5 Essential Business Skills Needed in Accounting

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It’s true that management accountants need the know-how to balance a budget, to complete a month-end report, and many other financial skills of managing a business. But other skills are equally important for success in our careers.

Mastering these 5 business skills will help you grow professionally and advance your career as a management accountant.

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  1. Verbal and Nonverbal Communication

Open communication and collaborating with your team are keys to success. Writing skills are necessary for clear and coherent reports. A very wise business leader once told me that he knew he didn’t really understand something until he could explain it succinctly, in writing, to someone else. Working on presentations and collaborating on special projects with employees outside of your department will help you cultivate this skill set.

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  1. Organization

Managing your workload isn’t easy when piles of papers have accumulated on your desk for the past three months. Organized employees have the most streamlined processes because they know where to find what they’re looking for, whether it be paper or digital. Organize your digital filing system in a clear and consistent manner; make sure your files are properly backed up, and important schedules and documents are available to your colleagues in your absence.

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  1. Leadership

Leadership skills are important for management accountants at every level of an organization. Taking charge of your work and your team will demonstrate your promotability. A leader emerges when the group is presented with a challenge, and one person demonstrates the commitment and competence to make sure the team delivers.

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  1. Time Management

Deadlines are an important part of our jobs as management accountants. We have regulatory filing deadlines and ever-increasing pressure for a rapid monthly close. Managing your time well reduces the stress of the deadline and allows you to prioritize your work. Streamlining the recurring work and completing it earlier in the month gives you more time to focus on new projects and innovations.

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  1. Use of Technology

In the age of digital offices and video conferencing, we need to be one step ahead of the cyberfraudsters. This means you’re continuously scanning the landscape for improved processes and accounting software and leading (or co-leading with the IT department) its implementation.

Accountants as Business Partners

Professionals holding the CMA® (Certified Management Accountant) credential are in the perfect position to be leaders in their organization. They have the balance of accounting and business skills needed to become trusted business partners. You can find learning resources, including webinars, online courses, and educational articles, at IMA’s website: www.imanet.org/learning-center/learning-center-overview.

Written by Doreen Remmen

 


PLEASE NOTE: In the spirit of collaboration, the Moments that Matter blog will be migrating to the Strategic Finance website later in August under a new name: “IMA Moments.” We are very excited for this collaboration. I would like to thank all of our loyal readers for following our blog for the past three years, and I’m looking forward to your continued readership.

 


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Accountants as Salespeople: 5 Tips for Acing the Interview

 Businessman hand offering handshake

As IMA’s senior vice president of operations and CFO, I interview candidates for many positions in our organization, including our open accounting/finance positions. Over the years, I’ve realized that the most successful candidates for any job approach the interview the way a strong salesperson handles an important opportunity.

Like a salesperson landing the deal of a lifetime, you will have to “pitch” the technical skills on your résumé—your credentials, expertise with software, and ability to produce results—during an interview for an accounting position. Here are some practical tips that can give you a competitive edge.

 

1. Be polite to the receptionist.

He or she is the first of many “gatekeepers” you’ll meet. You’ll probably need to show the receptionist or security personnel your ID—so don’t leave your wallet in the car! Making a good impression on the receptionist won’t guarantee you a position with the firm, but if the receptionist doesn’t like you, others will hear about it, and your chances will be diminished.

 

2. Be on time for the interview.

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Effective salespeople are never late to an important meeting. In fact, you should be a half hour early, and be gracious. The HR representative will insist that you fill out an application before anyone talks to you. Most companies use a form that asks for information not on your résumé, including salary history and reasons for leaving your previous positions.

Sometimes applicants with strong résumés balk at the application form—they want to go straight to the meeting with the executive team. This raises red flags; the last thing a firm wants is to hire a prima donna at any level.

 

3. Be accurate, thorough, and neat with the application form.

The form is a window into how well-organized you are and how neatly and accurately you’ll handle the reporting responsibilities of the Finance team. A recruiter once told me that whenever he was interviewing for controller positions he would walk the candidate to his or her car and take a peak inside. If the car were full of piles of junk, he wouldn’t present the candidate. Every salesperson knows that neatness counts. This is particularly true if you’re trying to land a job in accounting.

 

4. Prepare for the interview.

interviewGreat salespeople invest in preparation for their meetings. The most important question I ask applicants is, “What would you like to know about our organization?” This is an invitation to engage in a dialogue and to demonstrate the work the candidate has done to prepare for the interview.

The people with the best questions are those who have researched the history of IMA, the CMA program, our global membership network, and our products and services. A thoughtful compliment about our website goes a long way. People who have clearly spent time preparing for the interview, looking at the website, and thinking about questions they’d like to ask have the curiosity and drive we want on our team.

 

5. Ease awkward situations to establish rapport.

The best salespeople are as good at listening as they are at speaking. Once you’ve made it to the interview, you may realize that the hiring manager lacks interviewing skills. Don’t be judgmental; have compassion. He or she may be new to the role or may experience so little turnover on the team that interviewing opportunities are rare.

Also, many hiring managers find the interviewing process very stressful. If there are awkward pauses or if the interviewer runs out of questions for you, here is another salesperson’s tip: people love to talk about themselves. Ask questions about the interviewer’s own career path. Try to find out what motivates him or her and what challenges are trying to be solved. The goal is to establish rapport. Then you can turn back the conversation to the ways you can solve the interviewer’s challenges.

