Becoming a graduate accountant and chartered accountant gives you the leverage you need as an accountant. However, you also need to develop the skills needed to become efficient and effective as an accountant. This article explains five in-demand accounting skills for 2025.
Data Analytics
Data analytics is one of the top skills an accountant requires to succeed in a data-driven world. Data analytics skills such as Power BI, SQL, and Python have been the most talked about skills needed by accountants to be successful. This helps you summarize and analyse data more accurately. Therefore, you can tell stories about the accounting information of the entity.
Microsoft Office Suite
These are a set of tools that can be used together in an office setting. This includes Microsoft Excel, MS Word, MS PowerPoint, Outlook mail and other related tools. The most common of these for accountants is the MS Excel. This can be used to prepare reports that provide useful information to management. Also, it is useful for automation
Generative AI
This is currently gaining momentum. Generative AI such as ChatGPT, Gemini, Deepthink and other specifics like Adam by Tyms, can be used specifically for accounting and finance tasks. It can be used to generate anything you can think of. All you need to do is to give it the actual prompt. You can use AI to generate MS Excel formulas to do a specific task.
Accounting Software
Accounting and ERP software are skills relevant in today's business world. Companies employing accountants expect them to know one or more accounting application packages such as Sage, QuickBooks, and Tyms. ERP software such as Microsoft Dynamics and BankOne might be required by an entity.
Knowledge of IFRS
International Financial Reporting Standards (IFRS) knowledge is also a useful skill for an accountant. A complete set of knowledge in IFRS is required by businesses. This is because accountants are expected to prepare financial statements of companies that comply with these standards. Lack of doing so will make it difficult to access external funds and will mean not presenting financial information fairly and accurately.
To conclude, the aforementioned skills are primarily needed by accountants in business and practice. While Generative AI is becoming a thing, Data Analytics and Software knowledge are important in business. More so, there is a new trend coming up in accounting referred to as sustainability reporting.
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