Accounting is far more diverse and dynamic than many people realize. Today’s accountants can seemingly do it all: They can organize and manipulate data with ease while navigating complex software, preparing financial statements, and making their in-depth insights easy for others to understand. These talents are not innate, however; they represent the culmination of years of dedicated study and hard work.
Central to this effort is a deep dive into technical skills. Accountants need to feel comfortable with data management, business intelligence, and the regulatory framework that underscores their everyday tasks. These technical abilities form the basis of every impactful accounting career.
Not sure how a Master of Accountancy (MAcc) plays into this effort? In this guide, we will highlight the many skills needed for accounting, including qualities vital to success on the job and skills for an accounting resume that will land you that job in the first place.
Key Skills Needed for an Accounting Career
Accounting skills can be far-reaching, but most boil down to a few essential components: working with data, preparing financial statements, and using high-level software solutions to carry out everyday accounting responsibilities.
These responsibilities call for not only a strong command of relevant mathematical concepts but also an extensive understanding of ethical and legal considerations. In addition to solid technical skills, successful accountants should also develop soft skills like time management or teamwork. Below, we’ve divided the main skills needed for accounting into a few key categories.
Core Accounting Skills
Accounting roles and responsibilities vary significantly from one position to the next and largely depend on the type of accounting (public versus private), the size of the organization (in-house for a large corporation, a small solo accounting firm, or even consulting gigs), and the professional level attained (junior accountant, senior accountant, or accounting manager, for example). Still, across all accounting roles, a baseline of expertise is expected. Skills needed for accounting include:
Financial Reporting
No accountant can hope to be successful without a strong command of financial reporting and all it entails. As a structured process for documenting business activities, financial reporting involves comprehensive evaluations of assets and liabilities, along with analyses of shareholder equity and overviews of cash flow. This is often referred to as the bread and butter of accounting and, as such, will be a strong area of emphasis in any MAcc degree program and, eventually, any accounting resume.
Auditing
In accounting, auditing ensures that financial information is accurately represented. These services verify details contained within financial statements and may involve internal audits conducted in hopes of improving compliance, as well as external audits to provide an independent, third-party perspective. Auditors are thoroughly trained in accounting and should be equipped with strong investigative skills that help them pinpoint financial discrepancies. This is a resume must-have for both external and internal auditors, forensic accountants, and many other accounting professionals.
Taxation
From tax preparation to database maintenance, a variety of accounting responsibilities call for a thorough understanding of taxation. This is often what people first think of when they picture accounting. Many employers seek accountants with a strong grasp of taxation, which is especially vital for finding work with tax preparation firms or as a corporate tax accountant.
Technical Accounting Skills
Technical accounting is the intersection of complex accounting processes with a vast array of standards, principles, and regulations. Ideally, accounting resumes will incorporate these technical skills:
GAAP and IFRS Knowledge
Financial reporting must abide by the Generally Accepted Accounting Practices (GAAP) issued by the Financial Accounting Standards Board (FASB). This boosts clarity and consistency with accounting communications. Employers expect accountants to be well-versed in these principles.
A detailed understanding of the International Financial Reporting Standards (IFRS) may also prove necessary. The IFRS is similar to the GAAP but has more of an international component. While all accountants can benefit from studying the IFRS in detail, it is especially relevant to anyone hoping to work for major corporations or government entities that do business globally.
Account Reconciliation
As accounting periods draw to a close, accountants compare records to verify that figures are correct, often involving a deep dive into general ledger accounts as they relate to bank statements and other transactions or documentation. Discrepancies that appear during this process may be indicative of fraud. There is a strong need for double-entry bookkeeping and regular balance sheet reconciliations, skills that accountants should be ready to provide and eager to highlight on their resumes.
Cost Accounting
As a foundational managerial accounting process, cost accounting aims to identify variable and fixed costs for internal purposes. Cost accounting is important because it drives effective decision-making at the executive level and is a great skill for aspiring corporate accountants to reference.
Financial Analysis
Accountants are increasingly relied on for strategic problem solving and decision-making, as their insights can reveal where a company’s most significant financial strengths and weaknesses exist. The CFA Institute defines financial analysis as “the process of examining a company’s performance in the context of its industry and economic environment in order to arrive at a decision or recommendation,” adding that the fundamentals of financial analysis begin with “information found in a company’s financial reports.” As such, resumes should outline both financial analysis and financial reporting, as these are strongly linked.
Revenue Recognition
As a central component of accrual-basis accounting, revenue recognition should be well-understood by any aspiring accountant. Revealing how businesses recognize or acknowledge revenues considered earned, revenue recognition is currently standardized under guidance from both the GAAP and the IFRS. Accountants should understand and be capable of navigating a variety of revenue recognition practices while satisfying strict GAAP and IFRS criteria.
