7 Must-Have Soft and Hard Skills for Accountants in Singapore

Accounting plays a crucial role, both for the interests of individuals, government institutions, and companies. In Singapore, they implement The Skills Framework (SFw) designed for accountants to enhance skills mastery and lifelong learning, aligning with the current industry needs and Industry Transformation Maps (ITM).

These skills are developed by various institutions, organizations, and other professionals, such as SkillsFuture Singapore (SSG), Workforce Singapore (WSG), Singapore Accountancy Commission (SAC), and the Institute of Singapore Chartered Accountants (ISCA).

By doing so, Singapore firms can enhance the credibility and transparency of financial reporting. Therefore, current fresh graduates and professionals are encouraged to improve the quality and accounting skills by the government.

Here are 8 soft skills and hard skills that should be mastered by an accountant in Singapore and included in their CV.

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Accounting skills are crucial in assisting companies to manage business finances effectively.

One of the essential hard or technical skills in accounting that must be mastered is an understanding of basic accounting principles, such as accrual concepts, profit and loss statements, and cash flow.

1. Cloud Based Accounting Software

The use of cloud-based accounting software is becoming increasingly popular due to the benefits it offers, such as easy access, mobility and collaboration.

Accountants need to be proficient in accounting software such as QuickBooks Online, Xero or Zoho Books to perform tasks such as recording transactions, preparing financial statements and bank reconciliations.

To do this, accountants need to keep learning about new software tools and ways of looking at data. This helps them stay competitive and do their job well by making financial work better and providing good accounting services.

2. Budgeting, Forecasting, and Reporting Tools

Accountants need to be familiar with budgeting, forecasting, and reporting tools to help organizations create accurate budgets, predict financial trends, and produce meaningful financial reports.

Tools such as Microsoft Excel, Power BI and Tableau can help accountants perform these tasks more easily and efficiently.

3. Data Analytics & Macroeconomic Analysis

Macroeconomic analysis and data analytics are crucial skills in the field of economics and finance.

Macroeconomic analysis involves studying large-scale economic factors, such as inflation, unemployment, and economic growth, to understand and predict the overall health of an economy. This skill is vital for making informed decisions in areas like monetary policy, fiscal policy, and investment strategies.

On the other hand, data analytics in the context of macroeconomics involves using advanced tools and techniques to analyze vast sets of economic data.

For instance, economists might employ data analytics to identify trends, correlations, or anomalies in economic indicators, helping policymakers and businesses make more accurate predictions and strategic decisions.

The combination of macroeconomic analysis and data analytics provides a powerful toolkit for professionals in economics and finance to navigate complex economic landscapes and contribute to effective decision-making.

4. Audit Frameworks

Audit frameworks in accounting provide a structured approach to examining and validating financial information, ensuring accuracy and compliance with established standards. These frameworks serve as systematic guidelines for auditors to assess the reliability of financial statements and internal controls within an organization.

Common audit frameworks include the Generally Accepted Auditing Standards (GAAS) and the International Standards on Auditing (ISA), which set out principles and procedures for conducting audits.

Additionally, frameworks such as the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control Framework focus on evaluating and enhancing internal control systems.

5. Planning and Reporting + Data Storytelling and Visualization

Engagement planning, completion, and reporting are important steps for accountants to carefully audit and share financial information. When combined with data storytelling and visualization – which means explaining data through pictures and stories – these skills become even more powerful.

Imagine an accountant presenting financial reports using easy-to-understand charts or graphs, making it simple for everyone to see and understand the important trends.

This not only ensures the accuracy of financial insights but also helps others in the company, who might not be financial experts, make better decisions based on the information provided.

So, these skills work together to make sure the financial story is not only correct but also clear and helpful for everyone involved in the decision-making process.

5. Microsoft Excel and SQL

Hard skills such as Microsoft Excel and SQL are crucial in accounting because they empower accountants to efficiently manage and analyze financial data.

Microsoft Excel acts like a versatile tool, aiding in tasks like budgeting, expense tracking, and trend analysis by handling large sets of financial information. SQL, on the other hand, serves as a database language, helping accountants quickly access and manage data stored in databases.

Think of it like having a superhero toolbox – these skills save time, reduce errors, and enable accountants to extract valuable insights.

For instance, an accountant might use Excel to create detailed budgets or utilize SQL to analyze specific data, like sales figures for a particular product, ensuring accurate financial reporting and informed decision-making in businesses.

6. Tax Norms and Corporate and Business Law

Understanding tax norms is a crucial hard skill in accounting because it ensures compliance with tax regulations and helps businesses manage their financial obligations efficiently. Accountants need to be well-versed in tax laws and norms to accurately calculate and report taxes owed by individuals or companies.

For example, an accountant might use this skill to determine the appropriate deductions for a business, ensuring they only pay the required amount of taxes.

