Accounting Internship: A Comprehensive Guide

An accounting internship offers invaluable work at a professional level in the accounting field. It serves as a bridge between academic knowledge and real-world application, providing aspiring accountants with practical experience and a competitive edge in the job market. This article delves into the multifaceted aspects of accounting internships, covering their benefits, responsibilities, required skills, and how to secure one.

What is an Accounting Internship?

An accounting internship is a structured or part-time position that allows students to apply their accounting knowledge in a professional setting. The job content goes beyond basic clerical or bookkeeping tasks and involves working directly with or for a professional accountant. These internships can be highly structured, project-oriented, or ongoing part-time roles.

Benefits of Accounting Internships

Accounting internships offer numerous advantages to students:

Pathway to Full-Time Employment: Many internship programs are designed to transition interns into full-time positions upon graduation, reducing the number of entry-level positions filled by external candidates.
Career Jump-Start: Internships allow students to gain practical experience and jump-start their careers while staying on track with their academic programs.
High Demand and Compensation: Accounting students are highly sought after, and internships in the field are generally well-compensated.
Flexibility: Internships provide flexibility, allowing students to balance work and academic commitments.

Securing an Accounting Internship

The recruitment process for accounting interns often begins early. Employers frequently seek out sophomores and juniors, sometimes hiring almost a year in advance of the position's start date. The fall semester is typically the optimal time to apply for internships.

Resources for Finding Internships

Handshake: Many internship positions are posted on platforms like Handshake, where students can register, upload their resumes and transcripts, and search for job postings based on specific criteria.
CBA Career Center and Accounting Internship Coordinator: Career centers and internship coordinators can provide assistance with Handshake and answer any questions students may have.

Earning Academic Credit

Students may be able to earn academic credit for their accounting internships, subject to certain criteria. For example, at UNO, declared accounting majors who have successfully completed ACCT 3030, have a minimum GPA of 2.5 (overall and in upper-division accounting courses), and have worked 50 clock hours per credit hour in an approved position can earn up to 3 hours of undergraduate academic credit in Accounting 4510.

Requirements for Credit Approval

To be approved for academic credit, the internship position must have content beyond clerical/bookkeeping, and the student must be working with or for a professional accountant. The Internship Coordinator will review the job content and request a written evaluation of the student’s work and verification of the hours worked from the employer.

Credit Hour Applicability

Credit hours earned in Accounting 4510 do not count toward the 24 upper-division accounting hours required by UNO for an accounting major. However, they do count as a general elective toward the bachelor’s degree and toward the 24 hours of upper-division accounting required to take the CPA exam in Nebraska.

Grading

Grades are based on successful completion of the internship, the employer’s evaluation, and a paper written by the student at the end of the semester.

Extending an Internship

It is possible, although not common, to extend an internship. To do so, a student would need to take on new responsibilities that are significantly different from their previous duties and demonstrate that additional skills and knowledge have been acquired.

Accounting Intern Responsibilities and Duties

The specific duties and responsibilities of an accounting intern can vary depending on the company and the specific role. However, some common tasks include:

