Skills Needed for a Accountant to Stand Out

Finding a job is tough for anyone, but especially challenging for accountants who lack the complete skillset employers want.

Luckily, by developing expertise in technical knowledge, communication, critical thinking, and leadership, accountants can transform into well-rounded professionals that stand out from the crowd.

This article will explore the essential abilities accountants need to excel in today's evolving landscape, with actionable tips for skill-building across key areas like automation, data analysis, presentation, and more.

Introduction: The Evolving Role of Accountants

As technology continues to transform businesses, the role of accountants is evolving beyond traditional accounting and finance duties. To remain relevant and stand out in today's workplace, it's crucial for accountants to build specialized skills and niche expertise.

Some key areas where accountants can develop focused skills include:

Improving Technical Knowledge

Keeping up with the latest technologies like automation, blockchain, and analytics tools allows accountants to work more efficiently and provide strategic insights. Learning advanced Excel, data visualization programs, ERP systems, and programming languages are some technical skills that make accountants more valuable.

Enhancing Communication Abilities

Accountants need to clearly communicate complex financial information to both internal and external stakeholders. Building strong presentation, writing, listening and interpersonal skills enables accountants to effectively collaborate cross-functionally.

Developing Critical Thinking

With access to vast data, accountants must know how to effectively analyze information and translate it into strategic business advice. Skills like critical thinking, problem-solving, and decision-making help accountants provide recommendations that drive growth.

Demonstrating Leadership

Leading projects, mentoring staff, and influencing executive decisions require accountants to demonstrate confident leadership abilities. These skills allow accountants to spearhead important initiatives across the organization.

By developing specialized skills like improving technical knowledge, honing communication talents, thinking critically, and leading effectively, today's accountants can continue adding value in a rapidly evolving business world. The accounting function is moving beyond reporting historical finances to guiding strategic decisions - and niche expertise is key for accountants to maximize their impact.

What skills are in demand for accountants?

Accountants today need a diverse range of skills to stand out and deliver exceptional value in an evolving business landscape. Here are some of the most in-demand skills:

Business Knowledge

With data and decisions intersecting across departments, accountants must have a solid grasp of overall business operations, models, and metrics beyond finances to provide meaningful insights.

Technology Expertise

Automation, analytics, cloud platforms - accountants must continually upgrade their skills needed for an accountant to leverage the latest technologies for tasks like reporting, forecasting and decision support.

Communication Skills

Whether distilling complex regulatory changes or presenting findings to executives, strong verbal and written communication skills are essential.

Flexibility & Adaptability

Accountants must display agility to update their technical skills for accountant and processes in response to changing standards, compliance needs, and new performance improvement opportunities.

Though the core foundations like ethics and analytical rigor remain unchanged, deliberately building expertise in emerging areas will ensure accountants continue delivering strategic value as trusted advisors. With niche skills like data visualization, RPA automation, or accounting skills resume tuning, they can help drive business growth amidst disruption.

What are basic accounting skills?

Accounting is a complex field that requires both hard and soft skills to succeed. Here are some of the most important basic accounting skills:

Technical and Analytical Skills

• Accounting software proficiency - Being able to navigate accounting software like QuickBooks or Xero is essential for most accounting roles. Understanding how to enter transactions, run reports, and analyze the output is critical.
• Spreadsheet and data analysis - Accountants need strong Excel skills for tasks like maintaining ledgers, modeling scenarios, forecasting, and spotting irregularities.
• Attention to detail - With so much financial data to synthesize, accountants must have an eye for detail to catch errors and irregularities.

Communication and Interpersonal Skills

• Written communication - Crafting financial reports, presentations, emails, and other documents clearly and concisely is vital for sharing information with stakeholders.
• Verbal communication - Explaining financial concepts and strategies effectively can help accountants collaborate with clients and leadership.
• Teamwork - Cooperating across teams and understanding everyone's needs is key for accountants.

The foundation provided by these well-rounded skills enables accountants to provide quality analysis and guidance crucial to organizational success. As technology and regulations advance, developing specialized expertise in certain accounting domains can help them stand out even more.

What is the core skill for accountant?

