Let’s talk about the accounting skills that employers are seeking for.
Yes, we know you’ve spent hours and years studying for those mind-numbing exams.
We have put together a list of theoretical and behavioral and technical accounting skills that you must hone before entering the JOB MARKET.
Before the job interview, you must utilize this list as your CHECKLIST.
Job Skills Required For Accounting and Finance Job
- In depth understanding of Accounting standards
- Regulatory Compliance
- General Business
- Software Proficiency
- Data Analysis
- Communication skills/ Soft Skills
- Executive Presence
1. Accounting Standards
This is the right time to brush up your knowledge of IFRS or IND-AS or US-GAAP.
Accounting standards are the set of rules that companies have decided to follow for their business transactions and financial reporting. And for any accounting professional this the most Key Skill needed for accounting jobs
Things you need to study before interview :
- How Accounting Standards bring uniformity among the system
- Easy compatibility and comparison for the financial statements
- Compatibility for auditors
- How Accounting Standards can Avoid frauds and gross errors
- How accounting standards can act as guidelines for the accounting community
2. Regulatory compliance
Regulatory compliance are set of rules and guidelines that guide day to day operations in a company and ensure that business is operating as per federal laws. It is crucial to understand the regulatory compliance that applies to your industry. It also monitors the organization’s exchange and security rules.
Things you need to study before the interview :
- Compliance rules in payroll and human resources
- Rules while recording financial transactions
- Rules of industry specific Taxation
- Health and safety policies and procedures
- Welfare policies
- Material management
- Sales implications
- Legal issues
- Purchase implications
3. General business
Accounting sectors mostly will collaborate with other industries and oversees business exchanges so one must have a general business knowledge. General business knowledge allows you to gain a basic knowledge about running finance, analyses a business report, etc.
To run a successful business every professional needs to know how to manage with today’s guidelines and today’s competitors in today’s market
Things you need to study before interview :
- An understanding of economic
- Data analysis skills
- Financial Analysis skills
- Networking Business management skills
4. Software proficiency:
Accountants require proficiency among various industries and software is one among them . If you don’t know how to handle software, you basically will not be qualified for any job.
Software’s used by accounts department:
- Microsoft access
- Microsoft excel
- Accounting & Payroll Process softwares
- ERP tools such as SAP, Oracle, etc.
Also Read: Top 7 computer skills for commerce students required to get a job.
5. Data Analysis
Do you want a clear picture of
-where you are,
-where you have been
-and where you should go
Then your answer is DATA ANALYSIS
Data analytics allows accountants to analyze Credit Score, examine complex tax concerns about investment scenarios, revenue generated, net income, payroll costs, and many more crucial facts and figures
Hence An Accountant or Auditor with knowledge of DATA ANALYSIS becomes a valuable asset to the company. It also increases the likelihood of obtaining a rewarding pay scale and well-regarded grades in the company.
How Data analysis skill can benefit company :
- Monitoring and improving business performance
- Improving client experience
- Identifying and managing risks
- Generating higher profits and margins
- Cash flow analytics
6. Communication skills/ Soft Skills
Auditors & Accounting professionals need excellent communication skills to succeed in their profession.
Auditor / Accounts leaders must inform, educate, and influence stakeholders as well as earn their trust. And Effective communication will bring the desired changes in system
So as a fresher, employers are going to give immense importance to how you speak or articulate your thoughts during the interview.
Important aspects of effective communication:
- Clear and concise
- Factual
- Persuasive (Convincing & Influential)
These elements contribute to verbal, nonverbal, and written communications.
In short, your communication should motivate employees to take the desired actions.
Peer group learning , debate competitions , essay or project or paper writing during your ACCA/ CA / CMA are going to help you immensely.
7. Executive Presence
EP is easier to experience than explain. But recent studies have proved that the influential presence of an audit leader or Accounts Manager can enhance the audit results.
An executive presence is
-Authentic,
-passionate and articulate
-Credible
So if you want to inspire that change or win the deal or convince the crowd then work on your “EP”…….A Must skill for an Auditor or An Accountant
How to improve accounting skills?
- Try to gain practical experience (Fulltime / Part-time / Internship)
- Devote a time to learn data analysis
- Research your core subject dig deep !!
- Try to take coaching for accounting software’s
- Work on your communication skills and interpersonal skills (Write your thoughts, participate in debate discussions, and take writing or blogging assignments)
Conclusion:
We hope we have given you the ultimate list to Crack the Accounts or Audit Interview.
Professional qualifications like ACCA , CPA chisel you into the best version of yourself.
ACCA is among them is one such qualification which encourages you to explore the practical aspect of subject (and learn it in most fun way).
Also Read: Top 7 Computer Skills For Commerce Students Required To Get A Job