If you’re interested in a career in finance, accounting internships can be a great option. They will give you valuable practical experience in a range of everyday duties related to bookkeeping and give you the opportunity to connect with mentors and industry professionals. However, it’s important to get an idea of what specific things you can learn from the experience before you decide to dive in and commit your time to it. Here are the top seven things you can learn from accounting internships:
1. How to prepare financial statements
One of the most important skills you can learn from accounting internships is how to prepare financial statements. This process includes organising and reviewing data, recording transactions, and ensuring that all information is accurate. Financial statements are used by businesses to track their performance and make decisions about where to allocate their resources.
The key to financial statements is understanding how concepts like debits and credits work. This will give you a strong foundation on which to build more complex financial analysis skills.
2. How to calculate taxes
Another important skill that you can learn from accounting internships is how to calculate taxes for a company. This process involves using tax law to determine the amount of money that a business owes to the government. Tax is a complex field, and it is essential for businesses to have accurate tax records in order to avoid penalties.
Calculating tax can be a challenging task, but it is also a rewarding one. When you are able to correctly calculate the amount of tax that a business owes, you are helping them to comply with the law and to avoid potential penalties. This is a valuable skill that can be applied in a range of different finance roles.
3. How to manage accounts payable and receivable
Another key skill that you can learn from your placement experience is accounts payable and receivable. This involves managing the money owed to and by a business. Payable includes tracking payments that need to be made, while receivable tracks money that is owed to the company. This skill is essential for keeping a business organised and ensuring that all financial obligations are met.
4. How to use industry-specific software
An accounting internship will also give you the opportunity to learn how to use industry-specific software. This software is used to record and track financial transactions. Many businesses use software to manage their finances, and it is a valuable skill to have.
5. How to audit financial statements
Auditing financial statements is another important function that you can learn from accounting internships. This process involves reviewing financial statements to ensure that they are accurate and complete. Audits are typically performed by independent firms.
6. How to give presentations on industry topics
During your placement experience, you may also be asked to give presentations on industry topics. This is a great opportunity to learn how to communicate complex bookkeeping concepts to non-experts. Presentations are often given to clients or potential investors.
7. The importance of ethics
Finally, accounting internships can also teach you the importance of ethics in the industry. This includes understanding and following various professional and ethical standards. Ethical conduct is especially important in bookkeeping because it helps to ensure the accuracy and integrity of financial information.
Accounting internships offer a great opportunity to learn essential skills to help you in your future career. If you are interested in working in the field of finance, be sure to consider placements as part of your education and training. Thanks for reading!