analytical and problem solving skills in accounting

The Accounting Skills You Need For A Successful Career

Expert Reviewed

Updated: Mar 5, 2024, 3:07pm

The skills needed to become an accountant may not be what you think. Yes, spreadsheets are vital, as is knowledge of Excel functions. But you need more than that if you want to stand out among the competition and get an accounting job—soft skills like communication and organization are critical as well.

Accountants enjoy steady demand, and this evolving field is only becoming more competitive to enter. Read on to learn the top accounting skills you’ll need to succeed in this field.

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Top Technical Skills for an Accountant

Employers look for accounting candidates who can help them advance their businesses and meet their clients’ needs. As a prospective accountant, you must demonstrate proficiency in basic technical accounting skills.

Every accountant, auditor and financial analyst should stay up to date with current best practices in the field. To go the extra mile, consider reading up on emerging trends, such as how cloud computing and blockchain technologies affect accounting.

Using Accounting Software

Knowing the ins and outs of accounting and office software such as QuickBooks, Excel and Google Workspace is crucial to your future as an accountant. Technological advances continue to bring changes to the accounting field. As your career advances and you seek positions of greater responsibility, you may wish to get familiar with process automation, artificial intelligence and financial modeling software.

Each accounting firm and organization has its own software preferences as well. How do you know which ones to learn? Here’s an expert tip:

Preparing and Reporting on Financial Statements

Financial statements are the bread and butter of accounting firms and business operations. Knowledge of how to prepare and report on financial statements is critical to becoming an accountant. An accountant’s everyday responsibilities include creating, tracking and reporting on balance sheets, income statements and cash flow statements.

To prepare a financial statement, you must be comfortable gathering, verifying and classifying financial data. Reporting on financial statements requires its own set of skills. The best financial reports communicate complex data in a way that is understandable to all stakeholders. These reports can then be used to evaluate clients’ financial health and vulnerabilities.

Knowledge of Spreadsheet Software.

Excel continues to be one of the most valuable tools for accountants to know. Before you pursue an accounting career, you should understand how to use Excel to organize and manipulate data.

If you don’t know your way around an Excel spreadsheet, take some time to practice. You might even take an online course to ensure you’re at the top of your game before applying for accounting jobs or a graduate program.

Top Soft Skills for an Accountant

Anyone can learn the technical skills required to become a successful accountant. What’s more difficult to teach, however, are the soft skills. Forging strong working relationships with your colleagues, peers and clients is as important as your ability to perform complex financial analyses.

Soft skills also set you apart from other applicants in the accounting job market.

Communication

Effective communication is essential to all business roles, accountants included. The stereotypical idea of an accountant may bring to mind a person who’s glued to a computer screen full of datasets, but in reality, the job involves much more than that.

Accountants spend time in meetings with clients, stakeholders and fellow employees. They often need to communicate financial updates. You may also find accountants collaborating with each other, particularly in larger firms and businesses with more involved accounting needs.

Expert communication skills are essential to advance in your accounting career. Accounting managers spend most of their time communicating with direct reports, controllers, finance directors and colleagues from other departments who may be less familiar with accounting terms.

Oral communication is important in accounting, but don’t neglect your writing skills. As CPA Logan Allec notes, “Written documentation/communication provides a paper trail and is often requested by clients and bosses alike.”

Along with preparing this documentation, accountants must communicate with coworkers and clients in writing via email and workplace communication tools such as Slack. Allec adds,

Time Management and Organization

Careful organization and effective time management are two soft skills needed to become an accountant. During the early part of the year, known as “tax season,” the volume of work for accountants increases. As you juggle various spreadsheets, clients and reports, you must keep track of your time and remain aware of strict deadlines to file taxes and reports.

In the accounting world, there are consequences for not filing on time or preparing accurate financial statements. It’s vital to maintain self-awareness and discipline to stay on top of your tasks.

Critical Thinking

Accounting skills go beyond sorting through numbers and relying on automated processes to create financial statements. To succeed as an accountant, you need strong critical thinking skills. Ethical dilemmas, reporting errors and unbalanced spreadsheets require careful thought and investigation to arrive at the best solutions. Accountants must take an active approach to each task to make predictions and assess risk.

Problem-Solving

Technological advances do not negate the need for accountants to predict trends and make financial forecasts. Problem-solving remains one of the top required skills for accountants.

Remember, employers aren’t looking for robots who can spout off a string of numbers or only analyze data. Rather, they are seeking creative problem-solvers who can help meet their needs and identify innovative ways to move their organization forward.

Strong Attention to Detail

As a highly regulated field, accounting necessitates strong attention to detail. There is little margin for error when you’re responsible for someone else’s finances.

Accountants must follow Generally Accepted Accounting Principles and stay aware of industry-specific rules, regulations and deadlines. A keen eye for irregularities and errors is an essential skill for accountants.

How To Develop the Right Skills To Become an Accountant

Take inventory of your strengths and any gaps in your accounting skill set. It’s a good idea to highlight the areas in which you need to deepen your knowledge or abilities. There are ample accounting courses and learning opportunities available both online and in person at local community colleges or training centers.

Developing soft skills takes time and patience. Practice by incorporating them into your daily routines, such as by using a task management app for better organization. You can also reach out to potential mentors in your field to work on your communication skills and learn about the latest trends in accounting. Removing distractions from your workspace can also help you improve your focus and attention to detail.

Frequently Asked Questions (FAQs) About Skills for Accounting Careers

What skills do accounting firms look for.

When it comes to hiring, accounting firms look for a mix of hard and soft skills. Job applicants should be familiar with spreadsheets and standard accounting software. They should also have a strong understanding of Generally Accepted Accounting Principles and basic industry practices such as the double-entry system. Firms also want to hire accountants with nontechnical skills like communication, time management and attention to detail.

How do you know if accounting is for you?

As with any career path, consider your strengths, goals and interests. Accounting tends to suit organized, methodical individuals with strong analytical and communication skills. It also helps to have an interest in mathematics, including algebra and statistics, but you don’t necessarily need deep mathematical knowledge beyond lower-level college math courses.

Is accounting a good career path?

Many professionals in the field would say yes. If you like numbers and have a detail-oriented outlook, accounting can provide a satisfying career with a comfortable salary and strong job security. The U.S. Bureau of Labor Statistics reports a 2022 median salary of $78,000 for accountants and auditors. As fewer students graduate with accounting degrees, a looming nationwide accountant shortage may create a favorable hiring climate for accounting professionals.

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Analytical Skills

An individual’s ability to identify a problem, investigate to find out relevant facts, and find a logical solution

What are Analytical Skills?

Analytical skills refer to an individual’s ability to identify a problem, investigate to find out relevant facts, and find a logical solution. They are considered important skills in many different fields; however, it is especially important in finance when evaluating financial securities .

Analytical skills are the ability to collect information and to thoroughly analyze that information. They refer to problem-solving skills and making a decision based on insights drawn from the collected information.

Analytical skills are used when detecting patterns, brainstorming ideas, observing data, collecting data, interpreting data, integrating new information, synthesizing information, and making decisions based on the situation.

Types of Analytical Skills

The five types of skills that are crucial to success in many different jobs and industries are:

1. Communication

An underrated skill is the ability to communicate the analysis that has been conducted. Being able to identify problems and find solutions is useless if the conclusions and findings cannot be effectively communicated to decision-makers.

Findings from the analysis may need to be presented orally through a presentation or a meeting. The analysis may need to be presented in written form, either through a report or email. Therefore, communication skills are a critically important skill when developing overall analytical skills.

2. Creativity

Another important skill is the ability to think creatively. Many problems require “ out-of-the-box ” thinking in order to find the optimal solution. The obvious solution may not always be the most effective, and therefore, it is important to be able to think of creative solutions.

3. Critical Thinking

Critical thinking is exceptionally important to obtaining strong overall analytical skills. It refers to the objective analysis of a complex problem to form a judgment.

Effective critical thinkers are able to think clearly and rationally and understand the logical relations between data points and ideas. To find rational solutions, critical thinking is a very important skill to master.

4. Data Analysis

Data is very important in all disciplines, specifically, the ability to analyze large volumes of data and identify patterns and trends. Therefore, it is increasingly vital to understand the discipline of statistics and quantitative analysis . Data analysis is becoming more prominent within finance, as trends such as technical trading and quant-investing continue to grow in popularity.

Quantitative analysis requires identifying patterns in data but also being able to define the findings to decision-makers, which ties into the communication aspect of analytical skills.

5. Research

Applying analytical skills requires patience and curiosity. If a problem is solved quickly, without considering all relevant information, then it is highly unlikely that it will be the most effective solution. Therefore, coming up with an effective solution requires taking the time to learn more about the problem before attempting to solve it.

Research requires collecting information and relevant data, then compiling it before analyzing it. Collecting data and thoroughly researching a topic is important for being able to apply strong analytical skills.

Importance of Analytical Skills

Analytical skills are important because they allow people to find solutions to various problems and make concrete decisions and action plans to solve those problems. As mentioned earlier, they are important skills in all disciplines, ranging from data science, project management, marketing, law, medicine, scientific research, accounting, etc.

Analytical skills are exceptionally important in finance. Financial analysts must be able to synthesize large volumes of data, analyze the data, and find a solution to various problems. For example, consider an equity research analyst for an investment fund. The problem that needs to be solved is finding the ideal equity investment that fits the portfolio’s philosophy.

In order for the analyst to solve such a problem, they must take financial information from reports of companies, pricing information, information on the current portfolio, and other relevant data points.

Next, the analyst must analyze the information and find an ideal equity investment with an optimal return and risk profile, as well as an investment that aligns with the fund’s investing philosophy. Lastly, the analyst must be able to communicate their findings to the portfolio manager, so that an investment decision can be made in a timely manner.

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10 Accounting Problem Solving Skills and How To Improve Them

Discover 10 Accounting Problem Solving skills along with some of the best tips to help you improve these abilities.

Accounting is an important skill for anyone who wants to be financially successful. Without a basic understanding of accounting, it can be difficult to make sound financial decisions. However, even if you have a strong understanding of accounting principles, you may still encounter occasional accounting problems.

When these problems arise, it is important to have strong problem solving skills in order to find a resolution. In this guide, we will discuss some tips for solving accounting problems. We will also provide an overview of some common accounting problems so that you can be prepared in the event that one arises.

Financial Statements

Regulatory filings, revenue projections, account reconciliation, general ledger, business knowledge, problem solving.

