entries to properly record all activity.
  • Financial Statement Review: Prepare and review financial statements to verify account balances for accuracy and reasonableness.
  • Ledger Reconciliation: Prepare a detailed general ledger account reconciliation workbook to support the financial statements.
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