Every business wants to have a healthy financial state, especially during the pandemic. But how do owners know if they are profiting or not? It’s through financial statements.
But not all owners have the time to monitor all accounts. That’s why general accountants are growing in demand as an online job today.
General accountants earn roughly 25,000 PHP to 80,000 PHP, depending on their skill level.
Want a career in this field? Here are 7 crucial skills to become a sought-after general accountant.
Accounting Principles and Standards
Accounting is not as simple as adding and subtracting. Every recording is based on accounting principles and standards. And these standards can even change per country.
So to be a sought-after general accountant, you should be in the know with the updated accounting principles and standards to record transactions properly for your client.
Accounting is difficult not because of complex mathematical equations. It’s challenging because you have to decide the treatment for each transaction, depending on accounting principles and standards.
With this, you should have the analytical skills to discern each transaction.
But what will you do with the data? Is it just for show? Not necessarily.
You should have the business acumen to analyze what should be done to increase or decrease the numbers. For example, there’s a high cost of inventory held during the company’s slack season.
You might advise them to control these inventories further, and maybe allocate a marketing budget to dispose of the current ones.
Without business acumen, these are just numbers. But with your help, it can mean sound business decisions moving forward.
It’s not enough to record transactions manually. You should know how to process financial data using computers. The basics are excel and some companies might require you to use accounting software.
Make sure to hone your computer skills to be in sync with your company’s online financial needs.
Financial information should be given promptly to provide a basis for financial decisions. Or maybe just to beat government deadlines in taxes.
You should have the time management to allocate your tasks in a well-timed manner. With this, you are sure to provide the best service when it matters.
Every department has inflows and outflows of money. That’s why you will be working with a lot of people in your team. It might be marketing, inventory management, or IT. And it can even go up to your company’s canteen budgeting.
You should have collaboration skills to work with them to solidify your company’s finances.
Accounting standards change every day. More and more standards are created when new transactions and financial instruments sprung up. For example, the rise of cryptocurrency brought in new valuation models for companies’ financial statements.
Sometimes, it can be financial scandals like Enron that sparked multiple safeguards and amendments against financial fraud.
The pandemic also required new reporting disclosures for going concern standards. Are you updated with the latest changes?
You should be up-to-date to provide the best service possible. And to ensure that you are applying the right treatment for recording transactions.
Are you ready to become a sought-after general accountant? Apply the skills above and you are sure to be a cut above the rest. If you’re looking for information in this field, check this link for more information. Cheers!