Financial statements are important because they provide a snapshot of a company’s financial health. They can be used to make decisions about whether or not to invest in a company, and they can also be used to track a company’s performance over time. Financial statements include the balance sheet, income statement, and cash flow statement.

Payroll is an important skill for accountants because it allows them to process and manage employee compensation and benefits. Payroll processing includes calculating gross wages, deductions, and net wages; preparing payroll tax returns; and managing benefits such as health insurance, retirement plans, and paid time off.

Accountants who can effectively manage payroll can help businesses save time and money. They can also help businesses comply with federal and state tax laws and regulations.

Regulatory filings are important because they are required by law. Companies must file certain documents with government agencies in order to operate. These filings include tax returns, annual reports, and shareholder communications. Failure to file these documents can result in penalties or even the closure of a company.

Regulatory filings are important because they provide transparency. By law, companies must file certain documents with government agencies. These filings are public, which means that anyone can access them. This transparency allows investors and other stakeholders to see how a company is operating.

Revenue projections are important for businesses because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Revenue projections are important because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Account reconciliation is the process of ensuring that all transactions in a company’s books are accurate. This process is important because it helps ensure that the company’s financial statements are accurate and can be relied upon by investors, creditors and other stakeholders.

Account reconciliation involves comparing the company’s books with the records kept by its banks, vendors and other parties with whom it does business. If there are any differences, they need to be investigated and resolved. This process can be time-consuming, but it is important to ensure that the company’s books are accurate.

Compliance is the process of ensuring that you are in compliance with the laws and regulations that apply to your business. It is important for businesses to be compliant because it helps to protect them from penalties and fines. Compliance also helps to build trust with customers and regulators.

To be compliant, businesses need to understand the laws and regulations that apply to them and then take the necessary steps to ensure that they are following the rules. For example, businesses that sell products to consumers need to be aware of the consumer protection laws that apply to them. Businesses that operate in certain industries, such as healthcare, need to be aware of the regulations that apply to them.

General ledger is an important accounting problem solving skill because it is used to track and report financial information for a business. The general ledger is a summary of all of the accounts that make up the financial statements, and it is used to keep track of the money coming in and going out of the business. The general ledger is also used to prepare financial statements, and it is important that the information in the general ledger is accurate and up to date.

Quickbooks is an important skill for anyone in the accounting field. Quickbooks is a software program that helps accountants and business owners keep track of their finances. Quickbooks can help you track invoices, manage payroll, and create financial reports. Quickbooks is a valuable skill because it can save you time and make your job easier.

Business knowledge is important for accounting problem solving because it helps accountants understand the context of the problem they are trying to solve. It also helps them identify the root cause of the problem and develop a solution that will be effective in the real world.

Accounting problem solving often involves looking at a company’s financial statements and trying to identify where the company is spending too much money or where it is making mistakes in its accounting practices. To do this, accountants need to understand the company’s business and the industry in which it operates. They also need to be familiar with the latest accounting standards and best practices.

Problem solving is an important skill for accountants because they often have to solve complex problems. Problem solving requires the ability to identify the problem, gather information, develop a plan and implement the plan. Accountants must be able to think critically and creatively to solve problems.

Problem solving often requires good communication skills. Accountants must be able to explain the problem, gather information and develop a plan with the client. They also need to be able to follow up to make sure the plan is working and to troubleshoot if there are any issues.

How to Improve Your Accounting Problem Solving Skills

1. Understand the basics of accounting If you want to improve your accounting problem solving skills, it is important to have a strong foundation in accounting principles. You should be able to read and understand financial statements, as well as have a working knowledge of payroll, regulatory filings, revenue projections and account reconciliation.

2. Be well-versed in accounting software In order to be an effective problem solver, you need to be well-versed in accounting software. This will allow you to quickly and efficiently find solutions to accounting problems.

3. Stay up-to-date on accounting news and changes It is also important to stay up-to-date on accounting news and changes. This will help you anticipate problems and find solutions more quickly.

4. Be proactive in solving problems When you encounter an accounting problem, it is important to be proactive in solving it. This means taking the time to understand the problem and researching potential solutions.

5. Communicate effectively with your team When you are working on a team, it is important to communicate effectively. This means being clear about what you need from your team members and keeping them updated on your progress.

6. Be organized and efficient When solving accounting problems, it is important to be organized and efficient. This means having a system in place for tracking your progress and keeping your work area tidy.

7. Practice problem solving One of the best ways to improve your accounting problem solving skills is to practice. This can be done by working on practice problems or by taking on small projects in your personal life.

8. Seek out feedback When you are working on solving accounting problems, it is important to seek out feedback. This can be done by asking for feedback from your team members or by seeking out feedback from a mentor.

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8 Financial Accounting Skills for Business Success

• 19 Aug 2021

Regardless of your industry or role, your career is guaranteed to be influenced in one way or another by finance and accounting.

If you’re a business professional, your performance is likely evaluated based on the value you add to your organization. If you work at a nonprofit, your salary is dictated by its budget. If you’re an investor, financial accounting is how you gain insight into companies you’re considering funding. If you’re an entrepreneur, it’s how you understand whether your business is successful and communicate its performance to others.

For these reasons, most professionals can benefit from gaining financial accounting skills. Below is a look at the most important financial accounting skills you should develop and how you can build them.

Access your resource today.

Who Needs Financial Skills?

Virtually everyone can benefit from developing financial abilities. The following, in particular, can reap significant benefits by increasing their understanding of basic financial concepts:

• Recent college graduates: Many college graduates—especially those who don’t study business—may never take a course that teaches basic financial accounting. By gaining this understanding, college graduates can better communicate with potential employers and tie their efforts back to organizational financial goals.
• Current or aspiring managers: A manager must understand how their team’s performance impacts the company’s bottom line . Without this understanding, it can be difficult to make informed decisions , prove return on investment, and present a compelling case when requesting an increase in budget or resources.
• Those considering an MBA: Financial accounting makes up a large part of the curriculum found in most MBA programs. If you’re considering an MBA, developing your skills can make it easier to complete your program and get a taste of the kind of work it will entail.

Additionally, many others can benefit from developing financial and accounting skills, including business professionals, individual investors, entrepreneurs, and nonprofit employees.

Financial Accounting Skills

1. reading financial statements.

To gauge a company’s financial health—whether it’s your own, your employer, or a potential investment—there’s no better place to start than its financial statements. These documents contain a wealth of information that can inform everything from budgeting and product development to business strategy and decision-making. Simply put, the ability to read financial statements is a must.

There are many types of financial statements you should familiarize yourself with. Among the most important are:

• Balance sheets: These documents provide information about a company's “book” value and tally all of an organization’s assets, liabilities, and owners’ equity.
• Income statements: These documents, also known as profit and loss statements or P&Ls, detail how a company made and spent money for a given reporting period.
• Cash flow statements: These documents offer a look into a company’s cash flow from operating, investing, and financing activities.
• Annual reports: Annual reports summarize a business’s economic activity for the prior year, while also using storytelling to convey its progress toward initiatives and goals.

2. Analyzing Financial Statements

To get real value out of financial statements, you need to analyze them. You may, for example, use the information to calculate key ratios or other financial metrics —such as gross and net profit margin, working capital, debt-to-equity ratio, and inventory turnover—that offer more nuanced insight into a company’s financial health.

Developing these analytical skills can empower you in many other aspects of your career as well. If you work in management, for example, and are considering moving to a new company, analyzing publicly available financial statements can allow you to evaluate the business’s health and determine if it’s truly a good career move. Alternatively, if you choose to stay with your current company, being able to zero in on key metrics and offer potential ways to improve them can help make a good impression with members of the executive team.

3. Generating Financial Statements

In most organizations, members of the accounting department and executive suite are responsible for creating financial statements. That being said, for entrepreneurs and those working in a startup environment, the duty of creating these essential documents might fall on them.

Knowing what information goes into each financial statement, how to evaluate that information, and understanding the story it tells is a crucial skill for anyone interested in entrepreneurship or management.

Related: How to Prepare a Balance Sheet

4. Understanding GAAP vs. IFRS Standards

To truly understand the information found within financial statements, you need to know the underlying frameworks that inform an organization’s accounting practices. The two primary accounting standards you should be familiar with are Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

GAAP and IFRS share several similarities but differ in key ways, particularly in how components of the balance sheet, cash flow statement, asset revaluation, and inventory valuation methods are treated. You need to understand those similarities and differences to determine when each should be used, which will be dictated, in part, by the audience (whether US-based or international).

5. Financial Forecasting

Financial forecasting refers to the ways a business predicts future revenue, cash flow, and expenses. Businesses use forecasts to budget and plan for the future, as well as to offer insights to investors in financial reports.

Making a mistake when forecasting, or otherwise not accounting for risk, can have major negative effects on a company’s ability to do business. Therefore, learning how to prepare pro forma financial statements and accurately forecast revenue and cash flow is a critical business skill.

6. Calculating Return on Investment (ROI)

Another important financial skill that most business professionals can benefit from is calculating return on investment, or ROI. In a business setting, ROI can be tied to a specific project , such as a product launch, or relate more broadly to an organization’s cumulative activities.

Some important terms to know include:

• Return on invested capital (ROIC): This is a ratio used to measure how efficiently a business allocates capital to profitable initiatives.
• Net present value (NPV): This is a calculation used to determine the value—in today’s dollars—of future cash flows from a given project or initiative.
• Internal rate of return (IRR): This metric is used to estimate how profitable a potential investment may be for an organization.
• Payback period: This is the amount of time it’s expected to take for a business to recoup its initial investment.

7. Developing a Data-Driven Mindset

Reading or preparing financial statements, calculating return on investment, and forecasting the future require you to interact with vast amounts of data. To leverage that data, you need to understand it, evaluate it, and synthesize it into a usable form. You can then use it to inform key business decisions and strategies.

8. The Language of Finance

Virtually all business professionals can benefit from learning the language of finance .

By learning how to talk about finance and money, you can better communicate with others in your organization—your supervisor and team, members of the executive team, and other key stakeholders. This can enable you to tie your efforts to the value you bring to the organization and help foster important working relationships.

If you work in management or interact with the financial team on a semi-regular basis, then it’s likely that you already have at least some level of understanding of the basic language of finance. In that case, furthering your understanding of financial terms and metrics can help you become more effective. If you have no background in finance at all, the effects of developing this skill will be especially profound, as it will open many new avenues of communication both inside and outside your organization.

Developing Your Financial Accounting Skills

Now that you understand the value of financial accounting skills, you may be wondering the best way to develop them. The good news is that there are several options.

