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accountants cardiff

Accountancy Skills Most in Demand Post-Pandemic

The Covid19 pandemic has transformed many aspects of society and business in Cardiff, throughout the UK and globally, most especially how and where we work from. Accountants have been central in the fight to survive this pandemic and as a result, their roles have transmuted. Additionally, we have witnessed the rapid integration of technology in business during and after the pandemic. All these factors have contributed to the demand for a specific set of accountancy skills that can help the business survive the effects of the lockdown. They are no longer just number crunchers but an integral part of decision-making in various sectors of the economy. Accountancy firms and employers prefer individuals with advanced skills in addition to their knowledge in accounting. Some of the accountancy skills that are most in-demand post-pandemic include:

Digital and Technical Awareness

Even long before the pandemic, technology and digital proficiency had become a fundamental part of the accounting profession. But the pandemic saw an acceleration in the adaptation of new technologies in businesses across various sectors. Digital awareness is therefore an added advantage to one’s accounting capabilities as most companies are looking for personnel that can help them keep up with the ever-changing dynamics of technology and technology platforms.

AI and Automation

The pandemic saw several businesses across various sectors lay off their employees or cut their wages. To make up for the reduced workforce, companies are opting for automation and machine learning skills. Several small tasks within organizations have been automated to allow the available personnel to focus on complex tasks that cannot be automated such as decision making. With the help of artificial intelligence and cloud technology, accountants are exempted from manual tasks such as data entry and have time to focus on complex matters. To be competent in the post-pandemic period, accountants need to acquaint themselves with as much automation software as possible. Automation not only saves time but also improves accuracy.

Data Analytics Skills

Data analysis plays a vital role in business decision-making which ensures the business stays resilient through unforeseeable circumstances. Effective data analysis can help stakeholders understand how much the pandemic has affected their business by looking at the various patterns in distribution and consumer behaviour. It can also help set informed goals and objectives for recovery and highlight how they can be attained. As companies revise their business strategies post-pandemic, data and analytics-focused accountants are in high demand. An accountant should be able to study a business’ KPIs and swiftly generate visible acumen for the stakeholders. Critical thinking can help one come up with useful inquiries that can help expand their understanding of the variables.

Collaboration

With technology, accounting is no longer about cracking numbers behind a desk. Accountants are now required to collaborate with various departments in the organization and other stakeholders and share with them insight on how to improve the business performance. Additionally, the working from home culture distorts the convenience of sharing ideas in the workplace created by physical office spaces. Therefore, employers will prefer an individual who understands the best way to establish contact with their colleagues and are ready to share knowledge and skills for better results. Understanding the various ways that can enhance cross-functional collaboration can help an accountant advise and validate financial decisions in the organization.

How to Develop Skills in Accountancy

Now that you know which accountancy skills are on-demand, let’s look at how one can develop their accountancy skills to be more marketable among accountancy firms and other potential employers. There are several ways to learn or improve a skill, they include:

Schooling

School education is the primary path to becoming a competent accountant. There is a variety of accounting degree programs offered across academic institutions in the UK that can boost your accountancy skills. They include; Certificate in Accounting, Associate Degree in Accounting, Bachelor’s Degree in Accounting, Master’s Degree in Accounting, MBA in Accounting degree and lastly a Ph.D. in Accounting degree.

Adopting technology

Technology is another avenue through which people can horn their accountancy skills. Technical know-how is an added advantage in the eyes of employers and therefore software skills are vital in accounting. By embracing technology, one can improve their accounting skills by learning the application of various accounting software programs. It is also advisable to be on the lookout for emerging productivity and collaboration technologies in the field of accounting.

Certification

You can also sharpen your accountancy skills by getting certified, employees prefer certified accountants to those who have no certification. Getting certified is a severe assessment process meant to evaluate your accounting skills. Different certifications have different requirements and they include; Forensic Accountant, Public Accountant (CPA) which is held by chartered accountants, Auditor, Information Technology Accountants and Fraud Examiner.

