5 Essential Skills Every Accountant Should Have 

When hiring an accountant, you’re looking for more than someone good with numbers. Sure, technical expertise is crucial—knowing how to navigate tax laws and keep financial records in perfect order is the foundation of any accounting role.  

However, there is, at minimum, more to look for on a candidate’s resume, as technical know-how alone doesn’t cut it. 

Think about it: if you’ve ever had a brilliant accountant who didn’t quite deliver the expected results, it might be because they lacked specific essential skills. Beyond crunching numbers, accountants need a blend of interpersonal and analytical skills to communicate effectively, adapt to changes, and think critically about financial insights.  

This article discusses the top 5 essential skills every accountant should have in today’s job market. 

1. Knowledge of General Accounting Practices

First, every accountant should fully grasp the leading accounting principles. In the UK, key accounting laws and regulations that accountants should follow include the Financial Reporting Standards, the Companies Act, and the International Financial Reporting Standards.  

They should also have a good grasp of tax legislation, including the Income Tax Act and the Corporation Tax Act. One of the best places to hire accountants in the UK is Manchester, a youthful city known as the birthplace of the industrial revolution. 

If you’re looking to hire Accountants in Manchester, you should ensure they’re AAT and ACCA licensed with a membership to the Institute of Chartered Accountants. They should also know other globally recognizable standards, such as GAAP, to instill trust that an accurate and reliable financial report is prepared. 

2. Critical Thinking and Problem-Solving Skills

Accounting isn’t only about number inputs—it is also the study of number trends. Companies today need professionals with strong analytical skills to solve tough financial matters.  

An accountant who has a keen sense of finding errors in figures can examine data and pinpoint where there are discrepancies. For example, you might have a discrepancy in your financial reports, yet you need help understanding it. An accountant with critical thinking and problem-solving skills would not just mark the error; they would investigate it.  

They would look at the statistics, find possible causes, and recommend solutions to the problem. A good accountant does not merely cry foul when there is a problem. Instead, they endeavor to devise solutions to stay within the fiscal framework. This problem-solving skill could deliver massive value and make them integral to the group. 

3. Time Management Skills

The accounting world has a firm deadline process. From making monthly reports to meeting tax deadlines, accountants are always under time pressure. That is why efficient time management is critical. 

An organized accountant can sort their job in the correct order, ensuring that every job is done at the right time and without compromising quality. For example, they may maintain a complete list of tasks and their due dates to stay organized.  

Strong time management skills also ensure an accountant can effectively manage overlapping projects. This dependability is vital, especially for organizations that base their decision-making on the timely completion of financial and other accounting reports.  

With a time-conscious accountant, you can be sure that major financial assignments are done accurately and on schedule, which allows you to devote energy to other areas of your business. 

4. Communication Skills: Both Written and Verbal

Accountants in the UK, particularly those based in Manchester, don’t work alone—they frequently collaborate with various departments, clients, and regulatory bodies, such as HMRC. Strong communication skills are crucial for conveying financial information clearly to those who might not be well-versed in accounting. 

For example, an accountant may need to translate intricate financial data into straightforward insights for a business owner or deliver a comprehensive report to a client. Breaking down the complexities of numbers into digestible information is a key part of their role. 

Written communication is just as vital. Whether drafting reports, composing professional emails, or creating concise summaries, an accountant’s written skills must be clear, accurate, and to the point. These documents play a critical role in ensuring that all parties understand the financial picture. 

5. Adaptability and Technological Proficiency

The accounting field has been on a technological rollercoaster, with new technologies contributing massively to accounting practices daily. Businesses are now implementing tech solutions such as cloud computing and automation for more efficient accounting practices.  

Because of this wave of technological change, qualities such as adaptability and being technologically savvy are vital skills that an accountant should possess. A tech-savvy accountant is a person who can quickly get on board with the new platforms to handle their financial processes with little to no training at all. 

They should also be highly adaptable and able to accept and deal with new technology and regulation changes. Their willingness to change and adjust to new systems will help them manage their financial affairs even under the influence of the changing market. 

Final Thoughts

By prioritizing these five essential skills—knowledge of accounting practices, critical thinking, time management, communication, and adaptability—you’re setting your team up for success.

When hiring an accountant, looking for technical skills alone won’t guarantee you’re hiring a top performer. The best accountants combine soft skills and technical expertise to create well-rounded professionals capable of handling complex financial difficulties, communicating, managing their workload, and adapting to the field’s changing demands. 

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