Accountants need a diverse set of both technical and soft skills to excel in their roles. Some of the most important skills for accountants include:

Strong numeracy and mathematical skills

As accountants work extensively with numbers, having excellent numeracy skills is crucial. They need to accurately analyze financial data, perform complex calculations, spot numerical inconsistencies or errors, and interpret the implications of figures.

Deep understanding of accounting principles and standards

Accountants must have in-depth expertise in accounting concepts, principles, and standards such as GAAP or IFRS. They should stay updated on the latest guidelines and regulations in their domain and jurisdiction.

Business acumen

Beyond number-crunching, accountants provide vital insight into an organization's financial health and operations. Developing business knowledge across functions allows accountants to give well-rounded guidance to stakeholders.

Technological proficiency

As accounting processes become increasingly automated, accountants must adapt to new accounting, analytics, and collaboration software tools. Learning platforms like ERP, CRM, BI, and RPA expands an accountant's capabilities.

Analytical and critical thinking

Making sense of volumes of financial data is central to an accountant's role. They need sharp analytical abilities to thoroughly assess reports, identify issues or inconsistencies, and provide viable solutions to business challenges.

In summary, technical skills in accountancy, mathematics, and accounting technologies form the foundation for accountants. Complementing this with business knowledge, analytical thinking and communication proficiency empowers them to deliver greater strategic value. By honing this diverse skillset, both new and experienced accounting professionals can excel.

What skills do accountants lack?

Accountants are often highly skilled technically - they can prepare financial statements, analyze data, and provide valuable insights into a company's finances. However, technical prowess alone does not make a well-rounded accountant. Several key skills are often lacking:

Communication Skills

Many accountants struggle to communicate complex financial information clearly to non-finance colleagues and clients. Using industry jargon without explaining terminology, presenting dense data without visualizations, and inability to tailor messaging to different audiences are common issues. Developing writing, presenting, active listening, and messaging skills tailored to different stakeholders is essential.

Critical Thinking

While accountants are comfortable with established standards and processes, many have difficulty exercising judgment on complex issues with ambiguity. Building skills in questioning assumptions, evaluating qualitative factors beyond quantitative data, synthesizing disparate information sources, and developing reasonable solutions to ill-defined problems is key.

Leadership

Leading teams, inspiring colleagues, driving change, and influencing organizational direction requires skills beyond technical accounting capabilities. Yet these capabilities create significant value. Cultivating self-awareness, relationship-building across the organization, strategic thinking capabilities, change management skills and other strengths help accountants have greater impact.

In today's complex business environment, developing versatility beyond accounting and finance technical skills expands an accountant's ability to communicate insights, think critically on emerging issues and demonstrate leadership - all highly sought-after capabilities.

Crafting Your Accounting and Finance Skills Resume

Explore how to highlight both your foundational and advanced technical skills for accountant roles on your resume, setting the stage for a standout career profile.

Building a Basic Accounting Skills Resume

Learn the essential elements to showcase your accounting foundation in a resume format.

The core skills needed for an accountant role form the backbone of a strong resume. Leading with your educational background, such as a bachelor's degree in accounting or finance, establishes your formal training. Detail relevant coursework completed and any specializations, such as tax accounting or auditing.

Next, provide an overview of your hands-on experience. Quantify achievements with numbers showing positive impacts made in past roles. For example, "Reconciled monthly financial statements resulting in a 25% reduction in reporting discrepancies over 6 months." This demonstrates capability applying classroom concepts in live accounting functions.

Rounding out your foundational skills, include proficiencies with essential tools of the trade:

• Accounting software: Expertise using major platforms like QuickBooks, Xero, or NetSuite.
• Spreadsheets: Advanced skills in Excel or Google Sheets for building financial models.
• Tax prep software: Mastery over programs like Lacerte or UltraTax for tax returns.

By leading with formal education and quantifying applied experience backed by familiarity with indispensable software, you convey a baseline set of accounting skills fitting for most accountant openings.

Integrating New Skills for Accountants

Identify emerging competencies and how to reflect these on your resume for a competitive edge.