If you’d prefer to go the self-taught route, you can find a wealth of information online to build foundational financial knowledge. Articles, videos, and books from trusted, reliable sources are a great place to start. You can also access most public companies’ financial statements to practice your skills, which are reported on a quarterly basis.

On the other hand, perhaps you learn best with a more structured format, such as a course, workshop, or bootcamp. If you’re a newly appointed manager who wants to refresh your financial knowledge, an entrepreneur gearing up to launch your business, a recent college graduate, a working professional considering an MBA, or someone who simply wants to develop your skills quickly, you may benefit from a more structured approach.

Do you want to take your career to the next level? Explore our online finance and accounting courses , which can teach you the key financial concepts you need to understand business performance and potential. Download our free course flowchart to determine which best aligns with your goals. To continue building your financial fluency, download our free Financial Terms Cheat Sheet .

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How to develop critical thinking skills in finance & accounting

Stephen Moir

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When it comes to finance and accounting roles, employers are increasingly looking for problem solvers, not a number-crunchers. Over recent years, we have seen an increasing demand for people who can analyse and interpret data and think critically.

What is critical thinking.

A critical thinker is a problem solver. They are able to evaluate complex situations, weigh-up different options and reach logical (and often quite creative) conclusions.

Critical thinkers are highly-valued by employers as they innovate and make improvements, without taking unnecessary risks. Chartered Accountants Australia and New Zealand recently identified that it was in the top 10 attributes that will help you get noticed in the job market.

Why are critical thinking skills important?

Once you have learnt how to develop critical thinking skills you will be better able to add value to data, interpret trends within the business, understand how people and performance intersect and take-on broader commercial outlook that benefits the business.

How to develop critical thinking skills

Critical thinking comes naturally to some people, but it is also a skill than can be practiced. Here are some tips for how to develop your own critical thinking skills :

• Examine: Self-awareness is the foundation of critical thinking. It allows you to play to your strengths and address your weaknesses. Question how and why you do things the way you do.
• Analyse: Look for opportunities to grow and improve. Consider alternative solutions to the problems you encounter in your work.
• Explain:  Clear communication is key. Get into the habit of talking through your reasoning and conclusions with colleagues.
• Innovate: Develop an independent mind-set. Find ways to think outside the box and challenge the status quo. Make sure your decisions are well-thought out. A critical thinker is logical as well as creative.
• Learn: Keep an open and well-oiled mind. Brush-up on your problem-solving skills by doing brain-teasers or trying to solve problems backwards. Keep up-to-date with professional learning opportunities . You may also need to unlearn past mindsets in order to grow and move forward.

How to apply critical thinking skills in your current role

Could you implement a new process or procedure that enhances performance or profitability? You might also consider volunteering for a new project or responsibility that gives you the opportunity to innovate and take on a new challenge. It’s a great way to broaden your skillset and gain exposure to other parts of the business.

Surround yourself with other critical thinkers in the organisation and work together towards achieving a problem-solving culture. Ask questions, and always look for opportunities for continual learning.

Changing roles to develop critical thinking skills 

At Moir Group, we are passionate about finding the right cultural fit between people and the organisations they work with. If you are a critical thinker, it’s worth looking for a stimulating work environment that encourages innovation and non-conformist thinking when considering your next role.

How to demonstrate critical thinking skills at an interview

During an interview, use examples from your past experiences to demonstrate your problem-solving abilities. Show that you can be analytical, weigh-up pros and cons, consider other view points and be creative in your solutions. Clearly articulating your thought process is key.

Sometimes an interviewer will ask you to simplify the complex as a way of determining your clarity of thought. For example: “How would you explain the state of the economy to a kindergarten child?” In instances like these, the focus will be on how you explain your reasoning, rather than achieving a ‘right’ answer. Learn more here.

If you’re looking to take that next step in your career, we can help. Get in touch with us here .

2 Responses to “How to develop critical thinking skills in finance & accounting”

Hi Stephen,

The above is very useful and very valuable for employers. However my understanding of critical thinking is slightly different from above. I recently listened to a course in critical thinking by Professor Steven Novella of Yale School of Medicine. To keep it simple it is to do with assessing the veracity of views and statements made by oneself, others and media being constantly aware of the many biases, the flaws and fabrications of memory, half truths, unspoken truths, and even lies. So it becomes key to adopt an inquisitive mindset, to look for external evidence that supports argument and not just wishful or hopeful thinking.

Just wanting to add to the debate as this is a really important area.

Hi Richard,

We are pleased that found this article useful. Thanks for your sharing your thoughts about critical thinking.

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Moir Group acknowledges Traditional Owners of Country throughout Australia and recognises the continuing connection to lands, waters and communities. We pay our respect to Aboriginal and Torres Strait Islander cultures; and to Elders past and present and encourage applications from Aboriginal and Torres Strait Islander people and people of all cultures, abilities, sex, and genders.

Analytical Skills For Accountants

Table of Contents

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Unlock Your Career Destiny: Explore Exciting Job Opportunities and Apply Today

1. Diverse Career Opportunities

• Public Accounting: Public accountants work for firms that provide accounting services to other businesses and individuals. This includes auditing, tax preparation, and consulting services.
• Management Accounting: Management accountants, also known as corporate accountants, work within companies to help manage financial records, budget planning, and strategic financial planning.
• Government Accounting: Government accountants manage public funds, ensure compliance with regulations, and conduct audits for government agencies.
• Internal Auditing: Internal auditors assess and improve the effectiveness of risk management, control, and governance processes within organizations.
• Forensic Accounting: Forensic accountants investigate financial discrepancies and fraud, often working with law enforcement agencies or as consultants in legal cases.

2. Educational Requirements and Professional Certifications

• Certified Public Accountant (CPA): The CPA designation is highly regarded and often required for advanced positions in public accounting and auditing. It demonstrates expertise and a commitment to maintaining high professional standards.
• Certified Management Accountant (CMA): The CMA certification focuses on financial management and strategy, making it ideal for those interested in corporate accounting and management roles.
• Certified Internal Auditor (CIA): The CIA designation is essential for professionals specializing in internal auditing, risk management, and governance.
• Certified Fraud Examiner (CFE): For those interested in forensic accounting and fraud investigation, the CFE certification provides specialized knowledge and skills.

3. Skills Acquired Through an Accounting Degree

• Analytical Skills: Accountants must analyze financial data, identify trends, and make informed decisions based on their findings.
• Attention to Detail: Accuracy is crucial in accounting, and professionals must meticulously review financial documents to ensure correctness.
• Mathematical Proficiency: Strong mathematical skills are essential for calculating figures, preparing financial statements, and performing quantitative analysis.
• Technological Proficiency: Modern accounting relies heavily on technology, and accountants must be proficient in using accounting software, spreadsheets, and other digital tools.
• Communication Skills: Accountants need to clearly communicate financial information to clients, colleagues, and stakeholders, both in writing and verbally.

4. Job Market Demand and Stability

5. Competitive Salary and Compensation

6. work-life balance and flexibility, 7. impact of technology on accounting careers, 8. ethical considerations and professionalism, 9. global accounting practices and opportunities, 10. networking and professional associations.

11. Future Trends in Accounting

• Sustainability and Environmental Accounting: As businesses focus more on sustainability, accountants are increasingly involved in measuring and reporting environmental impact and sustainability metrics.
• Data Analytics and Big Data: The ability to analyze large datasets and extract meaningful insights is becoming more important. Accountants with data analytics skills are in high demand.
• Cybersecurity: Protecting financial data from cyber threats is a growing concern. Accountants must be knowledgeable about cybersecurity practices and risk management.
• Blockchain Technology: Blockchain is transforming how financial transactions are recorded and verified. Understanding this technology and its implications is becoming essential for accountants.

12. Preparing for a Career in Accounting

• Education: Pursue a degree in accounting from an accredited institution. Consider programs that offer internships or cooperative education opportunities.
• Certifications: Plan to obtain relevant professional certifications, such as the CPA, CMA, or CIA. These certifications enhance credibility and career prospects.
• Develop Skills: Focus on developing essential skills such as analytical thinking, attention to detail, communication, and proficiency in accounting software. Take advantage of workshops, online courses, and professional development opportunities to continually improve your skills.
• Prepare for Certifications: Research the requirements for certifications such as the CPA exam and create a study plan. Dedicate time to study and review exam materials to increase your chances of passing.
• Build a Professional Resume: Tailor your resume to highlight relevant coursework, internships, and skills. Emphasize any leadership roles, volunteer work, or extracurricular activities that demonstrate your commitment to the field.
• Ace Interviews: Practice answering common interview questions and be prepared to discuss your accounting knowledge, experiences, and career goals. Showcase your enthusiasm for the profession and your readiness to contribute to potential employers.
• Stay Informed: Stay updated on industry trends, regulatory changes, and advancements in accounting technology. Subscribe to industry publications, follow thought leaders on social media, and participate in online forums to stay informed and engaged.

13. Work Environment in Accounting

• Public Accounting Firms: Fast-paced and client-focused environment, with opportunities to work on diverse projects and industries.
• Corporate Accounting Departments: Stable and structured environment, often with opportunities for career advancement within the company.
• Government Agencies: Involved in public finance and compliance, with a focus on accountability and transparency.
• Nonprofit Organizations: Mission-driven environment, with a focus on financial stewardship and accountability.

14. Challenges in Accounting Careers

• High Standards of Accuracy: Accountants must maintain high levels of accuracy and attention to detail in their work. Errors can have significant financial implications for businesses and clients.
• Regulatory Complexity: Keeping up with evolving accounting standards, tax laws, and regulations requires ongoing education and compliance efforts.
• Workload Variability: Certain roles, such as tax accountants during tax season or auditors during financial reporting periods, may experience periods of high workload and tight deadlines.
• Technological Disruption: Rapid advancements in technology, such as automation and AI, are reshaping the accounting profession. Accountants must adapt to new technologies and acquire new skills to remain competitive.
• Ethical Dilemmas: Accountants may face ethical dilemmas related to financial reporting, client confidentiality, and conflicts of interest. Upholding ethical standards is essential for maintaining trust and integrity in the profession.

15. Conclusion: The Value of an Accounting Degree

Overview of Accounting and Finance

What is accounting.

• Financial Accounting: Preparing financial statements and reports for external stakeholders.
• Management Accounting: Analyzing financial data to assist management in decision-making.
• Tax Accounting: Handling tax returns and ensuring compliance with tax regulations.
• Auditing: Reviewing financial statements and practices to ensure accuracy and compliance.

