In Australia, companies prefer accountants who are certified by professional accounting bodies like CPA Australia (CPA), Institute of Public Accountants (IPA), or Chartered Accountants Australia and New Zealand (CA). Hiring an accountant who is certified by the said bodies alone does not cut it. According to the Australian Government website Job Outlook, there are over 200 thousand accountants, and it won’t be difficult to find an accountant in Australia, but what is essential is, to hire someone skilled enough to handle the responsibility of an accountant.
We have written a series of articles that will help you in the process of hiring an accountant for your business, and we suggest you read these for better understanding. If you are just interested in knowing the skills your accountants must have, skip to the next paragraph. Here is a guide for hiring an accountant for your business that will help in having a clear idea of what is best for your business.
- 101 of Hiring Accountants for Australian Business: What should be the ideal qualification of your accountant, how does an accountant help with your business and when should you contact an accountant, understanding all this factor is crucial as it plays a vital part in the recruitment decision.
- 5 Things to Lookout for When Hiring an Accountant: Hiring an accountant is a decision that has long-term implications and so it is essential to have a checklist of criteria based on which you need to hire an accountant for your business.
- How Can Hiring Indian Accountant Save 70 % of Your Book Keeping Cost: Cost is an essential factor while looking for any long term solution. Understand how Indian accountants can help you save money in the bookkeeping process.
- 7 Questions you need to ask before hiring an in-house, local or online accountant: From the three options of hiring an In-house, Local or Online accountant, you need to understand what is the best fit for your business. Selecting the right option is a strategic decision that will directly or indirectly impact your overall business financial success.
- Detailed Analysis: In-house Accountant Vs Virtual Accountant: Still unsure of selection between an in-house or virtual accountant, understand in detail the pros and cons.
Get to know the mandatory skillset your accountant should possess for efficient business financial success, it doesn’t matter whether you are taking the services of an in-house accountant, local accountant, or a virtual accountant –
- Numeracy skills
The ability to understand numeric and mathematical information with ease and being able to use that information to solve real-life problems is one of the most critical skills for an accountant.
- Analytical skills
Your accountant should be able to detect patterns in financial data, interpret those data, integrate other information mention in financial statements and books of accounts, and other sources of information.
For your accounts department to function smoothly, your accountant needs to collaborate not only with the internal team but also with employees of different departments and sometimes also with employees of other companies. The financial information of an organization comes from various departments or sources, and one cannot neglect this information hence they must be a team player to work with proficiency.
- Sorting and Organising
Financial information and documents are an essential part of the accounts department, also, there are few financial documents which are mandatory to be maintained for some particular duration, for example, payroll records. Having the skill to organise these documents, be it physical or digital files is an essential skill in an accountant.
- Up-to-date with the latest trends, tools, and resources
The accounting process can be conducted in easier ways now with various tools and resources. Rise of automation, the introduction of new software, updates in accounting standards and principles, etc., your accountants have to be always up-to-date with the latest trends, tools, and resources to achieve a competitive edge.
- Problem Solving & Decision Making
With the amount of work accountants have to perform and the complex nature of it, they may face some problems like accounting transaction errors, high volumes of financial data, lack of needed infrastructure, lack of human resources, etc. You want your accountant to be responsible enough and quick-witted in solving any problem that comes in his way.
Being an accountant does not mean that numerical skill and qualification is enough; they also need to have good communication skill. Your accountant must be able to communicate not only with the team members internally but also with members of different departments, clients, vendors, and other stakeholders. They must be able to share important financial information clearly and concisely with all those who need it.
- Attention to Detail
Accountants need to deal with a high volume of sensitive information, and it becomes vital to be able to pay attention to details to avoid any kinds of mistakes and errors.
- General Computer Software and Applications Knowledge
Apart from accounting software, there are other applications like Microsoft Office Tools and other applications which are used in day to day operation in your organisation. Your accountant should be able to operate this software as these will be commonly used by all other employees.
Make sure your in-house accountant has all the above skills that we list above and in case they don’t, train them regularly. Upskilling and training should be a mandatory part for the accountants. In the case of outsourced accounting services, you don’t have to worry about these skills as your accounting partner will ensure they hire the right accountant with all the above skills.