While foundational capabilities make you eligible for accountant roles, specialized skills help you stand out. Based on industry research into new trends, highlighting competencies in three key areas can strengthen your candidacy:

1. Enhanced technical skills: As accounting leverages more automation, showcase understanding of tools enabling you to focus on value-add analysis. For example:

• RPA software for streamlined processes
• Data visualization platforms like Tableau for insights
• Advanced Excel modeling techniques

2. Communication and leadership abilities: Display crossover soft skills applicable from staff accountant to managerial levels:

• Client advisory skills in simplifying complex financial topics
• Public speaking experience explaining reporting insights
• Team management competencies overseeing projects

3. Critical thinking aptitude: Reveal strategic mindset and creative problem-solving valued in dynamic accounting environments:

• Root cause analysis for identifying/resolving reporting issues
• Risk management knowledge evaluating internal controls
• Process improvement experience enhancing existing systems

Learn more about the evolving array of technical skills for accountants here.

By aligning your specialized expertise to match modern accounting trends, you demonstrate readiness to excel in both current and emerging competency areas - showcasing your dedication to continuous skills improvement critical in such a rapidly changing field.

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Sharpening Technical Accounting Skills

While foundational accounting knowledge remains important, accountants should look to gain specialized expertise in high-demand areas like data analytics, forensic accounting, and taxation. Developing niche skills can help accounting professionals stand out and advance their careers.

Mastering Accounting Software

As technology advances, skills needed for a accountant increasingly involve leveraging software to improve efficiency. Accountants should become proficient in programs like QuickBooks, Xero, Sage, and other popular accounting platforms.

Learning how these tools integrate with one another enables smoother financial reporting. It also allows accountants to analyze data, spot trends, and provide strategic insights. Software proficiency gives teams the confidence to hand over routine bookkeeping tasks to technology. Accountants can then focus on more value-added responsibilities like financial planning and advisory roles.

Here are some tips for improving accounting software skills:

• Take online courses to learn major accounting programs. Many software companies offer free training tutorials.
• Volunteer to be the "go-to" expert on a new accounting system implementation. This hands-on experience accelerates learning.
• Practice entering various transactions into demo company files. Familiarize yourself with features step-by-step.
• Sign up for software update emails. Stay on top of new capabilities as they are released.

As accounting undergoes digitization, software literacy is becoming mandatory. Developing these technical skills will ensure accountants remain integral to modern finance teams.

Understanding Automation

Alongside software adoption, artificial intelligence and automation are transforming accounting workflows. As mundane, repetitive tasks get passed to algorithms, the accountant's role increasingly involves overseeing technology and analyzing outputs.

To prepare for this shift, accountants should proactively build automation literacy, including skills like:

• Understanding what tasks are suitable for automation versus where human judgement is still needed
• Reviewing system inputs and outputs to catch errors and ensure accuracy
• Identifying process bottlenecks that could benefit from automated solutions
• Communicating insights drawn from automated reporting to stakeholders
• Staying on top of emerging accounting automation technologies

With large-scale changes on the horizon, developing these skills helps ensure accountants maintain their strategic position as automation progresses.

Specializing in Niche Areas

Beyond new technologies, accountants should look to deepen expertise in specialized niches like:

• Sustainability reporting - Supporting business efforts around ESG disclosures and integrating relevant KPIs into planning and analysis
• Global trade - Understanding regulations and best practices for multi-national commerce, global expansion, and cross-border operations
• Forensic accounting - Detecting financial irregularities, tracing funds, and compiling evidence for investigations
• State and local taxation - Navigating specific tax codes across different geographies domestically

Not only does niche experience help accountants improve their technical knowledge, it enables them to provide higher value to clients and employers. Specialization also allows positioning as a subject matter expert, making an accountant's skills more sought after.

Some ways to build specialty experience include:

• Volunteering for related projects and committees
• Attending conferences, seminars, and networking events
• Taking additional coursework related to niche topics
• Completing certifications in specialty areas
• Contributing thought leadership content on chosen specialization

Continuous skills development in emerging disciplines allows accountants to futureproof their careers while meeting changing market demands.

Enhancing Communication Abilities

Accountants today need to clearly convey complex financial information to diverse audiences including clients, regulators, and company leadership. As the role of accountants continues to expand beyond number crunching, strong communication skills are becoming imperative.

