Most Important Skills Needed for Accounting

Every accounting specialty requires a slightly different skill set. To work for a multinational corporation, accountants must be well versed in international tax law and Securities and Exchange Commission (SEC) regulations. In the nonprofit sector, accountants need to be able to help their organization stay compliant with the many transparency and ethical laws they’re governed by.

But across all sectors, accountants need a unique mix of soft and hard skills to perform their duties effectively. By enrolling in a Bachelor of Science in Business Administration (BSBA) in Accounting program, future professionals can learn all the skills needed for accounting positions at organizations of all kinds.

Soft Skills Needed for Accounting

Soft skills are the nontechnical skills largely related to how a person approaches their duties and how they interact with others. According to a 2024 survey conducted by the National Association of Colleges and Employers (NACE), employers are increasingly looking for candidates with exceptional soft skills.

Sixty-seven percent of respondents said they look for candidates with the required technical skills. However, a higher percentage of respondents said they look for candidates with problem-solving skills (89%), teamwork skills (79%) and other soft skills. In fact, technical skills only ranked seventh in the list of most sought-after types of skills.

So while accountants may need to be well-versed in accounting principles and statistics, they also need to be able to do the following:

• Adapt to changing laws, technologies and economic circumstances
• Communicate complex financial information to clients and colleagues through meetings, reader-friendly reports and presentations
• Collaborate with other professionals, other departments and clients
• Organize vast amounts of financial data
• Creatively solve problems relying on data to reach solutions
• Pay attention to details including small changes in financial trends that can influence an organization’s financial health

While many of these skills may seem like inherent personality traits, future accountants can learn how to apply them to their careers in an accounting degree program that includes classes on business communications and leadership.

Technical and Hard Skills Needed for Accounting

While the NACE survey highlights the importance of soft skills, in a data-focused field such as accounting, technical skills are still key to qualifying for entry-level and advanced leadership positions alike. In an accounting bachelor’s degree program, students can typically choose from classes that focus on technical skills needed for accounting positions in a specific sector such as nonprofit, corporate or government financial management.

However, no matter what sector a future professional wants to break into, there are three skill areas that are valuable in accounting roles of all kinds.

Ethical Accounting and Generally Accepted Accounting Principles

In addition to following industry-specific financial regulations, publicly traded companies, government institutions and organizations that receive federal funding must all adhere to a collection of rules called generally accepted accounting principles (GAAP). Private businesses aren’t required to follow GAAP, but many do due to the ethical framework GAAP guidelines create.

GAAP was created and is continuously updated by the Financial Accounting Standards Board (FASB), whose policies are often adopted by the SEC. Following are some of the major GAAP regulations:

• All financial reporting procedures should be consistent from period to period.
• Accountants and their organizations should make timely reports to stakeholders.
• Everyone in the accounting process should act honestly and in good faith.
• Accountants must report all positive and negative aspects of their organizations’ finances.

In addition to following GAAP and other accounting best practices themselves, accountants are often responsible for ensuring their organization stays compliant with all relevant laws. This is especially true for accountants who take on managerial and leadership positions.

Financial Software Literacy

Accounting departments and accounting firms employ a wide range of types of software to carry out their core duties. This can include bookkeeping, invoicing, spreadsheets, tax preparation and auditing software, or platforms that integrate multiple accounting solutions.

To keep up with deadlines and communicate with colleagues and other stakeholders, accountants also typically need to be familiar with document-sharing and program management tools. All accountants need to have a firm grasp of these various technologies and when to use them to be able to perform their day-to-day duties.

Data Analysis

Not all accountants are limited to performing recordkeeping and reporting tasks. In today’s data-driven economy, business leaders often rely on accountants to provide insights into past, current and future financial trends. These insights can be applied to many aspects of a business’s daily operations.

Using their financial expertise and data analysis software, accountants can do the following:

• Make budget projections
• Measure the financial impact of new strategies, initiatives and investments
• Evaluate consumer spending trends
• Forecast future market conditions
• Identify excess expenditures and potential compliance issues
• Allocate resources efficiently to different departments

Equipped with the ability to carry out these high-level tasks, accountants can take on any of a number of equally high-level positions such as accounting department manager or director, compliance officer, corporate controller or chief accounting officer. Accountants with analytical skills can also become consultants at firms that help other businesses streamline their financial operations.

Learn the Skills You Need to Start and Advance Your Accounting Career

Businesses of all kinds need accountants who don’t just crunch numbers but can lead initiatives, make good use of data and drive organizational decision-making. The Online Bachelor of Science in Business Administration in Accounting program at App State Online can help you learn the hard and soft skills needed for accounting positions in this dynamic economy.

In addition to learning about cost accounting, accounting software and other fundamentals, App State Online students also take classes on leadership-oriented topics such as organizational behavior and business analytics. And with the opportunity to take electives in areas such as international business, students can tailor their degree to meet their own goals.

To find out how App State Online’s transfer policies and flexible online scheduling can help you finish your bachelor’s degree and prepare for a career in accounting, reach out to an admission counselor today.

Sources:

Indeed, “11 Accounting Skills to List on Your Resume (With Samples)”

Indeed, “11 Executive Accounting Jobs to Explore (With Tips)”

Journal of Accountancy, “Top Soft Skills for Accounting Professionals”

National Association of Colleges and Employers, “The Key Attributes Employers Are Looking for on Graduates’ Resumes”

Office of Justice Programs, Generally Accepted Accounting Principles (GAAP) Guide Sheet