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Reviewing and processing vendor invoices, check requests, and employee expense reports: This involves ensuring that all invoices and requests comply with company and departmental policies and procedures, often using automation software.
Reconciling invoices with statements and verifying accuracy: This ensures that all invoices match the corresponding statements and that all related documents and information are accurate.
Researching vendor inquiries or issues: This involves investigating and resolving any issues or inquiries from vendors in a timely manner while maintaining thorough documentation.
Providing quality customer service: This includes responding to telephone calls and written requests in a professional and helpful manner.
Identifying opportunities to improve processes: This involves looking for ways to streamline and improve existing accounting processes and participating in the implementation of those changes.
Posting and processing journal entries: This ensures that all business transactions are accurately recorded in the company's financial records.
Updating accounts receivable and issuing invoices: This involves maintaining accurate records of customer accounts and issuing invoices in a timely manner.
Updating accounts payable and performing reconciliations: This includes managing vendor payments and ensuring that all accounts payable records are accurate and up-to-date.
Assisting in the preparation of financial statements: This involves helping to prepare balance sheets, income statements, and other financial reports in accordance with legal and company accounting and financial guidelines.
Assisting with reviewing expenses and payroll records: This includes examining expense reports and payroll records for accuracy and compliance.
Updating financial data in databases: This ensures that all financial information is accurate and readily available when needed.
Preparing and submitting weekly/monthly reports: This involves creating and submitting regular reports on financial performance.
Assisting senior accountants in the preparation of monthly/yearly closings: This includes helping with the month-end and year-end closing processes.
Assisting with other accounting projects: This can include a variety of tasks, such as assisting with audits, conducting research, and analyzing financial data.
Reviewing documentation for grant expenditures: Examining vendor documentation to ensure grant expenditures are properly documented.
Verifying accuracy and compliance of grant expenditures: Working with the Grants Accountant and the Director of Finance and Audits to ensure grant expenditures meet accuracy and compliance standards.
Developing action plans to correct deficiencies: Collaborating with Managers and vendors to create plans to rectify any identified shortcomings.
Monitoring correction plans: Keeping track of plans to ensure corrections are made and documenting all actions taken.

Essential Skills for Accounting Interns

To succeed in an accounting internship, students should possess a combination of hard and soft skills:

Hard Skills

Understanding of Accounting Principles (GAAP): A basic understanding of Generally Accepted Accounting Principles is crucial for performing accounting tasks accurately.
Financial Reporting Principles: Familiarity with financial reporting principles and practices is essential for preparing and analyzing financial statements.
Proficiency in MS Office: Excellent knowledge of MS Office, particularly Excel, is necessary for data analysis and reporting.
Knowledge of Accounting Software: Familiarity with relevant computer software (e.g., NetSuite) is beneficial for performing accounting tasks efficiently.
Data Analysis: The ability to analyze financial data to identify trends and patterns is important for making informed decisions.
Bookkeeping: Understanding of basic bookkeeping principles.

Soft Skills

Attention to Detail: The ability to pay close attention to detail and maintain accuracy is critical in accounting.
Analytical Skills: Strong analytical skills are necessary for interpreting financial data and solving problems.
Problem-Solving Skills: The ability to identify and resolve issues effectively is essential for handling accounting tasks.
Communication Skills: Effective written and verbal communication skills are needed for interacting with colleagues, clients, and vendors.
Organizational Skills: Strong organizational skills are crucial for managing multiple tasks and meeting deadlines.
Time Management Skills: The ability to manage time effectively and prioritize tasks is important for staying on schedule.
Teamwork: The ability to work collaboratively with other team members is essential for achieving common goals.
Self-Motivation: The ability to work independently and take initiative is important for success in an internship.
Flexibility and Adaptability: The willingness to learn new skills and adapt to changing circumstances is valuable in a dynamic work environment.
Customer Service: Providing quality customer service through timely, accurate, and friendly responses to inquiries.

Sample Accounting Internship Job Description

[Company Name] is seeking an Accounting Intern

Our innovative and rapidly growing company is seeking a highly motivated accounting intern. We appreciate you taking the time to review the list of qualifications and to apply for the position. The Accounting Intern will provide support to the financial department by managing daily accounting tasks. You will be part of a team of professionals working to maintain order and transparency for the company’s finances.

Responsibilities

Post and process journal entries to ensure all business transactions are recorded.
Update accounts receivable and issue invoices.
Update accounts payable and perform reconciliations.
Assist in the processing of balance sheets, income statements, and other financial statements.
Assist with reviewing of expenses, payroll records, etc.
Update financial data in databases.
Prepare and submit weekly/monthly reports.
Assist senior accountants in the preparation of monthly/yearly closings.
Assist with other accounting projects.

Requirements

Majoring in Accounting, Finance, or Business Administration.
Minimum 3.0 GPA.
Experience with Microsoft Office Suite (specifically Excel).
Effective written and verbal communication skills.
Ability to work independently with attention to detail and accuracy.
Good understanding of accounting and financial reporting principles and practices.

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