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September 30, 2021

5 Types of Essential Skill Sets to Master as a CPA



If you are already a licensed accountant in your state, what happens next? There are numerous options on the table. You can work as a forensics accountant, internal auditor, or taxpayer advisory specialist for the IRS.



No matter the career path you take, you will need to invest in developing key skill sets. These will help nurture your practice and prepare you for future success. Here are a few of the skill sets you will need to move toward becoming a superstar CPA:

1. Management Skills

Accounting requires more than just an understanding of bookkeeping best practices. You will also need to develop your potential for leadership. This helps if you are looking to set up your own accounting firm.

It doesn't cost much to be a leader in your field. You just need to be proactive in getting people to act as a single unit. Often, becoming a leader starts with getting a mentor. If you work under a company or organization, learn as much as you can from your supervisors. Observe how they delegate tasks and make decisions.

You can also take up online courses or obtain a Master's degree in management to further hone your capacity for leadership. From there, you will be exposed to more opportunities where you can demonstrate your prowess.

2. Social Skills

Your job as a CPA involves collaborating with people from different walks of life. It matters to nurture a personality that attracts people and makes them feel comfortable as they work with you.

Be professional when you are connecting with teammates and clients. Try to be empathetic and show a willingness to open up. Don't miss out on an opportunity to develop friendships with potential business partners.

Being sociable goes a long way in your career as a CPA. Train yourself to be effective at relating to people who might support the growth of your practice.

3. Communication Skills

As an expert on everything from tax compliance to bookkeeping, you have the responsibility of communicating an organization's financial situation to stakeholders.

The challenge here is to translate technical facts into understandable terms so stakeholders can determine what to do. Stating a problem in the wrong way will lead to ambiguity and decisions that will cost more money in the long run. Worse, your words could be used against your employer during litigation.

For this reason, employers see excellent communication skills as a must-have for CPA candidates.  If you want to succeed as an accountant, you will need to focus on honing your skills in both verbal and written communication. You will need to have the ability to present complex information using clear and simple language.

You don't have to do much to develop this skill. All you need is to focus on what the client needs to understand and what they need to do.

4. Technical Skills

Accountants use an array of tools that help ease up time-consuming and tedious processes. Years ago, CPAs spent the bulk of their time balancing financial records, organizing receipts, and preparing quarterly financial statements. Things changed when platforms such as QuickBooks entered the scene. Today, CPAs can spend more time analyzing financial situations and helping business owners maximize their income.

It's just a matter of knowing how to harness the features that platforms offer. You’ll want to gain some knowledge about accounting software, automation, and cloud computing. Accounting firms are now using QuickBooks cloud hosting and enterprise resource planning software to improve accuracy.

It's still unlikely that AI accountants will replace CPAs, but knowing how fast technology is evolving, you need to stay abreast of the latest tools and platforms that will support your practice. Learn how these platforms will help you nurture your career as an accountant. By being flexible to time-saving and cost-saving innovations, you give clients and organizations a compelling reason to keep you on board.

5. Business Skills

If your goal is to secure a management position or set up your own firm, then it’s important to understand how businesses expand or fail. Since finance is the lifeblood of businesses, you need to develop the ability to see how business and financial decisions influence each other.

You can suggest cost-saving ideas to upper management and develop real-world solutions to improving profitability. These experiences will also help you make fail-proof decisions for starting your own firm. Not only that but you also get experience in negotiating deals and navigating legal problems.

As a CPA, it matters to nurture certain skills that add value to your career. If success is on your mind, start by mastering the five skill-sets above.



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