what is an accounting technician?
As an accounting technician, you assist accountants and finance professionals with basic accounting tasks. You perform administrative and data entry tasks related to the preparation of financial records. Your duties include overseeing the filing and recording of financial documents, such as purchase orders and vendor contracts. Aside from recording customer bills and accounts receivables, you perform routine tasks to ensure accurate records are kept, including reconciling monthly bank statements and auditing financial statements.
Since your role generally involves handling the technical aspects of financial support tasks, you set up the company's accounting software and ensure accurate data entry. Other duties include filling out tax remittance forms and calculating taxes for individual employees to ensure compliance with statutory requirements.
As an accounting technician, you can work in any industry, from retail companies to consultancy services and manufacturing companies. For instance, you may work for charities or non-governmental organizations, as well as in the public sector, managing government finances in various offices.
Due to the accuracy expected in recording financial transactions, you should be attentive to details. Your detail-oriented skills help you when preparing tax remittance forms and reconciling bank statements. You also require analytical skills in order to handle large amounts of data and generate accounting reports.
Would working as an accounting technician suit your attentiveness to details? Then read on to find out what competencies and qualifications you need to thrive in an accounting technician role.
accounting technician jobsaverage accounting technician salary
According to Job Bank, the average salary of an accounting technician in Canada is $52,819 per year. In an entry-level role, you start with a lower salary of $42,907 annually. However, with experience, you can take home over $60,416 per year.
how to increase your earnings as an accounting technician
Your salary depends on your experience and qualifications. Hence, the best way to boost your salary is to improve your skills and gain additional qualifications. For instance, if you have done the first level of accounting professional course, consider obtaining the certification to increase your earnings. Gaining experience in using accounting software also boosts your earnings significantly.
The complexity of your duties influences your earnings. When starting, you perform basic bookkeeping tasks, like recording financial transactions and customer bills. With experience, you can perform complex tasks, such as calculating taxes on employees' salaries and filling out tax forms. When you perform complex tasks, you will likely earn more than accounting technicians who carry out basic data entry tasks.
Working as an accounting technician for a large company can also improve your earning prospects. Large companies handle huge financial transactions, requiring accurate financial records to avoid discrepancies.
types of accounting technicians
As an accounting technician, you can work as an entry-level clerk in charge of recording billing and other financial transactions or focus on maintaining the books. In an entry-level accounting technician position, you record customer billings, account receivables and accounts payables. You also maintain the organization's accounting software to ensure all transactions are available in the system for generating financial reports. In a bookkeeping capacity, you focus on maintaining the company's books of accounts. That includes monitoring company accounts, paying bills on time, and keeping track of expenses.
working as an accounting technician
If you are good at math and enjoy working in an accounting environment, becoming an accounting technician could be the right job for you. Let's explore the duties, work environments and career opportunities in the role.
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what does an accounting technician do?
Some of the typical duties of an accounting technician include:
- Preparing reports and invoices: as an accounting technician, you are in charge of invoices and customer bills. You monitor the status of invoices to ensure proper processing and accurate customer payment records are maintained. For instance, you acknowledge the payments and provide receipts to complete the transactions. You also communicate with customers to notify them of delinquent accounts since you are the primary accounts receivables contact person.
- Tracking business expenses: while you may not handle cash transactions and payments in the company, you keep track of business expenses. For instance, you record utility bills, assist with company expenses and manage the payroll system. Aside from tracking expenses, you prepare tax information related to the expenses and revenue. You also record accounts payables and track vendor payments throughout the year.
- Performing payroll calculations: as an accounting technician, you assist accountants in payroll calculations. Aside from calculating workers' pay based on work hours, you also perform tax computations. In small businesses, you are in charge of all the accounting transactions, and your duties may include filling out tax remittance forms for employees. For tax purposes, you also record other payments made to employees, such as overtime pay and bonuses.
- Completing basic finance-related tasks: as an accounting technician, your duties involve reconciling bank transaction records and making bank deposits. After reconciling bank statements, you review the monthly statements and update the company's financial records.
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work environment of an accounting technician
As an accounting technician, you work in diverse industries. For instance, you can work in financial institutions, retail businesses and consultancy firms. Some accounting technicians work for non-governmental organizations or in the public sector. Since your duties are mainly bookkeeping and maintaining financial records, you work in an office environment. Some companies allow accounting technicians to work remotely or in a hybrid setting.
