3 Steps to upskilling as an accountant

Are you good with numbers and thinking of a career in accountancy? Do you believe that this is all that is needed to set you on the path that you have chosen?

What you need to understand is that just being good with numbers is not a guarantee that you will make it as an accountant, especially a good one at that. Over the recent years, job descriptions and candidate requirements have experienced an evolution in itself. Technical skills are now considered as one of the several criteria organisations look for in a candidate. Many prospective candidates meet the basic criteria, but what skills will make you stand out?

Upskilling means gaining additional skills to enhance your existing skillset so you can contribute to your organisation. As job requirements continue to change due to factors like technology and remote working weighing in, upskilling as an accountant by learning new abilities and competencies shall ensure that you stay at the top of your game. Upskilling is becoming increasingly essential for future-proofing your career and ensures that you continue to thrive.

In this era of digitisation and industry 4.0, one can no longer get by without honing their skills to move ahead in their professional life. Technological advancement is affecting all areas of work, including the financial sector, demanding new skills for roles like accounting. The standard calculations and straightforward technical work can easily be done with a computer, removing a good chunk of manual functions from the financial world. This means aspiring and current professionals in this sector need to upgrade their skills in more strategic ways for career growth opportunities. With this new wave, what steps are you taking to upskill yourself as an accountant?

James Poyser, CEO of Provestor and inniAccounts, online accountancy firms for property investors and contractors, respectively, explains that moving forward:

“An aptitude to be empathetic, helpful, an ability to look beyond the numbers to provide the strategic advisory services people will expect, and a growth mindset – in this case, one which means people understand automation and how to harness it – will be vital.”

His suggestion for accountants who wish to diversify their skill set is that they should seek out growth opportunities everywhere. Looking for a new organisation that actively invests in its employees’ upskilling is an opportunity, so is investing time to get the hang of a new technology outside work. You should also be open to volunteer opportunities. “It’s also a really good way to improve your listening skills in an alien environment – a skill that will be fundamental to advisory practice. We know from recruitment drives that there are few people with those skills at the moment, so if you have them you can stand out,” Poyser adds.

The following would be good ways to begin your journey towards becoming one of the most competent and sought after accounting professionals in the industry:

• Honing Your Soft Skills 

An accountant’s role has evolved significantly over the years. Now, more than ever, accountants need to be masters of several trades and have a basic understanding of the functioning of other departments, albeit they do not work directly in that field. Demonstrating good communication skills, creativity, leadership, negotiation, and collaborative abilities is a good way to ensure your career growth and success in the accounting industry. Moreover, skills like problem-solving and critical thinking, ability to think quickly and adjust to a situation in real-time is essential to any business.

• Embracing Digitisation 

Automation is changing the profession through artificial intelligence (AI) and robotic process automation (RPA). Understanding automation and artificial intelligence is becoming increasingly essential, so seek out both online and local courses to build upon and enhance your software skills. You will become better equipped to outline the functions that could and should be automated, helping the firm become more efficient with less time needed to complete routine tasks.

Being open to change and adaptable to technological advancements works wonders. A strong focus on gaining and enhancing digital skills like data analysis, advanced Microsoft Excel, and automation can help you become the best in the field.

• Continuing Professional Development

A lifelong learning attitude is a must if you want to stay in the game. There isn’t a particular skillset or method that can go as ‘one size fits all’. Having a broad and diverse range of skills is beneficial in the long run. Working on cross-sector skills is a great way to develop your knowledge of different disciplines further, allowing you to take on new clients and contribute more to your firm. Most workplaces require you to complete CPD cycles on an annual basis to polish and update your skills. The amount of CPD units that you need to cover is variable as per your qualifications. Still, it is imperative that you complete it by attending conferences, seminars or by subscribing to online courses. CPD works as a way to acquire both technical and non-technical skills so you can fulfil your current job expectations as well as future aspirations.  

Professional qualifications might get you in the door, but to maintain your position as a great accountant, you should begin to see what additions you could bring to your portfolio as a way to diversify and showcase your skills base.

Apart from the preceding guidelines to help you upskill as an accountant, we recommend you get yourself a mentor. Having a person who has more experience than you and is also ready to impart their learning is a sure way to succeed. Look for someone who can help you generate new ideas and validate the ones you have – your accountancy institute may be able to assist you in this search. And while you are on the lookout for a mentor, you can explore the courses available online to equip yourselves with the essential tools of your trade.