Financial Records Specialist Overview

As a Financial Records Specialist, you will be responsible for maintaining and managing financial documents and records that are essential to the operations of an organization. Your role is integral in ensuring that financial data is accurate, up-to-date, and compliant with regulatory standards.

  • You handle various types of financial records, including invoices, expense reports, payroll documentation, and account statements.
  • Your work enables effective tracking of an organization’s financial transactions, which is vital for budgeting, forecasting, and financial analysis.
  • You will be involved in the preparation of financial reports, which provide insights to management and stakeholders regarding an organization’s financial health.
  • Your attention to detail will help in identifying discrepancies or errors in financial records, playing a significant role in risk management and audit preparedness.
  • You work closely with other financial professionals, such as accountants and auditors, to ensure consistency and accuracy in financial reporting.
  • Compliance with laws and regulations, such as the Sarbanes-Oxley Act and GAAP, is a key aspect of your role, as it protects the organization from legal and financial penalties.
  • The integrity of financial records is vital for the trustworthiness of an organization’s financial performance, impacting relationships with investors, clients, and regulatory bodies.

In this career, you will contribute to the systemic management of financial data, which is fundamental to an organization's overall success and sustainability.

Financial Records Specialist Salary

Annual Median: $47,440
Hourly Median: $22.81

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education and Training To Become a Financial Records Specialist

To become a Financial Records Specialist, you will typically need to pursue a combination of education and training in relevant fields. Here are the common college degree programs that can prepare you for this role:

  • Accounting: A degree in accounting provides you with a strong foundation in financial principles, accounting practices, and the ability to analyze and interpret financial data. You will learn about financial statements, taxation, and management accounting.

  • Accounting Technology and Bookkeeping: This program focuses on the technical and practical aspects of managing financial records. You will gain skills in using accounting software, understanding bookkeeping principles, and maintaining accurate financial documentation.

  • Auditing: A degree in auditing emphasizes the examination of financial information and compliance with regulations. You will become familiar with the auditing process, internal controls, and how to assess financial risks.

  • Business Administration and Management: A program in business administration offers a broader understanding of business operations, including finance. You will study financial management, strategic planning, and organizational behavior, all of which are pertinent to financial recordkeeping.

  • Finance: A finance degree provides insight into financial analysis, investment strategies, and economic theory. You will learn how to manage financial resources and make informed decisions based on financial data.

In addition to obtaining a degree in one of these disciplines, you may also consider pursuing certifications or completing coursework in specialized areas, such as financial analysis or payroll management, to enhance your qualifications further.

Best Schools to become a Financial Records Specialist in U.S. 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Financial Records Specialist Job Description:
  • Compute, classify, and record numerical data to keep financial records complete.
  • Perform any combination of routine calculating, posting, and verifying duties to obtain primary financial data for use in maintaining accounting records.
  • May also check the accuracy of figures, calculations, and postings pertaining to business transactions recorded by other workers.

Required Skills and Competencies To Become a Financial Records Specialist

  • Attention to Detail: Your ability to meticulously review financial records and identify discrepancies is essential for maintaining accurate information.

  • Organizational Skills: Effective organization is vital for managing large volumes of financial documents and data. You must be adept at categorizing and prioritizing tasks to meet deadlines.

  • Communication Skills: Clear and concise communication is necessary for collaborating with colleagues and conveying complex financial information to non-financial personnel.

  • Technical Proficiency: Proficiency in accounting software, spreadsheets, and financial databases is critical. Familiarity with software tools such as QuickBooks, Excel, and other financial management systems is important.

  • Analytical Skills: You should be able to analyze financial data to identify trends, make forecasts, and contribute to informed decision-making.

  • Problem-Solving Skills: Employing strong problem-solving abilities will help you address issues as they arise and devise effective solutions for financial discrepancies or reporting challenges.

  • Understanding of Financial Regulations: Knowledge of relevant laws, regulations, and best practices related to financial records will ensure compliance and ethical handling of sensitive information.

  • Time Management: You must effectively manage your time to balance various tasks and responsibilities, ensuring that all deadlines and reporting schedules are met.

  • Data Entry Skills: Accurate and efficient data entry is crucial, as errors can lead to significant financial issues.

  • Confidentiality and Integrity: Upholding high ethical standards and maintaining confidentiality regarding sensitive financial information is essential for trust and compliance.

  • Teamwork: Collaboration with various departments and team members is important, as you will often work with others to gather information and generate reports.

  • Continuous Learning: A commitment to ongoing professional development will help you stay updated on industry trends, software advancements, and changes in financial regulations.

Job Duties for Financial Records Specialists

  • Check figures, postings, and documents for correct entry, mathematical accuracy, and proper codes.

  • Comply with federal, state, and company policies, procedures, and regulations.

  • Operate computers programmed with accounting software to record, store, and analyze information.

Technologies and Skills Used by Financial Records Specialists

Accounting software

  • Intuit QuickBooks
  • Sage 50 Accounting

Cloud-based data access and sharing software

  • Dropbox
  • Microsoft SharePoint

Enterprise resource planning ERP software

  • Microsoft Dynamics
  • SAP software

Basic Skills

  • Listening to others, not interrupting, and asking good questions
  • Using math to solve problems

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Current Job Market and Opportunites for a Financial Records Specialist

The job market for Financial Records Specialists is currently favorable, driven by several factors that create a stable demand for professionals in this field.

  • Increased Regulatory Requirements: Ongoing changes in financial regulations require organizations to maintain accurate and comprehensive records. This has led to a steady need for Financial Records Specialists who can ensure compliance and uphold organizational integrity.

  • Growth of Small and Medium Enterprises (SMEs): As small and medium enterprises continue to grow, there is a heightened demand for professionals who can manage financial records effectively. These businesses often require expertise in establishing efficient record-keeping processes, making Financial Records Specialists vital to their operations.

