Are you all about numbers, accuracy and keeping everything in balance?
Then you’re probably someone who is headed for an accounting career. Starting out in the accounting industry and standing out from the crowd can be difficult if you have no demonstrated work experience and are unsure of what companies are looking for in their ideal intern candidate.
An accounting internship is your golden ticket to gaining valuable, hands-on experience that will lay the groundwork for a promising career. Not only does it provide practical exposure to industry practices, but it also helps you sharpen your skills, build connections, and enhance your resume.
To help you prepare for your accounting internship journey, we’ve compiled a list of the top skills and requirements employers look for when selecting an accounting intern or graduate.
Let’s dive in!
What Key Skills & Requirements Are Needed to Be an Accountant?
- Educational Background - A Bachelor’s or Master’s degree in Accounting, Finance, or related fields is generally recommended. Familiarity with coursework in taxation, auditing, financial reporting, and business law is highly beneficial.
- Attention to Detail - The accounting department is all about precision. Whether it’s ensuring numbers add up correctly or detecting minor discrepancies, attention to detail is critical.
- Timeliness and Deadline Management - The ability to meet strict deadlines, particularly during tax season and end-of-financial-year reporting, is essential. Employers value interns who can work efficiently under pressure.
- Logical Thinking and Problem-Solving - Analytical skills are necessary for evaluating financial information, spotting errors, and recommending viable solutions to complex problems.
- Organisational Skills - Managing multiple tasks and projects at once requires strong organisational abilities. Being able to prioritise tasks and maintain accurate records is key to success.
- Ability to Work Independently and Collaboratively - While accounting often requires working alone on specific tasks, it also involves networking and collaborating with colleagues, especially during audits and reporting activities.
- Proficiency in Technology - Employers expect interns to be familiar with essential software tools such as Microsoft Excel, MYOB, QuickBooks, and other accounting software. Comfort with using spreadsheets, databases, and financial reporting tools is a plus.
- Ethical Values and Integrity - Handling sensitive financial information requires a high level of ethical responsibility. Employers look for candidates who can maintain confidentiality and demonstrate integrity in all their tasks.
- Numerical and Analytical Skills - Being good with numbers is fundamental. Strong mathematical accounting skills, coupled with the ability to interpret and analyse financial data, are highly valued.
- Communication Skills - Accounting interns must be able to communicate their findings effectively, whether in reports, presentations, or discussions with colleagues and clients.
Accounting Intern Duties & Responsibilities
Administration, Bookkeeping and Data Entry
At the foundation of every accounting internship lies bookkeeping and data entry. This involves recording and verifying financial transactions such as invoices, receipts, payments, and expenses. A good accounting intern often uses accounting software like MYOB, QuickBooks, and Excel to manage and update financial records.
You’ll also assist with preparing journal entries, reconciling bank accounts, and generating financial reports. This task requires precision, attention to detail, and familiarity with accounting principles. By mastering these essential accounting tasks, you build a strong foundation that supports more advanced accounting functions.
Tax Preparation and Compliance
Taxation is a crucial area of accounting, and as an intern, you may assist in preparing and filing tax returns, reviewing financial documents for compliance, and researching current tax laws and regulations.
Interns are often involved in organising and preparing various forms, schedules, and reports required for tax compliance. This process provides you with practical experience in managing tax-related documents and understanding how taxation impacts broader financial practices. Additionally, you may support the team during tax audits, and you may be asked to assist with gathering and analysing data, reconciling discrepancies, and preparing accounting reports for auditors.
Interns also contribute to drafting financial statements like income statements, balance sheets, and cash flow statements, ensuring they align with industry standards such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Through this process, you gain firsthand experience in how companies maintain transparency and accountability in their financial practices.
Accounting Projects and Research
During your accounting internship, you may also be assigned to participate in special projects and research initiatives. This could include working on budgeting, forecasting, cost accounting, or developing accounting information systems.
You’ll have the opportunity to conduct research on current accounting trends, analyse data, and present findings to supervisors or stakeholders. Such projects encourage creativity, initiative, and collaboration, preparing you for the more strategic aspects of accounting roles.
Turning Numbers into Opportunities with Premium Graduate Accounting Internships - Join Us Today
An accounting internship is much more than dealing with spreadsheets and tax returns—it’s a dynamic learning experience that equips you with the accounting knowledge, skills and professional connections to thrive in the financial industry.
From sharpening your technical abilities and enhancing your communication skills to understanding the importance of ethical practices, every task contributes to your growth as a future accounting professional.
At Premium Graduate Placements, we are here to help you make the most of these opportunities. Our accounting internship program is designed to provide you with practical experience, mentorship, and guidance to excel in the accounting industry.
Explore our internship opportunities for a promising future in accounting.
Contact us for any questions and to sign up for our work experience programs.
