10 best skills for success in accounting

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Good bookkeeping service skills

Every Singapore company takes their bookkeeping seriously, so the standards are high for this career. You need to equip yourself with good accounting skills to excel and become a valuable asset to the business. To be successful in the bookkeeping career path, ask yourself these questions: How strong is your accounting knowledge? Are you meticulous? How fast can you type?

What is bookkeeping?

To understand the skills you need in this area, you must first understand the role and its function as a whole. What exactly is accounting? Why is this so important?

Accounting deals with the consistent and accurate recording of every financial transaction. Every receipt or invoice that a business receives? He goes to the accountants. Every purchase or sale you make? The accountants will follow him. Accountants note how the company’s money flows. They monitor finances so that businesses stay financially healthy and spend within their budget.

Think of yourself as number librarians. In short, businesses rely heavily on bookkeepers to provide them with reliable data on company finances. If you are a good accountant, you might end up with a comfortable position and a salary with a company that values ​​your skills. If this is your goal, here are all skills you need.

Good accounting skills you need to master

1. Mathematics

Accounting is all about the numbers, so having excellent math skills should be a given. But this work is not limited to formulas and equations. You need to know how to perform different ways of calculating assets. Whether it’s straight-line depreciation or accelerated depreciation, some methods are better depending on the situation.

Additionally, you should understand inventory valuations, general ledgers, accounts payable, accounts receivable, and other accounting terminology. Bookkeepers should be aware of the requirements of the Singapore Financial Reporting Standards (SFRS) and the Inland Revenue Authority of Singapore (IRAS).

If you are planning to work abroad or are a global talent, knowing International Financial Reporting Standards (IFRS) is also a must.

2. Organizational skills

You will be juggling a lot of numbers as an accountant. The bigger the company, the bigger the numbers. So you need to stay on top of every financial transaction by noting every detail. To do this, you must have superb organizational skills. Create a system for recording, classifying and reporting data. You can have various task lists or multi-colored folders. Maybe you prefer to compartmentalize everything in your mind. Find out the best organization system for you and your business.

3. Attention to detail

With the amount of data, reports, and invoices coming up, not only do you need to be organized enough to handle massive amounts of information, but you also need to be particularly meticulous and spot any mistakes in the details. The company bases all of its financial decisions on the reports you provide, so your information should be accurate and reliable. Watch out for deviations. Manually verify that bank statements and invoices are consistent with business transactions and information entered into accounting software.

4. Transparency

As we mentioned earlier, an accountant’s financial statements are the foundation of every business’s financial decisions, so all the information you produce should be accurate. To do this, you need to be honest and transparent with your data. It helps you spot gaps and produce rock-solid reports. All the skills we recommend are interconnected in one way or another. Your sense of transparency will also help you communicate better.

5. Communication skills

Transparency requires good communication skills, so nothing is ever lost in translation. Bookkeeping can be office work, but that doesn’t mean you can’t talk to other people in different departments. You have to interact with people for information and clarification. It can happen online or through email, but even online communication is social interaction, so you will need to brush up on your interpersonal and email writing skills.

6. Problem solving skills

Remember what we said about the spreads? This is where you need your problem solving skills. If you spot an error in an invoice or journal entry in accounting software, you shouldn’t just let it slip away. You should find a solution to fix the problem. Whether it’s just reading standard operating procedures or knowing when to see your advisor, bookkeepers need to spot mistakes and find ways to correct them as soon as possible.

7. Time management

There can be a lot of things to do in a single day, so accountants need to know how to manage their time. Set deadlines ahead of deadlines so you’re always ahead of your to-do list. Divide your schedule so that you pay enough attention to all of your tasks. Make a priority list so you know what to tackle first. If it’s a long-term project, pace yourself so you don’t fall behind on your short-term plans. Time is such an underestimated asset in everyone’s arsenal. If you know how to manage your time, you can surely achieve optimal productivity.

8. Good memory

Processing a lot of information, most of which will be numbers, will require a lot of memory. This is why accountants should exercise their memory or learn to take shorthand notes so that no detail is missed. Memory is a skill, not a superpower. So you can train it over time with good health habits. For example, sleep is great for your memory! You can also try to stimulate your brain with mental exercises.

9. Computer skills

Be thankful that bookkeeping no longer has to be done with pen and paper. Every now and then new accounting software is released to make the work of accountants more efficient. Having said that, you need to be tech savvy enough to follow different forms of accounting software. Different companies use specific software, whether it is Xero, ABYSS, Oracle or any other software.

Knowing how to operate at least one or two of these will be great additions to your resume, as well as a thorough knowledge of MS Office (especially Excel).

10. Typing speed

Another often underestimated skill for accountants is typing! You deal with a lot of documents, data, and data entries, so you need to be able to type quickly to get things done. As a skill, this is something you can improve with typing speed apps and software to increase your words per minute (WPM). Fast typing skills will save you a lot of time and stress and allow you to be even more productive.

With all of our tips, you can develop good accounting skills to add to your JobStreet CV. To find bookkeeping jobs near you, visit Job street to begin your search.


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