The 6 technical skills we’ve listed below are optional – we recommend you include them if they are relevant both to the position you’re applying for and to your experience. That’s why having these 7 technical skills is a definite must for anyone starting off their career in accounting. Financial reporting is the process of communicating financial information to stakeholders, such as shareholders, investors, and creditors. Financial reports typically include balance sheets, income statements, and cash flow statements.

  • Or, if you’re searching for a job, you could enroll in a course in one of the skills areas listed above.
  • In addition to technical skills, employers are also looking for accountants with strong soft skills such as communication, problem solving and project management.
  • Excel continues to be one of the most valuable tools for accountants to know.
  • The scope of accounting positions has been expanding over time, especially so in recent years.

Perception, purpose, diversity and development all matter in bringing the best people to the profession. Download our data sheet to learn how to automate your reconciliations for increased accuracy, speed and control. Book a 30-minute call to see how our intelligent software can give you more insights and control over your data and reporting. For example, just think of how much changed in the blink of an eye because of the unforeseen COVID-19 pandemic. Many accountants had to shift to working remotely, while still being able to service every department’s needs and keep business running as usual.

Data Transformation Process: Ultimate Guide & Tips

The best way to improve as an accountant is to continuously learn throughout your career. This means keeping up-to-date with changes in the profession but also expanding your knowledge by taking on new challenges and learning new things. Technology is constantly changing and evolving, leading to major changes in the accounting profession in the past decade.

In a world that is becoming more digital, computerized, and automated, soft skills can be the differentiator between two employees competing for the same promotion or position. Furthermore, Prather urges accountants to sharpen their understanding of generally accepted accounting principles, Securities and Exchanges Commission reporting, and initial public offerings. He adds that most prominent accounting firms offer skills training in different competency areas. “The best way to stay on top of deadlines is by getting organized,” says Logan Allec, who works as a CPA.

  • Virtually all business professionals can benefit from learning the language of finance.
  • This degree provides them with foundational knowledge, including the necessary skills of an accountant.
  • Logan Allec is a CPA who holds a master’s degree in taxation from the University of Southern California.

Accountants also need to be skilled at communicating with other team members and with clients who have grown accustomed to reading and viewing information digitally. Bookkeeping is the practice of organizing, classifying and maintaining a business’s financial records. It involves recording transactions and storing financial documentation to manage the overall financial health of an organization. Most businesses use an electronic method for their bookkeeping, whether it’s a simple spreadsheet or more advanced, specialized software.


The better you understand the overall business, and how you and your team fit into the big picture, the more productive your relationships outside your department will be. Remember, employers aren’t looking for robots who can spout off a string of numbers or only analyze data. Rather, they are seeking creative problem-solvers who can help meet their needs and identify innovative ways to move their organization forward. For example, an accountant should be able to identify what type of report they are producing, why they are creating it, and who their audience is.

Top accounting skills for 2022

In the past, accountants had to perform all the manual data-entry and transformation tasks within spreadsheets, and then also analyse the work. Nowadays, automation solutions can manage all the data-heavy and repetitive tasks and produce analytical outputs for accountants to review. As time goes on, more technology is deployed within organisations, including within the finance department. As such, it’s of great value when accountants have up-to-date knowledge and understanding of the latest technologies.

Here are the three golden rules of accounting for quick reference:

Accountants today are expected to combine subject expertise, business knowledge, and technical expertise to determine where and how to best implement technology. As the finance domain gets digitalized, leaders need accountants who can break down manual processes into tasks that can be automated using technology. With software there to cover the essential aspects of preparing financial what is days payable outstanding dpo reports, accountants are expected to use their time to analyze financial data and uncover insights and business trends. A smart choice is to learn the ins and outs of spreadsheets and a few common types of accounting software. Small businesses usually rely on standalone accounting software, while midsize and large firms opt for enterprise resource management (ERP) systems.

One of the essential pieces of advice for anyone who wants to be an accountant is to make sure that they understand their profession. To do this, one must understand how businesses function and the skills required. The essential skills are following instructions, having a good knowledge of the financial industry, being detail-oriented, and possessing excellent time management skills.

Accountants might also help develop organizational budgets and advise executives on financial decisions. We’ll take a general look at the profession before diving into salary and job outlook data. We will then lay out the steps you can take to start an accounting career. Now that you understand the value of financial accounting skills, you may be wondering the best way to develop them. Another important financial skill that most business professionals can benefit from is calculating return on investment, or ROI.

Top Online Bachelor’s

To gauge your leadership skills, assess how well you adapt to changes, inspire those around you, and innovate business processes. A key aspect of preparing financial statements is following the accounting and reporting standards that apply to your industry or geography and as demanded by regulatory authorities. Financial reports that abide with accounting standards ensure regulatory compliance as well as make comparing financial positions simpler. Two commonly used accounting principles are the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). Practicing is essential to develop a knack for basic accounting skills and internalizing them.

Or, if you’re searching for a job, you could enroll in a course in one of the skills areas listed above. Being proactive about your professional development could impress a potential employer. 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. With the big data boom, there are more and more opportunities for accountants and those who need their services.