Financial management is one of the most crucial aspects of business. According to The Business Journals, 80 percent of businesses in the United States fail within the first year mainly due to poor financial management.
This is why it is important for companies and organizations to build a great, high-performing team of accountants to effectively perform tasks such as analyzing and preparing financial records, computing tax returns, and ensuring that financial documents are accurate and in compliance with relevant laws and regulations among others.
To effectively build a great accounting team, knowing the following certifications ensure that you are employing the best people for your business. Below are several certifications and licenses you have to take note.
Accounting Certifications and License
- Certified Public Accountant
According to international staffing agency Robert Half, the Certified Public Accountant (CPA) license is considered as the gold standard for accounting and finance in the United States. Granted by the American Institute of Certified Public Accountants (AICPA), this certification validates that an accountant has expertise in skills such as forensic accounting, tax, compliance, and risk management.
- Chartered Global Management Accountant
This financial certification, on the other hand, is granted by both the AICPI and the Chartered Institute of Management Accountants (CIMA) to CPAs working in business and government. This guarantees one’s competency when it comes to management accounting skills.
- Certified Management Accountant
Recognized globally, the Certified Management Account (CMA) certification demonstrates a professional’s mastery of critical accounting and financial management skills. This is granted by the Institute of Management Accountants (IMA).
Best accounting skills to look for
Beyond these certifications, there are also a handful of skills that an accountant must possess to be able to do their tasks effectively in the workplace:
- Accuracy and strong attention to detail
When it comes to financial management, the smallest of errors can have serious ramifications to a business when left unseen. The responsibility of ensuring the accuracy of information falls on the shoulders of accountants so it is important that they are consistent in paying strong attention to detail when it comes to analyzing bulks of financial data.
This is also where organizational skills come into play as accountants deal with not just huge quantities of data but also a variety of different systems that need constant maintenance and updating. They should be able to structure their tasks without compromising the others especially during the busier times of the year.
- Proficiency in accounting software
As more accounting firms and organizations adapt the use of accounting automation in their operations, accountants should be able to navigate finance-specific software programs with ease. These programs range from spreadsheet platforms, enterprise resource planning (ERP) systems, business intelligence softwares, and many more that are used for managing different accounting activities.
- Analytical and critical thinking skills
The mere profession of accounting is analytical in nature so it is important for accountants to be quick on their feet when it comes to identifying the appropriate techniques to be used in executing extensive financial analysis as well as in interpreting financial data and analyzing patterns and potential issues in the information. That is why you should also look for a team who is aware of F&A regulations, taxation laws, GAAP and Sarbanes-Oxley.
Once faced with errors and discrepancies, accountants should be critical in making firm and calculated decisions to solve these problems by considering all variables and potential risks in developing effective solutions.
- Good communication skills
More than just analyzing data, accountants should also know how to properly present it in a concise and organized manner that even numbers-savvy individuals can understand. Verbal and writing skills should also be refined to be able to relay information properly and avoid errors due to miscommunication.
Accounting is important for a business, may it be big or small, because it helps you keep your financial affairs on track, ensures that your business is in compliance to relevant laws and guidelines, and gives you the opportunity to make future projections for your business. With a highly-skilled and competent team of accountants on the job, you are guaranteed to be on your way to success.
Building a Great, High-Performing Team
One great way to build a dedicated team of accounting professionals is by finding the right outsourcing partner because their speed to market hiring process allows you to have the best fit accounting talents for your company in only 30 days with 70% savings on operating cost.
With an outsourced team at your service, you can focus more on daily operations and achieving your business goals. More importantly, the right outsourcing is ISO-certified and GDPR-compliant, and has a well-established Information Security in place to ensure that your company’s books and confidential financial information are kept secured.
Partnership with Infinit-O
Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.
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