What is the work of an accountant in a bank?

work of an accountant in a bank

The presence of an accountant can be seen in almost every business like retail stores, grocery, doctors clinic, farm, bakery store,  finance organisation and even in non profit Charity organisation. Different businesses use different kinds of accounting systems which  suit them.

In the same way an accountant also has a special set of work in a bank. In a bank, everyday some sort of debit and credit takes place,  many people open their new bank accounts, monthly reports must be prepared, Bank even need to work on budgeting, payroll, they need to keep record of every credit and loans that is sanctioned, all sort of financial statement like profit and loss, regular cash flow ,Bank also need to work on balance sheet and the audit must be taken place in order to prepare report.  And for all these tasks Bank needs an accountant.  So you can see that if Bank running without an accountant is almost impossible.  Accountancy plays an essential role in each and every Bank, therefore it creates the work for an accountant in a bank.

Maintaining proper  financial transactions and recording the information is vital for every organisation, it can be a bank or or manufacturing industry, small or large Store, investment company,  Charity organisation. 

Accountants make sure to record each and every financial detail of income and expense and other financial related information,which helps organisations to understand that whether they are progressing or not,  it also helps them to take the right decision by looking at the financial records.

Work of an accountant in a bank:

Before we talk about the work of an account in a bank, we must understand that a Bank which can be  either government owned or privately owned,  the process of financial work is not other than any private company. A Bank also provides service to the customers just like a private company, it also can have profit or loss.

Bank has the assets,  liabilities, income and expense just like any other private organisation.  This is the reason banks also need accountants in order to maintain the day today’s financial transaction and record.

Banks are basically  an extremely complex financial organisation, where varieties of financial works take place. This is the reason most of the banks employ several accountants with different areas of expertise for different accounting areas.

Different employees in the bank are employed in order to handle the different aspects like organisation like accounting policy, internal management, financial measurement, formulate accounting entries, assets accountancy, payroll manager, Managing reports etc. 

 Therefore simply you can see that Accountants with various kinds of expertise play an essential role in every Bank to manage each and every financial aspect of a bank. 

Role, Duties and Responsibilities of Bank Accountant 

As a bank accountant you will be helping the people with providing them Financial Services, and helping the bank by keeping all the records of each and every transaction and several other financial related tasks. Here are some job responsibilities that are very common to almost every Bank accountant.

Records Maintaining

Each and every amount of money that is going out or coming into the bank whether it can be physically or electronically they need to be recorded. As a bank account you need to oversee the regular transaction and make sure that the books balance at the end of the day.  Every account of debit or credit must be properly accounted for.  An accountant also makes sure that the bank has sufficient amount of money to handle the daily customer request.

Finding errors and resolving them

Things can go wrong and error can take place, it can be mechanical which causes the incorrect account recorded or even a member of the accounting team has  type a number which is incorrect,  there can be several types of error.  but as an accountant you need to play the role of a detective and to understand what is the actual wrong taken place and go through the right process to detect each and every error and rectify them and make the accounting entries right. 

Taking care of illegal actions

There is always a chance of illegal actions which can take place, this is the reason as a bank accountant you need to monitor records and detect the suspicious transaction or the unusual account activity. It is your responsibility to report about the suspicious financial acts to your higher authority in order to eliminate the illegal action. 

Following the rules and regulations

As a bank accountant your each and every accounting practices and reporting must be compliance with the rule and regulation  of the bank, privacy policy of the bank and  also ensuring that each and every financial work compliance with the government’s rule and regulation, so that you don’t do anything which can cause severe problem later.  you will be providing the information to the external auditors when they audit your bank’s financial data. Taking care of the  tax preparation is also the responsibility of a bank accountant. 

Presenting Reports

Bank accountants need to prepare and present the formal documents of the report regularly in  different times of the Year in order to showcase the financial activities over a certain period of time. Many times shareholders or the other financial authorities ask for this report on a regular basis in order to understand the financial situation of the bank.This report is very essential in order to understand the current stand of the bank, this report also helps in taking further decisions of the bank.

Skills needed to work as a Bank Accountant

As you know that the bank accountant needs to take care of a lot of numerical data on a regular daily basis, this is the reason possessing exceptional Math skill is essential for each and every Bank accountant. An accountant is also required to have  very strong attention to detail  to ensure that there is no error taking place.

Some other great qualities of Bank accountant are:

  • Being sincere, honest and reliable as you are going to handle the very sensitive information of the bank, you must keep the financial data out of the reach of any suspicious or bad people. 
  • You are required to maintain the confidentiality of the personal information submitted by different people, disclosing the confidential information to the people with wrong motives can severely harm the information provider.
  • Being comminited in being up-to-date with all the changes in rule and regulation made by government related to the banking industry.
  • Excellent verbal and nonverbal communication skills to communicate well with clients, co-workers and other bank staff.
  • Ability to find Complex financial issues and finding the resolution 
  • Being a motivated person who can be inspiring to others
  • A man of integrity,  trustable in the matter of confidential information
  • Ability to take your work seriously and understanding the consequences of your decision related to financial factors
  • Having a good understanding of business especially in the banking sector
  •  strong organisational skills and ability to complete your task within the deadline
  •  You must be a person who is willing to work with team
  •  Having proficiency in information and technology
  •  Strong analytical skill to monitor and analyse the data
  • Must be a confident person who can fulfill his task with confidence

Work of a bank accountant executive

  • You will be responsible to manage all the accounting transaction of the bank
  •  you need to prepare budget forecast
  •  prepare and publish financial statements time to time in regular basis
  • you must know to handle the monthly,  quarterly and annual  financial closing
  • Ability to record the accounts payable and receivable
  • Making sure that payment are done timely
  • Responsible of managing the balance sheet during the financial year
  • Prepare and report the financial health condition of the bank and liquidity
  • Using the financial data  with confidentiality
  • Maintaining the regular backup of the database when it is necessary
  • Keeping your each and every financial work complying with financial policies and regulation of the bank and government 

Eligibility or Qualification to work as an accountant in a bank

  • Must have Bachelor’s or master’s degree in accountancy or related subjects
  • Strong practical knowledge of accounting regulations and procedures along with Accounting Principles
  •  Possessing hand on experience in using accounting software – Tally ERP 9+
  • Advanced knowledge of Microsoft Excel software along with pivot table
  • Having excellent communication skills, attention to details, time management, work ethics and good analytical skills. 

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