Whether you’re an IT professional or an accountant, your work performance is likely to be evaluated on the value you add to your company. Although every job has its share of difficulties and responsibilities, an accountant’s job is taxing.

Sure, you might be great at your job and can handle all the numbers efficiently, but there are tons of responsibilities on an accountant’s shoulders. However, you can ensure you do your job right by adding value to your work.

To help you understand how, our experts at our online tuition platform have highlighted some skills and ways you can stay relevant in this competitive industry.

Understanding GAAP vs. IFRS Standards

A simple way to stand out is by understanding GAAP and IFRS standards. When accountants analyze financial statements, they need to understand the underlying frameworks guiding the accounting practices. Generally, there are two principal accounting standards that you need be familiar with: International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).

Generally Accepted Accounting Principles (GAAP)  is a set of accounting standards, principles, and procedures by the Financial Accounting Standards Board (FASB). This type of accounting standard is a rule-based standard used mainly in the United States. On the other hand, International Financial Reporting Standards (IFRS) is a principle-based accounting standard.

While there are certain parallels between GAAP and IFRS, there are also significant differences. The main difference between the two is particularly in managing balance sheets, asset revaluation, cash flow statements, and inventory valuation procedures. As an accountant, you should understand all differences and similarities for employing these.

Analyzing Financial Statements

As mentioned above, an accountant must analyze financial statements to manage accounting processes. To gain a more in-depth understanding of a company's financial situation, you may utilize the data to compute chief ratios or other financial indicators, such as net and gross profit margin, debt-to-equity ratio, working capital, and inventory turnover.

Mastering these skills can give you a career boost. In addition, if you can analyze financial statements proficiently, you can zero in on key performance metrics and offer better financial solutions. This skill can also come in handy if you join a new company and need to analyze financial statements drafted by someone else.

Brush Up Your Data Analysis Skills

A company's most valuable asset is its financial data can help every department make informed decisions. That’s why accountants are under a lot of pressure to collect and analyze unprocessed financial data.

We're sure you're probably a great accountant, but brushing up on your data analysis skills can bring a lot to the table. For instance, accountants familiar with data query language have a competitive edge in the industry since it allows them to withdraw specific info from bulks of data.

Work on Your Critical Thinking Skills

If there's one way to ensure you do a great job, it’s by brushing up your critical thinking skills. Critical thinking allows you to see minor details while focusing on the bigger picture. This skill can be an asset for your accounting projects.

For instance, critical thinking skills will allow you to evaluate an accounting problem in multiple aspects. So, you'll be able to scrutinize the issue, identify the right solutions, and apply them. In addition, you'll be able to dodge roadblocks through deductive reasoning.

Accounting Organizational Skills

As an accountant, you must constantly shuffle between various projects and clients daily. That’s why it’s vital to organize your projects efficiently. There’s nothing worst for an accountant than unorganized data or projects.

Think about it; if your files and records are well-organized, it will streamline your job and keep you in the good books of your employer. So, try to work on your organizational skills to add value to your work.

Manage Your Time Efficiently

Time management skills can go a long way, especially if you're an accountant. Accounting projects can be extensive and take up your time. If you're not good at managing your time and projects, it could affect your performance, jeopardizing your career. Therefore, it's crucial to supervise your time to meet deadlines.

Once you master the art of time management, you'll become an asset to your company. Your employer will know you're someone they can rely on and will meet deadlines. So, if there's one skill you need to learn, it has to be time management skills.

Keep Learning

The accounting world keeps altering, such as tax codes, regulations, etc. In such circumstances, only accountants who keep up with this change can add value to their work. An effective way to keep up with these changes is by learning constantly. Whether you’re getting another degree or enrolling in various online courses, be open to learning.

This will help you stay on top of your game and give you an edge over your competitors. As a result, you’ll be able to work more efficiently, eventually helping boost your career.

Looking for the Best Online Tutoring Site? Visit Bayise Tutor!

Are you looking for the best online tutoring site to enroll in an accounting course? Look no further than Bayise Tutor.

At Bayise Tutor, our best platform for online tutoring offers students, freelancers, and tutors a one-stop solution for their needs. We offer various online courses with certifications, including accounting courses, mathematics, history, technology, American Sign Language, online copywriting services and much more. In addition, tutors can also join us to help students with our online courses.

Reach out to us today for more information about our online tuition platform and enroll in a course you want to excel at.