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You can become better with numbers and improve your ability to maintain your financial health.
Today, businesses of all sizes look for accounting professionals with the perfect balance of technical accounting skills and interpersonal, professional skills to meet their needs. There is no denying the importance of having skilled accountants and bookkeepers working in or for your business. Whether you’re an entrepreneur managing your books on your own or an established professional seeking employment, quality accounting skills are crucial to maintain the financial health of your business or advance your career.
If you are a professional accountant, you have the basic skills but may need to brush up on new regulations and technology. If you are a businessperson who is handling accounting or just wants a better understanding of accounting, you may want to take a basic accounting course to sharpen your skills.
Learn the basics of accounting (or refresh your knowledge) by taking an introductory accounting course. You can find courses like this at online universities such as Harvard Business School Online or the University of Phoenix. Such classes are also offered on online learning platforms like Udemy and Coursera.
For those who are already accountants or have a good understanding of the basics, it might be helpful to learn more about a specific topic within accounting to deepen your skills. For example, you may want to take a course in accounting for decision-making to help you use financial statements to inform strategic decisions.
You don’t necessarily need to take an entire course on a topic of interest; you could read a book or view a webinar. This can help you broaden your knowledge and learn how to apply it to accomplish certain objectives without devoting as much time as a course would require.
To be a truly effective accountant, soft skills such as communication, time management and problem-solving are a must. Your human resources department may give training classes in these types of skills or be able to guide you to other resources. Business coaches can help in this area and there are also online courses and books on soft skill development.
Although you probably have already learned about GAAP (generally accepted accounting principles), what you may not know is how these principles have been updated since you originally learned them. To keep up to date, professional accountants can participate in continuing education through industry organizations such as the Institute of Internal Auditors (IIA), the Corporate Finance Institute (CFI), Financial Executives International (FEI) and the National Association of Black Accountants (NABA). Organizations like Thomson Reuters also offer online courses, webinars, seminars and conferences.
Whether you want to unlock all of the functionality of your existing accounting software or are interested in upgrading, learning accounting software capabilities can make your job easier. Use your existing software program’s built-in tutorials or watch videos posted by the software company on its website or YouTube. If exploring new accounting software, contact the sales team and ask for a demonstration. Be sure to ask about any training that they can provide new clients.
Perhaps you are a young accountant or bookkeeper and have some questions about accounting. If you work at an accounting firm or in an accounting department, you may want to ask a colleague, mentor or your supervisor. You can also join an accounting group to network on LinkedIn or to tap into group members’ expertise.
Professional accountants mostly know about accounting. However, if you are working for a company, it can be helpful to know more about its industry. Talk to executives in different departments to get a fuller understanding of the company’s business and forces that impact it. Having knowledge about the market, demand trends, vendors, regulations and marketing initiatives that impact the company offers a big picture so you can make strategic recommendations that will benefit the company.
Modern accounting requires much more than crunching numbers and balancing ledgers. Accountants have the difficult job of balancing technical hard skills with interpersonal soft skills to help their businesses grow. These are the soft and hard skills you need to be a great accountant and the skills to look for when hiring an accountant.
Soft skills are less tangible and more difficult to measure than hard skills; they are usually learned through experience. Here are the top soft skills every accountant needs:
Unlike soft skills, hard skills are specific and measurable; they can be learned in school, professional courses and books. Today, hard skills in accounting include solid tech skills. [If you’re looking for help with your accounting tasks, check out our reviews of the best accounting software for businesses.]
Staying on top of technology trends, especially in fintech, becomes more important every year. While every accountant is expected to have the Generally Accepted Accounting Principles (GAAP) and Microsoft Excel nailed down, employers look for more advanced skills and expertise in the following areas:
While people may assume every accountant is an expert in every financial field, individual accountants can focus on certain areas of expertise. Businesses often look for specific experience or industry knowledge that will fill a gap within their organization.
For example, government accountants are expected to understand local, state and federal regulations, while management accountants should have a strong foundation in corporate finance. Hiring managers will look for these specific traits when interviewing candidates for an accounting position.
Specialized skills are specific fields of expertise within your industry. Whether you gain them through experience or courses, they are one of the best ways to get a leg up on the competition. In today’s digitized world, many of these skills center on certain types of software. Depending on your specialty, mastering these software types can give you an edge over your peers.
Sean Peek and Dachondra Cason contributed to this article.