Improving Presentation Skills

With data analysis playing a bigger role, accountants must be able to effectively present insights through visualizations like charts, graphs, and summaries. Tailoring the presentation style and content specifically to the audience shows care for their needs. For example, executives may appreciate top-level summaries and recommendations, while regulators prefer details and technical precision. Practicing presenting to different groups is key.

Here are some tips for improving presentation skills:

• Organize information clearly and logically to tell a story. Use section headings, summaries, and transitions between key points.
• Design visually appealing slides with ample white space, consistent formatting, relevant graphics and images, and easy-to-read font sizes.
• Hook the audience early with an engaging introduction centered around their interests and needs.
• Use natural body language and maintain good eye contact to build trust and confidence.
• Invite participation through questions and discussions to foster engagement and understanding.

Writing Concisely

With increasing workload demands, accountants must communicate essential information precisely through writing. Reports, emails, and other documents often get skimmed rapidly, so clarity and brevity is key.

Tips for improving concise writing skills:

• Clearly state purpose early, providing necessary background and context.
• Use simple words, active voice, and short sentences whenever possible.
• Avoid redundant phrases. Every word should add value.
• Break content into easy-to-digest sections with informative headings.
• Highlight critical information upfront through summaries and call-out boxes.
• Invite skimming by using bullet points to break up blocks of text.

Active Listening

Accountants work closely with clients, managers, and team members to understand needs, issues, and goals. Strong active listening skills lead to higher job satisfaction through improved understanding.

Tips for building better active listening include:

• Give your full attention without distractions or interruptions.
• Reflect back key points to confirm understanding.
• Ask thoughtful questions to clarify and expand on details.
• Avoid quick judgements and be open to new perspectives.
• Pick up on unspoken cues like tone and body language through empathy.

Sharpening communication abilities around presenting, writing, and listening makes accountants more effective in their expanding role as strategic advisors and leaders. Conveying complex information clearly and understanding needs empowers better decision making.

Developing Analytical Thinking

With access to more data, accountants must enhance their analytical abilities to drive strategic business decisions.

Structuring Financial Models

Building skills in designing flexible financial models enables accountants to provide business leaders with valuable projections, conduct sensitivity analysis on various scenarios, model the potential impact of key decisions, and more.

Some key areas to develop expertise include:

• Learning best practices for structuring models in Excel or Google Sheets using formulas, lookup functions, pivot tables, and data connections. Proper model design improves accuracy and allows for quick updates.
• Creating integrated 3-statement projection models that connect the income statement, balance sheet, and cash flow statement. This provides a comprehensive view of potential financial outcomes based on assumptions.
• Building scenario analysis functionality into models to assess different versions of the future. This helps determine which business decisions have the biggest impact on financial results.
• Automating reports and dashboards connected to the underlying model to quickly communicate projections. Effective visualization and summaries enable data-driven conversations.

By improving skills in thoughtfully structuring financial models, accountants gain a strategic capability to guide financial planning and decisions.

Interpreting Data Trends

Honing skills in interpreting data patterns and trends allows accountants to provide actionable insights that drive strategy.

Some key areas to build expertise include:

• Using data visualization tools like charts, graphs and pivot tables to quickly identify changes, outliers, or new developments in accounting and operational data. Visual inspection reveals key trends.
• Conducting ratio analysis on financial statements over time to assess performance improvements or declines. Comparing ratios to industry benchmarks also highlights competitive positioning.
• Building models to forecast sales, costs, cash flows and other key metrics based on historical performance. Models provide forward-looking visibility into expected results based on current trends.
• Summarizing findings from data analyses in reports, presentations or meetings. Concise communication educates stakeholders on trends while providing clear strategic recommendations.

Sharpening interpretative abilities enables accountants to translate raw data into meaningful insights that influence planning.

Solving Complex Problems

As stewards of financial data and reporting, accountants must apply structured analytical approaches to solve ambiguous challenges that impact the business, such as:

• Identifying the root cause behind unexpected financial results, changes in customer metrics, or variations from budgets or forecasts.
• Assessing the competitive landscape by benchmarking financial and operating metrics against peer companies. Competitor analysis reveals relative strengths, weaknesses, and opportunities.
• Modeling and quantifying the potential ROI of major investments, expansion decisions, or new initiatives. Estimates guide leaders prioritizing highest-value projects.
• Forecasting future working capital requirements based on projections for revenue growth, inventory needs, changes in payment terms, etc. Accurate forecasts allow businesses to secure necessary funding.

