Rightly said by Robert Kiyosaki (writer of Rich dad Poor dad) “The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.”
That is the role of accountancy or rather an accountant to keep the accountability of a company, big or small. The role of Accounting and Taxation course t may be a supporting role for a company and provide the financial picture of the company but in the present context, it goes further and also provides quality, ethical service for customers and clients of the company. His role allows the company to connect with customers and clients and help them understand the importance of accurate Accounting and Taxation course
Therefore an accountant of 2020 just not report or diagnoses the health of the company but will be service-oriented to provide financial advice and make financial decisions that are in the best interest of customers and clients of the company and make everyone accountable for the money.
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The following 10 skills of the accountant will ensure a role to be enacted by a skillful accountant.
1. Follow the General Principles of Accounting
Accountants should develop the skills to follow general principles of accounting like FASP (Financial Accounting standards board) or GAAP (generally accepted accounting principles). The principles ensure a minimum level of consistency when preparing financial statements. To get a detailed list of principles here.
The Accounting standards will improve the quality of financial information reported by companies. It will also highlight legitimate tax savings and plowing back the profits for the growth of the company.
2. Enhance the Knowledge of Regulatory Standards
Regulatory Standards means all laws, rules, regulations, and Regulatory Authority advisory opinions or orders applicable to the manufacturing, marketing, sale, and reimbursement, and/or pricing of any Products.
The accountant should have knowledge of Regulatory compliance and the organization’s adherence to laws, regulations, guidelines, and specifications relevant to its business processes They help protect your business, your employees, and your customers. Failing to adhere to regulatory compliance requirements can open you up to risks beyond just fines.
3. General Knowledge of the Business
The key skills for accountants should include having a general knowledge of business and keep an overview of all the departments like Purchase/Procurement, Production, Administration, Finance, HR, Marketing, and Customer service department.
In fact, the accountant should devise the reporting system of each department in conjunction with management and his accounting department (ERP). The accountant should be aware of all the processes and roles of employees and speak the common language of the organization fluently.
It also allows you to effectively communicate and negotiate with both the internal audience e.g. the people working for your company, contracted by your company like vendors, and the external audience of the company like the clients/ customers. Henry harvin Business Accounting and taxation courses will help you to grow the skills that help you to get an Accounting job easily,
4. Software Proficiency
Accountants need to be proficient in various software such as word processing and spreadsheet applications as well as specialized accounting software. This is a key accountant skill that should be present in a resume. He should be proficient in Specialized accounting software assisting with maintaining a chart of accounts, managing the general ledger, reconciling accounts, and generating financial statements.
A job in accounting also requires being up-to-date with the latest technology including Enterprise Resources Planning software (ERP), which acts as a central location for all budgetary, purchasing, payable, invoicing, receivable, personnel and payroll needs of a business. Additionally, staying informed on the latest technology may help you remain competitive as businesses move toward accounting automation.
5. Data analysis
Data in today’s context is termed as a gold mine. An accountant has to create relevant data useful for the company and develop skills to analyze the data. For accountants, data analysis can help them to create financial reports based on vital data such as account budgets, expenses, and the total turnover of a company. It helps them to verify the accuracy of the financial data for reporting consistency and data integrity.
6. Attention to detail
Accountants should have a microscopic eye for details. This is one of the key accountant skills. He should cultivate the habit to be focused on details. Developing these skills involves the ability to review and identify inconsistencies in large amounts of data or information. It also allows you to verify financial data and generate accurate financial statements. Attention to detail minimizes the potential for errors in accounting which could lead to audits and investigations by regulatory agencies.
7. Effective Communication
Effective communication is one of the key accountant skill that constitutes both written and verbal communication with the group or individual by an accountant in a friendly, positive, honest, and respectful manner. He may be responsible for preparing and presenting budget proposals, quarterly tax reports, and other financial reports to his immediate boss, managing directors, authorities bank, etc.
In verbal communication, he has to cultivate the culture in the company and individual to update with the internal paper flow like the vouchers, bill copies, receipts, perform invoices, and contract copies executed by each department for easy updates of accounts on daily basis. Effective communication is necessary to ensure clear and concise delivery of information to the intended audience in a format they understand.
8. Critical thinking
Critical thinking is a key accountant skill required for building a resume. It serves as a significant component of problem-solving. While it is necessary to fully understand a problem then evaluateand identify the outcomes of possible solutions. This is considered as the ability to comprehend a subject from all angles.
Critical thinking is a key accountant skill that is used in accounting to evaluate financial reports, apply accounting practices to new information, and at the same time, identify solutions to financial problems such as non-payments, overages, or balancing a P&L statement within the required ethical standards of practice. Therefore it is the ability that can enhance the role of an accountant and improve his resume.
9. Problem – Solving
Problem-solving abilities are recognizing that a problem exists then identifying available solutions, evaluating options, then selecting and implementing the best solution to resolve the problem that may result from accounting errors or inaccuracy.
Problem-solving is a key accountant skill to ensure accuracy and consistent quality performance. It may include identifying transactional errors that may cause accounts to be out of balance and resolving bank reconciliation errors.
10. Six Sigma Skill
Six Sigma is a key accountant resume skill. Lean Six Sigma provides a powerful methodology for continuous improvement. It can act as a leveraging tool like process mapping and organizations can easily adopt them. One of the important ways to successfully implement Lean Six Sigma in finance and accounting is the ability to step back and take a look at the broader picture of the existing processes. Six Sigma certifications give a competitive advantage to an accountant’s resume.
Another key application of Six Sigma skill is recognizing how the internal department processes may impact other stakeholders of an organization. This is an effective way how this can boost your career as an Accountant.
While the primary role of the accountant is to forecast the health of the company, his critical task is to maintain cash reserve, cash flow and constantly check on the net worth for bank facilities for both development and keep funds ready for contingencies or emergencies like the pandemic situation of Corona virus.
Prioritizing also includes your ability to structure your efforts to ensure you complete tasks efficiently and by required deadlines. Accounting requires regularly maintaining financial accounts as well as periodic reporting and payments such as monthly, quarterly, and annual reports and taxes. The way you prioritize these tasks finally, allows you to feel confident knowing that the deadlines established will be successfully maintained.
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Q.1 Is Six Sigma only for managerial jobs?
Ans. No. Six Sigma is certainly not restricted to managerial jobs. It can be applied in any field.
Q.2 What are the other certifications for a accounting job?
Ans. There are several certifications like accounting and taxation, GST, etc that can help an aspiring accountant. Six Sigma is one of the key accountant resume skill as well.
Q.3 What is DMAIC in Six Sigma?
Ans. DMAIC stands for Define, Measure, Analyze, Improve and Control. These are the steps for ensuring continuous improvement in any business process.
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