What Are Some Important Accounting Skills You Should Have?

What Are Some Important Accounting Skills You Should Have?

Mar 11, 2015 | 12:00 pm

The role of accountants is evolving constantly. Accountants now have the option of choosing between two distinct career paths: commercial or technical. For those who prefer to choose the technical aspect of accounting, they will need to be up-to-date with the changes in legislative developments and accounting procedures. Undertaking accounting specialist courses like IT, Financial reporting, Tax, Regulation and other courses, will arm one with valuable accounting skills needed by top companies.

The Bureau of Labor Statistics has estimated a 16% growth rate for accountants through to the year 2020. The median annual salary package for accountants was $35,170 as of May 2012. Most financial service companies are focusing on growing their business – business owners can no longer make-do with accountants who are “pretty good” with numbers. As a professional accountant, it is important that you have the “total package”. You need to know more than just numbers.

Valuable Accounting Skills Every Accountant Should Have

•There will always be a need for professional accountants who have the ability to anticipate financial trends and future business developments across the planet.

•Within the financial services, accountants that have a great eye for details and also have wonderful communication skills are highly sought after by employers. More and more investment management and banking businesses are in search of accountants with a good knowledge of financial products.

•Auditing and compliance skills are also important accounting skills for any accountant to have. Accountants who specialize in audit and compliance will definitely see increased employment opportunities, as more and more companies take giant steps in ensuring that they do not step out of line when it comes to adhering to regulatory requirements.

•Product and valuation control skills. In the investment banking field, there is a shortage of qualified accountants, especially in product and valuation control. Accountants with people management, leadership and directional experience are very well sought after in project management functions.

•Across commercial companies, employers are often looking out to hire professionals who have international work experience. Work experience matters a whole lot in the accounting field. For those who have managerial experience in any field and also have a degree in accounting, one will have a much better chance of becoming a department head or reach controller position.

•Communication skills. Business establishments of every size and sectors are in search of accounting and finance staff with excellent communication skills. Accountants are now working on projects and are paired with teams from various departments; so the ability to effectively communicate financial details to non-financial/accounting audiences is now a truly valued skill set. Having quality communication skills is important for making financial recommendations, explaining reports and working in group settings.

•Having time management skills is truly important because accountants must adhere to strict deadlines all the time – especially when it comes to closing the financial books at the end of each month, generating financial statements and filing tax returns.

Getting additional education is one way to advance in the field of accounting.