What is Finance?

• Corporate Finance: Managing a company’s capital structure, funding, and investment decisions.
• Investment Banking: Assisting companies in raising capital, mergers and acquisitions, and financial advisory services.
• Asset Management: Managing investment portfolios for individuals or institutions.
• Risk Management: Identifying, analyzing, and mitigating financial risks.

Educational Requirements

Accounting education.

• Financial Accounting
• Managerial Accounting
• Accounting Information Systems
• Business Law and Ethics

Finance Education

• Corporate Finance
• Investment Analysis
• Financial Markets and Institutions
• Portfolio Management
• Risk Management
• International Finance

Skill Sets Required

Skills for accountants.

• Analytical Skills: Ability to analyze financial data and identify trends and discrepancies.
• Attention to Detail: Precision in recording and reporting financial transactions.
• Mathematical Proficiency: Strong numerical skills for accurate financial analysis.
• Technological Proficiency: Familiarity with accounting software and information systems.
• Communication Skills: Ability to explain financial information clearly to stakeholders.

Skills for Financial Professionals

• Analytical Skills: Strong ability to assess financial statements, investment opportunities, and market trends.
• Strategic Thinking: Capability to develop long-term financial strategies and plans.
• Quantitative Skills: Proficiency in mathematical modeling and statistical analysis.
• Problem-Solving Skills: Ability to develop innovative solutions to financial challenges.
• Interpersonal Skills: Strong communication and relationship-building skills for client interaction.

Career Paths and Advancement

Accounting career path.

• Staff Accountant
• Junior Auditor
• Tax Associate
• Senior Accountant
• Financial Analyst
• Audit Manager
• Tax Manager
• Accounting Manager
• Director of Finance
• Chief Financial Officer (CFO)
• Forensic Accounting
• Environmental Accounting
• International Accounting

Finance Career Path

• Investment Banking Analyst
• Risk Analyst
• Senior Financial Analyst
• Portfolio Manager
• Financial Consultant
• Investment Manager
• Vice President of Finance
• Chief Investment Officer (CIO)
• Wealth Management
• Hedge Fund Management
• Private Equity
• Corporate Treasury

Job Market and Opportunities

Demand for accountants.

• Public Accounting
• Corporate Accounting
• Government and Non-Profit Accounting

Demand for Financial Professionals

• Investment Banking
• Asset Management
• Financial Planning and Advisory Services

Salary and Compensation

Accounting salaries.

• Entry-Level Accountant: $50,000 – $65,000 per year
• Senior Accountant: $70,000 – $90,000 per year
• Accounting Manager: $90,000 – $120,000 per year
• CFO: $150,000 – $250,000+ per year

Finance Salaries

• Financial Analyst: $60,000 – $80,000 per year
• Investment Banker: $100,000 – $150,000+ per year
• Portfolio Manager: $100,000 – $200,000+ per year
• CFO/CIO: $200,000 – $400,000+ per year

Work-Life Balance

Accounting work-life balance.

• Audit Cycles
• Regulatory Deadlines

Finance Work-Life Balance

• Market Hours
• Deal Cycles
• Client Demands

Impact of Technology

Technology in accounting.

• Accounting Software (e.g., QuickBooks, SAP)
• Automation and AI in Bookkeeping
• Blockchain for Secure Transactions
• Data Analytics for Financial Insights

Technology in Finance

• Fintech Innovations
• Algorithmic and High-Frequency Trading
• Blockchain and Cryptocurrencies
• Big Data and Predictive Analytics

Ethical Considerations

Ethics in accounting.

• Transparency and Accuracy in Reporting
• Conflict of Interest
• Confidentiality
• Compliance with Regulations

Ethics in Finance

• Insider Trading
• Market Manipulation
• Fiduciary Responsibility
• Transparency in Advising Clients

Global Perspectives

Accounting on a global scale.

• Navigating Different Regulatory Environments
• Cross-Border Taxation Issues
• International Mergers and Acquisitions

Finance on a Global Scale

• Currency Risk Management
• International Investment Strategies
• Geopolitical Risk Analysis
• Compliance with Global Financial Regulations

Networking and Professional Associations

Accounting professional associations.

• Access to Continuing Education
• Networking Events and Conferences
• Industry Publications and Research

Finance Professional Associations

• Certification Programs (e.g., CFA, CFP)
• Networking and Career Advancement
• Industry Research and Publications

Future Trends

Emerging trends in accounting.

• Integration of AI and Machine Learning
• Expansion of Forensic Accounting
• Emphasis on Environmental, Social, and Governance (ESG) Reporting

Emerging Trends in Finance

• Fintech Disruption
• Growth of Sustainable and Impact Investing
• Enhanced Role of Data Analytics and AI
• Evolution of Digital Currencies

Technology Integration in Accounting

Streamlining Processes With Automation

Harnessing the power of artificial intelligence, leveraging cloud computing for enhanced efficiency, improving accuracy with advanced data analytics.

Enhancing Collaboration Through Integrated Software Systems

Addressing cybersecurity concerns in a digital era, adapting to the changing role of accountants in the digital age.

Overcoming Challenges and Maximizing the Benefits of Technology Integration

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What Are the Legal Liabilities of an Accountant?

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• Business Partner
• Strategic Partner
• Problem Solving
• Communication
• Strategic Thinking
• Influencing

Problem Solving Skills For Accountants

Problem solving skills for accountants are so valuable because businesses are full of problems that need solving – and almost all business problems have some kind of financial impact.

Therefore accountants with problem solving skills are highly valuable.

As a technically proficient accountant you understand many technical solutions to finance problems and issues.

You know what complies with the rules, what is possible and what is not.

However there comes a time when you are faced with problems that are difficult, eiether because they aren’t well-formed, are ambiguous or complex.

Complex problems

These are problems where there is no right answer and the issues span multiple disciplines and departments.

Developing problem-solving skills will set you apart from your colleagues, as you will be able to help solve these complex problems.

For instance, you will be a vital resource for developing the finance function.

You’ll also become a valued partner to other non-financial managers.

You will be able to propose solutions that work for you and them.

You can also ensure that they work within the financial constraints that you understand well.

Understanding business problems

The first step is to understand the problem thoroughly. To examine it from every relevant angle and understand it in context.

This means understanding the business, what is important and what would be right for the business – not just finance.

Lateral thinking for problem solving

Solving a business problem often requires lateral thinking – coming at things from a new perspective.

With your financial and analytical mind you can bring a valuable perspective that your colleagues may lack.

If you are able to develop lateral thinking skills you can make a significant contribution to the debate. Particularly when you use these alongside and combined with your technical and analytical approach.

Creative ideas

Accountants aren’t always noted for their creative thinking. Therefore being able to suspend judgement and think creatively and imaginatively can give you an edge over others. Because this enables you to bring something unique and different to the discussion.

Learning to think creatively can be liberating and fun. But it can also produce some new insights and innovations.

These can make everyone’s lives more productive and set you apart from your colleagues.

Proposing solutions

Having great ideas is one thing, but arguing the case for them and presenting your proposed solutions to your colleagues and decision-makers is another.

Being able to see – and sell – the benefits of a solution requires an insight into the business, your colleagues and the office politics that inevitably exist.

Why are problem solving skills for accountants so important?

Most business problems have a financial dimension and as accountant you have unrivalled expertise.

An accountant who can proactively solve business problems will be a highly valuable asset for any business..

Being a creative problem-solver may not be your natural strength, but these skills can be learnt and developed.

You have a huge opportunity to become a highly valued member of the team if you can develop your problem solving skills.

How are you developing your problem solving skills?

Do you have sufficient understanding of the business to propose solutions that will be accepted, how adept are you at persuading others of the merits of your solution, which of the  other key soft skills for accountants  do you need to develop, discover the seven essential soft skills for accountants download the report now.

There are some key soft skills to focus on as your finance career progresses.

Find out which they are by downloading the free report.

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Prefer to talk it out, more ways to connect, start today, see surgent in action, have a question, 5 ways to develop your data analysis skills for accountants .

In today’s data-driven world, accounting, auditing and finance professionals are no longer limited to crunching numbers manually. The rapid evolution of technology has allowed them to expand their skill sets and embrace data analysis. Data analysis skills are crucial for those seeking to thrive in an increasingly competitive and technology-driven environment. By honing their data analysis skills, accounting, auditing and finance professionals can perform their tasks more efficiently and deliver valuable insights to their clients or employers. 

As the profession adapts to the digital age, accounting, auditing and finance professionals must stay up-to-date with the latest tools and techniques. In this article, we’ll explore the importance of data analysis skills, key components of effective data analysis and five key strategies to boost your data analysis skills for accountant success. Finally, it will discuss how to measure your progress in improving data analysis skills and why Surgent’s Core Data Analytics education series is the best option for those seeking to improve data analysis skills. 

Key components of effective data analysis  

In order to become proficient in data analysis, it’s important first to grasp what it means to execute effective data analysis. Accounting, auditing and finance professionals must learn several key concepts and techniques. These components include: 

• Data collection: Professionals must be able to gather relevant data from various sources, such as financial statements, transaction records and external databases. This requires an understanding of the available data sources and tools, as well as the ability to identify which data is relevant for the specific analysis being conducted. 
• Data cleaning and preprocessing: Raw data often contains errors, discrepancies or inconsistencies that can compromise the quality of the analysis. Accounting, auditing and finance professionals must be proficient in data cleaning techniques to ensure that the data used for analysis is accurate and reliable. 
• Data visualization: Visualizing data using graphs, charts and other visual aids is crucial for accountants seeking to communicate insights effectively. By presenting data in a visually appealing manner, accounting, auditing and finance professionals can help stakeholders understand complex financial information more easily. 
• Statistical analysis: Finance professionals must be familiar with various statistical techniques, such as descriptive statistics, inferential statistics and regression analysis, to extract meaningful insights from data. 
• Critical thinking and problem-solving: Effective data analysis requires critical thinking and problem-solving skills to identify patterns, trends and insights in the data that can help improve financial processes and decision-making. 

5 ways accountants can use data analytics  

Data analysis skills are invaluable for accounting, auditing and financial professionals. By analyzing data, they can identify patterns, trends and insights that can help streamline financial processes, improve decision-making and increase profitability. This helps them deliver more value to their clients or employers and helps them stand out from their peers who lack these skills. 

Let’s dive into five strategies accounting, auditing, and financial professionals can use in data analytics. 

