Thousands of businesses seek finance professionals who are technical accounting experts with a bonus of interpersonal and professional skills. These businesses understand the importance of skilled accountants and how they can effectively maintain the financial aspect of any business. Accounting skills are also very crucial if you're an ACCA IFRS certification aspirant. In this blog, we will cover how you can develop your accounting skills for a bright future in the finance industry.

What is Accounting?

Accounting is the process of keeping records of all the financial transactions that a business made at a given period of time. Accounting helps in various functions such as decision-making regarding finances, cost planning, cash flows, economic performance, etc.

While an ordinary accountant or bookkeeper can handle the basic accounts of a business, a professional with IFRS knowledge can do much more. They can manage the international financial markets with ease, increasing their demand in the industry. That makes an ACCA IFRS Certification quite beneficial for finance professionals.

Types of Accounting

While one accountant may handle some specific transactions, another may work on a whole different set of information. Which is why there are different types of accounting that accountants can be grouped into.

Financial Accounting

Annual or interim financial statements come under financial accounting. The balance sheet, income statement, and cash flow statement provide an overview of the outcomes of all financial activities that take place throughout an accounting period.

Tax Accounting

The set of rules that tax accounting follows differs from financial accounting, for reporting the financial position of an organization. The level of these rules are set at a federal, state or local. The levels depend on the type of return being filed.

Managerial Accounting

Financial accounting and managerial accounting have almost the same set of data to work with. Managerial accounting helps the management team decide how to operate the business with the help of monthly/quarterly reports.

Cost Accounting

Cost accounting assists businesses in making costing decisions, much like managerial accounting assists firms in making management decisions. In essence, cost accounting takes into account every expense associated with creating a product.

How to Improve Your Accounting Skills for ACCA IFRS Certification

Enroll in an Online Course

Become an expert at accounting by joining an online course. An introductory course is highly recommended to gain a better understanding of the basics of accounting.

Choose Your Area of Expertise

If you already have the basic understanding of accounting, you should select a topic for specific expertise. Developing an expertise in one of the topics will deepen your skills and add more value to your profile.

Don’t Ignore the Soft Skills

That’s right. Soft skills are important in accounting as well. Some of the crucial soft skills for any accounting professional are good communication, problem-solving and management of time. These skills clubbed with accounting skills will vastly improve your performance.

Stay Up-To-Date

Some professionals make the mistake of never going back to learning. It is important to keep yourself updated with the latest trends in accounting, the advanced tools and new techniques. Doing so will always keep you ahead of your game and prepare you for any hurdles in accounting.

Dig Into Accounting Software

Familiarizing yourself with accounting software will be quite beneficial for an accountant. Not only will it ensure less inaccuracy, but will also speed up several processes for you. In turn, you will become much better at time management as well. Keep the software updated to the latest versions at all times. You can also get in-depth knowledge about accounting software in Dip. IFRS classes.

Get your answers

When we want to gain expertise in a skill, it is best to get as many doubts cleared as possible. You may think of your doubts as trivial but that’s a rookie mistake. Getting answers to clear all your doubts about accounting will make your tasks easier in the future. If you are enrolling in IFRS certificate classes, make sure you clear as many of your doubts with the trainer as possible.

Get Industry Insights

Having knowledge of the industry you are working in can always be helpful for you as well as your organization. Learn how your accounting skills come into play in the said industry. Talk to professionals in other departments to get the insights you need. Understand the market trends, demands, vendors, etc,. so that you can offer strategic recommendations to your organization. If you enroll in Dip. IFRS classes, you can gather insights from peers and trainers as well.

Understand Accounting and IFRS

To obtain your ACCA IFRS certification, you should learn about IFRS and its role in the global financial market. International Financial Reporting Standards, or IFRS standards, are a collection of accounting guidelines that specify how financial statements must present transactions and other accounting events. In order to help investors and business owners make wise financial decisions, they are made to uphold transparency and trust in the financial sector.

Conclusion

Learning the basics of accounting is just the first stepping stone towards getting your IFRS certificate. Honing your accounting skills and learning how it helps organizations and industries on a global scale will help you in obtaining your ACCA IFRS certification.

If you are someone who is looking to obtain their IFRS certification, you can check out MindCypress, a leading provider of online professional training programs and courses.