what is a finance assistant?

As a finance assistant, your role is supportive since you handle day-to-day activities in the accounting department and report to the finance or accounting manager. You accomplish the tasks efficiently to ensure the smooth running of department operations. You should know the company's accounting principles and financial reporting policies.

Since finance assistant is an entry-level position, your role includes basic bookkeeping activities and administrative tasks. For instance, you manage bank reconciliations and expenses using data entry platforms and accounting software to ensure the company accounts are up-to-date. You also update monthly forecasts and company budgets and pass those reports to the relevant managers. Sometimes, you work with the human resource (HR) department to prepare payroll or the sales and procurement departments to issue invoices, pay suppliers, and prepare quarterly tax returns.

As a finance assistant, being highly organised helps you juggle multiple tasks. You should have financial knowledge like bookkeeping and accounting principles. It is also crucial to be detail-oriented since accounting records must be accurate.

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average finance assistant salary

According to Payscale, the salary of finance assistants in India is ₹303,350 per year. The salary range depends on experience, educational qualifications and company size. Entry-level jobs attract a lower salary of ₹183,000 annually due to the minimal experience required. When you gain expertise and advanced qualifications, your earnings increase significantly. Senior finance assistants take home over ₹640,000 per year.

what factors influence the salary of a finance assistant?

The earnings of a finance assistant mainly depend on qualifications and area of expertise. For instance, being proficient in using accounting and financial tools improves your earnings. Having the necessary certification for bookkeeping is an added advantage.

Aside from qualifications and experience, the company you work for also affects your earnings. A small company may not have the resources to pay higher salaries. However, working in a large company improves your earning potential due to the complexity of the tasks.


types of finance assistants

As a finance assistant, you can perform general bookkeeping tasks or specialise in specific roles in the finance department like:

  • account payables and receivables: finance assistants manage accounts receivables and payables. In accounts receivables, you track incoming cash flow, issue invoices and handle billing statements. Sometimes, you inquire about unpaid bills. Payables keep records of the company's debts and payment plans.
  • financial planning: as a finance assistant, you participate in financial planning roles like budgeting. You also help your employer research the best investments to improve their financial position.
  • risk management: finance assistants assist with risk management by reviewing the company's investment portfolio. Your job is to evaluate risks and opportunities. You help your employer find ways to exploit opportunities and deal with risks.
  • cash flow management: as a finance assistant, you help the finance manager control the company's cash flow. Your job is to evaluate the company's liquidity.

working as a finance assistant

If you are detail-oriented with a knack for numbers, you will enjoy working as a finance assistant. The job demands accurate accounting information recording and excellent organisational skills for dealing with daily activities. Let's explore the duties and work environment of a finance assistant.


education and skills

To work as a finance assistant, you require a bachelor’s degree in accounting, finance, economics or business. Consider pursuing a Bachelor of Commerce (BCom) or Bachelor of Business Administration (BBA) in Finance. While universities have different requirements for admission, some of the most common entrance exams include the Symbiosis Entrance Test (SET) and the IP University Common Entrance Test (IPU CET).

You don't need a post-bachelor qualification to become a finance assistant in India, but consider pursuing certifications to boost your skills. For instance, you can get certification to become a Certified Public Accountant from the Institute of Chartered Accountants in India (ICAI).

finance assistant skills and competencies

As a finance assistant, you need the following skills and competencies:

As a finance assistant, you need the following skills and competencies:

  • maths skills: you need good maths and numeracy skills to carry out quick calculations and ensure accurate computations of financial data. Maths skills help you maintain the accuracy of financial documents.
  • communication and interpersonal skills: you work alongside various workers in the organisation. It is vital to have good communication and teamwork skills to collaborate with others and ensure efficient communication.
  • time management: as a finance assistant, you juggle numerous tasks and deal with strict deadlines. Without time management skills, you cannot keep up with the tasks.
  • attention to detail: as a finance assistant, you ensure the accuracy of financial data since minor errors can cause serious issues. Your detail-oriented skills help you spot errors in financial statements and spreadsheets during reporting.
  • computer skills: many companies use accounting software and computerised systems to record transactions. Your computing skills help you navigate the software easily.

FAQs about working as a finance assistant

Here, you will find the answers to the most frequently asked questions about the profession of a finance assistant.

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