Top 10 Qualities That Make a Good Accountant

Accounting and bookkeeping are some of the most essential functions in any organization. Professionals in these dockets are responsible for providing crucial services such as taxation, auditing, and financial planning. With a good accountant, you can be sure that your company will meet all its financial obligations and thrive regardless of the seasons. But do you know what qualities make a good accountant? Read on to find out the 10 qualities of a good accountant.

1. Educational Qualifications

The first step to being a good accountant is having the right educational qualifications. The minimum qualification is pursuing 10+2 in finance, commerce, or other related subjects. Candidates who have a diploma in accounting are also eligible to become accountants. 

After completing a 10+2, aspiring accountants can pursue degree programs such as Bachelor of Business Administration (BBA) or Bachelor of Commerce (B.Com) in finance and accounting. 

Those looking to increase their earning potential proceed on to a Master of Commerce (M.Com) or Master of Business Administration (MBA) in finance and accounting. 

2. Up-to-date with the Latest Accounting Trends

The accounting field, just like any other industry, is constantly changing. A good accountant must adopt the attitude of a learner and continuously master the trends. This may include the new principles, laws, and taxes.

Other additional trends your accountant should be knowledgeable about are cloud accounting and remote software systems such as Qbox. This software works with QuickBooks to allow accountants and companies to access their files remotely. CoraCloud is another storage solution that enables collaboration and file management between the accountant and client. With an accountant who understands these accounting trends and software, you improve the report processing time while improving efficiency. 

3. Detail-Oriented

The devil is and has always been in the details. A good accountant must be attentive to detail as this can affect the accuracy, quality, and reliability of the work. They deal with a wide range of financial receipts and information from different departments and clients.

Whether they are filing taxes, working with audit records, or preparing basic financial statements, they must pay attention to the details. This is because making the smallest error at the entry-level can result in huge money and legal problems for a business or individual.

Being detail-oriented also improves the accountant’s productivity which, in turn, helps your company enhance its overall efficiency. It’s all about being consistent and accurate with the reports.

4. Customer-Centric

Your customer is your biggest asset as a business. In fact, business experts argue that customers are the backbone of your business. They engage in transactions that result in revenue and growth. Depending on the business, your customers may be individuals buying products for personal use or organizations making acquisitions for operational needs.

A good accountant must strive to understand their customer’s needs. This helps them tailor their services to meet their expectations. When expectations are met, clients are satisfied and this boosts your reputation as a customer-centric company. Even better, your firm or business stands out as an authority in the field.

5. Accurate Financial Reporting

Nothing is as valuable as fast and accurate accounting in a firm or business. These financial reports provide insights into whether your business is on the right path. Additionally, the investors and major stakeholders rely on the reports for key financial decisions. If your company has inaccurate reports, it may make bad decisions resulting in reputational and financial losses. 

In simple terms, accounting accuracy refers to the extent to which financial reports and records reflect a company’s financial position. A good accountant should ensure that all the records and transactions recorded are correct and free from misstatements (errors). It is important to note that accounting accuracy is a legal requirement for compliance. With the right accountant, you protect yourself from severe penalties and legal implications.

For this reason, your selected lawyer should know how to reconcile accounts and implement internal controls. They must also conduct regular financial reviews to identify unusual trends or discrepancies. It allows for enough investigation and correction thus ensuring accuracy in the records.

6. Personal and Professional Integrity

Accounting is a game of numbers. According to research, money has an emotional value and often influences how people save or splurge. A good accountant must think of money as numbers to work out. Thinking like this takes out the emotion thus allowing them to manage their finances better.

Integrity in financial matters is everything. Whether the accountant runs your finances or company, you must be able to trust them with your financial information. Handling money as figures allows the accountant to perfect their skill thus enhancing their integrity. 

When seeking accounting and bookkeeping services, always ensure they have a strong work ethic and are professional. Sometimes these experts have to work for long hours and need to have a strong commitment to completing tasks even in time crunches such as the tax season. With a good accountant, you have nothing to worry about!

7. Tax Knowledge

Businesses and taxes go hand in hand. Regardless of the jurisdiction your business is in, you are subjected to taxes. The most common ones include federal income taxes, sales taxes, and excise taxes. According to a recent study, the average small business pays 19.8% of its annual gross income in taxes.

Whether you are a big or small business, falling behind on your taxes can be detrimental. This is why you need an accountant knowledgeable in the current tax laws and regulations. A good accountant will help you navigate complex tax situations and anticipate legislative changes in your field. 

8. Effective Communication

Besides being attentive to detail, accountants need to listen to their client’s needs and concerns to provide the right financial advice. They should provide you or your firm with clear answers to all your queries, especially concerning the terms and conditions for their accountancy services.

When selecting an accountant, be careful about how they communicate with you. If you have trouble connecting with them during the initial consultation, you are likely to have more issues later in the job. 

9. Highly-Organized

Accountants deal with a lot of records. These records must be error-free and by the local and federal laws. For instance, at the end of every month, they should show how much revenue the company has and how much has been spent. They then use these documents to show whether the organization made a profit. 

As an organization, a good accountant who is organized will make it easy for you to access all your required financial documents when you need them. You don’t have to spend hours finding a single piece of information. This keeps you from trouble with authorities or the danger of missing documents. 

10. A Good Team Player

Accountants must work with other employees to accomplish the company’s financial goals. They may be required to work with managers and report on the company’s financial status. With these financial assessments, the stakeholders can make the required adjustments to propel the organization to success. 

For this reason, they must have teamwork skills for effective collaboration. If an accountant will be managing an accounting team or department, they must also have leadership skills. They must be good team players.

Conclusion

As you can see, accountants play a very vital role in business. Finding a good accountant for small businesses or huge establishments requires you to know the good qualities of one. Start by checking their academic (education) qualifications, their knowledge of business tax regulations as well as their professional integrity. A good accountant must also be excellent in communication, and financial reporting, and be very organized in their records. Remember that accounting is all about accurate records. They must also know and stay updated on the latest trends in the industry such as Qbox to help you manage your QuickBooks remotely. It is a huge plus for you as a business!