Accounting Software Proficiency
Technological solutions promise to boost accuracy and efficiency and may even drive exciting innovations in accountancy and finance. Employers are committed to building these systems into everyday practices and are looking for accountants willing to embrace cutting-edge solutions. Accountants should be not only proficient with systems like QuickBooks and NetSuite but also willing to master new software as it becomes available. Proficiency with AI-powered support tools is a definite plus and should also be mentioned on resumes when applicable.
Top Skills Employers Seek on an Accountant Resume
In addition to the foundational skills highlighted above, many employers value complementary skills that relate to certain accounting subcategories or niches. Desirable skills worth highlighting in an account resume include.
Data Analytics
A wealth of data allows today’s accountants to make sense of far-reaching information, but analyzing such high volumes of data can be challenging. This is where data analytics comes into play. Used to reveal market behavior by discerning patterns, data analytics drives powerful insights that can help accounting teams anticipate trends. As companies increasingly move toward an analytics-based approach to risk mitigation, this will be an important skill for accountants to develop and highlight on their resumes.
ERP Systems
Enterprise Resource Planning (ERP) systems automate a variety of core business functions by centralizing data from numerous departments. The result: a single, reliable source of information, that all types of employees (including accounting professionals) can rely on.
From the accounting department’s perspective, the value of ERP lies in the elimination of duplicate data, preventing accounting, IT, and HR from wasting valuable time chasing down difficult-to-find information. Overlapping capabilities with financial management systems (FMS) and accounting software allow for seamless integration. Accounting professionals should be familiar with these systems and capable of navigating them alongside other accounting solutions.
Tax Preparation
Tax preparation plays an important role in private accounting, with many accountants focusing exclusively on preparing taxes for individuals or organizations. Developing high-level tax preparation skills means scoring the ultimate in job security for, as tax regulations grow ever more complex, taxpayers will continue to look to accountants for assistance every step of the way.
Regulatory Compliance
There’s more to accounting than crunching numbers. Accountants must also have a thorough understanding of strict federal and state regulations. We’ve already touched on the importance of the GAAP and IFRS, but accountants will also need to maintain a strong command of the broad scope of regulatory guidelines, especially where the Securities and Exchange Commission is involved. A grasp of regulatory compliance must be referenced in any accounting resume, especially when detailing past accounting experience.
Database and SQL Skills
Structured query language (SQL) is a programming language that facilitates access to and manipulation of databases, allowing accountants to easily test and update data across numerous systems and fix issues along the way to make business data more reliable. This plays a key role in ensuring data integrity. Accountants also appreciate that SQL helps them uncover deep insights while identifying otherwise difficult-to-discern trends. SQL knowledge should be mentioned on your accounting resume, along with any programming languages you have mastered or used.
Financial Modeling
Financial modeling involves abstract representations of earnings and expenses to draw on numerous metrics to inform forecasting efforts. As an increasing share of employers seek corporate accountants with finance skills, financial modeling experience becomes more valuable to highlight on accounting resumes. Specific models can also be mentioned, such as discounted cash flow, three-statement models, or option pricing models.
Budgeting and Forecasting
Budgeting and forecasting are complementary skills and processes but certainly not the same. Financial forecasting draws on cash flow, revenues, and other historical financial data to provide insight into future costs. This, in turn, helps management teams determine how future budgets should be allocated. Budgeting, meanwhile, provides a current representation of cash flow and an organization’s general financial position. Both budgeting and forecasting are vital in modern accounting, so both should be included in accounting resumes.
Inventory Accounting
Inventory accounting is the evaluation of raw materials or goods that have not yet been sold to help organizations improve production processes while verifying their financial standing. This is an important skill for accountants who expect to work in logistics and supply chain operations.
Asset Management
Offering a systematic approach to the process of acquiring and maintaining investments with high growth potential, asset management represents a core service offered by today’s top financial institutions. Some accountancy professionals specialize in fixed asset accounting, including depreciation and dispositions for fixed assets. Asset management should be listed when seeking fixed asset accounting positions, but is also relevant to several other areas of accountancy.
IT and Cybersecurity Awareness
Cybersecurity is a growing issue in accounting, as financial data is a common target for today’s savvy threat actors. Accounting firms and professionals need to be aware of common threats and vulnerabilities and must take proactive steps to address these concerns. Aspiring forensic accountants will want to reference cybersecurity skills, but this may also be worth mentioning when seeking jobs in auditing.
Develop Your Technical Accounting Skills at UTC
If you’re ready to boost your skill set and your accounting resume, you could be an excellent candidate for the Master of Accountancy (MAcc) degree at UTC.Available online and with an integrated option for UTC undergraduates, this powerful program will equip you with the technical accounting skills today’s top employers demand. Reach out today to learn more or, if you’re ready to move forward, apply today.
