Are you interested in accounting? Accountants are responsible for tracking and recording the monetary transactions of a business or individual, including preparing tax reports, creating spreadsheets, tracking cash flow, and more. They may also help clients reduce costs and increase revenue while mitigating risk. These are the people responsible for ensuring the books balance and that all legal regulations regarding the influx and outflow of money have been met.
Accountants have a high code of ethics to which they are required to adhere, and you will learn more about it as you work toward your accounting degree. However, it is helpful to enter the field of accounting with a clear concept of what it requires.
Accountants have a lot of responsibility because they may be the ones who come under scrutiny if something is amiss with the books. For this reason, earning your bachelor’s degree in accounting is a great starting point for a successful career as an accountant. You could learn many things you need to know regarding the legalities of finance reporting and record-keeping, and you may learn some shortcuts that will help you succeed in the accounting field.
Specialized Accounting Skills
You will need an abundance of specialized skills to become a successful accountant. Enrolling in an accounting program at an accredited college, such as Post University, could be a solid way to learn them. Some of the skills you may acquire along the way include:
Ability to Prepare Financial Statements
Financial statements are written records of the financial activities and performance of a company or individual. Balance sheets, income statements, cash flow statements, and statements of changes in equity are all examples of the type of financial documents you may be required to prepare as an accountant. These are important documents, which means they must be written accurately and according to state and federal laws.
Understanding and Application of Regulatory Knowledge
Much like doctors, accountants are required to act fairly and ethically. They must comply with industry regulations and always act professionally in the best interest of their clients. To do these things, they need a keen knowledge of the , or GAAP, which operates in conjunction with International Financial Reporting Standards.
But what do these mean to the newly established accountant? Basically, it means you will agree to record transactions and financial data accurately, with the assumption that the business will continue in operation. It means you agree to use consistent methods in reporting to make the reports easier to compare, and you will report everything, both the good and the bad, in a timely manner and as it happens. Your data will be fact-based and not based on assumptions, and you will make full and truthful disclosure of all finances as you know them to be. Lastly, adhering to GAAP means agreeing to be honest and forthright in your accounting work – anything less is not only unacceptable, but it could land you in serious legal trouble.
Technological Proficiency
You will need specialized technical skills to find a job in accounting, which could include proficiency in Microsoft Excel and Quickbooks, experience with enterprise resource planning (ERP) software, and familiarity with tax-prep software such as Lacerte, Drake, or ProConnect.
Fundamental Business Understanding
Having an understanding of fundamental business practices means understanding profitability, assets, liabilities, revenue, and growth potential. You will need this information if you are to become successful as an accountant. You must also understand how to use this information to perform accurate business analysis, so you can help clients make sound financial choices.
Data Analysis
Learning how to leverage the available data to make accurate predictions plays another big role in accounting. Accountants do much more than just record expenditures and deposits. Their overall role is to help businesses make profitable choices that affect their bottom lines. To do this well, you must have a keen understanding of the roles that certain types of data play, including production rates, goal performance, and more.
A savvy accountant can tell what is happening in an organization, why it is happening, how things are likely to turn out, and how to influence the outcome.
Soft Skills Needed for Accounting
Along with technical, math, and fundamental business skills, there are certain traits accountants must exhibit if they are to be successful in the field. While these are not necessarily skills you will specifically be taught in school, they are ones that will benefit you throughout life, and working toward a college degree could help you develop them:
Critical Thinking
Critical thinking is the ability to think a problem through to the end and come up with a conclusion. It involves several steps, including gathering and analyzing information and assimilating this data to form a reasonable judgment. People who are good at critical thinking are usually able to find workable solutions to even the most challenging problems.
Attention to Detail
Attention to detail is important as well because it reduces the opportunity for mistakes. As an accountant, you will need a keen eye for detail to avoid making simple mathematical errors, but this skill will serve you in other ways, too. For example, great attention to detail will help you manage your schedule as you work with multiple clients and can improve how others perceive you and your abilities.
Organization
Organization is a critical skill for accountants because they are responsible for managing and analyzing large amounts of financial data. Accountants need to be able to keep track of all the financial transactions, reconcile accounts, prepare financial statements, and report financial information to various stakeholders. Accounting involves a lot of details, and even small errors can have a significant impact on financial statements. Good organization skills help accountants keep track of all the details and ensure accuracy in their work. Being organized also means that an accountant can easily access the information they need, which is especially important during audits or when responding to queries from clients or colleagues.
Time Management
There is no time to be late when you work as an accountant. You will need to be on time and well-prepared for meetings with government officials and clients who depend on you to show up at agreed-upon times. There will also be deadlines you must meet for filing applications and paperwork. Staying organized and orderly is key, so you will want to work on your time-management routines if you naturally struggle with showing up on time.
Written and Verbal Communication
Accountants must be able to communicate complex financial information to various stakeholders, including clients, colleagues, and regulatory bodies. Clear and concise communication is essential for building and maintaining client relationships, as it can help accountants explain financial information, answer questions, and address concerns. Accountants often work as part of a team and must communicate with colleagues and managers. Good communication skills can help accountants collaborate with team members, present complex financial information to clients or colleagues in a clear and engaging way, and prepare various financial reports, such as balance sheets, income statements, and cash flow statements.
Customer Service
If you have ever worked in customer service, then you understand that it is important to make the customer feel comfortable. As an accountant, you will be required to place your client’s welfare ahead of your own and to make sure the choices you make for them are the best ones available. This may even mean counseling the client against their own wishes if they are about to make a financial error. Being tactful and having the ability to be firm without coming across as authoritarian will serve you well.
Ethics and Trustworthiness
Ethics are important in accounting. So is your client’s ability to trust your decision-making skills. Your ability to build rapport with clients and stakeholders could be the trait that determines just how far you will go in your accounting career.
Additional Accountant Resume Tips
When it comes time to begin building your resume for that accounting job you have always wanted, make sure to showcase your many skills and abilities. For instance, any experience you have with accounting software should be featured prominently. So should your degree. If you have experience with automation or with making forecasts, these should be included, too.
As an accountant, your job objective should be to oversee the financial health of your clients by providing professional, accurate accounting services to the best of your ability. Make sure your determination to do so shines through on your resume and beyond.
The Bachelor of Science in Accounting at Post University could help prepare you for the challenges and victories of life as an accountant. Offered both online and on-campus, this is an ideal program for traditional and nontraditional students because it offers a unique flexibility that allows you to attend school while still maintaining your current work and family responsibilities.
If you feel it is time to earn your Bachelor of Science in Accounting, we invite you to explore the many benefits of enrollment at Post University. Contact us today to learn more.
Thank you for reading! The views and information provided in this post do not reflect Post University programs and/or outcomes directly. If you are interested in learning more about our programs, you can find a complete list on our website, or you can reach out directly!
Please note jobs and/or career outcomes highlighted in this blog do not reflect jobs or career outcomes expected from any Post program. To learn more about Post’s programs and their outcomes, please fill out a form to speak with an admissions advisor.