10 Must-have Skills for Accounting Professionals - Blog Image

10 Must-have Skills for Accounting Professionals

Poonam Jamuni on October 14, 2021 in Insights

Accounting plays a crucial part in each and every business. An Accounting department plays a major in keeping records of all the business transactions that occur in the company. Additionally, it also helps owners, managers, and other respective stakeholders to evaluate the financial performance of a business.

The main objective of the Accounting department are as follows:

  • Maintaining accurate records of transactions
  • Planning resources and budgeting
  • Helping in making important financial decisions
  • Avoiding long and short-term losses
  • Preventing cash inflow from running dry and many others

The accounting personnel requires to maintain three key financial statements. These statements will help in tracking income and expenditures and ensuring statutory compliance. Furthermore, it also helps in providing management and government with quantitative financial data.

  • Profit and loss statement
  • Balance sheet
  • Cash flow statement

To ensure you hire the perfect candidate, you will require to scrutinize the candidate based on the knowledge and the skills for the given position. The candidate should hold a Bachelor’s degree in Accounting, Finance, or a related field.

Some of the requirements the accounting personnel should acquire are-

  • Excellent mathematical and arithmetic skills
  • Advanced MS Excel skills
  • Professional Certified Public Accountant (CPA) certification is a must
  • Experience in working with Generally Accepted Accounting Principles (GAAP)
  • Excellent knowledge of budgeting principles
  • Good understanding of finance-related laws
  • Outstanding understanding of tax reporting

To make your job as a hiring manager simple, we have compiled some of the essential skills that a typical candidate should possess. These skills are a major requirement in finding the most qualified candidate for the job roles.

Let us begin with the top 10 must-have skills for Accounting Professionals.

  1. Analytical skills

    Every accounting personnel is expected to understand as well as interpret the data accurately. The candidates should have an excellent ability to examine and analyze all the important and raw details quickly. By doing this, the candidate can transform this data into resourceful insights. Thus, you can in turn maximize the profit of the company.

  2. Communication skills

    Communication skills are one of the main requirements for the candidate in this Accounting industry. The ability to communicate with one another is essential as professionals need to communicate/transfer sensitive information to one another or within different departments of the organization. Besides this, excellent communication skills will also help these professionals with presentations. They will be able to put forth their points and thoughts in the best manner.

  3. Time management skills

    Every Accounting professional has to manage all the necessary tasks in the assigned time duration. They should also be available for the tasks that need to be completed on an immediate basis. As a part of an accounting industry, the candidates are required to divide their time in the most efficient way.

  4. Detail-oriented

    Since accounting professionals need to work with large amounts of accounting data, they need to pay attention to the details for accuracy. If there are any flaws and mistakes in the recording of the accounts, the candidate should be able to spot them as quickly as they can.

  5. Critical thinking skills

    Yet another important skill is critical thinking skills. Since the accounting department deals with multiple irregularities and errors, the candidate should be to think critically to spot them. The candidate should be able to think differently to find the solutions to the issues.

  6. Leadership skills

    The accounting industry also requires an individual who can lead the tasks as well as manage a group of employees. That is why, having excellent leadership skills are one of the most crucial skills for the candidate. They should be willing to navigate the company towards the right path. Besides this, the potential candidate should adapt to changes, improve business strategy as well as motivate the team members.

  7. Collaboration skills

    Handling accounting duties is not a task for a single person. It is basically the efforts of the team. Hence, the prospective candidates should possess outstanding collaboration skills. They should be able to work in a team and maintain a positive working environment. They should be able to provide the best solutions to the team as and when needed.

  8. Problem-solving abilities

    Candidates should have problem-solving abilities as they will need to uncover solutions to various accounting concerns. They will require to accurately identify the problems, analyze them and find optimum solutions. Moreover, these professionals should be able to help team members in solving complex problems.

  9. Adaptability

    Accounting personnel should be ready to adapt any changes to rules, standards, and protocols. Any kinds of changes in the working process should be accepted by the candidates. Therefore, the candidate should be comfortable with any changes with open arms.

  10. Business knowledge

    Last but not least, the skill we have on the list is Business knowledge. Business knowledge is essential for any accounting professional. The candidate should have extensive knowledge about financial statements and how they work. Apart from this, they should also be able to use different types of accounting software and MS Office Tools.

These were the 10 must-have skills for accounting professionals. Make the most suitable hire by assessing them based on these abilities.

The Human Resources department will require to figure out a strategic recruitment process that will speed up the hiring cycle. Using an Applicant Tracking System (ATS) like Jobsoid will not only reduce the hiring time but also reduce the recruitment cost.

Furthermore, Jobsoid also provides a list of free job descriptions exclusive to the Accounting industry. Hence, you do not need to write anything from scratch. All you will require to do is import them to use them as it is or customize them as per your hiring needs.

So, hire the best accounting professional by registering for Jobsoid free account today.

Poonam Jamuni

Poonam Jamuni is a Digital Marketing Executive at Jobsoid. She graduated with a Master's degree in Engineering. During her free time, she loves reading blogs and growing her social media networks.