Accounting is more than just making numerical accounts. Mathematics is still the cornerstone of an accountant’s career, but it is essential to have all the skills. Accountants enjoy solid job opportunities and salaries that are well above average earnings for workers. If you enjoy working with numbers, solving problems, and organising tax returns and records, you may find your dream job in accounting.
There are many accounting jobs to choose from, such as auditors, accountants, accountants, bookkeepers, cashiers, etc. All these positions require a core group with similar skills. Whether you are considering accounting as a career or have been in the field for several years and want to take the next step, you must consider the following questions. What skills and qualities do accountants need?
7 Hard Skills Every Accountant Needs
Hard skills are formally acquired and honed through practical application. For accountants, seven hard skills are crucial to success.
1. Data analysis – Data analysis is about getting numbers and insights from all the different data points, in other words, knowing how to take the information you see and turn it into actionable data slices.
2. Technology: Ruling on scrolling and calculators? It was yesterday. Today, accountants must be able to work with Xero, MYOB, Hyperion, Oracle, Excel, and even Quickbooks. The unknown world of artificial intelligence is approaching.
3. Statistical analysis: Accountants must do more than arithmetic. They must take numbers and extract summary information from them. This can be done by finding mathematical relationships between data points.
4. Writing: Once the auditor has produced the results, how the information is presented is as important as finding it. The ability to write transparent and business-friendly manner helps turn information into action. Just talking about “accounting” can make it difficult for others to understand the business value of your company.
5. Project management: Accountants are involved in all parts of the business, so their skills, opinions, and insights are always in demand. Letting go of one department is easy because you’re so focused on helping another. Being able to manage multiple projects, schedules, business needs, reporting deadlines, submission deadlines, and personas is a difficult skill to master.
6. Business Management – As part of the core business team supporting critical decision-making, accountants must understand common business principles and practices.
7. Organisational management – tax, personal finance, business, forensics, non-profit – has countless areas in which an accountant can specialise. What do they have in common? Rule, regulation, law. It is your responsibility to know, understand and follow them all.
8 Soft Skills Every Accountant Should Have
Soft skills are more moral but less important. These professional skills help accountants navigate the workplace.
1. Decision Makers: Companies are looking for people who can create business value by making suggestions that drive success.
2. Problem-Solving: Auditors must go beyond simply answering why something happened to provide answers to what the company can do to prevent the problem from occurring.
3. Communicate clearly: More than handing in the ledger is required. Companies also want stories told in numbers. Being able to translate a number into its meaning and quickly understand what to do with it is a special skill.
4. Understanding the business: Auditors are expected to raise concerns (or opportunities), but they need a thorough understanding of the business.
5. Strategic Thinking: Can you look at the information and see what is coming instead of what will happen? You need to understand the problem and how it fits into the business as a whole.
6. Active learning – Technological developments, changing business practices, regulatory updates, and the impact of external factors – Accountants must adapt to a seemingly changing business landscape.
7. Creativity: In old gangster movies, “creative accountants” worked for the bad guys. Today’s companies are looking for accountants who can bring creative accountants differently, new ways of working, and ideas away from “you’ve always been.”
8. Critical thinking: The average accountant does his job. Good accountants work with a critical eye. By looking for inaccuracies and focusing on the “how and why,” auditors can identify improvements in their business.
Auditor job responsibilities
Accountants collect, organise and track an organisation’s financial information. They prepare financial reports on employee income, expenses, assets, and liabilities for internal use and to meet the requirements of governments, shareholders, and other external entities.
Auditors conduct audits to determine whether client organisations or employers follow applicable legal practices and company policies regarding financial transactions and recordkeeping. They report their findings, resolve issues, and recommend remedial actions to reduce the risk of lawsuits and financial losses resulting from employee error and criminal activity.
Accountants prepare tax returns to reduce tax liability and ensure income is reported under accounting codes. They advise clients or their company’s management on strategies to reduce the tax burden in the future.
Develop technical accounting skills and competencies
Now that you know the essential skills of an accountant, you’re probably wondering how you can develop them yourself. While many accounting skills can be learned over time with on-the-job experience, additional certifications are essential for accountants to establish authority and experience in the workplace. Bookkeeping is becoming increasingly popular, so having qualifications beyond work experience is an excellent way to differentiate yourself and be a competitive candidate for future jobs and promotions.
One of the best ways to develop your skills for an accounting job is to earn a degree or certification through an accredited higher education institution. If you’re looking to make a career change and enter the accounting field, an associate degree or accounting certificate can be an excellent option to help you develop the skills you’ll need to make the switch. The certification is also a perfect opportunity for current professionals who want to sharpen their technical accounting and general business skills and enhance their CVs.
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