Improve audit quality using data analytics  

One of the primary responsibilities of accountants is to perform audits and ensure the accuracy and integrity of financial information. By leveraging data analytics tools, accountants, auditors and other financial professionals can improve the quality of their audits and detect potential issues more effectively. Some ways to enhance audit quality using analytics tools include: 

• Risk assessment: Financial professionals of all types can use data analytics to identify high-risk areas within financial statements and prioritize their audit efforts accordingly. This allows for a more targeted and efficient approach to auditing. 
• Anomaly detection: Data analytics tools can help identify unusual transactions or patterns that may indicate fraud or errors. By detecting these anomalies early, accountants, auditors and financial professionals can take corrective action and prevent potential financial losses. 
• Continuous auditing: Implementing continuous auditing processes using data analytics can help monitor financial information in real time, allowing one to identify and address issues as they arise rather than waiting for periodic audits. 

Provide better investment advice with predictive models  

With strong predictive models, accountants, auditors and financial professionals can more accurately forecast market movements and make valuable prescriptions. 

Accountants, for instance, often advise clients or employers on investment decisions. Developing strong predictive models using data analysis techniques can provide more accurate and reliable investment advice. Some steps to create effective predictive models include: 

• Data selection: Choose relevant data points, such as historical financial performance, market trends and economic indicators, to build predictive models. 
• Model development: Use statistical techniques, such as regression or time series analysis, to develop models that forecast future financial performance or market trends. 
• Model validation: Test the accuracy and reliability of the models using historical data to ensure that they provide reliable predictions. 
• Model refinement: Continuously update the models as new data becomes available to maintain accuracy and relevance. 

Increase accuracy in budgeting using data analytics  

Accurate budgeting and cost estimation are crucial for financial planning and decision-making. By improving cost estimation using data analysis techniques, accountants, auditors and financial professionals can help their clients or employers create more accurate budgets and allocate resources more effectively. Some ways to enhance cost estimation using data analysis include: 

• Historical data analysis: Analyze historical cost data to identify patterns and trends that can help predict future costs more accurately. 
• Cost drivers identification: Identify the factors that drive costs, such as production volume, labor costs or material prices, and analyze their impact on overall costs. 
• Scenario analysis: Use data analysis to create various cost scenarios based on different assumptions and variables, allowing clients or employers to make informed decisions about resource allocation. 

Deliver financial reports quicker using data analysis  

Timely and accurate financial reporting is essential for decision-making and regulatory compliance. By leveraging data analytics, accountants can streamline the financial reporting process and deliver reports more quickly. Some ways to accelerate financial reporting using data analytics include: 

• Automation : Automate routine tasks using data analytics tools and software, such as data entry and reconciliation. This not only saves time but also reduces the risk of human error. 
• Real-time data access: Implement systems that provide real-time access to financial data, enabling accountants to generate reports on-demand and respond to stakeholder inquiries more quickly. 
• Standardization : Standardize financial reporting processes to ensure consistency and reduce the time required to prepare financial reports. 
• Data visualization: Use data visualization tools to present visually appealing and easily understandable financial information, reducing the time required to analyze financial reports. 

Manage business risks using predictive analytics  

Risk management is a critical aspect of the financial profession. By leveraging predictive analytics, accountants, auditors and other financial professionals can identify potential risks early and take corrective action to minimize their impact. Some ways to manage business risks using predictive analytics include: 

• Risk identification: Use data analytics to identify potential risks, such as fraud, compliance violations, or cybersecurity threats. 
• Risk assessment : Use statistical techniques and predictive modeling to assess the likelihood and potential impact of identified risks. 
• Risk mitigation : Develop strategies to mitigate identified risks, such as implementing internal controls or increasing cybersecurity measures. 
• Risk monitoring: Continuously monitor identified risks and adjust risk management strategies to minimize their impact. 

Surgent’s education series helps you hone data analytics skills  

Surgent’s Core Data Analytics education series is an excellent resource for accountants, auditors, and financial professionals seeking to improve their data analysis skills. This comprehensive, 10-part, and on-demand program provides in-depth training on key data analysis concepts and techniques, including data extraction, data preparation, formulas, and other key Microsoft Excel and Power BI functions. The program also covers more advanced topics such as data modeling, advanced formulas, AI, and data visualization. 

The Core Data Analytics education series is designed to be flexible, allowing accountants to learn at their own pace and on their schedule. The program is delivered entirely online, making it accessible to accountants anywhere in the world. Additionally, the program is taught by industry experts with extensive experience in data analysis and accounting, ensuring that students receive high-quality instruction. 

Improve your skills in evaluating business performance, identifying and managing risk, and analyzing customer behavior to anticipate market trends. Learn more about Surgent’s Core Data Analytics education series. 

Data analysis skills are essential for accounting profession  

Data analysis skills are essential for accountants, auditors and financial professionals seeking to succeed in today’s technology-driven environment. By honing their data analysis skills, accountants can perform their tasks more efficiently, deliver valuable insights to their clients or employers, and stand out from their peers.  

In this article, we’ve explored the importance of data analysis skills in accounting and five strategies to boost your data analysis skills for success. Additionally, it has discussed why Surgent’s Core Data Analytics education series is the best way to hone data analytics skills. By investing in data analysis skills, accountants can take their careers to the next level and achieve long-term success. 

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• The joys of problem solving
• Student e-magazine

Many accountants enjoy problem solving more than number crunching. So what typical problems can you look forward to cracking at work? Iwona Tokc-Wilde reports

Problem solving is something that accountants and finance professionals deal with virtually every working day. In fact, a recent survey by Robert Half shows it is this part of working in the profession that they like best: 41% of accountants say solving problems gives them the most job satisfaction, compared to just 22% who prefer working with numbers.

‘Accountants are usually excellent at dealing with detail and spotting patterns, which makes them good at – and enjoy – problem solving,’ comments Andi Lonnen, founder and director of Finance Training Academy.

If you are at the beginning of your journey into the profession and enjoy tackling problems, you have a head start. Problem solving is also a skill that is one of the 10 most sought-after trainee skills globally (see 'Related links').

Why problem-solving skills are so important

‘The role of accountancy and finance has shifted from a pure focus on fiscal control to one where it has an impact on the business,’ says Phil Sheridan, managing director at Robert Half.

‘The requirement for problem-solving skills is part of this transition as, by mining data and analysing trends, accountants are now translating numbers into actionable insights for the business and are increasingly being seen as strategic partners.’ By putting their data skills and their problem-solving skills to work together, they also help uncover potential areas for concern.

It is vital for accountants in practice to correctly identify, analyse and solve problems too.

‘As trusted advisers, it’s our role to look at everything in detail to pick-up anomalies, patterns and correlations in order to advise our clients on how to take things forward,’ says Shahzad Nawaz of AA Accountants. If they fail to pick up and analyse problems correctly, the accounts could be wrong.

‘This means the business owner would be relying on incorrect data, which could have a detrimental effect on the future of the business. And, of course, if external stakeholders are relying on the data, then we could potentially be misleading them too.’

Incorrect accounts could also have other serious knock-on effects.

‘If the accounting figures are incorrect, then the tax payments relating to the company will be incorrect too. Later on, the client could find themselves with additional tax to pay – with interest,’ says Tanya Addy of BHP Chartered Accountants. 

‘Inaccurate accounting can also land businesses in serious commercial difficulties especially if, as a result, directors/owners have been taking more salary or dividends from the business than they were entitled to. In the worst case scenario, it could even lead to closure of the business.’

Problem solving at work

There are many areas where trainee and new accountants can practise solving problems, depending on the job you are doing.

‘If it’s accountancy, you’ll be looking at helping a business with cash flow, debtors and improving their record-keeping,’ says Nawaz.

At the nitty-gritty level, you will be reconciling control accounts, trying to understand why an account might not be balancing and investigating and clearing old items on reconciliations.

‘The work to balance an account involves finding out what the problem is and then resolving it, for example identifying and correcting transposition errors,’ says Lodden.

If you work in tax, you’ll be involved in advising a client on how much tax they will need to pay (and how much tax they can save) in a particular year.

‘This will require a review of the information provided by the client, such as bank statements and expenses, analysing which expenses incurred are allowable and disallowable for taxation, quantifying the results and communicating them to the client and to tax authorities,’ explains Carolyn Napier, senior ACCA tutor at London School of Business and Finance. 

You will also be dealing with tax implications, and tax cost for both employer and employee, of providing benefits.

‘You will need to ascertain which benefits are taxable and which are tax-free, and then you’ll need to "solve the problem" of which tax or taxes are due and payable, and by what date,’ says Napier.

In industry, you may be given the opportunity to help analyse projects, and communicate your findings to various parts of the business.

‘This is where new and trainee accountants will need to be prepared to utilise their problem-solving skills – noting anomalies and seeking clarification on areas of uncertainly will ensure that a clearer picture can be obtained,’ says Sheridan.

Deborah Adigun-Hameed is an accountant and junior financial analyst at BlueBay Asset Management. By utilising her problem-solving aptitude and skills, she has been involved in major decisions that shape the company she works for.

‘I’ve contributed to key strategic discussions about which market and products are profitable, what we should be selling and how we compare with our competitors,’ says Adigun-Hameed.

‘I may be newly qualified, but my informed opinions and advice are really valued by the management.’

Both in practice and in industry, accountants are also increasingly called upon to help solve technology problems – for example, when a business intends to implement new business software solutions. They help with the evaluation and selection of a solution, and with planning and execution of the implementation process. They also assist in testing the new system and facilitate going live when the system is ready.

Hone your problem-solving skills

Problem solving is about using logic and your technical expertise to assess a situation and to come up with a workable solution. It is connected to other skills such as level-headedness and resilience, analytical skills and good teamworking skills.

It also requires creativity, which is best learnt through collaboration – brainstorming with others to clarify the problem, generate ideas and create as many potential solutions as possible. When putting forward ideas, be confident in your contributions.

‘Everyone, including those newly-qualified, has something to offer,’ says Adigun-Hameed.  ‘Always think outside of the box, as cliché as that may sound. No new idea is insignificant. Innovation can be incremental; change can be small or radical.’

Improving your listening and communication skills will also make you a better problem solver.

‘Learning to communicate well is vital as you need to build rapport with clients. If you have a good rapport with someone, you are confident to ask questions, which is how you can pin down problems and find answers to those problems,’ says Nawaz.

Above all else, getting practical on-the-job experience is how you can get really good at problem solving.

‘The first control account a trainee tends to tackle and perfect is the bank control account; every trainee accountant has had to look for that 1p difference – as painful as that sounds, it certainly helps you learn,’ says Lauren Burt, client manager at EST Accountants and Tax Advisers.

