Current Trends Impacting Accounting Jobs

Technology is transforming the accounting industry by helping accountants rise above the dated concept of the ‘number cruncher.’ Accounting professionals have accepted the need to switch to automated accounting practices, which allows them to make data more accessible and faster to gather, manipulate, and analyze. In addition, the accuracy provided by accounting software in terms of the production, tagging, and submission of final accounts has helped them to become trusted advisors and value-added analysts in the field, reducing or eliminating human errors in calculation.

In a profession where speed, accuracy, and quality of data matter, adapting to intelligent technologies like cloud computing, blockchain and artificial intelligence are not only a wise choice but a necessity to remain in the mainstream. These technologies help lower the costs of reconciling and maintaining ledgers and make it easier to access data, including tracking inventory, expenses, and sales and analyzing large volumes of it at high speed.

The global accounting services market had grown at a compound annual growth rate (CAGR) of 5.7% since 2015, and it reached a value of nearly $574.4 billion in 2019. By 2023, it will grow at a CAGR of 6.3% to almost $734.7 billion. Changes in financial reporting standards, regulatory reforms, and technological development have positively impacted the accounting industry.

6 of the Top Soft Skills Needed for Accounting Jobs

To remain competitive in the accounting field, you should have a good understanding of aspects like financial reporting and analysis, financial statements and tax preparation, account reconciliation, compliance software, spreadsheet software, and project management software. Besides this, practicing soft skills like interactive ability and adaptability also becomes crucial to maintaining a harmonious working atmosphere. So, to excel in the accounting world in the long haul, you need to combine both technical and soft skills.

Below, you will find the top skills to start nurturing to become successful in your accounting career.

• Knowledge of accounting processes including journalizing, posting to the ledger, and preparing financial statements

  Accounting professionals need to be experts in accounting processes and procedures, including making journal entries, posting them to ledger accounts, creating trial balances, and preparing financial statements for the end of the year. Since these accounting processes are done following the Generally Accepted Accounting Principles (GAAP), it should be their anthem of work.

• Good with numbers

  Accounting professionals need to be comfortable working with numbers to examine and interpret figures in the data they gather. Even though they need not perform complicated mathematical operations, they still need to understand essential mathematical areas like decimals, fractions, ratios and percentages.

• Data analytics

  The financial data gathered and organized by the accounting professionals are transformed into useful information when they use their skills to analyze and interpret the facts in front of them. For example, accountants use data analytics to help businesses identify process improvements that can increase efficiency, uncover valuable insights within their financials, and better manage risk.

• Should be tech-savvy

  The modern accountant is expected to be tech-savvy and mobile-friendly. They should be ready to use online services like FreshBooks, Wave and GoDaddy Bookkeeping which makes it easier for bookkeeping, creating invoices, and tracking expenses. Accounting had already started to lean on technology to make the work more accessible; the pandemic increased this urge.

• Presentation expertise, including PowerPoint and direct communication

  Professionals in accounting should be able to interact with people with confidence. Using their presentation skills, they should make the numbers make sense. A good PowerPoint presented with efficiency can establish rapport and capture and hold the attention of the client. You should have expertise in Microsoft Office applications, including Excel, PowerPoint and Word.

• Extremely detail-oriented

  Accounting professionals receive financial receipts and detailed information like bank statements or credit card statements from various departments or clients. Attention to detail is necessary to ensure consistency and accuracy in such instances of financial reporting. Similarly, accounting professionals in fields like forensic accounting should be extra detail-oriented. They often have to give expert evidence regarding insurance claims, personal injury claims, fraud, construction, or royalty audits at a trial.

Educational Requirements for Accounting Jobs

The minimum educational requirement in this field is a bachelor’s degree in accounting or any other related subject like commerce and business administration. In addition, you should confirm if your state requires advanced coursework beyond the normal bachelor’s degree in topics such as financial reporting, auditing, taxes, and other non-accounting business areas. For those wishing to further their accounting career after completing the bachelor’s degree program, earning a master’s or Ph.D. in accounting may open up opportunities for both financial and professional growth.

Certifications are a great way to demonstrate your competence in the field. The Certified Public Accountant by the Association of International Certified Professional Accountants requires you to meet several specific requirements. For example, you must earn a college degree, pass all the CPA exam parts, and have worked for at least 1,800 hours in the accounting field. And this should all be under the supervision of an actively licensed CPA. You can also go for programs that can help you build a niche and soar high in this profession, such as the Certified Management Accountant, Certified Financial Analyst, and Certified Information Systems Auditor. These certifications will help you acquire financial accounting, investment analysis, and information technology expertise, respectively.