The Reasons Why You Need An Accounting Intern

With the end of the financial year coming up in April, it’s important to make sure you have all your accounting needs prepared. There is no time like the present to recruit for a student or graduate, because the benefits they bring far outweigh the effort to find them. Maybe you think you don’t need an accounting intern but that may be because you aren’t sure what you would do with them and what they could do for you. Some would even suggest hiring an intern even if you know you don’t need one! To find out why this is, what you could hire an accounting intern for, and why accounting interns are the most hired for permanent positions, read on…

Accounting is a profession that is always in demand, and budding accountants and auditors are in constant supply. Just take a look at where Accounting sits on this chart of intern retention-to-opportunity rate!

“The industry with the best odds of landing a full-time gig after an internship: Accounting, with firms boasting a 59 percent intern retention rate” – Recode.net

Rita Keller suggests hiring them even if you don’t need them – “Let them shadow the summer auditors – there is always some repetitive work they can help with on an audit. They can also shadow in the tax area – have your tax team become your tax teaching team in the summer by establishing mini seminars on tax research, state & local tax, etc.” She adds that, “you must find something for them to do to keep them in your hiring pipeline“. Whether they would be working in management, public, government accounting or auditing, an intern is always useful. Hiring a steady stream of interns and treating them well also ensures that your reputation as a company is raised in academic circles – the improved visibility will mean applications from even stronger candidates over time. (Read our previous blog on how to get the best out of your interns)

So what does an accounting intern’s daily task list look like? Here are a few jobs that an intern can be trained to, or already can, do for you:

Preparing invoices, balance sheets, profit and loss statements and other accounting reports–  An intern can help report to you what your company’s financial situation is in clear terms, an activity which is highly beneficial to the understanding of where your business stands.

Analyzing and making suggestions on audit figures and reports of profit/loss statements – A lot of money can be saved with a few helpful suggestions regarding profitability and  analysis

Discovering discrepancies – Let an intern help with settling reports that should add up and reconciling discrepancies.

Improve accounting procedures – in time they may be able to create new processes and procedures which will only make your job easier and all accounting activity more consistent.

Preventing discrepancies with auditor-related tasks – keeping check on the accuracy of accounting procedure may be a job for an auditor, but at intern-level they may even be unsure of which career path they want to take. Mix it up while also cushioning your business against further discrepancies. Letting the intern work with the auditing team also encourages collaboration and team work.

Cashing up – for a retail company, adding up the transactions for the day needs to be completed to catch out any mistakes and problems, and an intern, once trained, can perform these tasks.

Acting as a supervisor for automated machine systems – you can never trust a machine fully, and regardless of its performance ability, some automated accounting systems can stop working or return errors, so having an intern around to check up on these systems can only be beneficial to the overall running of your business.

There are so many more things that an accounting intern can do, so once you discover where and when you want them, all you need is your pick of the best! Finding the right accounting interns means locating high quality economics, finance or mathematics students and graduates and really discovering who enjoys working with financial data. The recruitment process can be very lengthy and expensive, so luckily Intern Avenue makes it much easier – we let you find candidates through filters of their specific skills, making your search much more effective. Our directory of top candidates can be directly contacted once you are a member so contact us today for a free consultation.

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