What Skills Should Financial Accountants Have?
Financial Accountants should have a firm grasp on accounting and the Generally Accepted Accounting Principles (GAAP). They must know the difference between the accrual and cash bases of accounting and which is better for their company or if a mix of the two is required. Financial Accountants must also understand the five main classifications of financial data including revenues, expenses, assets, liabilities, and equity.
They should know how to execute bookkeeping tasks, manage accounts, prepare financial statements and reports, prepare tax forms, and execute Securities and Exchanges Commission (SEC) reporting. All Financial Accountants must be proficient in Microsoft Excel and/or any accounting or bookkeeping software that their company may use, such as FreshBooks, QuickBooks, or Zoho.
Financial Accountants regularly meet with clients, investors, and creditors. They must have great interpersonal skills for meeting with these important stakeholders and for working with various members of their company’s team. Financial Accountants prepare reports on a regular basis and they should have good written communication skills that are clear and concise. They must be detail-oriented, analytical thinkers who are highly organized. They’ll most likely be working with multiple clients on many different deadlines and need to follow strict project parameters throughout. They should have a deep understanding of ethics and use their critical thinking skills to notice discrepancies and alert their company of them.
Learn the Skills You Need to Become a Financial Accountant
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Accounting
Accounting involves processing, measuring, and communicating financial information about businesses. Accounting often uses software like QuickBooks, Excel, and other office communication tools.
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QuickBooks
Quickbooks is an accounting software developed by intuit. Quickbooks is primarily used by small and medium-sized businesses to pay bills, execute payroll functions, and accept business payments.
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Bookkeeping
Bookkeeping is the act of recording the financial affairs of a business. This includes purchases, sales, receipts, and payments. The most popular bookkeeping tool is Intuit's Quickbooks