The accounting industry is growing very rapidly with the rise of technological advancements. For example, the use of automation and machine learning is becoming a part of the financial system. Intelligent technology may still be new for some firms, but many companies have already adopted basic automated accounting processes.
As professionals have been advancing in the accounting field or industry, soft skills have become the need of the hour. In the digital world with automation in place, soft skills can prove to be a differentiating factor between two employees competing for the same role or position.
Intelligent technology and automation are shaping the future of the accounting industry. I would also have a big impact on the types of jobs that would be available in this sector. As the advanced systems are handling repetitive tasks, humans will be dealing with them with more analysis, leading to a crucial link between the data and the client. It can be clearly understood that technology would have a great impact on the life of an accountant in the days to come.
Below are some of the skills necessary for an accounting professional in order to improve their work and also their employability.
Proper Time Management
Proper time management is a very important skill for any accounting professional. It is not only because this is a deadline focussed profession, but also because of the time management discipline that is required for large-scale shifts to remote work. It can really become very challenging to avoid procrastination. But it’s very easy to go out of track while remote working.
The way forward is to start leveraging the calendars and tasks. Digital tools can help the ineffective management of the projects and also keep them organized. Using a shared spreadsheet with the employees can make the task easier with better coordination in place.
Talking with the managers and also with colleagues can also help a lot in time management skills. Asking them about how they keep their tasks aligned. They can also help by demonstrating the way they use proper time management at the workplace.
Critical Thinking
The recruiters nowadays seem to be asking about the level of critical thinking capability a candidate has while interviewing or selecting a candidate for a job position. Critical thinking skill helps a person in properly analyzing a problem and also finding the cause of the problem. This helps or paves the way for easy solving of the problem.
Organizations are facing various challenges. The Covid-19 pandemic has created a new range of challenges for an accounting or a financial organization. Reallocation of funds, management of cash, and also the management of payroll changes are the new challenges that have arisen near the organization or the firms.
Using digital automation technology can prove to be very useful for the management of such new challenges in an efficient manner with zero error. From the starting of a task to the final analysis, the accounting professionals can use digital platforms for proper management of the tasks.
Proper Communication
Communication is seen as a top skill by various hiring managers. In accounting and financial companies, proper communication skill is also one of the most needed qualities for an individual to have for working in this industry. Proper communication skill is a must for good communication in project management. It should be easily understandable to all colleagues and managers in the organization.
For accounting professionals with poor communication skills, it would be difficult for them to properly communicate the reports, actions needed, etc.
It’s good to avoid too much jargon to ensure that it is understandable to all irrespective of their knowledge in a certain field.
Better Collaboration
Better collaboration with colleagues, teammates, and managers is one of the most vital things to work within an accounting or a financial firm. Since the finance and accounting professionals are seen to be touching each and every area of a business, it’s necessary for them to work in a cross-functional manner and also collaborate with the other employees in a proper way. Projects such as cash flow, preparation of budgets, strategic planning require well collaboration with other employees in an organization.
The newly appointed accounting professionals might not be involved in these tasks in an organization, but they are definitely expected to meet the other team members in the organization. So better collaboration skills are necessary for every individual working in an organization irrespective of their work or position. Better collaboration is very necessary for working with clients and other co-workers on various projects in an organization.
