The Accounting Skills You Need For A Successful Career was originally published on Forbes
Top Technical Skills for an Accountant
Employers look for accounting candidates who can help them advance their businesses and meet their clients’ needs. As a prospective accountant, you must demonstrate proficiency in basic technical accounting skills.
Every accountant, auditor and financial analyst should be up to date with the latest trends in the field, such as how cloud computing and blockchain technologies impact accounting.
Using Accounting Software
Knowing the ins and outs of accounting software is crucial to your future as an accountant. Technological advances continue to bring changes to the accounting field. Beyond Excel spreadsheets and the Google Suite, you should be familiar with process automation, artificial intelligence and financial modeling software.
Each accounting firm and organization has its own software preferences as well. How do you know which ones to learn? Here’s an expert tip: Send a LinkedIn message to a connection who works for an employer you’re interested in, and inquire about the software that the employer uses. Watch tutorials and read articles to become better acquainted with that software as you prepare to interview or begin a new job.
Preparing and Reporting on Financial Statements
Financial statements are the bread and butter of accounting firms and business operations. Knowledge of how to prepare and report on financial statements is critical to becoming an accountant. An accountant’s everyday responsibilities include creating, tracking and reporting on balance sheets, income statements and cash flow statements.
To prepare a financial statement, you must be comfortable performing in-depth analyses and evaluations of clients’ financial health and vulnerabilities. Reporting on financial statements requires its own set of skills. The best financial reports communicate complex data in a way that is understandable to all stakeholders.
Knowledge of Spreadsheet Software.
Excel continues to be one of the most valuable tools for accountants to know. Before you pursue an accounting career, you should understand how to use Excel to organize and manipulate data.
If you don’t know your way around an Excel spreadsheet, take some time to practice. You might even take an online course to ensure you’re at the top of your game before applying for accounting jobs or a graduate program.
Top Soft Skills for an Accountant
Anyone can learn the technical skills required to become a successful accountant. What’s more difficult to teach, however, are the soft skills. Forging strong working relationships with your colleagues, peers and clients is as important as your ability to perform complex financial analyses.
Soft skills also set you apart from other applicants in the accounting job market.
Communication
Effective communication is essential to all business roles, accountants included. The stereotypical idea of an accountant may bring to mind a person who’s glued to a computer screen full of data sets, but in reality, the job involves much more than that.
Accountants spend time in meetings with clients, stakeholders and fellow employees. They often need to communicate financial updates. You may also find accountants collaborating with each other, particularly in larger firms and businesses with more involved accounting needs.
Expert communication skills are essential to advance in your accounting career. Accounting managers spend most of their time communicating with direct reports, controllers, finance directors and colleagues from other departments who may be less familiar with accounting terms.
Time Management and Organization
Careful organization and effective time management are two soft skills needed to become an accountant. During the early part of the year, known as “tax season,” the volume of work for accountants increases. As you juggle various spreadsheets, clients and reports, you must keep track of your time and remain aware of strict deadlines to file taxes and reports.
In the accounting world, there are consequences for not filing on time or preparing accurate financial statements. It’s vital to maintain self-awareness and discipline to stay on top of your tasks.
Critical Thinking
Accounting skills go far beyond sorting through numbers and relying on automated processes to create financial statements. To succeed as an accountant, you need strong critical thinking skills. Ethical dilemmas, reporting errors and unbalanced spreadsheets require careful thought and investigation to arrive at the best solutions.
Accountants need to take an active approach to each task to make predictions and assess risk. Numbers alone are not enough; accountants must uncover the story behind the numbers.
Problem-Solving
Technological advances do not negate the need for accountants to predict trends and make financial forecasts. Problem-solving remains among the top required skills for accountants. Remember that employers aren’t looking for a robot who can spout off a string of numbers or only analyze data. Rather, they are seeking a creative problem-solver who can help meet their needs and identify innovative ways to move their organization forward.
Strong Attention to Detail
As a highly regulated field, accounting necessitates strong attention to detail. There is little margin for error when you’re responsible for someone else’s finances.
Accountants must follow the generally accepted accounting principles and stay aware of industry-specific rules, regulations and deadlines. A keen eye for irregularities and errors is an essential skill for accountants.
