Master Your Accounting Skills in 5 Steps
Some professions are always in the quota of “in-demand.” Accounting is one of them. Accounting career is also known for recession-proof job growth and earnings. If you want to start your professional career as an Accountant, you need to follow some steps to sharpen your Accounting Skills.Becoming an Accountant is one of the crucial decisions of your life. Before getting the in depth of Master Your Accounting Skills in 5 Steps, you must know why you should be skilled in Accounting.
Why become an accountant? Accounting has a clear career path with a stable and growing job field. Accountant careers have professional growth and you will be able to choose what type of Accountant you want to be. In addition, entrepreneurial potential is there for an Accountant. Handsome salary is available as an Accountant. The average starting salary fluctuates from £15K to £25K per year. Your salary depends on your skill, education and experience. According to Payscale, the average salary of an Accountant is £29K. Top Accountants can earn £50K per year. Are you sure about the Accounting career? To confirm your interest in Accounting, answer the following 5 questions-
Do you like solving problems?
Are you interested in business?
Do you like working with data?
Do you like working with data?
Do you love to plan & make strategies?
Are you happy learning new technology? If all the answer is YES, then you can consider a career in accounting. To fix determination to your career interest, you need motivation. A quotation from Warren Buffett for you:
“Accounting is the language of business.” - Warren Buffett
Before move into Accounting Skills in 5 Steps, know the difference between Bookkeeping and Accounting-
Learn the basics of accounting from this video.
5 Steps to master your accounting skills Step 1: Pick what type of Accountant you want to be Pick what type of Accountant you want to be and decide your areas of education as well as the category of work. Following types are the most common UK Accounting categories: Chartered Accountant
Chartered Accountant is the most highly qualified Accountant and able to work for multinational corporations or as a self-practitioner. As a qualified Chartered Accountant, he/she can work as a freelancer or can work remotely for any organisation. Services of a Chartered Account are as follows:
Corporate finance
Business advisory
Tax Accountancy
Auditing Forensic Accountant
Forensic accountant accumulates all the financial evidence by implementing computer applications. To give evidence in court, as a Forensic Accountant, you need to show a visual presentation of data to support trial evidence. As a Forensic Accountant, you have to analyse or investigate the finances that are related to fraud or misuse or mismanaged. To find out the cause, the truth and place expert opinion on embezzlement in a company or organisation. To be an expert in forensic accounting, you must know the law of the financial sector. Management Accounts
A management accountant is responsible for ensuring their financial security for a company or organisation by performing a bunch of tasks. Management Accountants act as planners or risktaking managers or strategists. Management Accountants helps the authority of the company to make decisions based on the visualisation of data or accumulated data. They mainly focus on a business’s existing and future finance.
Bookkeeping course Some professions are always in the quota of “in-demand.” Accounting is one of them. Accounting career is also known for recession-proof job growth and earnings
Step 2: Start Your Training You can start your journey to become an Accountant by qualifying the following certifications:
AAT Accounting Qualification
AAT accounting qualification does not require entry requirements. This accounting qualification could be an early start for your accounting profession. If you can qualify AAT accounting, there is no prior accounting skill or experience needed. After getting a certificate as an AAT Licensed Accountant, you can offer yourself for your expert services. You can also step up to your accountancy career by qualifying some other higher-level certifications that are certified by the UK chartered accountancy groups. Associate Chartered Certified Accountant (ACCA)
Associate Chartered Certified Accountant (ACCA) is a higher-level certification which can be taken either independently or as part of a training agreement. The Associate Chartered Certified Accountant (ACCA) will provide you with the updated Accounting skills you need to turn out to a certified finance professional. To enrol this high-quality certification, you must have three GCSEs and two A-Levels in five different subjects, with Mathematics and English or equivalent. This certification will allow you to apply for jobs with different career opportunities Associate Chartered Accountant
Associate Chartered Accountant (ACA) certification is awarded by the Institute of Chartered Accountants in England & Wales (ICAEW). This certification is recognised internationally and appreciated by businesses worldwide.
450 days of practical work experience
15 exam modules
Professional development
Ethics and professional skepticism
To stand out from the crowd, you will be able to use the title ICAEW Chartered Accountant after completing ACA certification. To gain all the skills of ACA, you must enter a training contract or agreement with an employer to accomplish the course within five years, including hands-on experience. Chartered Institute of Management Accountant (CIMA)
Chartered Institute of Management Accountant (CIMA) is quite similar to ACCA. Individually you can complete the CIMA training. However, you will also have to get three years of work experience. To enrol as a Chartered Institute of Management Accountant (CIMA) professional, you need previous accounting experience or qualifications. Another popular way to learn on the job via an apprenticeship. This apprenticeship may cover up some or all of your training fees.
Step 3: Sharpen your accounting skills There are some soft skills, and some are specialised accounting skills for accountants. These skills will help you to become an expert Accountant and you will perform your duty as a pro Accountant can do. Sharpen your accounting skills to accomplish the assigned task with high efficiency that will increase your productivity. Some soft skills and specialised Accounting skills listed below:
Soft Skills for Accountants
Skill in written and verbal communication
Attention to detail
Analytical and problem-solving skills
Clerical knowledge
Active learning
Time management
Systems analysis
Mathematical and deductive reasoning
Critical thinking
Innovation
Enthusiasm
Resilience
Stability Specialised Accounting Skills
Tax preparation and financial statements software (Intuit Lacerte, CCH ProSystem fx TAX, ATX Total Tax Office, and Orrtax Software IntelliTax Classic)
Database reporting software (ADP Super Report Writer, SAP Crystal Reports, and FileMaker Pro)
Account reconciliation (Intuit QuickBooks, Sage 50 Accounting, and Sageworks ProfitCents)
Reporting and analysis (Brentmark Estate Planning Quickview, Delphi Technology, and Oracle E-Business Suite Financials software platforms)
Project management software (Oracle Primavera Enterprise Project Portfolio Management, Microsoft SharePoint)
Enterprise resource planning software (Microsoft Dynamics, NetSuite ERP, Oracle PeopleSoft Financials, and SAP Business Objects)
Spreadsheet software (Microsoft Excel, Google Sheets)
Compliance software (Intrax ProcedureNet, ACCUCert, FLS eDP PAYROLLtax, and Paisley Cardmap)
Step 4: Apply for an accounting job or apprenticeship Do you plan to become a skilled Accountant? If yes, then you need to start applying for an accounting job or apprenticeship. Apply to those jobs in which you are interested. You can also apply for Student jobs, if you are currently studying in an institution. There are few sub categories in that category such as jobs on campus, part-time work, Christmas jobs etc. To find jobs on campus or part-time work, click here. Find an apprenticeship in the UK. Apply here and here. You can find UK Accounting & Finance Jobs here
Step 5: Get practical work experience When application is accepted, you will get a call for an interview. If you can show confidence that you are ready to solve accounting problems, employers will give the opportunity to you. To become established in the accounting industry, you have to experience some real-life accountancy task. An apprenticeship will help you to work in a recognised accounting position. Your education will help you to grab a position in a company or organisation. However, you need to establish your position in the accounting career with necessary skills.
Conclusion Running a business, you need accounting skills. Accounting skill will assist you to track and manage income, expenditures and other financial calculations. These track records will help you to make decisions in future. Discussing 5 steps will lead you to a Master of Accounting skills.
You will be an expert in the Accounting sector if you follow those 5 step-by-step processes. Enrich your accounting skill to advance your career. &
Bookkeeping course