By developing expertise in analytical problem-solving, accountants evolve into vital strategic advisors for organizations.

Improving Leadership Capabilities

As advisors to organizational leadership, developing leadership skills allows accountants to drive impactful change. Strong leadership capabilities enable accountants to guide finance teams, coach staff, collaborate cross-functionally, and spearhead transformation initiatives.

Collaborating Cross-Functionally

Cross-functional collaboration allows accountants to build relationships beyond the finance department. By working on projects with IT, operations, and business units, accountants gain a deeper understanding of organizational priorities. Some ways accountants can collaborate cross-functionally include:

• Participating in cross-departmental teams to streamline financial processes. For example, an automation project improving the accounts payable workflow.
• Providing business insights through financial data analysis. Translating reports into actionable recommendations for other departments.
• Advising on the finance implications of new initiatives. Helping assess the ROI and budget impact of launching a new product line.

Cross-functional collaboration enables accountants to apply their specialized expertise more broadly. By strengthening working relationships beyond finance teams, accountants become invaluable business partners supporting smarter decisions.

Coaching Junior Staff

Developing the next generation of accounting talent ensures the preservation of institutional knowledge. Effective coaches help junior staff build technical skills while mentoring them to think critically. Ways for accountants to coach staff include:

• Conducting training sessions on accounting methodology changes, new regulations, and system upgrades.
• Providing feedback on work products, highlighting areas for improvement in analysis, writing, or presentation skills.
• Sharing professional experiences to inspire passion for the field. Discussing career development opportunities.
• Letting staff shadow meetings with clients or leadership. Allowing junior accountants to learn directly from engagements.

Dedicated coaching enables firms to develop talent internally, avoiding the costs of external recruitment. More importantly, it creates a motivating environment where junior staff can expand skills.

Driving Organizational Change

Beyond day-to-day responsibilities, accountants have opportunities to spearhead transformation initiatives improving departmental or firm-wide operations. Some project areas include:

• Benchmarking KPIs like revenue per accountant against industry standards, identifying improvement areas. Leading action plans to reach benchmarks.
• Process improvement programs applying Lean, Six Sigma, or other methods to boost efficiency in financial procedures.
• Finance automation initiatives to transition manual tasks to automated workflows. Selecting and implementing accounting software like ERP systems.
• New reporting tools to provide interactive visualizations and real-time analytics capabilities to leadership teams.

By driving organizational change initiatives, accountants can significantly impact long-term success. Leading high-visibility transformation projects also builds visibility among senior leadership.

Staying Updated on Accounting Trends

Keep exploring emerging technologies, regulations, and methodologies shaping the accounting landscape.

Reading Industry Publications

Staying current with the latest news and trends in accounting is a crucial skill for any finance professional. Subscribe to reputable industry publications like the Journal of Accountancy, CPA Journal, Accounting Today, and Financial Management to broaden your knowledge.

These publications feature insightful analysis on recent regulations, auditing standards, financial reporting frameworks, and more. For example, reading about the FASB's new lease accounting standards or the AICPA's latest ethics guidance helps accountants understand shifts that may impact their work. Publications also cover emerging technologies like blockchain, AI, and RPA that have significant implications for the future of the profession.

Make reading industry news part of your weekly routine. Not only will this help accountants stay current, but broadening your knowledge also makes you a more informed advisor to guide businesses through ongoing changes.

Attending Conferences and Seminars

Conferences and seminars enable accountants to learn about new developments and connect face-to-face with thought leaders. Major annual events like the AICPA Conference on Current SEC and PCAOB Developments or state CPA society meetings deliver sessions on specialized topics like revenue recognition, risk assessment, or ethics requirements.

Look for seminars covering specific accounting issues relevant to your role or industry as well. For example, a construction industry accountant could attend an event focused on the unique financial reporting standards, project management concerns, and cost analysis methods shaping their niche.

Leverage these in-person opportunities to pose questions to experts, network with peers tackling similar challenges, discover best practices and case studies, and more. Continually attending conferences and seminars expands technical skills while revealing new career directions to explore.

