What Are the Duties of a Finance Assistant?

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Introduction
  • Introduction

    What Are the Duties of a Finance Assistant?

    Finance assistants are assigned to maintain the financial records of a company accurately. A finance assistant works within the finance department in a supportive role to effectively manage financial transactions and budgetary parameters. Finance assistants need to maintain excellent concentration levels to input figures and make detailed calculations accurately.

    What are the duties of a finance assistant? (Looking at finance. image by mark humphreys from Fotolia.com)

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    Main Duties

    A finance assistant will need to develop a detailed knowledge of financial procedures particular to a company and keep accurate records of any transactions made by cash or credit card. He or she is also responsible for managing a company's staff expense accounts and donations, if employed by a charitable organisation. He or she is expected to work independently, prioritising tasks wherever necessary. A finance assistant should also be aware of any industry guidelines or regulations to ensure all financial activity is conducted within the law, as stated on the HR management Web site.

    A finance assistant processes credit card and cash transactions. (credit card image by jimcox40 from Fotolia.com)

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    Support Role

    A finance assistant attends meetings relating to budget plans and must document any relevant information for future reference. He or she also assists in producing the annual company budget with higher management and offers guidance to other departments on any financial errors or discrepancies. A finance assistant spends the majority of his or her day in front of a computer terminal, but needs to respond to queries from other departments and external clients during a normal working day. A financial assistant also responds to routine queries from external regulatory bodies requesting information about daily financial practice. A finance assistant should be polite, patient and capable of explaining financial anomalies in plain terms. He or she may also be assigned to provide training to new staff on daily financial activities.

    Finance assistants play a key role in budgeting. (still life with calculator image by Astroid from Fotolia.com)

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    Cost and Analysis

    A finance assistant should have basic accounting skills and be capable of producing financial journals, managing routine costs and collecting data to record normal expenditure levels. He or she may also be asked to analyse financial data by department managers, customers or suppliers. A finance assistant will need to process a large amount of data and also identify how relevant it is for the purpose of cost analysis.

    Financial assistants must analyse key financial data. (umsatz chart image by pmphoto from Fotolia.com)

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    Additional Duties

    A finance assistant plays a key role in process development, identifying any weaknesses in financial practice and suggesting changes. To adequately meet the needs of company clients, finance assistants are sometimes expected to work long hours in the event of a sickness or absence. A finance assistant also helps with the processing of staff costs within a company, such as payroll, sickness payments or daily expenses. These are then sent to head office for approval, as stated on the Tetra Tech Web site.

    A finance assistant helps manage daily company expenses. (time of the incomes, time of the expenses. image by firsov from Fotolia.com)

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