What Do Accounting Interns Actually Do?

Accounting internships offer an entry point into the financial world, providing aspiring professionals with practical experience beyond classroom theory. These opportunities allow individuals to apply foundational accounting principles in real-world scenarios, bridging the gap between academic learning and professional practice. An internship helps students gain insight into diverse accounting functions, setting the stage for informed career decisions. Participants observe, contribute, and understand accounting operations within various organizations.

Day-to-Day Responsibilities

Accounting interns perform daily tasks providing exposure to financial operations. These include data entry, inputting financial information, and preparing documents like invoices or expense reports. Interns assist with accounts payable and accounts receivable, processing vendor payments and collecting customer funds. They also reconcile accounts, comparing internal records with external statements to resolve discrepancies.

Interns contribute to month-end and year-end closing processes, preparing and posting journal entries and assisting with financial statements like balance sheets and income statements. In audit roles, interns pull samples for testing, organize workpapers, or verify financial records for compliance. For tax internships, duties involve assisting with tax form preparation, including federal income tax returns for individuals or businesses, and organizing supporting documentation.

Skills and Software Utilized

Accounting interns develop skills and utilize software applications. Attention to detail ensures accuracy in financial records and reports, preventing errors. Analytical thinking and problem-solving identify discrepancies, understand financial trends, and contribute to solutions. Effective communication, written and verbal, is important for interacting with team members, supervisors, and clients, explaining financial information clearly.

Proficiency in Microsoft Excel is important for data analysis, financial modeling, and preparing schedules and reports. Common accounting software like QuickBooks and Xero are used, especially in smaller businesses, for bookkeeping and invoicing. Larger enterprises use complex enterprise resource planning (ERP) systems such as SAP or Oracle, where interns gain exposure to accounting modules. Interns in tax or audit roles also interact with specialized software for tax preparation or audit management, gaining practical experience.

Exposure to Accounting Specializations

Accounting internships expose interns to various specializations, allowing them to explore career paths. In audit, interns assist teams in reviewing financial records and internal controls for accuracy and compliance with Generally Accepted Accounting Principles (GAAP). They may help with substantive testing or control testing procedures, contributing to financial statement verification. This often involves collaborative work on client engagements.

Tax internships focus on preparing and reviewing tax returns for individuals, partnerships, or corporations, adhering to federal and state tax laws. Interns conduct tax research, gather documentation, and learn about tax forms like Form 1040 or Form 1120, ensuring IRS compliance. Corporate or industry accounting internships offer insight into a company’s internal financial operations, where interns assist with budgeting, financial reporting, cost accounting, or accounts payable/receivable. Advisory or consulting internships involve assisting with projects providing strategic financial guidance, including transaction services, risk management, or forensic accounting.

Professional Development and Networking

Beyond daily tasks, accounting internships offer opportunities for professional development and networking. Interns benefit from mentorship, learning from experienced professionals who provide guidance and feedback on their work and career. This interaction helps cultivate professional etiquette, improve communication skills, and understand corporate culture. Interns often participate in formal training sessions, workshops, and firm-wide events that enhance technical knowledge and soft skills.

Networking is an important aspect of the internship, allowing interns to build connections with colleagues, supervisors, and other professionals. Attending firm social events, industry seminars, and career fairs provides avenues to meet diverse individuals. These connections can lead to future job opportunities, mentorship relationships, and insights into industry trends. Engaging with professional organizations and alumni networks also expands an intern’s professional circle, fostering relationships that support long-term career growth.