Engaging in Continuing Education

Given frequent regulatory and technological developments affecting accounting, pursuing continuing education is a must. Certifications like the CPA, CMA, CIA, CFE, and more require accountants to complete a certain number of CPE credits annually through courses, workshops, or other approved programs anyway.

Look beyond basic CPE needs, however, to optional educational opportunities enabling you to specialize in high-demand services. For example, obtaining training in robotic process automation, data analytics methods, or cybersecurity controls equips accountants with niche expertise that distinguishes their practices.

Likewise, certifications in fraud examination, business valuation, financial forensics, or information systems auditing demonstrate advanced competencies that clients increasingly demand. Continuing education also helps veteran accounting professionals shift into advisory or leadership roles by sharpening soft skills in areas like critical thinking, decision modeling, stakeholder persuasion, and strategic vision.

Commit to being a lifelong learner. Consistently engaging in technical coursework and attaining specialized credentials ensures accountants not only sustain but future-proof their careers over the long term.

How to Improve Accounting Skills

As an accountant, continuously improving your skills is essential for career growth and adaptability in a dynamic field. Here are effective ways to enhance your expertise:

Embracing Lifelong Learning

Commitment to ongoing education allows accountants to stay current, develop niche specializations, and progress their careers. Some recommendations:

• Enroll in continuing education courses annually to refresh core accounting knowledge and learn new standards, regulations, and best practices. Many programs offer flexible online options.
• Obtain certifications (e.g. CPA, CMA, CIA) to validate and strengthen proficiencies. Certifications signal expertise to employers.
• Regularly read industry publications and blogs to discover emerging trends and innovations in accounting and pick up relevant skills.
• Attend conferences and seminars to directly engage with thought leaders and peers. Conferences offer development workshops along with networking opportunities.
• Consider a mentorship program to receive strategic guidance from an experienced accounting professional over an extended period.

Seeking Feedback and Mentorship

Constructive feedback and mentorship accelerates skill improvement by providing objective insights into strengths, developmental areas, and career growth opportunities. Ways to implement:

• Schedule recurring one-on-one sessions with managers or partners to discuss performance feedback, training needs, and career aspirations. Be proactive in requesting feedback.
• Participate in a formal mentorship program or informally connect with an experienced accountant to receive advice and learn from their seasoned perspective.
• For group assignments, proactively collect anonymous peer feedback using simple surveys. Peer insights can reveal overlooked areas for improvement.
• Maintain an open, growth-oriented mindset when receiving feedback. Objectively reflect on developmental insights.
• Promptly apply feedback learnings into daily work to transform feedback into tangible skills gains.

In summary, embracing ongoing education, seeking feedback and mentorship, and applying learnings accelerates an accountant's professional development. With a commitment to lifelong learning, today's accountants can build versatile skill sets to thrive in the modern business landscape.

Conclusion: Cultivating a Diverse Skillset for Career Excellence

Today's dynamic business environment requires accountants to have a diverse set of skills beyond technical accounting expertise. By improving skills across key areas like communication, critical thinking, and leadership, accountants can become well-rounded professionals who thrive in the modern workplace and add tremendous strategic value.

Enhancing Communication Abilities

Excellent communication skills are vital for accountants to clearly convey complex financial information to diverse stakeholders, collaborate across teams, and build strong relationships. Accountants should focus on honing writing, presentation, listening, and interpersonal skills. For example, taking a business communications course, volunteering to give team updates, or joining a public speaking group like Toastmasters can help enhance these competencies.

Developing Analytical and Critical Thinking Skills

With the rise of data-driven decision making, accountants need sharp analytical and critical thinking abilities to draw strategic insights from financial information. Undertaking training in areas like data analysis, business intelligence, and financial modeling can allow accountants to move into more consultative roles where they identify trends, risks, and growth opportunities to guide leadership strategy.

Building Leadership and Learning Agility

Lastly, leadership skills allow accountants to manage teams, spearhead initiatives, and become influential agents of change within their organizations. Moreover, having a growth mindset and dedication to lifelong learning ensures accountants stay updated on the latest technologies and best practices transforming the finance realm.

By continually developing this well-rounded mix of technical and soft skills, today’s accountants can evolve into versatile, forward-thinking leaders delivering immense value in the modern business landscape.