"Everyone, including those newly-qualified, has something to offer. Always think outside of the box, as cliché as that may sound. No new idea is insignificant. Innovation can be incremental; change can be small or radical" Deborah Adigun-Hameed - BlueBay Asset Management

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Accounting Analytical Skills

by Kirk Thomason

Published on 26 Sep 2017

Accountants typically have a wide skill set they apply to a company’s financial information. These include analytical skills, which are those specific skills that help accountants use logic to solve problems. Problem solving is just one issue an accountant must overcome in this industry. Most accountants have some level of analytical skills that help them perform various duties.

Mathematical

Mathematical skills are among the base skill set of an accountant. Individuals need to recognize numbers and how they can use them to get a specific answer. Solving ratios and equations are often the most-common mathematical skills accountants use in their job. The ability to read information and select which information is necessary to compute an answer is akin to many word problems found in mathematics.

Critical Thinking

Critical thinking is another analytical skill. While all individuals have natural critical thinking skills, accountants must focus their critical thinking on financial information. Accountants improve their critical thinking skills through formal accounting education. This allows them to understand the purpose of accounting principles and how to apply the principles to a company’s financial information and business practices.

Problem Solving

Accountants are no longer simple number crunchers. Many companies leverage their accounting department’s analytical skills into a problem-solving capacity. Accountants must be able to quickly review information using mathematical and critical thinking skills. A solution to the problem is then necessary to advance the company’s operations. Accountants must know how to solve problems, be they simple accounting issues or complex business operations.

Formulating Plans

Businesses typically have extensive plans for various business operations. Accountants must be able to create plans that work in tandem with other departments. Formulating plans is usually a responsibility of upper-level accounting workers, such as senior staff accountants and/or accounting supervisors and managers. Analytical skills allow accountants the ability to review all plans made by other departments and work a financial plan into the company’s operations.

Top 12 Accounting Analyst Skills to Put on Your Resume

In today's competitive job market, having a standout resume is crucial for aspiring accounting analysts. Highlighting a mix of technical expertise, analytical prowess, and soft skills can significantly elevate your profile, showcasing your readiness to tackle complex financial tasks and contribute to organizational success.

Accounting Analyst Skills

1. quickbooks.

QuickBooks is accounting software designed to manage financial tasks such as invoicing, expense tracking, payroll, and financial reporting, aiding Accounting Analysts in maintaining accurate and efficient financial records for businesses.

Why It's Important

QuickBooks is important for an Accounting Analyst as it streamlines financial data management, enhances accuracy in financial reporting, and facilitates efficient budget tracking and analysis, ultimately improving decision-making and productivity.

How to Improve QuickBooks Skills

Improving QuickBooks for an Accounting Analyst involves leveraging add-ons, customizing reports, integrating with other tools, and staying updated on new features. Here's a concise guide:

Utilize Add-Ons : Enhance QuickBooks by integrating add-ons specific to your industry or analytical needs. Explore the Intuit Marketplace for apps that offer advanced analytics, data visualization, and inventory management.

Customize Reports : Tailor reports to your specific needs. Use the Custom Reports feature to modify existing templates or create new ones, focusing on the metrics most relevant to your analysis. QuickBooks provides a guide on customizing reports.

Seamless Integration : Connect QuickBooks with other tools you use for a more holistic view of the business. This could include CRM systems, e-commerce platforms, or specialized accounting software. Tools like Zapier can facilitate these integrations.

Stay Updated : Keep your QuickBooks updated to benefit from the latest features and improvements. Regular updates can enhance performance, security, and functionality. QuickBooks offers resources on how to update your software.

Training and Support : Invest in training to fully exploit QuickBooks' capabilities. Utilize the QuickBooks Training platform for tutorials, webinars, and courses tailored to various proficiency levels.

By implementing these strategies, an Accounting Analyst can significantly increase the efficiency and analytical power of QuickBooks, leading to more informed decision-making and streamlined financial processes.

How to Display QuickBooks Skills on Your Resume

Excel is a spreadsheet software developed by Microsoft, widely used by accounting analysts for organizing, analyzing, and storing financial data, performing complex calculations, and creating visual financial reports.

Excel is crucial for an Accounting Analyst as it allows for efficient organization, analysis, and presentation of financial data, enabling precise forecasting, budgeting, and decision-making.

How to Improve Excel Skills

Improving your Excel skills as an Accounting Analyst involves focusing on efficiency, accuracy, and advanced data analysis. Here are concise steps to enhance your Excel capabilities:

Master Keyboard Shortcuts : Learn Excel shortcuts to speed up your work. ExcelJet provides a comprehensive list.

Understand Advanced Formulas : Deepen your knowledge in formulas like INDEX-MATCH, SUMIFS, and array formulas. Corporate Finance Institute offers insights into advanced formulas.

Utilize Pivot Tables and Charts : Become proficient in summarizing data for analysis using Pivot Tables and creating dynamic charts. Excel Easy has tutorials on Pivot Tables.

Implement Data Validation : Ensure data integrity by using Excel's data validation feature. Contextures explains how to set up data validation.

Explore Power Query and Power Pivot : For handling large datasets and complex data models, learn to use Power Query and Power Pivot. Chandoo offers guides on these powerful tools.

Automate Repetitive Tasks with Macros and VBA : Save time by automating repetitive tasks using Macros and learning some VBA (Visual Basic for Applications). Excel Macro Mastery provides a beginner's guide.

Continuous Learning and Practice : Excel is constantly evolving; stay updated with new features and practice regularly. Microsoft Excel Help & Learning is a good resource for the latest updates and tutorials.

By focusing on these areas, you'll significantly improve your Excel skills, making your work as an Accounting Analyst more efficient and impactful.

How to Display Excel Skills on Your Resume

SAP is a comprehensive enterprise resource planning (ERP) software suite that integrates all key business functions, including accounting, finance, supply chain, and human resources, to streamline processes and data management across an organization. For an Accounting Analyst, SAP facilitates real-time financial reporting, analysis, and compliance management, enhancing decision-making and operational efficiency.

SAP is important for an Accounting Analyst because it streamlines financial processes, ensures accuracy in financial reporting, and enhances efficiency in managing financial data across various departments, enabling timely and informed decision-making.

How to Improve SAP Skills

Improving SAP (Systems, Applications, and Products in Data Processing) efficiency, particularly for an Accounting Analyst, involves enhancing both system performance and user competency. Here are concise steps with relevant resources:

Understand SAP Basics : Ensure a solid foundation by understanding SAP's core functionalities and how they integrate into accounting processes. SAP Training and Adoption offers resources for beginners to advanced users.

Customize Your Workspace : Tailor your SAP layout and reports to suit your specific accounting needs for efficiency. SAP Tips on Personalization can guide you through customization options.

Utilize SAP Fiori : SAP Fiori can streamline your processes with its user-friendly interface. Learn more about improving your workflow with Fiori at SAP Fiori User Experience .

Master Reporting Tools : Enhance your reporting skills with tools like SAP Crystal Reports. This can improve how you analyze and present data. Explore SAP Crystal Solutions for more on creating powerful reports.

Automate Processes : Identify repetitive tasks that can be automated, such as data entry or report generation, to save time. SAP’s Intelligent Robotic Process Automation can provide insights into automation opportunities.

Stay Updated : SAP systems evolve, so keeping your knowledge current is crucial. Follow SAP News for the latest updates and innovations.

Join SAP Community : Engage with other SAP users to share insights, troubleshoot issues, and discover best practices. The SAP Community is a great place to start.

Seek Feedback and Continuously Improve : Regularly ask for feedback from your team on the SAP reports and processes you manage. Use this feedback to make necessary adjustments and improvements.

By focusing on these areas, an Accounting Analyst can significantly enhance their efficiency and mastery of SAP, leading to better data management, analysis, and reporting within the organization.

How to Display SAP Skills on Your Resume

Oracle is a global technology company that offers a comprehensive and fully integrated stack of cloud applications, platform services, and engineered systems, including software solutions for finance and accounting processes, which are widely used by accounting analysts for financial data management, analysis, and reporting.

Oracle is important for an Accounting Analyst because it provides robust and comprehensive financial management solutions that streamline accounting processes, ensure accuracy in financial reporting, and enable data-driven decision-making.

How to Improve Oracle Skills

Improving your skills with Oracle, particularly for an Accounting Analyst role, involves a mix of training, practice, and community engagement. Here's a concise guide:

Oracle University : Start with Oracle's official training. Oracle University offers courses specifically tailored for financial applications and database management. Explore courses and certifications.

Practice with Oracle Cloud Free Tier : Gain hands-on experience by using Oracle Cloud Free Tier. It's an excellent way to apply what you learn in real-world scenarios without incurring costs. Sign up for free access .

Oracle Learning Explorer : For beginners, the Oracle Learning Explorer program offers free entry-level training and accreditations. Begin your learning journey.

Join Oracle Communities : Engage with Oracle communities. Websites like the Oracle Community or professional groups on LinkedIn offer invaluable insights, solve queries, and keep you updated on Oracle advancements.

Stay Updated : Oracle frequently updates its platforms. Keep abreast of the latest changes and improvements through Oracle Blogs and subscribing to Oracle Magazine.

Use Oracle Documentation : Oracle's extensive documentation can be a goldmine for learning specific functionalities relevant to accounting analytics. Dive into the documentation .

By following these steps and dedicating time to both learning and practical application, you can significantly improve your Oracle skills as an Accounting Analyst.

How to Display Oracle Skills on Your Resume

GAAP (Generally Accepted Accounting Principles) is a set of accounting standards and procedures used in the United States to ensure financial statements are consistent, transparent, and comparable across all businesses.

GAAP (Generally Accepted Accounting Principles) is crucial for an Accounting Analyst as it ensures consistency, reliability, and comparability of financial statements, facilitating accurate analysis, decision-making, and compliance with regulatory requirements.

How to Improve GAAP Skills

Improving GAAP (Generally Accepted Accounting Principles) involves several key actions tailored towards enhancing financial reporting standards and practices. As an Accounting Analyst, consider the following concise steps for improvement:

Continuous Education: Stay updated with the latest GAAP amendments and interpretations. The Financial Accounting Standards Board (FASB) offers resources and updates on GAAP standards.

Enhance Transparency: Work towards more transparent financial reporting by ensuring all relevant financial information is clearly disclosed in accordance with GAAP requirements.

