Discover the Top In-Demand Accounting Skills

The daily duties of an accountant vary by company and position. However, some of the most common accounting tasks include:

• Recording transactions.
• Invoicing clients.
• Paying vendors.
• Ensuring the accuracy of financial reports.
• Preparing corporate tax returns.
• Evaluating financial practices.
• Forecasting and cash flow analysis.
• Offering recommendations that maximize profits.
• Maintaining compliance with laws and regulations.

Identifying the skills you need to succeed in accounting makes it easier to realize your long-term career goals and improve your workplace satisfaction. Here are the top 12 skills that will help you stand out from the competition:

1. Mathematical skills

It probably comes as no surprise that one of the top skills needed by an accountant is math. Don’t get too caught up in the details, as most of the equations you’ll be responsible for are no more complex than what you learned in the sixth grade, including:

• Addition and subtraction.
• Division.
• Fractions and percentages.

2. Aptitude for analytics

Data analytics is an emerging trend in the financial realm that’s expected to skyrocket in the future. You’ll take advantage of your talents to evaluate the stability and profitability of your employer’s business so that you can:

• Identify patterns.
• Investigate discrepancies.
• Compare current data to previous periods.

3. Attention to detail

One of the top skills an accountant needs is attention to detail. As a professional in this position, you’re required to keep a vast amount of information organized. Financial data must be accurate, as simple mistakes here and there can add up to big problems if they go unchecked.

Your attention to detail is vital for:

• Completing detailed audits.
• Building cost models.
• Identifying vendor billing errors.

4. Communication

Accountants must have exceptional written and verbal communication skills. Often, team members lack your financial expertise, and you’ll be asked to explain your work results clearly.

You’ll also:

• Present your findings in written reports.
• Listen carefully to clients, managers, and other stakeholders.
• Accurately communicate facts and figures.

5. Computer expertise

Other valuable skills and abilities of an accountant center on computer literacy. Most professionals in this field use advanced accounting software, such as QuickBooks by Intuit and other computer-based tools like spreadsheets to be productive.

You’ll utilize a computer for:

• Tracking inventory and sales.
• Automated invoicing.
• Timekeeping.

6. Research skills

As an accountant, you’ll be responsible for more than merely crunching numbers. Your ability to find answers to the company’s toughest questions is critical. You’ll be called upon to ideate solutions to many problems throughout the day that require extensive research. These tasks may include:

• Investigating sales reports.
• Finding less costly suppliers.
• Researching updated tax laws.

7. Organization

To be successful in this field, you need to have a system in place to keep track of all of your many job duties. Being able to locate the company’s Visa statement from last year is all part of a run-of-the-mill day for an accountant.

Being a master of organization will ensure that you can juggle it all, including:

• Tracking a multitude of transactions.
• Meeting important deadlines.
• Finding original documents.

8. Business savvy

If you’ve asked a mentor, “What skills do I need to be an accountant?” a common response is “business savvy.” An effective person in this position needs a thorough understanding of their company’s basic operations.

Having a solid foundation in business helps you:

• Interpret financial data.
• Understand how accounting affects other areas of the company.
• Develop strategic plans for success.

9. Adaptability

The ability to roll with change is a top skill among successful professionals, and it’s a trait that many business owners value. As the landscape of business evolves, so do your responsibilities as an accountant. From technological advancements to ever-changing trends, you can expect to have to think on your feet and adapt frequently in this field.

You’ll want to:

• Harness new technologies.
• Develop fresh strategies.
• Simplify financial reporting.

10. Customer service orientation

Whether you work for a CPA or a business, good customer service is one of many important job skills for accountants. Whether your firm has outside clients or your company’s other department heads are your customers, you’re responsible for meeting their needs.

Accounting professionals can demonstrate good customer service by:

• Maintaining a positive attitude.
• Responding quickly.
• Actively listening.

11. Creativity

Many talent scouts are scouring for applicants with fresh ideas. These ambitious self-starters bring new insights into the workplace and are poised to impact their organization’s future.

Your creative mind can help address a host of financial issues. For example, you can:

• Improve compliance procedures.
• Appraise the viability of future projects.
• Apply the latest technology to accounting aspects.

12. Interpretive abilities

Interpretive skills are a significant part of a skilled accountant’s tool kit. Your abilities to review technical accounting standards and accurately present data to your customers, auditors, and regulators are valuable to an employer.

Accountants must be able to:

• Interpret the impact of accounting decisions on the company.
• Review current accounting principles.
• Determine how the company should handle financial data.

As you enter the accounting profession, consider a variety of methods to boost your skills. There are many training opportunities that ensure you are a more marketable candidate and a valuable team member, from a degree to specialized certifications. Take advantage of higher education and be open to other opportunities, too.

These tips will help you start developing the accounting skills you’ll need to succeed:

Go to school

If being an accountant is your next career move, the first step is to pursue an education. There are several types of degrees you can earn, depending on your goal. You may want to start with a basic bookkeeping certification or earn a bachelor’s to meet your employers’ expectations.

Types of accounting degree programs include:

• Certificate in Accounting (six-month program).
• Associate Degree in Accounting (two years of study).
• Bachelor’s Degree in Accounting (four years).
• Master’s Degree in Accounting (an additional two years).
• MBA in Accounting Degree (one to two more years).
• PhD or DBA in Accounting Degree (an eight-year commitment).

Get certified

Employers want to see upper-level accountants with some type of certification like you’ll get with the Uniform CPA Examination. These rigorous evaluation processes are used to gauge your accounting skills, and each one has its own requirements.

These expert accounting professionals hold the following certifications:

• Public Accountant (CPA).
• Forensic Accountant.
• Auditor.
• Fraud Examiner.
• Information Technology Accountants.

On-the-job experience

One of the best learning methods is hands-on experience. You’ll build up the skills section of your resume while you apply for full-time roles.

Consider the following tips to improve your experience:

• Get your feet wet in the industry by working temporary assignments.
• Work a retail job help boost accounting skills with tasks such as cash handling.
• Improve your customer service talents by waiting tables or doing any customer-focused job.

Embrace technology

If you’re ready to broaden your accounting career horizons, improve your skills with technology. There is no escaping the fact that software skills are vital in today’s workplace, regardless of your role. Technical prowess is an expectation of many recruiters now, and you can develop your talents by:

• Learning to use all five top accounting-specific software programs.
• Becoming proficient in data-based applications and Enterprise Resource Planning.
• Watching for emerging productivity and collaboration technologies in your industry.

Accounting is a popular career choice for many reasons. It comes with impressive potential salaries and plenty of opportunities to move up the corporate ladder. If you decide to pursue your bachelor’s in accounting, your career outlook is bright. According to the Bureau of Labor Statistics, jobs in this field are going up at a rate of 4% a year, and the median annual salary is $71,550.

If you enjoy working with numbers and want a career with lots of room for professional growth, an occupation in accounting or finance may be a good fit for you. Now that you know the key skills for an accountant, you can apply that knowledge to get a job.

Here are the 10 most popular jobs for skilled accountants:

1. Bookkeeper.
2. Accounting Clerk.
3. Budget Analyst.
4. Cost Accountant.
5. Personal Financial Advisor.
6. Financial Analyst.
7. Credit Analysis Manager.
8. Compliance Officer.
9. Corporate Controller.
10. Chief Financial Officer.

Essential accounting skills encompass more than an aptitude for math. In addition to running the numbers, depreciating assets, and analyzing costs, your technical knowledge and soft skills are something that every successful accounting professional needs.