With advancements of technology, changes to tax and inflation greatly impacting the economic sector, it’s no surprise that many of us have had to make changes regarding our financial situations. As these changes occur, it makes sense that the role of an accountant is also changing, as business needs and demands are now different to what they were five-ten years ago. 

In this blog we’re going to discuss the top 5 skills every accountant needs in today’s job market, if they want to both succeed personally and have an impact on their customers financial security.

What are an Accountant’s responsibilities?

Before we jump into the skills required of an accountant in today’s market, let’s look at the typical duties and responsibilities they undertake on a daily basis. An accountant will:

1. Create, grow and maintain all financial accounts.
2. Complete regular auditing of financial information and accounts.
3. Develop and present financial reports and business plans.
4. Complete and manage tax planning, forecasting and risk analysis based on regulation.
5. Support and oversee budget production and distribution.
6. Oversee payroll, accounts payable and accounts receivable.

Given this, the top five skills every accountant needs in today’s job market include:

Skill 1) Technological proficiency

Utilising and embracing technology will set apart accountants today from accountants 10 years ago. Routine tasks such as maintaining financial records and undertaking financial reporting can now be automated by advanced analytical tools, with 94% of accountants using cloud accounting software in their current roles.

Research confirms that blockchain technology will also greatly impact the monitoring of transactions, which will reduce fraud risk through transparency and regular auditing. Additionally, cybersecurity measures are becoming increasingly vital, as a way of protecting the sensitive and confidential data that accountants manage on a day-to-day basis.

AI and automation will continue to supercharge accountants’ efforts, aiding efficiency and accuracy in their processes through the click of a button. However, to utilise technology, accountants need to know how to use it, and this is where technology proficiency comes into play.

Skill 2) Adaptability and Resilience

Change in the economy is constant and this is something accountants need to be able to adapt to. Adopting a level of flexibility will allow for changes like shifting regulations or client needs to be implemented with little strain, which ensures productivity levels remain high and business can operate as usual.

Resilience will also allow accountants to stay positive and motivated throughout these changes, which often requires a substantial amount of work. Resilient accountants are said to be able to handle restraints and uncertainty better, allowing them to learn from past mistakes and failures.

Ways to build resilience as an accountant include:

• Seeking and building a strong network of friends, like-minded professionals and colleagues who can offer advice and support with a changing and demanding workload
• Concentrating on maintaining a positive attitude and mindset
• Developing healthy coping strategies such as mindfulness, therapy and exercise
• Cultivating a growth mindset through continuous professional development

Adaptability and resilience also build over time and from experience, so allow yourself space to grow.

Skill 3) Data Analysis and an Eye for Detail

Even with the help of technology and its ability to automatically analyse data, great accountants must have a keen eye for detail and be able to analyse financial information with ease. Accountants need to ensure the data they are analysing is accurate and proficient as at the end of the day, they are the ones providing this data to their customers.

Ways to improve your data analytics skills include:

• Undertaking relevant courses and gaining certifications
• Build hands-on experience through shadowing or mentorship
• Utilising tools and software like PowerBI, Tableau or Qlik
• Researching and imbedding proven analytic frameworks and techniques

Errors in financial reporting can cause several issues such as impacted reputation and monetary pitfalls. So much so that a 2023 American Institute of Certified Public Accountants (AICPA) poll confirmed “that 99% of accounting firms said that data analysis, tools and techniques are all valuable skills for new accounting professionals”.

Skill 4) Commercial Awareness

To be commercially aware, is to hold the ability to understand business and the factors that impact its success. Whether it be the accountant’s business or its client’s business, accountants in today’s market need to be able to strike the balance between honouring the customer’s needs and the needs of the industry that the business is operating in.

Commercial awareness is a vital skill for any accountant in today’s market, it shows that you’re aware of business risks and how to mitigate them as well as being a strategic thinker with a focus on success and profitability.

Improving your commercial awareness can be done by:

1. Completing your own research through reading, networking, regular analysis and reporting.
2. Utilising social media by following appropriate accounting companies and industry thought leaders, specifically on LinkedIn, Reddit and Twitter.
3. Focusing on a solution-first attitude, identifying your problems as a business and then developing ways to solve those problems.

Skill 5) Time Management and Organisation

Where these skills may seem necessary for all industries, they are especially vital when it comes to the role of an accountant. Day to day, an accountant will manage a considerable amount of confidential and sensitive information, data and records that must be properly maintained, secured and filed.

If an accountant isn’t organised, the likelihood of mistakes and data breaches run significantly higher, putting not only the client at risk but the accountant’s reputation. This makes organisation a vital skill of any accountant.

With multiple clients and many spinning plates, good time management allows accountants to better prioritise. Accounting is a busy industry and due to external factors, it can change quickly. This means good time management is vital for increased efficiency, productivity and overall better results.

Now we have covered the top five skills required of any accountant, is it, overall, a good career choice?

What are the benefits of a career in accountancy?

• Development and job prospects: with the opportunity to climb the career ladder and specialise, a role in accounting offers plenty of variety of space for professional growth.
  
  
• Good salary and benefits: the average accountant in Scotland can make anywhere between £29,000 and £50,000, before qualifying as a Chartered or Registered one.
  
  
• Working abroad: AAT qualifications are recognised globally, so you have the opportunity to work across different countries in different locations.
  
  
• Making a difference: helping anyone on their journey to financial freedom and security is incredibly rewarding. Being able to act as an advisor and form business relationships develops confidence and credibility, impacting both the accountant and its clients.
  
  
• Job security due to high demand: accounting professionals remain in high demand throughout 2024, according to recruitment specialist, Robert Half.

With job roles in corporate accounting, general accounting and bookkeeping showing no significant decline, a role in accounting could be both exciting and achievable.

As an inspiring accountant, what skills should I focus on building?

So, while the skills mentioned above are not the be all and end all of a role in accounting, they are a great starting point for today’s accountants and skills you should focus on building over time.

A mixture of soft skills such as adaptability and resilience, combined with hard ones such as technological efficiency and data analysis will put you in good stead, leading to a successful and well- rounded career as an accountant.

Become AAT qualified with ICS Learn and speak to one of our expert advisors today.