9 Essential Accounting Skills 2023

Anyone who wants to work in accounting must first obtain specialized education, certification, and knowledge. Understanding the fundamental skills of an accountant allows advanced degree holders to navigate a broader range of career opportunities in the field.

But success necessitates more than just the right degrees. To have a successful accounting career, candidates should have a slew of general skills and traits that will help them not only advance but also work effectively every day. Accounting is still a fast-paced industry that requires professionals to constantly improve their knowledge of the subject.

Some of these skills can be learned by prospective accountants through programs such as a Master of Accountancy. Other abilities are more innate, based on a candidate's personality and preferences. Even for these types of skills, simply knowing what characteristics will be useful on the job can prepare candidates for successful careers in accounting.

Accounting Skill Sets

Accounting practitioners, like those in any other profession, have a combination of learned and innate abilities that make them ideal for the job. Those who want to work in this field should work hard to develop a variety of hard and soft skills that will allow them to excel and advance in their careers.

1. Business Intelligence

Accountants are expected to interact frequently with other departments and to fully participate in the day-to-day operations of the company. As a result, they, like any other high-level professional, must have excellent decision-making, strategic thinking, and negotiation skills. Their job entails ensuring that major stakeholders remain aligned with the organization's financial strategy. Accountants can see the big picture and understand how their role affects the entire organization.

2. Technological Know-How

Accounting is a more technologically advanced field than many others, and accountants must stay current on their knowledge. The employment agency According to Robert Half, accountants should have advanced Excel skills, ERP experience, expertise in big-data analysis, knowledge of business intelligence software, Hyperion aptitude, and a working knowledge of QuickBooks. Furthermore, many accounting firms invest in employee education programs to keep their employees current on emerging technologies.

3. Interaction

Accounting professionals are hired by businesses who can collaborate with other departments, manage conflict, and adapt to changing circumstances. As previously stated, an accountant must deal with a variety of stakeholders from various parts of the organization. They should be able to tailor their communication style to each stakeholder. This entails comprehending their requirements as well as how accounting decisions may affect their department.

Accountants must also be able to explain complex financial concepts in a way that non-accountants can comprehend. Organizations continue to place a high value on the ability to communicate complex accounting methods and processes to people who do not work in accounting. Professionals with strong communication skills continue to be a valuable asset to their employers.

4. Management

Accounting professionals must be self-motivated self-starters who can contribute new ideas, manage projects, and motivate their team members while demonstrating strong leadership skills. Accountants may be expected to contribute new ideas and aid in the improvement of the company's methods and operations.

When accountants must make difficult financial decisions, leadership skills are especially important. Accountants must be confident in order to communicate critical information to stakeholders. For example, they may be required to explain why a company needs to correct course and cut budgets for non-functioning departments or initiatives.

5. Customer Support

Successful accountants understand how to listen to their clients' needs and concerns. The needs of a client can make or break an organization's future. Accounting professionals can assist the organization in pivoting toward a financially sound solution by addressing clients' concerns.

Accountants should maintain a positive attitude and a can-do attitude while not overcommitting to deliverables or deadlines. It is critical to set realistic expectations for clients.

6. Work Experience in a Specific Field

Accounting professionals with specialized experience in areas other than traditional accounting may be sought after by companies. Some accountants, for example, may specialize in tax accounting, whereas others may have experience in forensic accounting.

Professionals who want to become certified public accountants must first gain accounting experience under the supervision of a CPA. After that, the individual must pass a series of exams given by the American Institute of Certified Public Accountants (AICPA).

Organizations like the American Institute of CPAs offer courses in this area to help professionals get up to speed on various accounting concentrations that cover topics like regulatory authority, the Dodd-Frank Act, and Comprehensive Capital Analysis and Review. Accountants must continue to educate themselves in the various subfields of accounting in order to remain competitive in the field.

7. Analytical Skills

Accountants must be able to read and interpret numbers and data. This skill could be useful in a variety of situations, from filling out tax returns to auditing data to detecting mistakes or fraud. Accountants must be precise, numerate, and analytical.

Analytical skills remain one of the most important for accounting professionals, particularly those in forensic accounting. Forensic accountants conduct interviews, analyze business transactions, review financial documents, and recover assets. They use their analytical skills to create reports that outline a financial crime using data and graphs. In some cases, these experts may be required to present their findings in court.

8.Thinking Critically

Critical thinking is the ability to apply knowledge to solve unexpected problems. Accountants who have developed their critical thinking skills can solve problems objectively. Unbiased decision-making can result in more balanced solutions.

Effective critical thinking includes gathering various data points that accountants can use to solve complex financial problems and predict future challenges that may impact a business. Accountants, for example, must be able to adjust financial strategies in response to changing legislation.

9. Time Administration

Accounting professionals must manage their time effectively. Even accountants with years of experience may struggle with time management, making it one of the most difficult skills to master.

Accounting professionals who specialize in tax law recognize the significance of meeting deadlines. During tax season each year, they must stay organized in order to provide tax advice to their clients and file all of their tax returns on time.

Accounting Knowledge and Experience

Concentrating on a specific area of accounting allows professionals to learn more about the field and expand their client base. Developing specialized skills in the areas listed below can help an accountant become a valuable asset to their clients.

• Auditing entails reviewing financial statements for organizations or governments to ensure that no laws or regulations have been broken. Those with auditing knowledge adhere to the Financial Accounting Board's General Accepted Accounting Principles (GAAP).
• Financial accounting is concerned with keeping track of an organization's financial statements over time. Accountants must be proficient in financial accounting in order to prepare financial statements for use by C-level executives, board members, and stockholders.
• The moral pillar that holds all accountants ethically accountable is ethics. The International Code of Ethics for Professional Accountants serves as a foundation for them to work from. Accounting professionals are aware of the laws, regulations, and ethical implications of various financial transactions.
• Business intelligence is the use of data to improve an organization's workflow, prevent errors, and identify key information.

With an advanced degree, you can hone your accounting skills.

Pursuing an advanced degree can help students master accounting principles and hone the specialized skills required for a successful career at the highest levels of accounting.

The Master of Accountancy program at the University of North Dakota provides prospective students with the opportunity to develop the essential skills required by accountants to excel in the field. The University of North Dakota's 100% online program enables busy professionals and career changers to study accounting, earn their master's degree, and prepare for the CPA exam without interfering with their work or personal lives.