Accountancy is variously defined as preparing and maintaining financial records of a firm or company's transactions. An Accountant's job revolves around Analysing, Auditing and Assurance, such maintained records in accordance with the accepted principles and procedures of accounting.
An Accountant is expected to have certain desirable qualities; these qualities make him either a great accountant or just an ordinary one.
A few of them being;
- Being Organized
- Attention to detail
- Articulate Communication
- Creative and Quirky
- Grasping issues Quickly
An organisation expects all these qualities from every employee, worker of the company. Then what sets an Accountant apart from a regular employee? Here are a few qualities that an Accountant must indeed possess.
- Ethical and Professional Standards
- Qualified and Certified
- Accuracy and Accountability
- Business Acumen and Managerial Skills
- Empathetic but Authentic
- Proficient with the latest Technology and Laws
These qualities diversify an ordinary accountant to a desired one. Each of these qualities set a standard for an Accountant to be more diligent in his profession.
1)Ethical and Professional Standards:
Every Accountant is required to follow The International Code of Ethics for Professional Accountants;
- Professional Competence and
- Professional Behaviour
They are also expected to exuberate and establish a standard of behaviour expected of a Professional Accountant as it reflects the profession's recognition and public responsibility. These ethics require accounting professionals to comply with the laws and regulations that govern their jurisdictions and their bodies of work. Avoiding actions that could adversely affect the reputation of the profession is a must.
2)Qualified and Certified:
Numerous certifications come into the picture depending on the career path, specialisation plans, resources, and eligibility. Each, too, has a specific skill that would help attain a position in accounting and finance. A few recognised certifications are mentioned below;
- Certified Public Accountant
- Chartered Global Management Accountant
- Certified Management Accountant
- Certified Financial Analyst
- Certified Fraud Examiner
- Certified Informations Systems Auditor
- Certified Financial Services Auditor
Each certification comes with its set of duties and responsibilities, which an Accountant should fulfil.
3)Accuracy and Accountability:
An Accountant is accountable for the decisions he makes, and the result arrived because of such a decision. Man becomes autocratic in the absence of accountability. There is a better system for such accountability regarding financial activities, known as Accounting Principles.
In preparing financial accounts and statements, these principles must be followed in an accurate, proper, reliable and honest way. Some aspects of creating accountability are mentioned below,
- Accountability for Expenditure
- Accounting of Success and Failure Activities
Accuracy in accounting records indicates that a stated value in the accounting records reflects all the supporting facts. The Accountant cannot skew information based on overly optimistic or pessimistic views of the desired outcome to have accurate financial information.
4)Business Acumen and Managerial Skills:
An Accountant should have an in-depth understanding of how the business works. How the business makes money and how its decisions impact the overall financial, operational and sales result. Having good business acumen lets an accountant with significant picture understanding and better decision making.
A good business acumen means you can identify profitable opportunities and threats and then entrepreneurially execute decisions that almost consistently bring about the most profitable business outcomes over time.
An Accountant should also have managerial skills to manage, interact, command and instruct his clients or employees in a proper way to maximise the outcome of any business.
5)Empathetic but Authentic:
Accountants have to bring a specific number of hard skills to the table. They need to know how to do receivables, payables, ledgers to work with numbers and concepts surrounding accounting and finance. However, it's also imperative to have a set of soft skills.
Empathy may be one of the most important things one can bring to the table. In a world where people seem to avoid seeing situations from another person's perspective, it can only help you provide better service if you can step into someone else's shoes. It will allow you to be kind when necessary and help someone solve a problem when they feel hopeless.
6)Proficient with the latest Technology and Laws:
For the past few years, technologies such as Blockchain and Artificial Intelligence have brought a radical change in the profession. Changing everything from how Auditing and Assurance services are conducted and how the financial reports are being presented. For that specific reason, the Accountant should make himself up to date with the ever-changing technologies.
An Accountant will update himself with the changing laws and regulations that would impact its operations and monitor the changes to comply with such new laws and regulations.
We at Jaxa Chartered Accountants, with our well certified and dedicated team of experts, help you in performing day to day operations of your business, the proper maintenance of records to immaculate financial reporting,
Contact us for financial assistance and to guide your business have a smoother ride.