Skills Needed for Accounting Job

[@bordershader]

All of these are fundamental building blocks of the qualifications in my country. But I remain kind of shocked at how students really grumble about them!

[@Edspira]

😆

[@FEAdeES]

AI Summary In this video, the top skills needed for a job in accounting are discussed. These skills include knowledge of accounting and technology, proficiency in Microsoft Office (especially Excel), critical thinking abilities, data analytics and visualization skills, strong written and oral communication skills, organization skills, people skills, general business knowledge, and problem-solving capabilities. The importance of these skills is highlighted by two actual job postings that mention them as requirements for tax associate and staff accountant positions respectively. It is recommended to develop these skills if one wants to pursue a career in accounting. Action items: Based on the transcript, there are several follow-ups and action items that can be identified: 1. Follow-up: Learn the fundamental concepts of accounting. The video mentions that while many things can be learned on the job, the fundamental concepts of accounting cannot. This implies that individuals interested in a career in accounting should focus on acquiring knowledge of accounting principles. 2. Follow-up: Gain knowledge of technology. The video highlights the importance of technology in the field of accounting and suggests that accountants need to be comfortable using computers and learning the software used by their company. It would be beneficial for individuals pursuing a career in accounting to familiarize themselves with commonly used accounting software. 3. Follow-up: Develop strong Microsoft Office skills. The video mentions that accountants should be proficient in Word, Excel, and PowerPoint. It specifically emphasizes the importance of having strong Excel skills, including knowledge of VLOOKUP, HLOOKUP, Pivot tables, and keyboard shortcuts. Individuals aiming for a career in accounting should focus on improving their proficiency in these software applications. 4. Follow-up: Enhance critical thinking skills. The video states that accountants are not just number crunchers but also need to think critically. Tax accountants, for example, should be proactive in tax planning, auditors should consider potential risks, and management accountants should identify cost-saving opportunities. Aspiring accountants should work on developing their critical thinking abilities. 5. Follow-up: Learn data analytics and data visualization. The video highlights that the role of accountants is evolving, and they are expected to analyze data, extract meaningful insights, and present findings in a visually appealing and understandable manner. Familiarity with tools like Tableau, Power BI, or Alteryx could be advantageous for individuals pursuing a career in accounting. 6. Follow-up: Improve written and oral communication skills. The video emphasizes that clear communication is crucial for accountants to express themselves effectively to others. Building relationships with clients and working well within a team require strong communication skills. Aspiring accountants should focus on developing their written and oral communication abilities. 7. Follow-up: Develop organization skills. Accountants often work under deadlines and need to manage their time effectively. Being dependable, detail-oriented, and capable of prioritizing tasks are essential qualities for accountants. Individuals interested in accounting should work on improving their organization skills. 8. Follow-up: Enhance people skills. Contrary to a common misconception, the video states that accountants do need people skills. Working well with others and being a good teammate is important, especially when working as part of a team. Building good relationships with clients is critical for those working in public accounting. 9. Follow-up: Gain general business knowledge. Staying up to date with business news and trends is highlighted as a key aspect for accountants. Awareness of factors such as interest rates, inflationary environments, and economic recessions is important. Aspiring accountants should focus on developing a broad understanding of general business knowledge. 10. Follow-up: Develop problem-solving abilities. Accountants should be able to find new ways of doing things or work around issues that arise. The video emphasizes that accountants should not require extensive guidance when problems occur. Building problem-solving skills is crucial for individuals pursuing a career in accounting. Action items for individuals interested in a career in accounting based on the transcript include: Acquiring fundamental knowledge of accounting principles. Familiarizing themselves with accounting software and technology. Improving proficiency in Microsoft Office, particularly in Excel. Developing critical thinking abilities. Learning data analytics tools and data visualization techniques. Enhancing written and oral communication skills. Improving organization and time management skills. Developing strong people skills for teamwork and client relationships. Gaining general business knowledge. Building problem-solving abilities.

[@Kaysha-ir4lk]

I've just found your channel. I shall be watching many more of your videos. Thank you!

[@TaufikRaju171]

"Excellent Video Thanks Sir From Bangladesh"!

[@susanavizard422]

Great video thanks for sharing

[@Edspira]

Glad you enjoyed it!

[@M-KHALIF]

ACCA student 👨‍🎓

[@leroyjackson9171]

Hi Mr. McLaughlin, Would a bookkeeping certification help someone with an accounting degree, too?

[@saze304]

is there any free certifications you recommend doing

[@Edspira]

I'm not currently aware of any free certifications related to accounting

[@saze304]

@@Edspira I didn’t mean professional certifications more like small skill certificates to show ability in excel etc. have u come across any non for profit that has such courses have available for free online? Thanks for ur time

[@JohnAdams-mu7xd]

Who uses excel anymore? Quickbooks all the way.

[@JohnAdams-mu7xd]

@@alanchung6843 What a silly comment to make, that quickbooks can make mistakes but excel is free from them... Nonsense, if that were true large accounting institutions like KPMG, PW&C, and Deloitte wouldn't have had so many lawsuits based on excel accounting errors. Clearly you haven't used the features (released 2019) of quickbooks allowing for new datasets and asset additions... If you hold an expert level of understanding in quickbooks and the IRS files an assessment it is a hell of a lot easier to track the error in application through quickbooks then it is excel. I have no idea why you would defend excel like that. It's like complaining that your horse will beat a Formula 1 race car. If you need additional evidence, there is a multitude of banking lawsuits were banks have used excel to make accounting errors and to cook the books. P.S. no one really uses customizable formulations to effectuate accounting applications. Quickbooks uses standardized formulations established as a standard by the FASB for promulgating rules for GAAP....

[@404TRUCKERTV]

quick books 😆🤣👏! if you're doing basic financials quick books is ok, but excel is more powerful tool for complex and large data sets like running detailed analysis on regression or a detailed cost analysis between business units and or product line or Tracing cost to a product.