Essential Accounting Skills for Career Success

From an understanding of accounting principles to emerging trends in data management and analysis, several technical accounting skills are essential to meet the demands of this occupation.

GAAP is the set of Generally Accepted Accounting Principles, a multi-dimensional structure of principles, assumptions and constraints that was developed as a means of standardizing the way accountants work across businesses and industries. This standardization serves to make accounting easier for investors to review and use the information from companies’ financial statements.

Accountants and auditors need to stay current with the technologies used in their occupation. This includes Enterprise Resource Planning (ERP) software for business payroll, budgeting, purchasing, personnel and accounts payable and receivable. 

NetSuite, Striven, Denali Business, Multiview ERP, AccountingCS and Xledger are all examples of accounting software used to manage workflows and documentation, and to facilitate the management of accounting practices of all sizes. Some applications can be used either on-premises or in the cloud and are suitable for a variety of industries. 

The U.S. Bureau of Labor Statistics (BLS) underscores the importance of having robust technical skills, noting that accountants and auditors may use technology such as artificial intelligence (AI) and robotics process automation to increase their productivity by automating routine tasks. 

Financial reporting, which helps various stakeholders and authorities understand a company’s financial condition, is among the key responsibilities of accountants.

They regularly prepare 4 basic financial statements as required by GAAP:

Four primary types of data analytics help accountants take a deep dive into the numbers behind financial reports, assess and understand past events, make predictions or propose new actions:

A variety of workplace skills enable accountants to excel in their work, inspire confidence in their clients and coworkers and maintain the highest ethical standards.

In accounting, critical thinking skills are used to evaluate reports and respond to issues such as customer non-payment, overages or budget-balancing conundrums. This essential skill helps accountants fully understand a problem and formulate potential solutions while considering the cost-benefit analysis of their actions.

For accountants, effective time management is more than just getting more work done by the end of the business day. In this occupation, it also involves maintaining the cadence of reports and payments to federal, state and local authorities and, in some cases, making sure the payroll is managed in a timely fashion.

You may think accounting is only about numbers, but the ability to communicate with confidence and clarity is every bit as important as it is in any other job. When making presentations or proposals, strong written and verbal communications that are easily understandable for various audiences, are essential to convey information, ideas, insights and predictions.

Consistency and accuracy are crucial in financial reporting. Attention to detail helps accountants minimize the potential for errors that could trigger audits or investigations by taxing authorities. This skill is particularly useful in forensic accounting, helping to identify inconsistencies in information or uncover evidence of financial fraud.

Rarely working in isolation, accountants use soft skills like collaboration as they interact with other departments, clients or auditors. This entails a mixture of skills like active listening, conflict resolution and empathy.

Your approach to developing accounting skills will depend on your personal and professional goals, as well as what education you acquire along the way.

You may want to prepare to pursue a career working in a public accounting firm or in the finance department of a large enterprise, pursue a career in business or may simply want to advance in the career you already have. In that case, sharpening your accounting skills may help you stand out to future employers, or help you be a better qualified candidate for management-level roles.

At DeVry and our Keller Graduate School of Management, our graduate and undergraduate accounting courses cover topics like Financial Accounting, Auditing, Taxation and Accounting Information Systems. Some classes can help you prepare to pursue certifications like the CPA (Certified Public Accountant)¹ or CMA® (Certified Management Accountant).

Our online accounting degree programs are designed to help you align your education with your career path, whether you choose to pursue a Bachelor’s Degree in Accounting, Master’s Degree in Accounting or MBA with a Specialization in Accounting.

If you’ve already earned a bachelor’s degree and want to take the next step toward preparing to pursue an accounting certification, our online Graduate Certificate in Accounting Certification Preparation program may be a good choice. By selecting either the Certified Public Accountant (CPA) Exam Preparation¹ or Certified Management Accountant (CMA) Exam Preparation emphasis, you can more closely align what you learn in this program to your professional goals and the certifications you plan on pursuing.

Your accounting career journey will encompass several milestones: education, work experience, certifications and continuing education.

According to occupational outlook data from the BLS, accountants and auditors typically need a bachelor’s degree, in accounting or a related field, for entry-level employment. The BLS further notes that some employers may prefer to hire applicants who have a master’s degree, either in Accounting or an MBA with a Specialization in Accounting.

Here at DeVry, our online Bachelor’s Degree in Accounting program is designed to teach you skills in critical thinking, judgement and decision making, financial accounting, auditing, accounting information systems and federal income taxation. Coursework in accounting, business, finance and management is complemented by mathematics, social sciences, humanities and more, offering a strong foundational understanding of business, economics, government and society.

To gain work experience that may help you stand out as a candidate for an entry-level accounting role, look for internships and mentorships at public accounting firms or businesses. These kinds of opportunities will give you experience working alongside accounting professionals while getting a feel for the occupation’s real-life work environment.

You may also consider taking a part-time job in bookkeeping or some other administrative role, allowing you to acquire resume-building, transferrable workplace skills.

Networking is another important aspect of any job search. Consider joining professional accounting associations to gain access to their conferences, workshops and other resources. The American Accounting Association and AICPA both offer student affiliate memberships. Alumni from your college can also be a source of information, job leads or mentorship. By reaching out to them for a meet-up or phone call, you may be cultivating lasting professional relationships.

Certifications play an important role in the accounting field, aside from verifying your skills. The professional certifications you earn will depend on the type of accounting career you pursue.

For example, the CPA certification¹ involves both certification and licensing by a Board of Accountancy and is required to pursue this career path. If you choose to pursue opportunities outside of public accounting however, whether in management accounting, internal auditing or government accounting for example, other certifications will apply.

Here are a few credentials relevant to the accounting field:

Whether you’re taking the first steps toward an accounting career, aspiring to step into a more senior-level role or preparing to pursue industry certification, our accounting degree and certificate programs can help you acquire many skills that are demanded by today’s data-driven and technology-enabled accounting field.

At DeVry and our Keller Graduate School of Management, we make it easy to align your education with your professional goals. Our experienced faculty will share their knowledge and insight into the way businesses manage their finances and help you as you prepare to pursue certifications like the CPA¹ or CMA if you’re a student of our Master’s Degree in Accounting and our Master’s Degree in Accounting and Financial Management or our Graduate Certificate in Accounting Certification Preparation programs.

Our undergraduate and graduate-level accounting programs are infused with the latest concepts of the modern accounting profession. Our Bachelor’s Degree in Accounting program includes elements of Becker Professional Education’s industry-leading content, and at the graduate level, our Master’s Degrees in Accounting and Graduate Certificate in Accounting Certification Exam Preparation incorporate Becker’s CPA Exam Prep into their curricula.

DeVry’s Accounting programs have received specialized accreditation from the Accreditation Council for Business Schools and Programs (ACBSP, www.acbsp.org).²

Scholarships and grants may help make your education more affordable.³ Talking with a DeVry Admissions Representative can help you explore options that work for you.