Companies in the finance and accounting industry are continuously on the hunt for qualified individuals. In reality, India is experiencing a trained professional deficit. Despite having the highest proportion of working-class people in the world, we do not have enough trained personnel to fulfil industrial expectations. Here we discuss the skills required for accounting and finance careers that are in high demand in 2022.
Top Accounting Skills :
- Proficiency in Excel
- Analytic Thinking
- Cash Flow Management
- Business Acumen
- Tech Savvy
One of the most fundamental skills required for accounting and finance career is numerical ability. Such number crunching abilities are based on fundamental mathematical skills, with which you can exhibit your capacity to comprehend and evaluate numerical data, as well as develop relevant conclusions in order to make the best possible decision. As an accountant, you will be responsible for the preparation of several financial reports. You should be familiar with numbers so that you can relate the data in the income statement to those in the cash flow statement or the balance sheet. Mathematical ability is and will always be a crucial financial skill as well as an accounting skill.
Proficiency in Spreadsheets
Finance and accounting professionals today rely on a range of software packages to fulfil various jobs. Spreadsheets are very popular, and aspiring accountants are advised to become acquainted with Microsoft Excel and other spreadsheet systems. Spreadsheets will be an integral part of an accountant’s daily life and your ability to create them swiftly and accurately will set you apart from other new recruits. Proficiency in spreadsheets is considered a key accounting skill.
The ability to think analytically is considered one of the key skills required for accountants and finance professionals. It refers to the art of comprehending and analysing a situation so that you can come up with a thoughtful and intelligent response. As a financial specialist, you’d have to deal with a wide range of issues, from technical to interpersonal. When analytical thinking and problem-solving are your strong suits, you can swiftly design creative solutions that will considerably benefit the organisation, making you a valued asset. Analytic thinking is one of the most sought finance job skills. Analytical thinking is important in some of the domains such as Financial analysis, risk analysis, risk management, strategic financial planning, and data analysis.
Cash flow management is the process of evaluating, monitoring, and optimising a company’s cash revenues after subtracting cash expenditures. Businesses use cash flow management to track the ins and outs of their funds in order to manage their finances and focus on growth. A company may prevent financial loss and develop profitable and long-term strategies with efficient cash flow management. In short, cash flow management is a must-have financial skill as well as an accounting skill.
Leave aside all other skills, if you don’t have good communication skills, none of the skills required for accounting and finance could guarantee your position in the company. Good interpersonal skills are useful in every career because they make you easy to work with and instil a sense of trust and support in your clients and coworkers. These abilities will be especially beneficial if you want to be engaged in the day-to-day operations of the organisation, such as working in infrastructure or human resources, where strong communication goes a long way toward guaranteeing an efficiently-run corporation or firm. Also, you will be dealing with both finance and accounting experts and those with less expertise in the finance and accounting business. You’ll need to be able to explain financial jargon in layman’s terms, so learning to adjust your communication style is essential. Clients will benefit from clear communication abilities since you will most likely be required to reduce complicated statistics, investment decisions, and data into information that your customer can comprehend and respond to.
It should probably be at the top of the list of talents necessary to be a good finance and accounting professional. Even if you have all other skills required to be an accountant but lacks business acumen, your growth in the company to the top layers will always stay out of the question. While all other technical and soft skills are required, business knowledge is very important. Essentially, it implies that you should be knowledgeable about the business profile and be aware of economic developments that may have an influence on the firm, either directly or indirectly. Knowledge of economic, social, and political developments will enable you to think ahead of your time and adapt to perfect your skill, which can eventually serve as a springboard for your career.
In long term, business acumen is more important than any financial skills or accounting skills.
Technological advances have made a greater impact on the financial business. They have not only made time-consuming operations easier to streamline, but they have also boosted speed and productivity in the majority of company activities. Having said that, financial professionals must prioritise technology skills in their education. They must be well-versed in the most recent programmes, going above and beyond to thrive in the industry’s unique tools and platforms. You will lag behind and become less of a value to the finance sector if you do not have the relevant soft skills. Being tech-savviness has become one of the indispensable skills required for accountants and finance professionals.
Last but not least, you should have the ability to be a good leader, which means you should be able to coach your team and make yourself approachable. when hiring for accounting and finance jobs people with good leadership qualities are having more preference due to the fact that they can transition into more senior roles when the time comes. Although this skill set is essential later in a career, those with leadership qualities from the start usually get the attention of senior management. Strategic thinking and long-term planning may be used to exhibit leadership qualities in accounting. In some of the roles, you will be responsible for providing consulting services to your clients, and the ability to plan ahead of time and assist your clients in improving their operations may be a game-changer. The finest professionals in the industry are typically regarded for their vision — the ability to make rational conclusions while still being creative.