Financial Records Specialist in Alabama Career Overview

As a Financial Records Specialist, you play a vital role in the financial integrity of an organization. Your responsibilities primarily focus on maintaining, organizing, and overseeing the accuracy of financial records, which contribute to the effective management of a company's financial operations.

In this position, here are some key aspects of the role:

  • Record Maintenance: You ensure that all financial transactions are documented correctly in the necessary databases and accounting systems.

  • Data Entry: Your attention to detail is essential for entering financial data accurately, as this data serves as the foundation for financial reporting and analysis.

  • Reconciliation: You routinely compare financial records to ensure consistency and accuracy, identifying any discrepancies and resolving them efficiently.

  • Reporting: You assist in the preparation of financial reports that help management make informed decisions, playing a crucial part in financial forecasting and budgeting processes.

  • Compliance: Your adherence to local, state, and federal regulations is vital, as financial records must adhere to legal standards.

  • Collaboration: You may often work closely with accountants, auditors, and other finance professionals to ensure that financial records and reports are aligned with departmental and organizational goals.

Your role as a Financial Records Specialist holds significance across various industries as organizations rely on precise financial documentation to make strategic decisions, maintain operational efficiency, and uphold compliance standards. Your contributions make you an integral part of the financial team, fostering transparency and accountability within the organization.

Financial Records Specialist Salary in Alabama

Annual Median: $39,450
Hourly Median: $18.97

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

Required Education To Become a Financial Records Specialist in Alabama

To become a Financial Records Specialist in Alabama, you will need to pursue specific educational qualifications and training programs. Below are the recommended degree programs:

  • Associate's Degree in Accounting: This program provides foundational knowledge in financial principles, tax regulations, and accounting practices. Coursework typically includes financial reporting, cost accounting, and bookkeeping.

  • Associate's Degree in Accounting Technology and Bookkeeping: This program focuses on practical skills for handling financial records, including accounting software applications. You will gain expertise in recording financial transactions and generating financial statements.

  • Bachelor's Degree in Accounting: A more advanced option, this degree delves deeper into financial analysis, auditing practices, and complex accounting principles. This degree is often preferred for higher-level positions within financial record management.

  • Bachelor's Degree in Auditing: This program emphasizes the techniques used in evaluating financial information and ensuring compliance with applicable regulations. It prepares you for roles that require extensive knowledge of auditing standards and practices.

  • Bachelor's Degree in Business Administration and Management: This degree offers a broader understanding of business operations, along with financial management principles. It is valuable for those looking to work in financial records within a managerial context.

  • Bachelor's Degree in Finance: This program covers the principles of financial management, investment strategies, and financial analysis. It is particularly useful for those who wish to work in areas of finance related to recordkeeping and analysis.

In addition to formal education, practical training through internships or part-time positions in related fields can also enhance your understanding of financial record management.

Best Schools to become a Financial Records Specialist in Alabama 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.

Financial Records Specialist Required Skills and Competencies in Alabama

  • Attention to Detail: You must possess the ability to meticulously review financial records for accuracy, ensuring that all entries are correct and reconciled.

  • Analytical Skills: Your role requires you to analyze financial data to identify trends, discrepancies, and areas for potential improvement in record-keeping processes.

  • Technical Proficiency: Familiarity with financial software and accounting systems is essential. You should be adept at using spreadsheet applications and other financial tools to manage and organize data.

  • Organizational Skills: You need to maintain a systematic approach to managing records, ensuring that all documents are filed and easily accessible when needed.

  • Communication Skills: Strong written and verbal communication skills are important for conveying information clearly to colleagues and stakeholders regarding financial transactions and records.

  • Problem-Solving Abilities: You should be capable of identifying issues that may arise in financial documentation and proposing effective solutions to rectify them.

  • Integrity and Confidentiality: Handling sensitive financial information requires a commitment to ethical standards and confidentiality, ensuring that records are kept secure and private.

  • Time Management: You will often juggle multiple tasks and deadlines. Therefore, the ability to prioritize effectively and manage your time efficiently is vital for success in this role.

  • Team Collaboration: Working closely with other departments or teams may be necessary, requiring you to engage and collaborate effectively with colleagues for seamless financial operations.

  • Adaptability: The financial landscape can change rapidly, and you must be flexible in adapting to new regulations, technologies, and processes that influence financial record-keeping practices.

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

Job Market and Opportunities for Financial Records Specialist in Alabama

The job market for Financial Records Specialists in Alabama is evolving, influenced by various economic factors and industry demands. Here are some key insights into the current state, growth potential, and geographical hotspots relevant to this career:

  • Demand for Financial Records Specialists:
    As businesses increasingly rely on accurate financial data for decision-making, the demand for Financial Records Specialists has risen. Organizations across multiple sectors, including healthcare, manufacturing, and retail, require expertise in managing financial documentation and ensuring compliance with regulations.

  • Growth Potential:
    The employment opportunities for Financial Records Specialists are projected to grow steadily. This growth can be attributed to the increasing complexity of financial regulations and the necessity for organizations to maintain accurate and up-to-date financial records. The need for specialists who can navigate these regulations is likely to result in more positions becoming available.

