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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Volunteer Leadership – What’s In It For You?

In professional associations, many Puzzle on white background. Isolated 3D imageleadership opportunities exist for volunteers. It is this powerful relationship between the association and its volunteer members that help organizations deliver their mission.

Throughout my career, I’ve had numerous leadership opportunities including my current role as IMA’s director of market advocacy. I have the pleasure to serve as a staff liaison to IMA’s three technical committees to ensure that these groups represent the interests of accounting and finance professionals everywhere.

Aside from the intangible benefits that volunteerism brings, such as a sense of satisfaction, accomplishment, and giving back, I see three tangible benefits that our volunteer leaders gain through their roles.

Making Connections

As I’ve observed from the volunteers I work with, participating on a committee can expose you to a variety of people with a common interest. volunterer_leadership-QuoteProfessional associations offer access to boards, committees, subcommittees, and ad-hoc groups—a plethora of opportunities for volunteers to broaden their networks and commit to a shared common goal. In my role, I get to strengthen my existing relationships with members, as well as meet people in my field with a multitude of perspectives from around the globe. Networking is important to everyone, regardless of your career level. Business contacts and even personal friendships can stem from volunteer positions.


Advancing Your Skill Set and Your Career

Volunteer roles help you gain experience in a particular area of interest, practice relevant skills in a safe environment, and learn what it takes to be an effective leader to aid in the progression of your career path. Going outside of your normal day-to-day job is a differentiator that also adds skills to your résumé. Volunteer roles can help you gain experience you may not otherwise be able to get.

Yet, as important as it is to step up and be a leader, it’s also important to step back, share your knowledge with others, and allow them to step up. The most valuable experience I’ve gained as a leader is learning to facilitate successful outcomes without controlling the process. True leaders assist in the process of grooming someone else to lead a task. Being a strategic thinker and creating opportunities for others is also a rewarding experience, as you watch others grow from your guidance.

Impacting a Cause

At IMA, our volunteers serve as a voice, not only within a group, but on behalf of the profession as a whole. Advocating for a cause enhances technical knowledge while helping the greater good. At IMA, our volunteers are passionate about serving the interests of small businesses, promoting sound financial reporting standards, and educating the business community about important issues that impact them in some way.

If you have an opportunity to take on a leadership role, go for it. These valuable experiences will help you expand your knowledge, create lasting personal and professional relationships, and make a powerful difference in the community.

Have you had an interesting volunteer experience? Did it exceed your expectations?

Written by Linda Devonish-Mills, CMA, CPA

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