Accounting is a popular and well-respected field in the business community. In fact, a recent study found that job growth in accounting is expected to skyrocket to around 11 percent in the next ten years. This faster than average job growth makes accounting one of the more popular career routes on the market.
However, accounting is more than just a fancy title and job security. Proper accounting is crucial to the success of any business or large organization and it takes a special skill set to effectively play the role of company accountant. Here are a few of the most highly used skills in accounting.
Resource: Top 10 Online Accounting Degree Programs
Accountants are often tasked with pouring over financial statements and documents, pinpointing any errors or lack of documentation, and following up with the appropriate parties. It can be mind-numbing to look at numbers all day and it’s extremely easy to miss a detail or two. However, lack of attention to detail can result in huge financial loss to the company so accountants must be at the top of their game 24/7.
Accountants must also be adaptable. In the financial world, rules are changing constantly and accountants must stay abreast of these dynamic accounting practices. Technology in the field is also evolving rapidly. Accountants who are unwilling to learn new concepts or tools for completing their work will be less productive and less likely to move ahead within their organization.
Time management is extremely important to an accountant. Accountants deal with a variety of issues and people each day. They have a lot of appointments and must still manage to get their paperwork and analytics completed before end of business every day. In accounting, there are also a lot of unexpected interruptions. Accountants deal with the financial health and compliance of the company so most of their work interruptions are time sensitive and important. Accountants must work with urgency and initiative to get everything completed throughout the week.
Many accountants will also be tasked with preparing and managing the organization’s budget. This requires an exceptional level of analytical thinking. Accountants must constantly be on the hunt for ways to increase revenues, reduce expenses and improve profit margins. This requires big-picture thinking and the ability to make adjustments that impact the overall health of the company.
Written & Verbal Communication
Inevitably, accountants must interact with a variety of departments across the organization and must also be able to communicate clearly and effectively with the company’s clients. Accountants must have a knack for communicating in written form as they are often required to summarize statements and must be able to organize information in a logical and professional way. They must also have the ability to communicate verbally in presentations with upper leadership, key clients, and other stakeholders.
These are just a few of the many skills required of accountants in the field. Accounting requires a diverse and universal skill set and the role plays a huge part in the overall health and success of any company.