Engage in Professional Development: Participate in GAAP-related training and professional development courses. Organizations such as the American Institute of CPAs (AICPA) offer courses and seminars on GAAP and its application.

Utilize Technology: Leverage accounting software and tools that are updated with the latest GAAP standards to ensure compliance and improve reporting accuracy.

Feedback and Advocacy: Provide feedback to standard-setting bodies like FASB on practical challenges and areas for improvement. Engaging in discussions and forums can influence positive changes in GAAP standards.

By focusing on these steps, an Accounting Analyst can contribute to the improvement of GAAP and enhance the quality of financial reporting.

How to Display GAAP Skills on Your Resume

IFRS (International Financial Reporting Standards) are globally accepted accounting standards designed to ensure financial statements are consistent, transparent, and comparable across international boundaries, facilitating global investment and economic decision-making for accounting analysts and other stakeholders.

IFRS (International Financial Reporting Standards) is important because it ensures consistency, comparability, and transparency in financial reporting across global markets, enabling investors, analysts, and other stakeholders to make well-informed decisions. For an Accounting Analyst, it provides a standardized framework for analyzing financial statements from different companies or countries, facilitating more accurate and efficient financial analysis and reporting.

How to Improve IFRS Skills

Improving International Financial Reporting Standards (IFRS) involves several key strategies that accounting analysts can consider. Here are concise recommendations:

Enhance Consistency : Ensure consistent application of IFRS across different jurisdictions by promoting global collaboration and convergence efforts. IFRS Foundation provides resources and updates on international convergence efforts.

Increase Transparency : Improve the transparency of financial statements by advocating for clearer disclosures and more detailed reporting requirements. The International Accounting Standards Board (IASB) regularly updates standards to enhance clarity.

Strengthen Education and Training : Invest in ongoing education and training for professionals on the latest IFRS standards and interpretations. The IFRS Foundation Education section offers a range of resources.

Leverage Technology : Utilize technology to ensure accurate and efficient reporting under IFRS. Accounting software providers often have resources, such as SAP IFRS, tailored to compliance.

Foster Stakeholder Engagement : Engage with stakeholders, including investors and regulatory bodies, to gather feedback on the practical implications of IFRS standards and potential areas for improvement. Forums and platforms like IFRS Discussion Forum facilitate such engagements.

Promote Research and Development : Encourage research on the impact of IFRS standards on financial reporting and market efficiency. Academic and professional research can be found through databases like SSRN and JSTOR .

Adapt to Emerging Trends : Continuously review and, if necessary, update IFRS standards to reflect emerging trends, such as digital currencies, sustainability reporting, and non-financial disclosures. Updates and insights on such trends can be monitored through IFRS Foundation's News section.

Implementing these strategies requires a collaborative effort among accounting professionals, regulatory bodies, and other stakeholders in the financial reporting ecosystem.

How to Display IFRS Skills on Your Resume

SQL (Structured Query Language) is a programming language used for managing and manipulating databases, enabling an Accounting Analyst to efficiently retrieve, update, and analyze financial data stored in relational database systems.

SQL is important for an Accounting Analyst as it enables efficient management and analysis of large financial datasets, facilitating precise data queries, reporting, and insights that support informed decision-making and strategic financial planning.

How to Improve SQL Skills

Improving SQL skills, especially for an Accounting Analyst, involves understanding database structures, mastering SQL queries, and analyzing financial data efficiently. Here are concise steps and resources to enhance your SQL capabilities:

Grasp SQL Basics : Start with understanding SQL syntax, data types, and basic commands (SELECT, INSERT, UPDATE, DELETE).

• W3Schools SQL Tutorial

Learn to Handle Complex Queries : Dive into more complex operations like JOINs, subqueries, and set operations to manipulate and analyze data effectively.

Understand Database Design : Knowing how databases are structured (tables, schemas) will help in writing efficient queries.

• Database Design Tutorial

Practice SQL on Real Accounting Datasets : Apply your skills on accounting-specific datasets to familiarize yourself with common scenarios and data types you'll encounter.

• Kaggle Datasets

Optimize SQL Queries for Performance : Learn how to write efficient queries that run faster and use fewer resources, important for large financial datasets.

• Use The Index, Luke!

Stay Updated and Keep Practicing : SQL is evolving, and new functions and features are regularly added. Regular practice and staying informed about updates are crucial.

• SQL Server Blog

By following these steps and utilizing the provided resources, you'll significantly improve your SQL skills, enabling you to perform your role as an Accounting Analyst more effectively.

How to Display SQL Skills on Your Resume

Tableau is a powerful data visualization tool used by accounting analysts to analyze, visualize, and share financial data through interactive dashboards and reports, enhancing decision-making and reporting efficiency.

Tableau is important for an Accounting Analyst because it allows for the efficient transformation of complex financial data into intuitive and interactive visualizations, enabling quicker insights, better decision-making, and streamlined reporting.

How to Improve Tableau Skills

To enhance your Tableau skills as an Accounting Analyst, focus on the following concise strategies:

Master Data Preparation : Before diving into Tableau, ensure your data is clean and organized. Tools like Tableau Prep can streamline this process.

Utilize Tableau Training Resources : Leverage the Tableau Training and Tutorials to learn new features and best practices.

Practice Financial Dashboard Creation : Focus on building dashboards relevant to accounting, such as financial performance metrics. Tableau's Financial Dashboard examples provide inspiration and templates.

Learn Tableau Calculations : Deepen your understanding of Tableau’s calculation functions to analyze financial data effectively. The Tableau Calculations Guide is a helpful resource.

Join the Tableau Community : Engage with the Tableau Community Forums to ask questions, share insights, and get advice from other accounting professionals using Tableau.

Stay Updated with Tableau Releases : Keep abreast of the latest Tableau features and updates to leverage any new tools that could benefit financial analysis. Visit Tableau's New Features page regularly.

By focusing on these areas, you'll enhance your Tableau proficiency, leading to more insightful and impactful financial analysis.

How to Display Tableau Skills on Your Resume

PowerBI is a business analytics tool by Microsoft that enables accounting analysts to visualize financial data, generate reports, and derive insights for informed decision-making.

PowerBI is crucial for an Accounting Analyst as it enables efficient data visualization, facilitates insightful financial analysis through interactive reports and dashboards, and enhances decision-making by uncovering hidden trends and patterns in financial data.

How to Improve PowerBI Skills

Improving PowerBI skills, particularly for an Accounting Analyst, involves focusing on data modeling, visualization, DAX (Data Analysis Expressions) mastery, and integrating accounting-specific data sources. Here's a concise guide:

Master DAX : Deepen your understanding of DAX for complex financial calculations and analysis. DAX Guide is an excellent resource.

Data Modeling : Learn to model your data efficiently for insightful, fast reports. The Power BI Data Modeling documentation offers a good start.

Visualization Best Practices : Enhance your reports with effective visualization techniques tailored for financial data. This Power BI Visualization Best Practices guide by Microsoft can help.

Automate Data Refresh : Schedule automatic data refreshes to ensure your reports are always up-to-date with the latest accounting data. Learn about it here .

Learn from the Community : Engage with the Power BI Community to exchange ideas and solutions specific to accounting analytics. The Power BI Community is a great place to start.

Advanced Training : Consider an advanced Power BI course tailored for finance professionals. Websites like Udemy or LinkedIn Learning offer courses designed for improving accounting-specific Power BI skills.

By focusing on these areas, you'll enhance your Power BI proficiency, leading to more insightful, efficient, and impactful financial reports and analyses.

How to Display PowerBI Skills on Your Resume

VBA (Visual Basic for Applications) is a programming language integrated into Microsoft Office applications, allowing accountants and analysts to automate repetitive tasks, perform complex calculations, and create custom functions and analysis tools in Excel.

VBA (Visual Basic for Applications) is important for an Accounting Analyst because it enables the automation of repetitive tasks, the customization of Excel functions to enhance data analysis, and the creation of user-defined functions and complex financial models, significantly increasing efficiency and accuracy in financial reporting and analysis.

How to Improve VBA Skills

To improve your VBA skills as an Accounting Analyst, focus on the following concise strategies:

Master the Basics : Start with the fundamentals of VBA, including syntax, variables, data types, and control structures. Excel Easy offers a great starting point.

Understand Object-Oriented Concepts : Learn how VBA manipulates Excel objects (like Workbooks, Sheets, and Ranges). The Microsoft Documentation provides thorough insights.

Practice with Real-World Scenarios : Apply your knowledge to solve common accounting tasks, such as automating financial reports or creating custom functions. Automate Excel has various examples and tutorials.

Learn Error Handling : Knowing how to debug and handle errors can save time and prevent crashes. Wise Owl Tutorials cover error handling comprehensively.

Utilize Advanced Features : Explore advanced VBA features like arrays, collections, and user forms to create more sophisticated scripts. Excel Macro Mastery is a resource for deep dives into complex topics.

Join Online Forums : Engage with communities on platforms like Stack Overflow or Reddit’s r/vba . Sharing issues and solutions can provide new insights and shortcuts.

Continuous Learning : Keep up-to-date with new functions and features. Websites like Chandoo.org offer tutorials and forums for ongoing learning.

By focusing on these areas and regularly practicing your skills, you'll progressively enhance your VBA capabilities, making your workflow as an Accounting Analyst more efficient and effective.

How to Display VBA Skills on Your Resume

11. Hyperion

Hyperion is a suite of financial management and analytics software developed by Oracle, designed to support financial reporting, budgeting, forecasting, and analysis processes for organizations. It helps Accounting Analysts streamline financial data management, enhance accuracy in financial reporting, and improve decision-making capabilities.

Hyperion is important for an Accounting Analyst because it provides advanced financial management and reporting tools, enhancing accuracy, efficiency, and strategic decision-making capabilities in financial analysis and forecasting.

How to Improve Hyperion Skills

Improving your Hyperion skills as an Accounting Analyst involves a few strategic steps focused on enhancing both your technical proficiency and understanding of financial data analysis within the Hyperion environment. Here’s a concise guide:

Official Oracle Training : Start with Oracle University’s Hyperion training courses, which cover everything from basics to advanced functionalities tailored for finance professionals.

Certification : Consider obtaining a Hyperion certification to validate your skills and knowledge, making you more proficient and marketable.

Online Forums and Communities : Join Hyperion-focused forums such as Oracle Cloud Customer Connect and Network54 Hyperion Forum , where you can ask questions, share insights, and learn from experienced professionals.

Practice and Real-Life Application : Apply what you learn in real-life scenarios or through simulation projects. The more you use Hyperion in varied contexts, the better you will understand its features and capabilities.

