Skills for Accounting Jobs
Companies leave their financial affairs in the hands of the accountant. This job comes with tremendous trust and pressure, as the accountant is responsible for managing key daily financial transactions such as investments, taxes, budgets, and bills.
Accountants are trained in these areas to ensure the conducting of accurate and legal financial transactions. The median annual income of accountants was $71,550 in May 2019, according to the U.S. Bureau of Labor Statistics. Specific skills help accountants to effectively manage the flow of money through a business.
Accountants are responsible for numerical transactions. While accountants do not need to be math geniuses, skill with numbers is important, as accountants deal with large, complex numbers in taxes and budget planning.
The Association of Chartered Certified Accountants, a European network for professional accountants, helps individuals meet Math A-level certification.
The report-writing skill is crucial in accounting, as accounting jobs require preparation of statistical reports on taxes, sales, profits and bills.
Statistical reports require attention to numbers and clear delivery. Accountants must know how to organize information on a report with clarity. The recipient should also be able to understand the report without much explanation.
Because companies rely on accountants to manage financial affairs, it is important for accountants to stay current on the state of the stock market.
This helps the accountant make wise investment and trading decisions. It is also important to know the financial state of competitive businesses. With this knowledge, the accountant can make recommendations for increasing profit opportunities.
Attention to Detail
When dealing with taxes for corporations or individuals, there is no room for error, which is why being detail-oriented is essential. Federal documents require absolute accuracy, for instance. Accountants should also have the ability to see small details of an investment or budget that could harm the company.
Additionally, accounting jobs require detail in making sure all of the company’s financial transactions are legal. The accountant cannot let any legal matters slip through the cracks and cost the company time and money to fix.