Meaning and definition of Junior Accountant
A junior accountant is a person who holds entry level position in an accounting department. One of the most important prerequisites for this position is a college degree in accounting. Other required attributes include mathematical aptitude and analytical ability. A junior accountant is generally supervised by a senior accountant or accounting manager. However, the duties and responsibilities vitiate with the organization, but usually include posting journal entries, updating financial statements, preparation of monthly financial reports, calculation of payroll taxes, auditing and maintaining accounts receivable and payable.
As explained by Investopedia, the junior accountant position would attract those considering a career in accounting due to its various advantages which include above-average earnings potential and access to wide-ranging clientele. The accounting profession is expected to see unrelenting demand as corporations and small businesses require accounting services on a regular basis.
Duties of a Junior Accountant
The main duty of a junior accountant includes providing support to the senior accountants in some simple tasks which they do not have time to do, as having a junior to perform these tasks provides more time to the seniors to fulfill their other obligations.
Other important duties of a junior accountant are to review the profits and expenses of a company, analyze its position and comprise reports of profits and losses. Besides, junior accountants also perform the task of keeping the balance sheet up-to-date and assist with monthly account closings.
Requisites of a Junior AccountantThe measure to their competent performance is their attention to accuracy and detail. This incorporates the ability to analyze issues and skills to solve problems in an efficient manner. Moreover, top-notch communication skills are central to the planning, organizing and scheduling projects by priority. As a basic knowledge, a Junior Accountant must possess a four-year college degree, the Bachelor of Science in Accounting. It is possible to accept employment only after completing 75% of this degree. Besides, some of the best positions can be acquired through the ability to use accounting software in addition to having a Master’s degree, or a license or certification.
- Debt ratios
- Liquidity ratios
- Profitability ratios
- Asset management ratios
- Cash Flow Indicator Ratios
- Market value ratios
- Financial analysis
- Business Terms
- Financial education
- International Financial Reporting Standards (EU)
- IFRS Interpretations (EU)
- Financial software