Additionally, knowledge of tax norms allows accountants to provide valuable advice to businesses on tax planning strategies, optimizing their financial positions within the legal framework. This hard skill is essential for avoiding legal issues, maximizing tax benefits, and contributing to overall financial health and sustainability.

7. Litigation Support

Litigation support in accounting refers to the assistance provided by accountants in legal matters, especially during disputes, investigations, or court proceedings. Accountants play a crucial role in these situations by offering financial expertise, analyzing complex financial data, and providing support to legal teams.

For example, in a legal dispute involving financial matters, accountants may help in quantifying damages, investigating financial fraud, or offering expert testimony to explain financial intricacies to the court.

Litigation support requires a deep understanding of accounting principles, forensic accounting techniques, and the ability to communicate complex financial information in a clear and understandable manner within a legal context.

This specialized skill helps ensure that legal proceedings involving financial aspects are well-informed, fair, and adhere to accounting standards.

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On the other hand, it is important for accountants to continually enhance their soft skills. This can aid in evaluating business performance, identifying financial issues, and taking appropriate actions to improve the financial performance of the business.

1. System Thinking

In the context of accounting, systems thinking is crucial because financial information and processes are often interconnected and impact the overall functioning of an organization.

Accountants with strong systems thinking skills can see beyond individual transactions and understand how financial decisions in one department may affect others.

For example, if a company decides to cut costs in one area, a systems-thinking accountant would consider how this might impact overall productivity, employee morale, and the quality of financial reporting.

This holistic perspective helps accountants contribute to more effective financial management, strategic planning, and decision-making within the organization, recognizing the broader implications of their actions on the entire financial system.

2. Financial Analysis

Financial analysis is a crucial soft skill for accountants because it involves the ability to interpret and evaluate financial data to make informed decisions.

Accountants with strong financial analysis skills can assess a company's financial health, identify trends, and provide insights for strategic planning.

For example, when conducting financial analysis, an accountant may examine a company's income statements and balance sheets to determine its profitability, liquidity, and overall financial stability.

This skill is vital in helping businesses make sound financial decisions, such as whether to invest in new projects, cut costs, or seek additional financing.

3. Business Negotiation

Accountants often need to negotiate with clients, vendors, or other stakeholders to ensure favorable terms or resolve financial issues.

For instance, an accountant negotiating with a vendor may seek better payment terms to improve cash flow for the company.

This skill is crucial in building positive relationships and achieving mutually beneficial outcomes. Additionally, during financial audits or discussions with clients, accountants may need to negotiate adjustments or agree on financial reporting practices.

Strong negotiation skills enhance an accountant's ability to navigate financial transactions, resolve conflicts, and contribute to the financial success and stability of the organization.

4. Due Professional Care

Due professional care" is a concept in accounting that emphasizes careful and diligent work.

While it's often considered a professional principle rather than a soft skill, practicing due professional care is crucial for accountants. It involves being meticulous, thorough, and conscientious in performing accounting tasks to ensure accuracy and reliability in financial reporting.

For example, an accountant applying due professional care might double-check calculations, review financial statements for completeness, and adhere to accounting standards to avoid errors.

This dedication to careful work not only maintains the integrity of financial information but also builds trust with clients, stakeholders, and regulatory authorities.

5. Professional and Business Ethics

These skills ensure that accountants conduct their work with honesty, transparency, and in compliance with ethical standards, contributing to the trust and credibility of the accounting profession.

For example, an accountant faced with a potential conflict of interest, such as personal financial gain from a client, must apply professional ethics to make decisions that prioritize the client's interests and uphold the integrity of the financial reporting process.

6. Risk Appetite and Goals Setting

Accountants need to be skilled in balancing risk and reward to align financial strategies with the organization's goals.

For example, if a company aims for aggressive growth, accountants might support this goal by proposing investment opportunities despite higher associated risks.

Not only that, accountants involves in developing clear and achievable financial objectives that align with the company's overall goals.

For instance, if a company's objective is to increase profitability, accountants may propose cost-cutting measures or revenue enhancement strategies.

7. Risk Assessment and Management

Risk assessment and management are vital soft skills for accountants as they help identify, evaluate, and mitigate potential risks in financial operations. These skills are crucial for safeguarding organizations' financial integrity and ensuring compliance.

For instance, an accountant might identify a risk related to inaccurate financial reporting due to weak internal controls and then implement measures to mitigate this risk, ensuring accurate financial information and protecting stakeholders' interests.

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You can develop both hard and soft skills to achieve your career goals. Make a note of the strengths and gaps in your accounting skills.

It may be a good idea to focus on highlighting the areas where you need to deepen your knowledge and skills. You can try taking accounting courses and learning opportunities both online and offline.

If you're curious about the salary of an accountant in Singapore, you can check the salary range using the Salary Report and set the location and position you want to see.

Do you want to pursue career in finance or accounting industry? Get your job recommendation with Epicareer today.

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