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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Finding Your Life Balance in the Workplace

These days, it’s difficult to balance work and personal life responsibilities. For mothers working in business, it’s especially hard to work full time, take care of a family, and have a social life. Before my first daughter was born, I was working at a Fortune 500 company in New York City and commuting from New Jersey every day. After I had my daughter, it became difficult for me to maintain that long commute, so I made a career move to a nonprofit that allowed for a more flexible schedule. In today’s business landscape, there are a few things you can do to maintain your work-life balance.

1. Prioritize Your Life

What’s most important to you at this point in your life: your career or your family? When I was younger, advancing my career was my top priority. Working at a Fortune 500 Prioritizecompany early in my career showed me that I could be successful, but then I wanted something more. I wanted to become a mother, so family became my number one priority.

After I had my second daughter, I realized that I couldn’t do it all myself. Don’t be afraid to ask for help at work or home when you need it. I adopted the theory that it takes a village to raise a family. I was fortunate that I could rely on my parents to help with my daughters as they were growing up.

2. Make Time for You
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To alleviate stress and realign your balance, make sure you reserve time for yourself at least once a week. You can do recreational activities you enjoy but haven’t done in a while, spend time with family and friends, or find a new hobby (like knitting or playing an instrument). As a way to decompress after my first daughter was born, I would have a girl’s night a couple times a week or have a date night with my husband.

3. Ask for a Flexible Schedule

Make sure that your employer supports work/life initiatives. A company that doesn’t have such initiatives may not be a good fit for someone trying to balance personal and professional obligations. I’ve been fortunate to experience the benefits of a flexible work schedule since I have been in the nonprofit industry most of my career, primarily working from home once a week. This schedule is optimal for a working mother who needs to be home with her young children.

Employees tend to be more productive because they appreciate having the flexible work schedule. An IMA’s Annual Salary Survey revealed that a majority of respondents in the U.S. prefer a flexible job schedule over quick career advancement, which in turn increases their job satisfaction.

Keeping the Balance

Now that my daughters are grown, they are forging their own paths in the real world. They will have their own work-life balance struggles to deal with, so I’ll be there to help them along the way, like my parents did for me. Just remember what matters most to you, and you’ll find a way to keep the balance.

Written by Linda Devonish-Mills, CMA, CPA, CAE

Related Articles
Promoting Work-Life Balance From the Top Down – Jeff Thomson, Forbes
Mounting Evidence of Advantages for Children of Working Mothers – TheUpshot

Memorable Conferences: How to Make Them Last

As IMA’s Professor-in-Residence, I travel to at least six conferences per year around the world to speak about accounting education, to advance accounting practice, and to network with like-minded professionals. I just got back from Budapest where I attended the General Assembly of the International Group of Controlling (IGC), of which IMA is a member. It was a great meeting that offered informative presentations and many opportunities for knowledge sharing with a beautiful city as the backdrop. These factors made the meeting memorable for me because they all contribute to my being able to help advance the management accounting profession. Here are a few more thoughts on how to make your conference experience more memorable.

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KNOWLEDGE SHARING
Typically, well-known speakers draw attendees to conferences. Hearing from passionate, animated industry experts make the sessions a lot more interesting and memorable. To this end, IMA hosts popular and inspiring speakers at our Annual Conference & Expo. This year Jerry Greenfield of Ben and Jerry’s will talk about being an entrepreneur, J.R. Martinez will talk about rising above our challenges, and Stephen Dubner will expand our view about business issues. Each has his own way of passing on knowledge and best practices to the next generation of business professionals.

It’s also important to hear the speaker’s insights to stimulate your thinking and provide you with ideas to bring back home. For instance, at the meeting in Budapest, Péter Horváth had a session about management accounting vs. controlling – the German version of management accounting. Horváth is considered the “Father of German Controlling,” and he had thought-provoking insights regarding the relationship between controlling, management accounting, management control systems, and performance measurement. This was followed by a cutting-edge presentation by Professor Dr. Klaus Möller on controlling innovation. Passionate, informed speakers such as these lead engaging, interactive sessions, so choose a speaker you’re interested in and ask questions. That will make your conference experience even more memorable!

BRING HOME THE VALUE
The most memorable part of a conference is the knowledge and value you bring back to your company, and value comes in many forms. The conferences I attend allow me to promote IMA and the management accounting profession while developing long-term relationships. At these meetings I form relationships with academics and practitioners from around the world, discuss emerging practices, and connect with possible future business partners. Attending these face-to-face meetings shows your peers that you’re truly dedicated to your profession and passionate about the work you do.

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You can also see the reach of your profession through the many conference attendees. For example, in Budapest I was able to learn first-hand the state of management accounting in many countries and how it’s developing among the local practitioners. It expanded my understanding of how management accounting is practiced globally, and the role IMA can play in advancing our profession.

EXPAND YOUR VIEW
There are many ways to make your conference experience memorable. Whether you attend for the people, location, or sessions, conferences help broaden your career horizon and also help you grow on both personal and professional levels. At the end of the day, attending a conference says a lot about you – that you’re passionate about your career, that you’re dedicated to your profession, and that you choose to increase your professional knowledge. Make it a point this year to attend at least one conference in your field to prove to yourself and your peers that you’re serious about your future.

Written by Dr. Raef Lawson, CMA, CPA, CFP, CFA
Follow me on Twitter @RaefLawson

Related articles:
How to Choose Which Conferences to Attend – Intuit QuickBooks
TED Founder Reveals How You Can Create a Memorable Event – American Express