Accounting Skills to nail the year 2020

As beautifully defined by business leader Henry Ford ‘Anyone who stops learning is old, whether at twenty or eighty’. And, the same goes for accounting, where the accounting professionals need to have up-to-date accounting skills coupled with other professional skills to be in sync with the changing times. They need to keep themselves abreast of the basic and the latest developments of their domain. Moreover, this proactive approach to growing with automation and changing time will assist to drive the growth of the company they are associated with.

With the evolution of technology, it has become necessary to continuously learn, unlearn, and relearn to quench the thirst of grave competition. Unlike traditional time, the job of accountants is not limited to maintaining thick registers. With automation, the concept of manual accounting has become an alien term and now, a large part of accounting work can be handled with accounting software such as QuickBooks software.

In this blog, we will discuss some of the important technical proficiency and skills to become an expert Accountant now and always:

Critical Thinking

critical thinking
Source: magnapubs.com

When we talk about the accounting profession, we might consider basic skills such as having the basic knowledge of the accounting profession. However, now the scenario has been changed and people are referring candidates having the ability to dig deeper to look at all perspectives of the numbers and the data as well as spotting trends and patterns to know the story inside. However, this skill cannot be developed overnight. This is a type of soft skills that one can learn over a time period, through actively seeking information with the work. Rather than doing things that come to mind, try to come up with creative and out of the box solutions. Explore, evaluate, and think when you encounter a problem to come up with the most feasible and creative solutions.

Acquire Technical Skills

technical skills
Source: Domain.me

According to Entrepreneur.com, cloud accounting will be installed in more than 90% businesses. Automation has become inherently essential to sustain in the industry. With technology such as the cloud, it is now extremely easy to comprehend the complex data and to access them from anywhere in the world with few clicks. The cloud has become the latest trend for the accounting industry.

With cloud hosting it has become a lot easier for the companies to work collaboratively without compromising the security factor. Moreover, working with the cloud provide round-the-clock availability of the data from any remote corner of the world. Therefore, the demand for an accountant having technical skills will be the desired option over the crowd.

Knowledge of Government Laws

government laws
Source: Financial Express

Due to varied new and revised regulations, the role of accountants has also changed. In the year 2020, knowing the nuts and bolts of these changes will become paramount for accountants. According to experts in the accounting industry, new government rules and compliances will be continuously implemented to promote transparency in business. Therefore it will be a lot easier for the accountants to have the knowledge of new and existing government rules and regulations. So, it is suggested to makeover your existing expertise on your own time to gain a significant advantage over others.

Interpersonal Skills

inter personnel skills
Source: Jarvee

You should be able to liaise with the other departments, shareholders and the clients. For this, accountants are needed to have strong interpersonal skills such as client management, negotiation skills, empathy, etc.
Now, the job of the accountants are not limited to the number crunching, it involves regular meetings with professionals, clients, and colleagues to suit their tastes. Therefore, having all these skills will add up in the work efficiency and success of an accountant. For instance, it is recommended not to use internal acronyms or technical jargon while answering questions of the clients. Having good interpersonal skills will help to build strong relationships and to retain customers and to attract new customers. This is an invaluable skill to have.

Data Analytics

technical skills
Source: smart data collective

Smart are those who can comprehend the data, but smarter are the ones who are using it. To explore the data and to come up with a feasible solution, it is necessary for the accountants to know the ins and outs of the data. Having all these skills will make you aware of the current demand of the customers and clients. Embracing the technology and molding our set of skills according to the need of the time is going to help.

To conclude:

In this blog, we have covered all the necessary steps that you need to become even more proficient in the accounting field. Sharpening your ax will not only help you to get your work done easily and quickly but, it will also multiply your skills. A little amount of technology coupled with the hands-on skills will not only pay you now but will be your partner in the long run.

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