Stay Updated : Hyperion, like any Oracle product, evolves. Keep abreast of updates and new features through the Oracle Blog and official documentation .

Networking : Engage with peers and experts through LinkedIn groups or industry conferences. Connecting with other professionals can provide insights into how others are leveraging Hyperion effectively.

By focusing on these areas, you'll not only improve your Hyperion skills but also enhance your overall value as an Accounting Analyst in the finance sector.

How to Display Hyperion Skills on Your Resume

Xero is a cloud-based accounting software platform designed for small and medium-sized businesses, providing tools for managing invoices, bank reconciliation, expenses, payroll, and financial reporting.

Xero is important for an Accounting Analyst as it provides a comprehensive, cloud-based accounting platform that streamlines financial data management, enhances real-time financial analysis, and facilitates efficient collaboration with team members and clients, thereby improving decision-making and productivity.

How to Improve Xero Skills

Improving your experience with Xero as an Accounting Analyst involves optimizing its features for efficiency, accuracy, and insightful financial analysis. Here are concise tips:

Customize Dashboards : Tailor your Xero dashboard to display key financial metrics important for your analysis. Xero Dashboard Customization.

Automate Processes : Utilize Xero’s automation features for repetitive tasks like bank reconciliation and invoice reminders to save time. Bank Rules in Xero.

Utilize Add-ons : Explore Xero’s ecosystem of add-ons for specialized functions like advanced reporting, budgeting, or industry-specific solutions. Xero App Marketplace .

Enhance Reporting : Make use of Xero’s reporting features to create detailed financial reports. Custom reports can be saved for future use. Custom Reports in Xero.

Attend Xero Training : Enhance your Xero skills through official Xero training courses and webinars to stay up-to-date with new features and best practices. Xero Central Training.

Optimize Data Entry : Use tools like Xero’s “Find & Recode” to efficiently correct or update bulk transactions, reducing manual data entry errors. Find & Recode.

Leverage Xero Support and Community : Engage with Xero’s support team and user community for tips, troubleshooting, and best practices sharing. Xero Support .

Implementing these strategies will not only streamline your workflow but also enhance the quality of your financial analysis and decision-making within Xero.

How to Display Xero Skills on Your Resume

Related Career Skills

• Accounting Administrative Assistant
• Accounting Instructor
• Accounting Administrator
• Accounting Assistant
• Accounting Associate
• Accounting Auditor

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What is analytical problem solving.

There are some very common misconceptions and myths about analytical problem solving. Most candidates simply skim over this phrase on consulting profiles without thinking about the meaning. This post will tell you what management consulting firms like McKinsey , Bain and BCG mean by analytical problem solving.

You would be surprised at how many people believe that analytical thinking is something that comes instinctively, letting you do data analysis and pinpoint relevant information to get the key takeaways from complex problems. The truth is, these analytical skills are, more often than not, hard skills that you acquire through years of problem solving and critical thinking. They’re problem-solving skills that help you go from coming up with easy solutions to coming up with creative solutions that go the extra mile.

This is important advice so it is worth reading carefully – we’ll also go over some analytical and problem solving skills examples to help you understand better.

What is analytical problem solving

To be an analytical thinker does not mean you must have a degree in science, engineering, finance, economics or any other quantitative subject. While some subjects, like those listed, imply you could be analytical in your thinking, not having quantitative background does not mean you cannot think analytically. Thousands of candidates with quantitative backgrounds fail to get offers from McKinsey, Bain and BCG every year. Therefore, having a quantitative background can be an advantage, but it does not guarantee analytical problem solving ability.

Being analytical refers to the way you think and not to the problem you solve. This is a very important statement. Lawyers, social scientists, linguists and historians can all be extremely analytical in their thinking. Yet, they are not solving quantitative problems. So the problem is not what determines if you are analytical, it is the way you solve the problem.

Good analyses are grounded in hypotheses. Can you develop hypotheses? It always surprises us how many people do not know what is a hypothesis. A hypothesis is not the problem. It is not a fact. It is not an opinion. It is a statement which captures the observed phenomenon as well as the likely cause of the phenomenon. Both must be present for it to be a hypothesis. A surprising number of candidates do not understand this.

Are you able to reason using only the facts provided? Analytical thinkers are not unemotional. No one is unemotional. However, analytical thinkers are able to separate their emotion from the situation and use the data provided to arrive at a conclusion. Analytical problem solving means reasoning using facts and logic. Past experience or opinions which cannot be substantiated are ignored.

Can you assemble data and facts to develop an argument or line of reasoning? Analytical thinkers can take pieces of information, compare them and decide what the information is saying. They can assemble the information to produce new insight into the problem rather than simply restating the information.

Analytical thinkers do not blurt out answers. Assuming your answer is even correct, the fact that you knew the answer means you did not need to analyse the facts. Therefore, your analytical problem solving skill could not be tested.

Logic has nothing to do with numbers. There is a misconception that if your reasoning lacks numbers then it must be incorrect. That is ridiculous. In many consulting case interviews, you will need to reason based on logical arguments and with very little numbers. Your line of reasoning is more important than your final answer.

Analytical thinkers can show you how they arrived at the answer. This should be obvious, right? After all, it is the foundation of the case interview method. If you followed a path of reasoning to arrive at an answer, you should be able to explain that path to someone. That is why the method is used. The interviewer is more interested in how you arrived at the answer than the answer you developed. How you arrived at the answer shows the strength of your analytical problem solving skill.

Logical thinkers apply MECE , even if they do not know it. I have some impressive friends in the legal profession. Watching them reason and debate is worth doing so. When you ask them how they arrived at an answer or why they eliminated an option, you realize they are applying the rules of MECE perfectly. Yet, they never heard of MECE. Reason and logic is not exclusive to management consulting but is it essential to management consulting.

You do not need to know anything about an income statement, balance sheet or cash-flow statement to develop analytical skills. I should not need to say this but I will say it anyway. The thought process is more important than the topic. You can learn accounting and financial concepts when you need them. It is not very difficult to do so.

Analytical and problem solving skills examples

Below we share with you some examples of analytical and problem solving skills and how analytical skills are being tested during consulting case interviews.

McKinsey case interview examples 

• Complex McKinsey Interviewer led profitability case in Pharma (by FIRMSconsulting.com) 
• Comprehensive McKinsey hypotheses based case interview example (by FIRMSconsulting.com)
• McKinsey cost-benefit approach complex profit case interview example (by FIRMSconsulting.com)

BCG case interview examples

• Comprehensive BCG interviewer led market entry case interview example (by FIRMSconsulting.com) 

General case interview examples

• A comprehensive approach to brainstorming in case interviews (by FIRMSconsulting.com)
• Framework for a Bain, McKinsey, BCG acquisition case (by FIRMSconsulting.com)

Structured case interview analytical and problem solving skills development is needed

If you would like to get help with developing your analytical and problem solving skills, and fast track your case interview preparation, we welcome you to enroll into Premium membership .

There is nowhere else in the world where you can see real candidates trained by former partners from major consulting firms to help them develop analytical and problem solving skills. You will see the candidate’s progression through each step of the case interview preparation process, and how their analytical and problem solving skills are being developed. And you will see candidates receiving real offers from major firms such as Deloitte, McKinsey, or BCG.

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Types of Skills for Tax Accountants

Deep understanding of tax law and regulations, analytical and critical thinking, attention to detail, technological proficiency, communication and client service, adaptability and continuous learning, top hard skills for tax accountants.

Essential skills encompassing tax law, financial analysis, and software proficiency to ensure accuracy and compliance in fiscal management.

• Tax Law Proficiency
• Advanced Accounting Principles
• Financial Analysis
• Regulatory Compliance
• Tax Preparation Software Expertise
• Corporate Tax Planning
• Audit Processes and Procedures
• International Taxation
• Data Management and Analytics
• Excel and Financial Modeling

Top Soft Skills for Tax Accountants

Empowering meticulous and ethical tax services through adaptive communication, critical thinking, and steadfast client dedication in a dynamic regulatory landscape.

• Client Confidentiality and Discretion
• Effective Communication
• Problem-Solving and Critical Thinking
• Time Management and Organization

Adaptability to Regulatory Changes

• Interpersonal Skills and Client Relationship Management
• Professional Skepticism and Ethical Judgment
• Stress Management and Resilience
• Continuous Learning and Professional Development

Most Important Tax Accountant Skills in 2024

Advanced tax knowledge and regulation compliance, proficiency in tax software and technology, strategic financial planning, effective communication and client service, problem-solving and analytical thinking, integrity and ethical judgment.

Show the Right Skills in Every Application

Tax accountant skills by experience level, important skills for entry-level tax accountants, important skills for mid-level tax accountants, important skills for senior tax accountants, most underrated skills for tax accountants, 1. active listening, 2. critical thinking, 3. emotional intelligence, how to demonstrate your skills as a tax accountant in 2024, how you can upskill as a tax accountant.

• Stay Abreast of Tax Legislation: Regularly update your knowledge of current tax laws and regulations by attending webinars, subscribing to tax law updates, and participating in continuing professional education (CPE) courses.
• Master Tax Software and Technology: Enhance your proficiency in tax preparation and research software, and stay informed about emerging technologies such as AI and blockchain that are impacting the tax industry.
• Develop Specialized Expertise: Consider focusing on niche areas such as international tax, estate planning, or non-profit taxation to differentiate yourself and provide specialized services.
• Expand Your Understanding of Business Structures: Gain a deeper understanding of different business entities and their tax implications to better advise clients on tax planning and compliance.
• Improve Data Analysis Skills: Learn to leverage data analytics tools to interpret financial data more effectively, which can aid in strategic tax planning and decision-making.
• Build a Strong Professional Network: Connect with other tax professionals through industry associations, LinkedIn groups, and local chapters of accounting societies to exchange knowledge and stay informed about job opportunities.
• Enhance Communication Skills: Work on your ability to communicate complex tax concepts in a clear and understandable manner to clients, which is invaluable for client retention and business development.
• Embrace Ethical Practices: Keep informed about ethical standards and best practices in taxation to maintain integrity and trust in your professional relationships.
• Seek Out Leadership Opportunities: Take on leadership roles within your organization or professional groups to develop management skills and gain visibility in the field.

Skill FAQs for Tax Accountants

What are the emerging skills for tax accountants today, how can tax accountants effectivley develop their soft skills, how important is technical expertise for tax accountants.

Tax Accountant Education

More Skills for Related Roles

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Start Your Tax Accountant Career with Teal

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