Profession in finance and accounting is one of the top career choices for finance and accounting professionals. Employment of accountants and auditors is projected to grow 7 percent from the year 2020 to the year 2030, about as fast as the average for all occupations. About 135,000 openings for accountants and auditors are projected each year, on average, over the decade. To grow in this field one requires certain skills both in the technical space as well as in the non-technical space.
In this article, let’s understand the top technical skills that are required for finance and accounting careers.
Good knowledge of basic data skills
The most successful finance and accounting professionals will have good knowledge of core data skills that give them to succeed as they serve clients with several systems and policies. These include data strategy and data processing skills, as well as proficiency in statistics, probability, and deductive reasoning.
Must be well-versed with practical accounting
One of the in-demand skills is contextual awareness to determine the best response to a given situation. For instance, AI can be able to process thousands of documents within a few minutes and identify quantitative trends, but AI can’t yet make recommendations depending on this information. Accountants who possess enough insights into analytics and AI, alongside an understanding of accountancy practices and knowledge of their firms will be able to fill this gap.
Should possess storytelling ability
It is important to have a good understanding of using data to effectively convey meaning and a message with the help of storytelling. AI can offer massive amounts of data, but that’s useful only if one understands it will and can translate the data in a way that makes sense to their audience.
Business and communication skills
As the role of an accountant is more focused on decision-making, strategy, and planning, there will be a huge need for communication and business skills. In addition to being able to look at quantitative data through a strategic lens, communicating recommendations plays an essential role. Communication skills are very essential to employers who require finance and accounting professionals with a collaborative personality, better executive presence, conflict management, and adaptability.
Need to understand the automation
Individuals can also witness processes used by clients that can be enhanced through automation. Whether those are production processes or finance processes, the ability to implement automation to enhance efficiency and reduce costs will be a differentiator.
Should have a curious mindset
Curiosity is a key trait in any dynamic environment as it develops a tendency to ask questions, understand the ongoing challenges on a deeper level, and challenge assumptions. Because technology innovation is not necessarily the main aspect of an accountants’ role, it can be easy to miss important changes in the tech landscape.
Curiosity is very helpful to solve this issue by empowering accountants to understand new technologies as opportunities to improve their work. Understanding the latest technologies and accounting software will help to stay ahead of the current competition in the finance and accounting careers.
Globally several firms are looking for professionals as the firms are embracing technology, and are also giving the workforces and their processes due importance to master their technical skillset. They are also offering many training sessions where they upskill their people and take help from them to move forward in the processes. To enhance one’s finance and accounting careers one requires certain skills. They are:
- Communication skills
- Analytic & Interpersonal skills
- Knowledge of accountancy software
- Strong in mathematics
- Good computing skill
- Numerical aptitude
- Belief in ethical practice
- Honesty and reliability
- Patience and self-discipline
- Understanding of accounting procedure
- Ability to manage distraught and questioning clients
- Must work for longer duration in an environment of computing area
- Can be able to work in an office setting to review documents for longer hours