7 Accounting Skills That Every Commerce Student Must Master
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
Top 7 Computer Skills For Commerce Students Required To Get A Job
Computer or IT Skills have become inevitable for commerce students. As a commerce student, you are required to master certain software and ERP tools. Are you pursuing a professional qualification like Chartered Accountancy(CA), ACCA or Certified Management Accountant(CMA)? If yes!! Then you are entering in the world of Accounts, Audit, Finance and management consulting.This article can guide you to understand those computer skills for commerce students. Why IT skills/computer skills are required for commerce students? In today’s world we all know everything is driven by IT, the introduction and implementation of computers in the late 1990s in India brought a significant change in the working environment within the organizations, to gain an insight into the drastic change brought by the introduction of computers. I will strongly recommend you to strike a conversation with your parents/grandparents. This blog is going to help you to identify the 7 most important IT or software computer skills that are going to help you to enhance your technical knowledge and make you industry ready as a commerce graduate or commerce student. What are the best computer skills for commerce students required to learn? As far as the field of commerce is concerned all the accounting records which were maintained manually in registers were shifted to computerized accounting software and ERP systems like Tally and SAP to name a few which has no doubt made our lives easy. Hence for commerce students along with academics it’s important to also be equipped with all the minimum desired IT skills to perform basic tasks in corporate environment, few of the must have IT skills have been listed below: 1) MS EXCEL: MS Excel is a spread sheet program provided by MS office application and is the most common and widely used application where data can be stored in form of tables. MS Excel is one of the most valuable software (computer skills) for commerce students. Key benefits of using MS Excel are as follows: • It makes the task of storing large amount of data easy. • It allows the users to use the inbuilt mathematical functions thus improving the accuracy of calculations performed. • When data is saved in tabular form in a spread sheet analysing it becomes easier thus assisting in making quick and informed decisions. Some important formulas and functions to be aware of in MS Excel: • Sum and Sum If Functions • Count and Count If Function • Average Function • Concatenate Function • LEN Function • AND Function • Conditional Formatting • Remove Duplicates • Lookup Functions – V-lookup and H-lookup • Text to column • Pivot Tables Sources from where you can learn and master Excel: 1) YouTube 2) LinkedIn Learning 2) MS Word: • After Excel a must to know tool is MS Word, it is used to make documents like report, letters, etc. • It allows you to format and edit your text in the best possible way. • MS Word comes handy to document processes, preparing audit report etc. • It is amongst the commonly used program worldwide. Some features of MS Word to be known to commerce students: • Formatting a word document. • Converting word document to PDF. • Adding, formatting and editing data into tables in MS Word. • Spell Check • Using Track Changes feature • Adjusting Margins, orientation and alignment of the content. • Adding Header, footer and page number to the document. • Adding a water mark to the document. Sources from where you can learn and master MS Word: 1) YouTube 2) LinkedIn Learning 3) MS Power Point: MS Power Point is an easy to use tool for making attractive and professional presentations using slides. It presents information in a creative and interactive manner by use of following elements: • Graphs • Pie Charts • Tables • Clip-Art • Pictures • Video Various uses of MS Power point: Power point presentation can be used for a wide range of purposes such as: • For making attractive marketing presentations • For making Catalogues and Magazines • Creating Resumes • Presenting Audit report • Presenting Sales MIS • Presenting Financials / Budgets • Creating Educational slides for students Sources from where you can learn and master MS Power point: 1) YouTube 2) LinkedIn Learning Accounting Software: Accounting software is a tool which manages and process financial data. Accountants use these programs to maintain accounts and prepare the company’s financial statements. Types of accounting software: Accounting software are classified based on operations performed by the business few types are as follows: 1) Billing / Invoicing / Inventory Management Software: These soft wares take care of the billing activity and helps in inventory management. 2) ERP systems: These soft wares are a complete package and manage operations like Planning / Budgeting and controlling, Purchases, Inventory management, Accounting, Marketing, Finance and even the HR Operations. Benefits of Accounting Software: • Saves time • Cost effective • Improves Accuracy • Helps in various statutory compliances • Maintains customer relationship • Stores data Accounting software which commerce graduates or commerce students must learn: 4) TALLY – (Transaction allowed in a linear line yard): • It is one of the oldest and widely used accounting software; it is used by Manufacturers, Service providers, Small as well as large scale business, Auditors etc. • It is user friendly and simple to use and has the capability of receiving data entry quickly and processing the accounting information. • Tally also assists in better cash flow management • Provides GST compliance related assistance • Has the facility of generating reports which in turn helps in better decision making. Commerce Graduates must have knowledge of following functions in Tally: • Recording journal entries pertaining to sales and purchases along with the GST related entries. • Recording TDS entries. • Invoice booking. • Recording Purchase orders and passing Purchase entries. • Performing Bank Reconciliation. • Extracting various reports useful for decision making like Debtors and Creditors ageing report, Sales and Purchases report, Inventory