This article is about Banking and Finance
Rapidly Growing Skills in Accounting in 2021
By NIIT Editorial
Published on 12/02/2021
Every successful business needs an all-star accountant. Not only does the finance and accounting division demarcate ways to save capital, but also plays a leading role in the creation of annual budgets that dictate the freedom of expenditure for the entire supply chain. But with changes in software and automation, finance isn’t managed like it used to be. There is a collective shift among recruiters who are looking for 4 major skills over others in finance and accounting professionals. Let us find out what they are!
It is the practice by which professionals are able to calculate the performance measure of the company in a specified period of time. While this is a broader category, professionals must know how to calculate its components such as balance sheets, income statements, cash flow statements and further changes in equity.
The corporate bureaucracy has changed and so have the expectations from new age professionals. At the least, they are expected to be able to communicate their ideas effectively to peers. There could be times when the stakeholders need a briefing on urgent financial needs. That is when such presentational skills could make you stand out from the average pack.
Spreadsheets formulate the ground-level operational requirements of finance professionals. Software such as Finacle, Quickbooks, and NetSuite allow for managing such operations through simple drag and drop maneuvers. Yet, having worked on microsoft excel and having in-depth knowledge of its formulae always comes in handy.
Business Intelligence Software
Enterprise Resource Planning (ERP) software such as SAP or Oracle is commonplace in corporations. They can be used to perform inventory management, place orders, track labour hours and more. With operational knowledge of the same, finance professionals can acquire an overview of capital expenditure in real-time basis. Similarly, business analytics software is equally leveraged to squelch out insights for stakeholders. This is something that the requisite information of can be invaluable.
Of course, savings wouldn’t accumulate themselves. Keeping tabs on regulatory guidelines as mandated by the Reserve Bank of India should be a staple habit for people employed in this domain. Thereafter, the same knowledge has to be implemented in filing taxes and disclosing profits/losses in the annual revenue calls.
With so much data floating freely, especially in finance, companies need experts to manage it in the best possible way. Although not mandatory, knowing how to extract data with the Structured Programming Language (SQL) is a big advantage. The bigger the company the greater could be the importance of such an individual in such a setting.
Experience is not enough in this industry to find a stable professional footing. The sector is dominated by ironclad rules and regulations and needs educated, well-read and aware individuals to carry out the task of managing money. Acquiring a third-party certification to showcase your skill-set will be highly beneficial. NIIT offers the Post Graduate Programme in Applied Finance and Accounts with GST that ensures students get not just the requisite training but also placement assistance for a bright future.
An increasing number of candidates are applying for limited seats in the banking and finance industry. Often talented candidates are left out due to an industrial job freeze. NIIT ensures that such able students get the opportunity they rightly deserve. Explore our line of banking and finance courses for a chance to make it big in the industry:
Post Graduate Programme in Applied Finance and Accounts with GST
An online learning programme for Graduates that prepares them to be a multi-faceted, modern Finance, and Accounting professional.
Become an All Rounded Finance Professional
Assurance of 3 Interviews