9 Skills Required In a Good Accountant
A Good Accountant is a crucial asset to the company, because Accounting, which is the ‘Language of Business’ is a very systematic process of recording and summarizing transactions. Every company, irrespective of its size, must have an accounting division and the size of this division may vary depending on the company’s volume of business. Accountants should master the accounting concepts, principles, technology and also constantly update themselves about the new developments in their domain.
But, is that enough?
According to Sage Practice – Now’- 2018 report, 67 percent of accountants feel that the profession has become more competitive than ever. Hence, Accounting is far more than number crunching. It’s not just the understanding of the technical aspects that qualify for a good accountant but, a wide variety of skills too are required to climb up the career ladder.
Here are the top 9 skills that a Good Accountant must have:
1. Do what is Right and not what is Easy:
Ethics are the moral principles that apply to every individual and business which specifies the do’s and don’ts. Accountants should help resolve the ethical dilemmas by ensuring that the financial statements and reports they prepare are honest, rational, reasonable and then integrate their understanding of ethics in the decision-making process.
2. The Connection between a Good Accountant and the Business is ‘Knowledge’:
A good accountant must be an expert in understanding the whole business. Since, the decisions made in accounting affects the decisions made in different divisions.
3. Without knowing Technology, everything becomes Meaningless:
Nowadays, almost the entire accounting work is performed using computers. According to Tom Rogowski, ‘Accounting is less about summarizing and reporting, but more about analyzing and evaluating data through the ‘Power of Technology’. This has enabled them to concentrate more on strategic work. According to Sage ‘Practice of Now’-2019 report, 56% of accountants say that accounting technology has increased their productivity. Hence, accountants should be up to date with the finance specific software programs.
4. Make the Right Decisions:
Decision making is the base for a company’s success. An accountant should analyze the statements and reports to identify any problems and challenges and develop an effective and efficient solution.
5. People Management skills really does matter:
People skills are the most sought after nowadays. It is a necessity for a good accountant to have good communication skills and active listening skills. In addition, they should be strong problem solvers and be fit to lead a team.
6.The Difference between mediocrity and excellence is ‘Attention to Detail’:
An eye for detail is vital so as to closely monitor, access the right information, ensure accuracy in the financial statements and reports, and avoid the risk of making errors.
7. The Art of Mastering Communication:
At the end of the day, it doesn’t do any good if you can’t find ways to properly communicate whatever is on your mind. Accountants collaborate with various departments within the organization .It is important that they do not fill their heads with numbers and jargon which only accounting professionals would understand. This applies to any form of communication such as e-mail, call or face-to-face conversation. The information should be communicated in such a way that it is easily understandable by the rest of the divisions in the company.
8.Being a Good Leader is a part of being a Good Accountant:
Every accountant has a responsibility and integrity to upkeep. It is equally important to lead and motivate a group of members, manage projects, make good judgments, demonstrate exceptional communication skills, thereby displaying all the skills required to be a leader. Leadership is all about persuasion, presentation and people skills.
9. Embrace the changes:
A Good Accountant must be perpetually flexible. Though the accounting division has a specific focus, every department in the organization has an accounting aspect attached to it. So, the accountants should embrace the changes that happen not only in their division but in other divisions too. Also, an accountant has to be flexible enough to adapt to the latest technology.
The accounting profession is at the peak of a technological revolution. Also, the competition in this sector is constantly increasing. A traditional and stereotypical accountant will no longer be enough to survive in this competitive world. Being a great accountant requires a lot of effort because it is not just about job qualifications but it has a great impact in shaping future leaders.