Find out the top 10 core skills you need to master as a tax accountant and what hard skills you need to know to succeed in this job.

A tax accountant is responsible for the compilation of all the tax-related information and reporting it to taxation authorities at the State, county or local levels at the right time. He/She also provides ledger system support for the practical issues of financial and management reporting.

Besides providing advice on taxation, more duties include, filing federal, state or local tax documents in preparation for tax returns, preparing tax provision schedules by reviewing, consolidating and developing programs, maintaining legislative materials by examining, interpreting and implementing both new and revised laws, identifying profits of potential mergers and acquisitions by analyzing tax information and accomplishing accounting and organization mission by completing related results as needed.

Core Skills Required to be a Tax Accountant

Core skills describe a set of non-technical abilities, knowledge, and understanding that form the basis for successful participation in the workplace. Core skills enable employees to efficiently and professionally navigate the world of work and interact with others, as well as adapt and think critically to solve problems.

Core skills are often tagged onto job descriptions to find or attract employees with specific essential core values that enable the company to remain competitive, build relationships, and improve productivity.

A tax accountant should master the following 10 core skills to fulfill her job properly.

Critical Thinking:

Critical Thinking is the ability to think clearly and rationally while understanding the logical connection between ideas in a reflective and independent thinking.

A Tax Accountant will always seek to determine whether the ideas, arguments and findings do represent the entire picture while identifying, analyzing and solving problems by deducing consequences from what he knows and making use of the information gathered.

Innovation:

Innovation is the process of translating new invention into a service that creates value or brings better solutions that meet the requirements.

A Tax Accountant ought to introduce innovation in their business to help save time and money giving a competitive advantage to grow and adapt the business in today's marketplace as well as creating more efficient processes and ideas with a likelihood for your business to succeed.

Accuracy:

Accuracy refers to the closeness of a measured value to a known value or standard that is passed by the governing laws.

A Tax Accountant has to always be accurate with figures and data used and required in the office without any guesswork or estimations to facilitate precise and correct information in every department creating an authentic environment that will be respected by the workers.

Adaptability:

Adaptability is the ability to cope with and adapt to unexpected situations in any environment and staying connected with a great attitude.

A Tax Accountant must shape the workplace with leadership skills that allow employees to adapt to the provided atmosphere and be able to give their best in the workplace while growing in their ability to become the best employees.

Personal Relationships:

Personal Relationships is the relationship between individuals who have or have had a continuing relationship of any nature either professional or informal.

A Tax Accountant reserves the right to take prompt action if an actual or potential conflict of interest arises concerning individuals who engage in a personal relationship that may affect terms and conditions of employment and he should not also date a subordinate.

Problem/Situation Analysis:

Problem/Situation Analysis is the ability to solve problems and assess situations to know what kind of solution is required to calm it down.

A Tax Accountant should learn how to identify and analyze problems and situations as well as use available resources to resolve them constructively by reaching a consensus through looking at an issue in a professional, not personal way.

Quantity of Work:

The quantity of Work is the amount of work accomplished by an employee against the expectations set by the employer.

A Tax Accountant should be keen to monitor an employee's job performance by comparing it to the standard work measurements that are often given at various intervals while evaluating the production to tell when to refresh a worker's skills or address any behavioral factors.

Business Trend Awareness:

Business Trend Awareness is the capacity to be conscious of the changing ways in which the companies are developing in the marketplace.

A Tax Accountant should have the required knowledge of new business trends that he can instigate or follow and the understanding of how they are impacting the business decisions which will eventually bring success to the employees as well as the enterprise

Knowledge Management:

Knowledge Management is the ability to manage knowledge and information that is presented to the company from different sources without overlooking any of them.

A Tax Accountant ought to creatively channel all the new information, tools, input, and methodology mean by actively practicing the art of knowledge management within the business by harnessing the organization's inherent wisdom's platform in one place.

Writing Reports and Proposals:

Writing Reports and Proposals is the ability to record business reports and plans for the company or project following the policies and procedures of the company.

A Tax Accountant should, therefore, emphasize the need and accuracy of these reports and plans to ensure they are delivered promptly, and the details within are accurate adhering to the company's policies and regulations without compromise.

Hard Skills Required to be a Tax Accountant

Hard skills are job-specific skill sets, or expertise, that are teachable and whose presence can be tested through exams. While core skills are more difficult to quantify and less tangible, hard skills are quantifiable and more defined.

Hard skills are usually listed on an applicant's resume to help recruiters know the applicant's qualifications for the applied position. A recruiter, therefore, needs to review the applicant's resume and education to find out if he/she has the knowledge necessary to get the job done.

A tax accountant should have a good command of the following hard skills to succeed in her job.

Tax Accountant: Hard skills list

Account Analysis
Account Reconciliation
Accounting Information Systems
Accounting Software
Accounts Payable
Accounting Processes
Accounting Principles
Accounts Receivable
Accuracy
ADP
Aging Reports
Analytical
Analysis
Annual Reports
Asset Management
Attention to Detail
Audits
Audit Schedules
Balance Sheets
Banking
Bank Deposits
Bank Reconciliations
Bill Payment
Bookkeeping
Budgets
Business Awareness
Cash Receipts
Certified Public Accountant (CPA)
Chart of Accounts
Check Runs
Collections
Commitment
Communication
Compliance
Computer
Corporate Reports
Corporate Tax
Cost Accounting
Credit Management
Credits
Crystal Reports
Debt Management
Depreciation
Detail Orientation
Federal Tax Law
Finance
Financial Analysis
Financial Reporting
Financial Software
Financial Statements
Financial Statement Analysis
Fixed Assets
Forecasts
Forecasting
Full Charge Bookkeeping
Full Cycle Month-End Close
Full Cycle Year-end Close
GAAP
General Ledger
Great Plains Accounting
Great Plains Dynamics
Income Tax
Interest Calculations
Interpersonal Skills
Invoices
IT Knowledge
Job Cost Reports
Journal Entry Preparation/Posting
Mathematical
Microsoft Office
Monthly Closes
Motivation
Multitasking
MS Access
MS Excel
MS Word
Numerical Competence
Oracle
Organization
Paychex
Payroll
Payroll Liabilities
Payroll Taxes
Peachtree
Personal Tax
Petty Cash
Platinum
Prepaid Income/Expenses
Problem Solving
Profit and Loss
Professionalism
QuickBooks
Reconciliation
Regulatory Filings
Reporting
Revenue Projections
Revenue Recognition
Sales Receipts
SAP
Special Projects
State Tax Law
Tax Analysis
Tax Compliance
Tax Filing
Tax Law
Tax Liabilities
Tax Reporting
Tax Returns
Tax Software
Technology
Teamwork
Time Management
Training
Trial Balance
Vouchers
Writing
Written Communication
Year End Reporting

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