As his skills develop, an accountant trainee gradually assumes the responsibilities of a mid-level accountant. Assisting with financial reports, managing the vendor bid process, expense control, financial project management, and auditing are all major responsibilities. The trainee may assist in the preparation of estimates, as well as the development of financial management policies, strategies, and information technology applications, depending on the needs of the company. Because trainees are often in charge of recording receipts and expenses, maintaining accurate records is also an important part of the job.
After completing a two or four-year college degree, an accountant trainee position can be the start of a career in accounting. The trainee will have time to apply and develop his knowledge of accounting practices, such as recording cash inflows and outflows in a general ledger, in this position. A trainee may be responsible for a wide range of financial management activities, such as audits, official financial reports, and budget control, because the typical goal is to develop the employee into a future manager or executive. The preparation of a balance sheet, cash flow statement, and income statement may be required for official financial reporting, which varies by country.
An accountant trainee may participate in the process of generating ideas for a company’s financial management strategy. He may come up with more efficient and innovative methods as he gains experience with the organization’s current policies and practices. Several companies assign trainees to mentors who are responsible for familiarizing them with the company’s standard business practices. Mentors may work with trainees to develop ideas and make recommendations to senior management in some cases.
Most businesses aren’t completely self-sufficient, and they frequently form relationships with outside vendors to help them run their operations. A trainee accountant could help with the vendor or supplier bid process, such as invoicing, cost analysis, and payment obligations. He’ll most likely assist with collection and follow-up activities with vendors with whom his company does business. Collecting past due payments and minimizing write-offs are both important aspects of cost control.
A trainee accountant’s job responsibilities usually include budget control and design. This frequently entails informing supervisors when expenses and income are on the verge of falling short of projections. When this happens, the trainee may make suggestions for how to get the organization back on track or devise strategies to address the problem. In some cases, these suggestions might entail rethinking financial processes that use computer software.