Hands-on experience

You can also acquire accountancy skills from hands-on experience. This is the improvement of skills by focusing on the skill you aim to improve while on the job. It involves volunteer work, taking up temporary assignments and part-time accounting jobs to learn.

For more information on how Linghams Chartered Accountants can help your business, please contact our dedicated team!

mistakes-start-ups-make

Common Small Business Mistakes

Common Mistakes Start-Ups Make

Are you projecting to start a business? The possibility of making wrong choices for your firm is high, and over 60% of start-up companies face similar challenges regularly. Most entrepreneurs make mistakes because establishing an organisation can become intense, engaged, exciting, and sometimes overwhelming. Therefore, to succeed, here are some of the most common faults that will ruin your business, and you should strive to avoid them when initiating your company. Our team of accountants and business advisors is committed to supporting your business so that you avoid the common mistakes others tend to make.

More Action and Thinking Less

Entrepreneurs spend variable time doing research, planning, looking for advice and business profiling, but the activities should not be the prime focus of the firm. Because it is easy for you to get lost in the quagmire of fostering the strategies and ambitions which almost unavoidably change the moment realism comes along.

Naturally, mistakes occur; for instance, when you push forward the launching date for your business for you feel anxious or not ready to commence the firm on the specified day. The firm may not do perfectly at first, but starting it will make your plans a reality rather than just a dream.

Chasing Money Instead of Growth

Due to the pressures of having investors and bank loans to honour, you can become ambitious in pursuing profits unconsciously. Higher revenues are right for your organisation; however, when you emphasise more on earning high turnovers, you may find yourself compromising on your goals, consequently, diluting your products and the firm’s primary focus.

Certainly, you should keep track of the financial statements; balance sheet and income accounts, but you should not let them be the determining factors of your firm’s activities. Moreover, you should make sure you have capital, to manage your inputs, as it gives you the buffer zone, and puts your primary objectives clear.

Splitting Emotions and Business

In the start-up phase of a firm, the entrepreneurs are usually enthusiastic in pursuing business dreams, which is an essential requirement for a successful business. Nevertheless, investment emotions can blind you to reality, making it hard to formulate wise business decisions. For instance, the excitement can lead you to misunderstand the potency of a potential market and product desires. Detaching from your emotions will help you in realising the real objectives of the firm.

Leadership in The Organisation

Every start-up business should have a person in charge of all the activities carried out in the enterprise. Therefore, as an entrepreneur, you should blur the lines, between you and your investor, on who the manager is. For instance, the investor may be aware of what the proceeding entails, but it does not mean that you should not check it out before irrationally following his or her leads. Unquestionably, you are the leader, and you should do your responsibilities without your juniors overlooking you.

Accepting Limitations and Curbing Perfectionism

Also, In the start-up phase, several challenges may occur, such as lack of enough capital or stiff competition in the market. Thus, it is good you are ready for any uncertainties that might face your business, and you should come up with ways of elevating and maintaining perfectionism.

Choosing an Incompetent Accountant

When starting a business, it is important you select a controller carefully because he or she is a business partner, you can depend on for financial advice and guidance. Some of the issues you need to consider when choosing a certified public accountant include; his or her location, the accounting software and the division of workload. Moreover, it is your firm’s interest to hire a person with relevant expertise, and capable of handling financial activities independently.

Besides, since you are a young company, you should hire employees who understand your rate of innovation and growth, which sometimes may call for work commitments that may surpass job descriptions.

Not Listening to Existing Clients

Gathering feedback from customers, through interviews, is another essential for a successful business, and most entrepreneurs tend to ignore this fundamental quality. Learning about your consumers will assist you in predicting and delivering as to their expectations. Also, you should strive to maintain healthy relationships with your clients by being consistent in your outreach with advisers and other key connectors in your firm.

At Linghams we are dedicated to our client’s success. Our team based in South Wales specialise in corporate finance and can advise on aspects of managing your business to help maximise its profitability.

Welcome

This is our first experience of utilising our website as anything other than a destination for information sheets and we believe that writing a blog for the site is also an interesting concept. As an accountant I decided to start a business rather than buy into a practice and this has given me a sharper focus on the ‘business side.’

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