 

Sealing the Deal

Hiring managers are inundated with applications every time they post a job opening. If you are fortunate enough to make it through the initial screening process to get an interview, these 5 tips will increase your chances of landing the job. Only after incorporating these tips can you effectively “pitch” your product and close the deal by showing how your unique skills and abilities are the perfect fit.

 

Written by Doreen Remmen, CMA, CAE

 

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International Accounting Day: Celebrating Our Young Professionals

Happy International Accounting Day! I’d like to celebrate by shining a light on the future of our profession: young professionals. This year’s winners of IMA’s Young Professional of the Year Award were chosen for their outstanding and creative approaches to problem solving within the accounting and finance profession. These forward-looking individuals are the driving force behind the evolution of our profession.

adrien dubourgAdrien Dubourg, CMA, CPA, is a manager for the EPM Finance Transformation Practice at The Hackett Group. He has served as a board member of IMA’s Dallas-Fort Worth Chapter for 3+ years, including leading its Young Professionals and Academic Relations Committee. He’s also the treasurer of a nonprofit and sometimes gives lectures for CMA® (Certified Management Accountant) candidates at the University of Dallas. Adrien loves to spend time with his two sons and wife. He says that being passionate about what you do will drive you to career success.

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Ashley_2014Ashley Gibson, CMA, CPA, is a manager at Deloitte Advisory and a member of IMA’s Technology Solutions & Practices Committee. She is currently a student in the Professional MBA Program at Texas A&M University. For her, being an accountant is more than doing taxes and being a bean counter: “I try to be a superhero to the clients I serve, but sometimes I feel like a spy because I’m an outsider, who no one knows by the water cooler, coming in to save the day.”

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brian neale- headshotBrian Neale, CMA, CPA, is currently on sponsored educational leave of absence as he pursues an MBA at the Fuqua (Duke) School of Business. He’ll return to his role as finance manager at General Mills after graduation. Brian thinks of accounting as “the language of business” and works to document the company’s financials, create and manage its control environment, and provide management with useful financial information to guide strategic decisions. Outside of work and his studies, Brian loves to paint, draw, and write and record music.

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tasheeTasheé Singleton is the director of public housing operations for the Housing Authority of Columbus, Ga. She is the chair-elect of IMA’s Gulf South Council and a member of IMA’s Global Board of Directors. Besides work and IMA, Tasheé’s four children keep her active with their sports and academic activities. In addition, she’s partnering with two women to help children with hands-on learning. Her advice to others entering the field? “Be yourself, don’t be easily offended, ask plenty of questions, and seek a mentor.”

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On November 10, 1494, Luca Bartolomeo de Pacioli published the first book that discussed double entry bookkeeping – a stepping stone for modern-day accounting. Today we can reflect on the 521-year history of our profession and look to its bright future with these inspiring, passionate, and driven young professionals leading the way. Here’s to another 521 years of accounting!

Written by Jeff Thomson, CMA, CAE
Follow me on Twitter @ima_JeffThomson

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The Elevator (Pitch) of Success

An “elevator pitch” is a short 30- to 60-second sales pitch for your business, your product, or yourself. The term derives from the image of meeting someone in an elevator and having to sell them on your product or yourself in the time it takes for the elevator to get to the next stop. It’s especially important for students and recent graduates to craft their own personal elevator pitch before they enter the workforce and know how to use it throughout their career.

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Start off by writing down the goal of your elevator pitch, basic background information about yourself, and what characteristics give you a competitive advantage in the marketplace. This shouldn’t be more than 100 words long. Here’s a sample elevator pitch that I might have used many years ago:

“Hi, my name is Dennis Whitney. I’m currently studying finance at Fordham University. I really enjoy the analytical nature of finance, but I also like to write. My professors have encouraged me to look into an internship at a financial publication or finance-related not-for-profit organization. I would love an opportunity to use my knowledge of accounting and finance, as well as my strong analytical and writing skills. If you know of any such opportunities, please let me know. Here’s my business card.”

Practice It
After you’ve organized your thoughts, practice your speech verbally in front of someone. Your family and friends can help you identify what’s good and what needs improvement. As you progress through your career, you’ll become better at writing your pitch and speaking more comfortably in front of people. Outlining it on paper allows you to think about the details before verbally practicing it. You don’t necessarily have to memorize the speech, but you should memorize the outline: introduction, skills and interests, what you want, and why. Also, be flexible. You might want to customize what you say depending on who you meet in the “elevator.”

Professionals use elevator pitches in their day-to-day work. Whether your boss asks you to pitch a new product to the team or go to a trade show to acquire new clients, you will always need an elevator pitch to help you along the way.

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Once you’ve created and practiced your elevator pitch, you can use it nearly anywhere. In-person events are the best place to use your pitch, since your passion and the first impression you make play a large role in how your pitch is perceived. Using it online or on your résumé might not be as impactful. Recent college graduates looking for their first job can use it to promote themselves at a job fair, networking event, or even the supermarket to build contacts. And no matter what industry you decide to work in, you’ll use elevator pitches throughout your career – whether you realize it or not!

It has been said that it only takes seven seconds to make a good first impression. Make them count by dressing professionally, making eye contact, and being respectful, and don’t forget to smile.

Written by Dennis Whitney, CMA, CFM, CAE
Follow me on twitter: @IMA_DWhitney

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