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.

Happy business woman showing clock

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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The Importance of Integrity in a Certification Program

At IMA, we’re dedicated to quality and providing the most prestigious management accounting certification in the world: the CMA® (Certified Management Accountant). For more than 40 years, we have been building a professional certification program that is a true reflection of the management accounting profession. And over the years, the standard for earning the CMA has remained high.

I attribute this continuous high standard and respected reputation to the integrity of the CMA exam. An exam has integrity if it’s both valid and reliable, which in turn leads to consistent outcomes. When professionals pass an exam—and earn a certification—that has integrity, they have more confidence in their day-to-day work, and employers identify them as experts in the field.

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THE CMA’S INTEGRITY…

To earn the CMA, professionals need to pass the challenging two-part exam, fulfill an educational requirement, and meet an experience requirement. In addition, CMAs commit to the ethical standards in the IMA Statement of Ethical Professional Practice and an annual continuing education requirement.

To ensure the CMA validates competence in the in-demand skills needed by management accountants, we regularly update the questions and the content specification outline to reflect the most current knowledge and skill requirements.

These high standards advance the management accounting profession and the careers of those working in the field. A certification with high standards of integrity and trust is a signal to employers that you’ve taken and passed a rigorous exam and sets you apart from your peers.

 

…INCREASES YOUR COMPETITIVE ADVANTAGE

comp_advantThroughout the years, we’ve ensured an unwavering attention to integrity by using robust processes to ensure the questions on the CMA exam are psychometrically reliable, ensuring strong internal controls at testing centers, and committing to continuous improvement.

In addition, we haven’t grandfathered anyone into the CMA program, meaning that every professional holding the CMA has taken an exam, and no one has earned our designation by simply writing a check.

Adding those three letters to the end of your name shows employers that you have taken a rigorous, relevant, and trusted exam and have the skills necessary to drive business performance. Employers see you as a trusted business partner.

 

…IMPROVES YOUR CAREER

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Investing in your career really pays off. Not only do CMAs earn an average of 61% more in total annual compensation than their noncertified peers, but they also enjoy faster advancement opportunities and employer recognition.

When you start searching for a credential with integrity, make sure you choose the right one for you and your career. Earning a certification with integrity gives you the confidence you need to take your career to the next level. And since the CMA is a global certification, you can take it with you wherever you go.

Nearly 50,000 of your peers in more than 100 countries have earned their CMA. We’re confident that those who have passed the exam have demonstrated competence in the management accounting and financial management skills necessary to perform at a consistently high level.

Written by Dennis Whitney, CMA

 

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“The CMA: Rigorous, Relevant, and Trusted”Strategic Finance

“IMA’s 2015 Global Salary Survey” – IMA

Why Diversity and Inclusion is Essential for Global Organizations

With changing technology and emerging global markets, it’s common in today’s world to find yourself working with or for people of different cultures and backgrounds. Therefore, the importance of adopting a diverse culture isn’t only a “nice to have” but a “must have” in order to have mutual trust, respect, and understanding of each other and to ultimately serve your members better.

To show how we embrace the various backgrounds of our members, IMA recently created the Diversity Thought Leadership Pipeline Committee, which celebrates the uniqueness of each culture within our membership. As quoted in the Committee’s governance statement, diversity involves establishing an environment where there are equitable opportunities for individuals from various backgrounds to express their thoughts and ideas.

Creating a committee and investing in a diversity and inclusion initiative strengthens an organization’s global position. It makes a statement among members that your organization isn’t only focusing on the needs of members in the U.S. At IMA, we pride ourselves on being a diverse company in a global marketplace.

So what does it take to be considered diverse? Let’s break down the Committee’s governance statement to find out:

“Through the backgrounds and experiences of our global membership base, we gain perspective and insights that impact the strategic and operational direction of our organization.”Innovation-Gears---1

A company that has a diverse, global membership network has a 360-degree view of the industry and the people who work to improve it. Having a broad membership base gives you various perspectives on issues facing your company or industry.

A company environment that fosters diversity also fosters innovation. A diverse staff will undoubtedly propose new, innovative ideas that can expand your company’s overall contribution. Your company will gain valuable insights from members and staff who come from diverse cultures and backgrounds.

“The global governance of IMA acknowledges and embraces the diversity of our membership and considers an inclusive atmosphere essential.”

SpiceStarIt’s important to have a diverse board of directors that represents your stakeholders because you need various opinions to operate as an unbiased organization. When your board members and top management are from different backgrounds, experience, and generations, you’ll better understand the marketplace and what your stakeholders expect from your business. IMA benefits from a diverse board to get input on what products and services should be offered to members from different regions.

“Our global diversity also provides new ideas and alternative perspectives that expand IMA’s contribution to the profession.”

A diverse company offers products, services, and events that appeal to a wide variety of professionals. Knowing your audience—their background, culture, and objectives—is the first step in producing and delivering these offerings. Then work on understanding how your audience likes to receive this information. IMA offers continuing professional education (CPE) credit through many avenues, including live and on-demand webinars and in-person events such as instructor-led courses and conferences. IMA’s Annual Conference & Expo alone includes 50+ sessions about management accounting competencies as well as sessions about soft skills training. Another example is IMA’s Women in Accounting Leadership Series, which is a platform for discussing the issues women face as being a growing part of IMA’s diverse membership.

The Future of Your Organization Depends on Diversity

Similar to other initiatives, global companies can benefit from developing a diversity committee that focuses on developing training programs or other outputs to strengthen cultural awareness among employees and volunteers. Having such a committee or initiative confirms a company’s commitment to global diversity and inclusion by projecting that your organization values the differences in people.

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

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