Accounting Basics

Project Management Skills For Accounting: An Overview

Last updated Friday, January 13, 2023
Project Management Skills For Accounting

Project management skills become more crucial as accountants increasingly turn into partners of the businesses they advise. Accountants—and many bookkeepers—need these technical and project management skills to make sure that client deliverables are created in a timely and structured way—read on to find out what they are, and how to learn them.

Software For Project Management Skills For Accounting

When accountants take on the role of advisers, they develop stronger professional ties with their customers by reviewing financial statements, enforcing spending plans, and collaborating with various departments and important stakeholders.

Note: In order to succeed in this expanded role, one must not only possess project management expertise but also the necessary project management tools and communication skills.

Read more about: What is the best accounting software for 2023.

Software For Workforce Management

Managing duties among clients, client business units, and team members' contractors frequently falls under the purview of accounting advisers.

Takeaway: Understanding workforce management software can let you:

  • Monitor each project
  • Allocate tasks
  • Know where deliverables are at any given time

This will help you stay on top of deadlines and deliverables.

Recording Documents

Any financial analysis carried out by a specialist in project management accounting must be supported by the pertinent information in the company's source documents.

Takeaway: In order to make the source documents immediately available, it is considerably simpler to employ a single document capture program to store all client financial data.

Automated Accounting Software

Nowadays, automation should be every accountant’s top priority, as it will help in every way possible. Advanced accounting software, like Wafeq’s solution, is perfect for the task—reach out and up your accounting today.

Messaging Software

Simply tracking projects for a client is insufficient. All parties must be able to communicate with an adviser, especially in remote settings where face-to-face meetings are not feasible.

Takeaway: An accounting adviser should think about using a communication service like Slack or Microsoft Teams in order to quickly and conveniently connect with their team (e.g., email, video chat, etc.).

Screen Recording Applications

Remote advisers must provide clients with specific instructions on what information to provide and how to get it or carry out particular actions. An accountant may accomplish this task most easily by videotaping the procedure.

This is when a screen recording program, like Loom, can be useful.

Takeaway: Screen recording software makes sure that data is gathered correctly and that the team of a freelance accountant or the client's finance team performs accounting chores in accordance with defined documented methods.

Additional Soft Skills For Accounting

A successful accountant possesses more knowledge than only the skills of accounting. The following accounting soft skills are necessary for productive communication and employment across distinct organizations.

  • Time management: Accountants should be able to balance a variety of clients and tasks with focus, including timely meeting attendance and billing.

  • Flexibility and adaptability: Accountants must be able to deal with frequent changes in the workplace, such as the introduction of new financial legislation or accounting technology that upends long-standing procedures. Accountants need to be flexible and open to picking up new knowledge and skills.

  • Customer service orientation: Maintain strong customer connections by responding to complaints immediately, informing clients of potential dangers or project delays, and showing compassion and understanding for their difficulties.

Top Accounting Technical Skills For Online Advisory

While developing technical accounting skills is crucial to producing expert analysis, soft accounting skills are as critical for project management in the field of accounting.

ERP (Enterprise Resource Planning) Programs

An accountant mostly works with financial data when doing compliance-related responsibilities. As an adviser, an accountant will examine a wider range of corporate data from divisions, including supply chain, operations, human resources, and more.

Note: Through a single, universally accessible source of truth, ERP software manages the dissemination and coordination of data from all various departments.

Takeaway: Accountants will have an advantage in their financial analysis if they are familiar with the various ERP software and cloud platforms.

Task-Specific Applications

To assist them in completing advising activities, CPAs may require certain project management software, depending on their area of expertise and the demands of their clients.

To give their customers financial predictions and budgets, for instance, certain accountants will need forecasting and budgeting software.

For the purpose of planning the sale of business shares, other accountants could want equity finance software.

Takeaway: Whatever the assignment, the accountant will need to understand how to use the offered software to assist them in finishing the process.

Software For Pitch Decks And Presentations

A pitch deck for potential investors is one of the presentations that the majority of advisers will need to provide to their clients.

Takeaway: Accountants may utilize a design and other tools to help with their presentations, which will enable them to generate supporting slides and produce a compelling pitch.

CRM (Customer Relationship Management) Programs

Companies frequently utilize CRM systems to store information on their clients, suppliers and spending. Takeaway: To manage payment and invoicing responsibilities, accountants will need to have access to and proficiency using these platforms.

Knowledge Of Technical Accounting

Technical accounting skills are necessary for creating financial statements and reporting, audit support, and providing suggestions about regulatory compliance, and are more beneficial to a firm, whether the customer is a public or private corporation. The viewpoint an accountant may offer to the customer on their existing performance and procedures will improve with increasing expertise.

Successful accounting nowadays is more than recording transactions where they belong. Communicating with stakeholders, presenting ideas, and everything in between, are all essential elements of a competitive accountant’s skill palette—and now you also know what they are.

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If you’d like to make your life easier by implementing advanced accounting software, reach out to Wafeq and get ahead of your competition today!