Find out the important skills needed in the accounting profession for proper execution of duties
The accounting profession is known for number crunching which means that anyone wishing to join the profession should have the numeracy skill. However, due to the occupation’s changing nature, an accountant is required to exhibit other skills such as communication skills, information technology skills, and analytical skills.
Information technology skills
An accountant should know how to use the latest technology and software in accounting including QuickBooks, Oracle, and Advance Excel, data modeling software among others. Many accounting firms and organizations are also adopting cloud computing, which means that accountants need to be familiar with it.
Being an accountant requires technical know-how. An accountant should exhibit numeracy skills which are the core competencies in accounting without which a person cannot be called an accountant. These include calculating, organizing information, measurement, data analysis and logical thinking.
One of the roles of an accountant is to relay information to colleagues, management, and clients. Considering that accounting information may be complicated to some, the accountant should deliver the message in an easy to understand way. Whether communication is via meetings, phone or email, the information should be clear and concise.
Not only are accountants required to come up with numbers, but they should also know how to analyze them. The accountants need to interpret and compare the figures and data to gain insights on the going on of the business. This is how auditors detect fraud and accountants advise their clients on reducing their tax liability.
In most companies, an accountant also plays the role of an advisor and management may need ideas to do with reducing debt to equity ratio, improving procedures for compliance among others. In the case of an accounting firm, an accountant may be in charge of an audit. This makes it important for an accountant to have leadership skills.
Attention to detail
Accounting comprises dealing with a lot of data and procedures of analyzing it. Therefore, an accountant needs to pay attention to detail in order not to miss some of the data.
In most cases, an accountant needs to liaise with other members of the organization such as in purchases and budgeting. This means that an accountant should be a team player and can work well with other people in the business.
Accountants need to be well-organized since they deal with many documents from the clients. These documents need to be kept in order and the customer’s data well-managed.
An accountant is usually faced with a situation where a lot needs to be done in too little time. To accomplish duties, the employees need to have time management skills. With these, an accountant sets goals and prioritizes the most important, uses schedules, lists, and optimization tools to ensure that time is managed efficiently.