Professional Chartered Accountant play a vital and comprehensive role, they manage some of the most important activities there. They have big responsibilities and their minor mistakes can affect the complete business. Some small mistakes such as forgetting or adding an extra digit, bad calculation, misplacing a decimal, or any such error can have a significant impact on decisions of the organisation.
There is always a basis for measuring business decisions along with the financial health of an organization, which is provided by accounting books. Thus it becomes necessary for all accountants to gain certain and fruitful qualities and skill-sets that will make them more effective and exceptional in their work. To become a chartered accountant candidates have to qualify the respective exams, which is definitely an achievement in itself. However it is not the end for them, Chartered Accountancy is considered one of the most challenging finance professions in India.
Interested candidates who want to make a career in this field must have to examine the required skill-set, strengths and also weaknesses. The course is complicated, and it requires time and effort thus they have to try their best. It is quite clear that being a chartered accountant required consistent effort and hard work. It also requires CAs to have a personality that reflects an innovative person with a level-headed, detail-oriented working.
If a CA includes this approach in their personality and working along with appropriate skills then he can have a successful path in the accounting profession. These all will also help the CAs to achieve a long-term career goal. Here we are providing some tips that a CAs can adopt to become a good chartered accountant.
We are engraving below a list of seven features that an ideal accountant should have.
#1. Keeping Yourself Updated with the Commercial Knowledge
The roles and responsibilities of a chartered accountant are not easy, and it is quite tricky to extract time for other sorts of activities and tasks. But, it is essential for one to be aware and keep the self-updated for what is happening in and around the world, especially the commercial world. The other important factors influencing the business world are :
- Changes in the OCR and its effect on the SMEs.
To keep an understanding of the economic drivers which affects the economy and hence the clients.
Changes are always made in the employment Laws, and thus a chartered accountant needs to keep in sync with the same
So, keeping yourself updated with the changing market and having the knowledge of current requirement will make you understand the demand of Chartered Accountant in India, and you could become a good adviser for your clients, thus uplifting you and increasing your call. You would be able to add value to your work assignments.
If one does not keep pace with the current scenario then, he/she would be left behind and would lose chances for further development and upward movement.
#2. Getting updated with Technological Understanding
Understanding the technology is always beneficial for the user, and if there is any change made in the technology, it would be readily understood. The one who has an in-depth knowledge of technology could be proved to be a good adviser regarding the further modification and giving improvement ideas for the same to make the system more efficient for a better outcome.
When talking about the technological knowledge, it is not just about understanding the software, the current employer is using, but it is about the overall understanding of the technology which is all time beneficial. As we know, all the departments of any industry and company these days are now technology-based and which ultimately increases the demand of the technological understanding.
All the business functions like CRM (Credit Risk Management), e-commerce, inventory management, accounting systems, data sharing, cloud computing, etc. are all technology-based also, these departments are the one which directly affects the accounts.
#3. Being Compliant
Compliance is an essential factor one should keep in mind while working. It comprises of the legislative, tax and financial reporting guidelines that a CA has to work within and any compliance breach could fetch lots of troubles and hindrances in one’s career. Understanding and following compliance could develop a chartered accountant’s fundamental technical skills.
#4. Effective Communication Skills
Effective communication is the key to success in all spheres. For a successful accountant, good communication skill is beneficial and is an essential factor. As it helps him in understanding the demand of the customer and also suggesting the better way for further business.
A chartered accountant with good communication skill could earn clients for the employer they are working with. A presentation nicely presented in front of clients could be proved to be very valuable not just for organizational development but also for the personal development of the chartered accountant.
One is expected to have a good number of contacts as moving to higher levels because these contacts will be proved to be a source of referrals for new work, which would further develop repo with a variety of audiences when you move to the manager or director level.
#5. Organization of Team and Work along with Time Management
Being a chartered accountant means, a lot of responsibilities and deadlines set for work. Moving further to senior roles will undoubtedly add up more duties like; sharing other’s workload sometimes. You could do this only when you manage your time well and complete your work in time, i.e., you are well organized. This needs a lot of discipline.
Time management and organisation is utmost for one to become a successful Chartered Accountant as he has to impart the crucial responsibilities like; setting job budgets, monitoring productivity and planning the workflow of entire teams. Thus, being wise and efficient enough to manage the full range of tasks as mentioned above would lead to achieving success as a Chartered Accountant.