  • Technological Advances: The adoption of advanced financial software and cloud-based solutions is revolutionizing the way financial records are managed. While this technology simplifies many aspects of record-keeping, it also necessitates skilled professionals who can adeptly navigate and optimize these tools.

  • Aging Workforce: The financial sector is experiencing an aging workforce, with many professionals nearing retirement. This trend opens up opportunities for newcomers, as organizations seek to fill positions left by retiring specialists and ensure continuity in their financial operations.

  • Geographical Hotspots:

    • Major Urban Centers: Cities with a high concentration of financial institutions, such as New York, Chicago, and Los Angeles, remain key areas for job opportunities in this field. The abundance of corporations that require meticulous financial documentation fosters a competitive job market.
    • Emerging Tech Hubs: Regions known for technological innovation, such as San Francisco and Austin, also present opportunities for Financial Records Specialists, particularly in tech companies that require specialized financial management.
    • Suburban Growth: Suburban areas are seeing an influx of businesses establishing their operations outside of major urban centers. This shift creates additional demand for financial specialists in these regions.

  • Remote Work Options: The trend towards remote work has expanded job opportunities for Financial Records Specialists. Organizations are increasingly open to hiring remotely, allowing you to access a wider range of job postings beyond your immediate geographical area.

As you consider a career in this field, it’s essential to stay informed about the evolving job market dynamics and seize opportunities as they arise.

Top Related Careers to Financial Records Specialist 2024

Ledger Verification Clerk
Payroll Processing Clerk
Billing and Invoicing Specialist
Financial Data Entry Clerk

Additional Resources To Help You Become a Financial Records Specialist

  • American Institute of Professional Bookkeepers (AIPB)
    A nationally recognized organization offering certification, continuing education, and resources for bookkeeping professionals.
    Visit AIPB

  • National Association of Certified Public Bookkeepers (NACPB)
    This organization provides resources, certifications, and support for bookkeepers striving for professionalism in the field.
    Visit NACPB

  • Financial Accounting Standards Board (FASB)
    The FASB establishes accounting and financial reporting standards that govern how financial records are maintained. Their website offers updates on standards and interpretations.
    Visit FASB

  • U.S. Small Business Administration (SBA)
    Offers a wealth of information on bookkeeping, financial management, and resources designed for small business professionals.
    Visit SBA

  • Institute of Certified Management Accountants (ICMA)
    This institution offers resources and certifications that can enhance your career as a Financial Records Specialist.
    Visit ICMA

  • QuickBooks Resources
    QuickBooks provides a variety of tutorials, webinars, and articles on how to effectively manage financial records using their software, a popular choice in the industry.
    Visit QuickBooks

  • Coursera
    Offers online courses related to financial accounting, bookkeeping, and data management, which can enhance your skills in financial recordkeeping.
    Visit Coursera

  • LinkedIn Learning
    Provides professional development courses in financial management, accounting software, and bookkeeping essentials tailored for new and experienced professionals alike.
    Visit LinkedIn Learning

  • AccountingCoach
    A resource offering explanations, examples, and quizzes to deepen your understanding of accounting principles and practices relevant to financial recordkeeping.
    Visit AccountingCoach

  • Journal of Accountancy
    This publication includes articles on current trends, research, and advice for professionals in the accounting and bookkeeping fields.
    Visit Journal of Accountancy

These resources will assist you in expanding your knowledge, keeping up with industry standards, and enhancing your career as a Financial Records Specialist.

FAQs About Becoming a Financial Records Specialist

  • What does a Financial Records Specialist do?
    A Financial Records Specialist is responsible for managing financial records, ensuring accuracy, compliance, and timely documentation related to financial transactions. This role involves organizing, tracking, and maintaining financial data, preparing reports, and assisting in audits.

  • What education do I need to become a Financial Records Specialist?
    Most positions require at least an associate's degree in finance, accounting, or a related field. Some employers may prefer or require a bachelor's degree and relevant certifications.

  • What skills are necessary for a Financial Records Specialist?
    Essential skills include:

    • Proficiency in accounting software and spreadsheets
    • Strong attention to detail
    • Excellent organizational skills
    • Analytical thinking
    • Good communication abilities

  • What kind of companies hire Financial Records Specialists?
    Financial Records Specialists are typically employed by various organizations, including:

    • Corporations
    • Nonprofit organizations
    • Government agencies
    • Educational institutions
    • Accounting firms

  • Is experience required for this role?
    Entry-level positions may not require extensive experience, but familiarity with accounting principles or internships can be beneficial. More senior roles may require several years of professional experience in finance or accounting.

  • What are the advancement opportunities for a Financial Records Specialist?
    With experience and additional education or certifications, Financial Records Specialists can advance to positions such as Senior Financial Analyst, Accounting Manager, or Financial Controller.

  • What is the salary range for a Financial Records Specialist?
    The salary can vary based on location, experience, and the specific industry. As of recent data, the average salary for this position typically ranges from $40,000 to $70,000 annually.

  • What certifications can enhance my qualifications?
    Certifications such as Certified Bookkeeper (CB), Certified Public Accountant (CPA), or Certified Management Accountant (CMA) can enhance your qualifications and improve job prospects.

  • What software programs should I be familiar with?
    Familiarity with accounting software such as QuickBooks, Sage, or Microsoft Excel is essential. Knowledge of database management systems and financial reporting tools can also be beneficial.

  • What is the work environment like for a Financial Records Specialist?
    Financial Records Specialists typically work in an office setting, often within a team or department focused on finance and accounting. The role may require long hours, especially during peak financial periods, such as end-of-quarter or tax season.