5 skills that modern-day accountants should now possess
Monday 11th July 2022
To be a successful accountant in these modern times you need to possess many skills. As skill requirements quickly change as the global economy evolves, accounting practices increasingly need to focus more on advising clients as they experience more complex issues unique to them and their business.
You may have been working as an accountant for many years and noticed the fast-changing pace of the environment or you may just be starting out. Either way, to be successful in your field it is helps to be aware of the skills you should now possess.
Big Data Analytical skills
Data has always been at the heart of accounting but the modern day is seeing a change. Wide varieties of extremely large data sets are now analysed computationally revealing more accurate patterns and trends. An important skill for accountants is to be able to look at this analysis and to use it to inform decision making. By identifying outliers and by focusing on areas of increased risk, they can improve their forecasting ability to benefit both their clients and their business.
Communication skills
As an accountant you will be working with colleagues and clients, so good communication skills are necessary. Communication should always be effective and appropriate for the situation you are in; it is also important that you are able to put information across in an understandable way. The ability to create a story out of numbers, charts and tables that the average person can understand is quite a skill! Successful communication enables you to extract the information that you need and complete tasks to a high standard.
There are many different ways to communicate; being aware of the ones that clients and colleagues prefer will help you to build good relationships with them.
Relationship Skills
Many accountants work in teams, so developing the appropriate skills to manage not only numbers but also people is really important. Good relationship skills will enable you to work well in a team, to be able to share ideas and to work collaboratively with your colleagues creating a positive working environment.
Creativity
Creative thinking can be a huge asset to an organisation. Thinking outside the box will enable you to identify opportunities whilst minimising risk and an ability to mix creativity with financial understanding will help you solve problems quicker, saving your business time and money.
Adaptability
The accounting profession is constantly changing and evolving. Accountants now need to be prepared to adapt, not only to changing standards and protocols but to the ever-emerging new technologies. Alongside this are the altered dynamics of the workplace and the variety of ways to now interact with clients. The requirement for an accountant is to now be tech savvy, to have the ability to adapt and to be ok with change in the modern world.
These 5 skills will ensure that you can perform well as an accountant in the modern day. Your analytical skills will ensure you deliver insight, developing the appropriate communication and relationship skills will enable those insights to be properly understood and being adaptable will prepare you to always be ready to integrate new and more efficient ways of working in the future.
