Many of the skills required for a successful career in accounting have long been established, but some of these skills have recently become especially valued in the sector. 

Along with basic skills like high numerical literacy and Excel abilities, accountancy values a wide range of soft skills including good communication, time management, attention to detail, and intellectual flexibility. There are also three particular skills that are currently in high demand, and are likely to continue growing in importance for the foreseeable future too. 

Here we look closer at the top accounting skills of data analytics, regulatory knowledge, and strategic thinking. 

Data Analytics 

Data analytics has always been a part of accounting, but it has surged in importance in recent years thanks to the massive growth of data itself. With cloud storage systems and advanced computing power, accessibility and usage of large amounts of data is growing fast as well. This means the importance and value of accountants skilled in data analytics is also increasing.  

Accountants will use data analytics to precisely measure and visualise their client or company's financial information, while also identifying and mapping out trends. This skill helps boost the bottom line with increased revenues and profitability, while reducing costs at the same time. Accounting data analytics is also used to monitor both structured and unstructured data, helping to identify and predict customer trends and preferences. 

Regulatory Knowledge  

Compliance requires businesses and organisations to adhere to all current and relevant laws, regulations and ethical requirements. The accounting industry is particularly under pressure to ensure compliance due to the often large amounts of monies involved which thus attract additional scrutiny from authorities. That is the simple reason why high level regulatory knowledge is one of the top accounting skills today, especially as laws and regulations are constantly changing or being amended. 

Even though many of the laws and regulations are intended to prevent serious issues such as money laundering, it can be easy for a honest business to fall foul of the authorities if they do not ensure they are 100% compliant with even the very latest changes or amendments.  

There is also the issue of keeping confidential client information secure which accountants must also take a lot of responsibility for. Getting it wrong can cause serious harm to the company, so extensive knowledge of all relevant rules and regulations is a highly valued skill in modern day accountants. 

Strategic Thinking 

Accountants play a vital role in strategic thinking within an organisation, and must achieve a strong understanding of all relevant business areas and how they interact. They must have a high level of expertise with a solid ethical foundation so they can help the executive decision makers make informed and beneficial choices.  

A good strategic plan informed and supported by the accounting department allows every level of a business to fully understand and commit to the company’s collective aims and KPIs. This is why strategic thinking has become another of the most in-demand skills that accountants can possess. 

If you’re looking for a new role in accountancy in 2024, get in touch with our specialist recruitment team here at Insite Recruitment.