The Indispensable Services of a Staff Accountant
A staff accountant is ideally the foundation employee of an organization who applies the accounting principles within the allocated group of funds or a specified area of accounting. Moreover, the individual is responsible for compilation of financial information, processing journal entries in different accounts, reconciliation of financial data and reports. He/she also assists in preparation of reports, records, classification and summarizing of financial events and transactions according to the generally accepted accounting principles. However, the role of a staff accountant is not limited to compilation of financial information. These professionals also need to be familiar with regulations and laws that are applicable to accounting functions. They verify the financial documents for compliance and completeness with private and government agencies.
Apart from these, a staff accountant also performs administrative functions. These include maintaining accounting and bookkeeping records such as cash accounts, journal, monthly accounts reconciliation and bill paying. The records are available to the clients of family office. Moreover, the individual is also responsible for coordination of services which are delivered to the clients as well as general assistance with operations and administration. Besides this, the staff accountant also creates and maintains balance sheets, income statements and cash flow analysis for family office’s clients.
The role of a staff accountant is not restricted to the internal functions of a family office. He/she is maintains accounting and bookkeeping records for the entities related to family office. Moreover, the individual also coordinates billing activities for vendors and external service providers.
The role of a staff accountant also encompasses assistance at various stages. For instance, he/she person assists the controller for estimation of tax calculations for family office’s clients. The individual also assists in creation and maintenance of a document retention system for planning and legal documents associated with the clients of family office. Moreover, the staff accountant is also responsible for providing assistance to the controller in creation of standard operating procedures which incorporates the development as well as maintenance of an internal control system.
In general, the services of a staff accountant are indispensable to the functioning of an accounting firm. Therefore, after becoming a staff accountant the person can rise to the position of a Senior Staff Accountant and later a Manager. At times, an individual may even become a partner in the accounting firm.