What Does an Accounting Intern Do?

Accounting interns are entry-level employees who work alongside accountants and auditors. They may perform a variety of tasks, including data entry, filing, answering phones, scheduling appointments, etc.

Accounting interns often have little to no experience in the field when they begin their internship. However, they’re able to learn valuable skills by observing professionals at work.

Accounting Intern Job Duties

Accounting interns typically have a wide range of responsibilities, which can include:

• Preparing financial statements such as income statements, balance sheets, and cash flow statements using computer software
• Monitoring the inventory of merchandise to ensure it is within specified limits
• Reviewing financial statements to identify errors or omissions
• Performing data entry tasks such as entering sales orders into a computer system
• Recording financial transactions such as purchases of inventory or payments to suppliers
• Preparing reports about the company’s financial status for management
• Preparing tax forms such as sales tax or payroll tax returns
• Organizing and maintaining accounting records such as journals, ledgers, and bank reconciliations
• Drafting letters to customers or vendors regarding accounting transactions

Accounting Intern Salary & Outlook

Accounting intern salaries vary depending on their level of education, years of experience, and the company they work for. They may also receive compensation in the form of end-of-year bonuses or commissions.

• Median Annual Salary: $49,500 ($23.8/hour)
• Top 10% Annual Salary: $97,000 ($46.63/hour)

The employment of accounting interns is expected to grow at an average rate over the next decade.

Employment growth will be driven by the increasing complexity of accounting rules and regulations, which will require more accounting interns to ensure compliance with these rules. In addition, demand for accounting services will continue to increase as firms seek to improve their efficiency and profitability.

Accounting Intern Job Requirements

To become an accounting intern, you may need to have the following:

Education: Most employers require accounting interns to have a bachelor’s degree in accounting, finance or a related field. Some employers prefer candidates who have a master’s degree in accounting or business administration with a concentration in accounting. Relevant coursework includes financial accounting, auditing, taxation, business law and business communication.

Training & Experience: Accounting interns will receive on-the-job training to help them learn the specific processes and procedures of the company. This training will help interns learn the specific software and computer systems they will use while working for the company. They will also receive instruction on how to complete tasks and interact with other employees.

Certifications & Licenses: Certifications are not usually a requirement to become an accounting intern, but they can make you a more competitive candidate when applying for jobs.

Accounting Intern Skills

Accounting interns need the following skills in order to be successful:

Organization: Organization is a crucial skill for accounting interns to have, as it allows them to keep track of their tasks and responsibilities. Being organized can also help interns be more efficient in their work and complete their tasks on time.

Communication: Communication is the ability to convey information to others in a way that they understand. As an accounting intern, you may be communicating with clients, other interns and staff members. Effective communication can help you to be an active participant in meetings, answer questions and complete assignments.

Attention to detail: Attention to detail is a crucial skill for accounting interns to have, as it ensures they provide accurate information to their supervisors and clients. When completing tasks, accounting interns should be sure to review their work thoroughly to ensure it’s accurate. This can help them develop good habits that they can continue to use after their internship.

Critical thinking: Critical thinking is the ability to analyze a situation and make a decision based on the information you have. As an accounting intern, you may be asked to make financial decisions or provide advice on how to proceed with a certain task. Having strong critical thinking skills can help you make the best decision possible.

Problem-solving: Problem-solving skills allow you to identify and resolve issues. As an accounting intern, you may be working with more experienced accountants who expect you to find solutions to problems on your own. Demonstrating your ability to identify and solve issues can help you develop your professional skills and advance in your career.

Accounting Intern Work Environment

The work environment for an accounting intern is typically a professional office setting. The intern may be assigned to work in the accounting department of a company or in the accounting office of a law firm, accounting firm, or other business. The intern’s duties may include preparing financial statements, maintaining accounting records, and assisting in the preparation of tax returns. The intern may also be assigned to do research on various accounting and tax topics.

Accounting Intern Trends

Here are three trends influencing how accounting interns work. Accounting interns will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Need for More Technical Skills

As businesses become more complex, the need for accounting professionals with technical skills becomes increasingly important.

Accounting interns can capitalize on this trend by learning how to use software such as Excel and QuickBooks. This will allow them to work more efficiently and effectively in their roles. In addition, it will make them more attractive to potential employers who are looking for candidates with a wide range of skills.

The Emergence of Blockchain Technology

Blockchain technology is emerging as one of the most promising technologies of the 21st century. It has the potential to revolutionize many industries, including accounting.

As blockchain technology becomes more popular, accounting interns will need to learn how to use it in order to stay competitive. They will need to be able to understand how blockchain works and how it can be used to improve efficiency and security in business transactions.

More Collaboration Between Accounting and Other Departments

As businesses become more complex, the need for collaboration between accounting and other departments is increasing.

This trend is especially true in small businesses where there may not be enough resources to handle all of the tasks that are required. As a result, accounting interns will need to be able to collaborate with other departments in order to get things done.

They will also need to be able to communicate effectively with other team members in order to ensure that everyone is on the same page.

How to Become an Accounting Intern

An accounting internship is a great way to get your foot in the door of the accounting industry. It’s also a chance for you to see if this is the right career path for you.

When looking for an accounting internship, make sure that the company has a good reputation and offers opportunities for growth. You should also consider the location of the company and its hours of operation. This will help you find an internship that fits your needs.

During your internship, be sure to take advantage of all the learning opportunities available to you. Ask questions when you don’t understand something, and take notes on anything that interests you. This will help you learn more about the accounting field.