  • Geographical Hotspots:
    In Alabama, certain regions exhibit a higher concentration of job opportunities for Financial Records Specialists. Consider the following areas:

    • Birmingham: As the largest city in Alabama, Birmingham serves as a business hub, housing numerous corporations and offering a variety of financial services.
    • Huntsville: Known for its growing technology and aerospace sectors, Huntsville presents opportunities in financial records management within innovative companies.
    • Mobile: With its significant maritime industry and port activities, Mobile has a consistent demand for financial professionals who can manage complex financial records related to shipping and logistics.
    • Montgomery: As the state capital, Montgomery is home to various government agencies and organizations, creating opportunities within public finance and record-keeping.

  • Industry Diversity:
    Financial Records Specialists are not limited to working in traditional finance roles. They can find opportunities in diverse industries, such as healthcare facilities, educational institutions, and government agencies. The ability to work across different sectors enhances job stability and offers unique experiences.

These insights reflect the active job market for Financial Records Specialists in Alabama, where demand and opportunities continue to develop, presenting you with a variety of paths to explore in your career.

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 in Alabama

  • U.S. Bureau of Labor Statistics (BLS)
    Provides detailed information on job outlook, salary data, and professional requirements for Financial Records Specialists.
    BLS - Financial Clerks

  • American Institute of Professional Bookkeepers (AIPB)
    Offers resources, certification programs, and valuable networking opportunities for those in the bookkeeping and financial records field.
    AIPB

  • National Association of Certified Public Bookkeepers (NACPB)
    Focuses on education and certification in bookkeeping. They provide guidance on maintaining financial records effectively.
    NACPB

  • National Association of Accountants (NAA)
    A resource for financial professionals that includes networking opportunities, educational materials, and industry insights.
    NAA

  • Institute of Finance & Management (IOFM)
    Offers training and certification programs for accounting and financial management professionals, focusing on accounts payable and accounts receivable management.
    IOFM

  • QuickBooks Online Learning
    An essential tool for financial records specialists. QuickBooks offers tutorials and resources for mastering financial software commonly used in the industry.
    QuickBooks Learning

  • Alabama Society of CPAs (ASCPA)
    Provides resources for local financial professionals, including networking events, educational opportunities, and information on state-specific regulations.
    ASCPA

  • SCORE
    Offers free and low-cost workshops and seminars on financial management and record-keeping, available throughout Alabama.
    SCORE

  • Books on Financial Records Management

    • "Accounting Made Simple: Accounting Explained in 100 Pages or Less" by Mike Piper
    • "QuickBooks 2023 All-in-One For Dummies" by Stephanie Murphy and Lita Epstein

  • Local Community Colleges and Universities
    Many institutions offer courses related to financial records management, accounting, and bookkeeping. Check with colleges like the University of Alabama and Auburn University for specific programs.
    University of Alabama
    Auburn University

Frequently Asked Questions (FAQs) About Financial Records Specialist in Alabama

  • What is the primary role of a Financial Records Specialist?
    As a Financial Records Specialist, your main responsibility is to manage and maintain financial records, ensuring accuracy, compliance, and confidentiality. You will be involved in tasks such as data entry, reconciling accounts, and preparing reports.

  • What qualifications do I need to become a Financial Records Specialist?
    Typically, you need at least a high school diploma or equivalent, though many employers prefer or require an associate's degree in finance, accounting, or a related field. Proficiency in financial software and strong analytical skills are also essential.

  • Is experience necessary to start a career in this field?
    While some entry-level positions may not require prior experience, having experience in bookkeeping or accounting can be highly beneficial. Internships or coursework that provides practical knowledge can also enhance your qualifications.

  • What skills are important for a Financial Records Specialist?
    Key skills include:

    • Attention to detail
    • Strong organizational abilities
    • Proficiency in spreadsheets and financial software
    • Excellent communication skills
    • Analytical thinking

  • What types of employers hire Financial Records Specialists?
    You can find employment in various sectors including government agencies, healthcare organizations, educational institutions, and private corporations. Many businesses require these specialists to maintain their financial integrity.

  • What is the typical salary range for a Financial Records Specialist in Alabama?
    Salaries vary based on experience, location, and the size of the employer. As of 2023, the average salary ranges from approximately $35,000 to $55,000 per year, with potential for increases based on experience and additional responsibilities.

  • What are the career advancement opportunities in this field?
    With experience and additional education or certifications, you can advance to roles such as Accounting Technician, Financial Analyst, or even Financial Manager. Continuous professional development can open pathways to more senior positions.

  • Do Financial Records Specialists need certifications?
    While certifications are not mandatory, obtaining credentials such as the Certified Bookkeeper (CB) or Certified Administrative Professional (CAP) can enhance your employability and demonstrate your commitment to the profession.

  • What technology skills should I possess?
    Familiarity with accounting software like QuickBooks, Microsoft Excel, and enterprise resource planning (ERP) systems is important. Being comfortable with data management systems and electronic filing is also beneficial.

  • Is the job market for Financial Records Specialists growing?
    The demand for financial professionals, including Financial Records Specialists, is expected to grow as businesses seek to enhance their financial accountability and efficiency. Staying updated with financial regulations and industry standards is crucial for job security.

  • What is the work environment like for a Financial Records Specialist?
    Most Financial Records Specialists work in an office setting, but some positions may offer remote work options. The work typically involves long hours at a desk, requiring both teamwork and independent work.

  • How can I stay current in the financial records field?
    Engaging in continuing education opportunities, attending workshops, and subscribing to relevant financial journals or online courses can help you stay informed about industry trends and regulatory changes.