An accounting career can become very financially rewarding for you but it’s important to understand how to become one as well as what it takes to enjoy a successful career. To thrive in this field, there are certain skills, qualifications and level of experience that you simply cannot take for granted.
Accounting is a common career option for individuals who love keeping records, are analytical and interested in working with data around finances; either for an individual or a business entity. Highlighting the fact that accountants naturally love to handle money would constitute a cliche so we’ll proceed with what accountants do.
Accountants are highly trained to record and monitor cash flow of an organisation. They play a major role in decisions concerning the financial aspects of the business, hence, it is very important to every organisation regardless of its size. Accountants have a huge influence on minimizing expenses, saving cost and keeping record of all transactions as they have a full overview of the financial life of an organisation
The job duties of an accountant vary from one organisation to the other but your responsibilities will cover:
- Managing all accounting operations
- Reconciling bank statements and monthly financial reports
- Preparing monthly staff payroll and ensuring payment of salaries as at when due
- Documenting all financial transactions by entering account information
- Suggesting ways to reduce cost, enhance revenue and improve profit
- Preparing, publishing and circulating timely monthly financial statements.
- Managing and ensuring compliance with local, state and Federal Government reporting requirements and tax filings.
- Paying vendors, billing clients and managing post-due accounts
- Improving businesses efficiency where money is concerned
- Analyzing financial records to check for inconsistencies and errors
- Ensure that statements and records comply with laws and regulations
- Balancing bank accounts, recording forms of income and verifying deposits and other transactions
Knowing the key traits and skills needed to become an efficient accountant puts you in a better position to enjoy a fulfilling career. Below are some of the skills and traits you should focus on:
Highly Organised: The ability to keep data, paperwork and all cash flow figures both in an and out of an organisation requires you to be highly and excellently organised. This skillset helps you maximise productivity on the job.
Time Management: Prioritizing and managing time is crucial your work as an accountant given the role you will play in important and strategic decisions of organizations you work with. This will help you meet your deadlines.
Attention to Detail: Working with numbers and a lot of data requires a ‘clear-eye.’ An eye for detail and proper attention to detail is a core trait you need in your day-to-day activities. This ensures mistakes are not made with financial books and other records that need to be kept or calculated.
Trustworthy and Creative: Accountants handle sensitive and confidential information, which require you to be very trustworthy in carrying out your task with integrity and also be creative while doing that. Technology has provided a new plethora of tools and applications that enhance the work you do. Coming up with new ideas, fresh strategies and ways of carrying out your tasks and delivering top-notch services with the best practices calls for a lot of creativity and hard work.
Communication Skills: Having great communication skills is essential in your pursuit of a successful career in accounting. Breaking down financial jargons and key insights to non-finance staff, colleagues and organisation is very important to being understood.
General Industry and Business Knowledge: As an accountant, you need to have a firm grasp on happenings, trends and advancements within your industry and niche. The experience and business knowledge you need will, however, differ from industry and industry.
Qualifications Needed For an Accounting Career
Having a degree is important to start off your career in accounting while becoming a chartered accountant will help you scale up your career growth in the field. Are you qualified accountant; starting out or experienced? Find an accounting job for yourself today.