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who are your colleagues?
Depending on the industry you work in, you interact with a range of professionals. Since you work in the finance or accounting department, you are likely to interact with accounting clerks, bookkeepers and accountants. You also collaborate with other office workers, including data entry clerks, administrative assistants and office managers.
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accounting technician work schedule
As an accounting technician, you work standard business hours, from Monday to Friday. Most of the year, you usually work from 9 am to 5 pm, but during peak business periods, you may work overtime. For instance, in retail, you could work until late evening and on weekends during peak shopping seasons. In the service industry, you may need to work late hours to complete your tasks.
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career opportunities as an accounting technician
The demand for accounting technicians in Canada is expected to increase between 2022 and 2031. New job openings during the period are likely to total 116,700, while new job seekers are expected to be 108,000. Working as an accounting technician is an entry-level role in the accounting profession. When you gain experience, you can become an accountant or management accountant.
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advantages of finding a job as an accounting technician through randstad
Working with Randstad offers you a range of benefits.
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
accounting technician skills and education
Some of the educational requirements for becoming an accounting technician include:
- College program: some employers expect accounting technicians to have completed secondary school education. If the employer doesn’t provide on-the-job training, pursue a college program in bookkeeping or accounting. Alternatively, complete the first two years of a professional program like Certified General Accounting (CGA) or Chartered Professional Accounting (CPA)
- Work experience: since the accounting technician role is not regulated in Canada, you don't need professional certification. However, you require knowledge of International Financial Reporting Standards (IFRS). You can gain experience by working as a data entry or accounting clerk in the accounting or finance department.
competencies and characteristics of accounting technicians
Aside from educational qualifications, you require the following attributes to excel as an accounting technician:
- Computer skills: most companies use computer software to record accounting transactions. Hence, you require computer skills and proficiency in using specialized accounting software. Your computing skills help you record financial transactions, track expenses and update accounts. Since accounting software keeps changing, you should stay updated with the latest developments to improve your skills.
- Detail-oriented skills: as an accounting technician, being attentive to details helps you avoid making errors in your bookkeeping tasks. Precision is required during data collection and calculations; even minor errors lead to significant consequences. Your detail-oriented skills help you detect any errors and inconsistencies in financial reports.
- Communication skills: as an accounting technician, you work with other professionals in the accounting department. You rely on your communication skills to express your ideas and thoughts concisely, verbally and in writing. Listening skills are also important to understand instructions from senior accountants.
- Organization skills: as an accounting technician, you require organization skills to manage your tasks. Being organized gives you adequate time to perform accounting operations accurately. Organization skills help you prioritize tasks, manage schedules and coordinate accounting activities.
- Analytical skills: your job involves analyzing large amounts of data on behalf of other accountants. With your analytical skills, you can create accurate reports and detect inconsistencies in financial data.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of an accounting technician.
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what does an accounting technician do?
As an accounting technician, you maintain accounting records and support accountants in various tasks. You verify the procedures for recording financial transactions, record revenues and investments, and provide personal bookkeeping services. You also complete tax remittance forms and ensure compliance with government tax regulations.
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how much does an accounting technician make in Canada?
As an accounting technician, you earn an average salary of $52,819 annually. When starting in the role, you will likely earn an annual salary of $42,907 due to the minimal experience required and your limited responsibilities. As your experience improves, you can earn a higher salary and take home over $60,416 per year.
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are accounting technicians in demand in Canada?
Yes. Accounting technicians perform crucial roles in accounting departments by recording basic financial transactions accurately. Since they perform most bookkeeping tasks and bank reconciliation, accountants and other financial professionals have adequate time for other complex accounting duties. Additionally, you can work in any industry as an accounting technician, including the public and private sectors.
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how do I become an accounting technician?
You can become an accounting technician by pursuing a college course in accounting, bookkeeping or any related course. Alternatively, complete the first level or two years of a recognized accounting qualification. Combining the coursework with a few years of accounting clerk experience improves your chances of landing a job.
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is an accounting technician the same as an accountant?
An accounting technician records financial transactions, processes customer bills, prepares bank reconciliations, and manages account receivables. They work in a supporting role by handling basic bookkeeping tasks. An accountant, on the other hand, focuses on larger financial tasks and goals. That includes managing the company’s budget and investments or informing stakeholders about changes in regulations.
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how do I find a job as an accounting technician?
Finding a job near you as an accounting technician is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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