Accountant skills for your resume and career

Reconciliations are the process of comparing two or more sets of financial records to ensure they match. Accountants use reconciliations to analyze and balance various accounts, such as bank statements and ledger accounts. They perform these reconciliations to identify and resolve discrepancies, prepare financial statements, and provide data support for system implementations.

General ledger accounts are records of all financial transactions within a company. Accountants use these accounts to keep track of daily activity, identify errors, and analyze data for financial decision-making. They review and maintain these accounts, perform reconciliations, and generate operational budget statements.

Account reconciliations is the process of matching internal financial records with external statements, like bank statements, to ensure accuracy and completeness. Accountants use account reconciliations to review monthly statements, verify ledger balances, and resolve any inconsistencies. They prepare and review journal entries, financial statements, and account reconciliations to ensure proper documentation and resolution of discrepancies.

GAAP, or Generally Accepted Accounting Principles, is a set of rules and guidelines accountants follow when preparing financial statements. Accountants use GAAP to prepare monthly and periodic financial reports, analyze policies and develop efficient procedures, and ensure accurate financial reporting. They also use GAAP to correct errors and prepare tax returns. As Charles Makar, Instructor of Business at Misericordia University, puts it, "Ability to understand journal entries, prepare and interpret financial statements, and have a working knowledge of GAAP and GAAS are important hard/technical skills for accountants."

Payroll tax returns are documents that account for the taxes withheld from employees' paychecks. Accountants use payroll tax returns to prepare and file quarterly and annual federal and state payroll tax forms. They also ensure accurate and timely filing of these returns to prevent penalties and fines.

A Certified Public Accountant (CPA) is a professional certification in accounting. Accountants use CPA in a variety of ways, such as completing bank reconciliations, preparing financial statements, and working with external CPA firms during audit engagements. According to Kathi Mettler, Director, Graduate Accounting Programs, Instructor of the Practice, Accounting at Fairfield University, "Completion of the CPA Exam (passing all four parts before starting to work) is a significant competitive advantage. Analytics is really important now, which is why our Master of Science in Accounting (MSA) Program allows students to tailor their experience by choosing a specialization in either assurance, business analytics, or taxation."

Financial data is information about an organization's financial situation, such as income, expenses, and cash flow. Accountants use financial data to prepare reports, analyze trends, and make recommendations for business decisions. They also use financial data to ensure internal control policies are followed and to review monthly expense reports. For example, they might create spreadsheets to transform financial data into a desired reporting format. This helps them provide accurate and up-to-date financial data for managers to make informed decisions.

Balance sheet accounts are financial records that show a company's assets, liabilities, and equity at a specific point in time. Accountants use these accounts to track a company's financial health. They perform tasks like budgeting, analysis, and reconciliations for balance sheet accounts. They also prepare quarterly deferred tax schedules, monitor the daily General Ledger, and collect monthly certification for all balance sheet accounts.

External auditors are professionals who review a company's financial records to ensure accuracy and compliance with laws and regulations. Accountants work with these auditors by providing them with necessary documentation, answering questions about accounting processes, and explaining financial reports. They also help the auditors by coordinating activities and facilitating the flow of information. For example, they might prepare financial analyses and reports to outline the company's financial position for the auditors.

Accruals are financial entries that account for expenses or revenues that have been earned but not yet paid or received. Accountants use accruals to record these transactions on a company's financial records. They perform monthly analyses to identify missing accruals, calculate necessary adjustments, and communicate these changes to business teams. They also maintain amortization schedules, prepare accruals for subsidiaries, and analyze monthly financial statements to ensure proper recording.

Fixed assets are long-term tangible assets a company owns and uses in its operations. Accountants use fixed assets to track company expenditures, prepare monthly financial analyses, and maintain an accurate record of acquisitions, depreciation, and disposals. They also use fixed assets to prepare schedules, process expense reports, and make recommendations to management about updates to accounting policies.

Internal controls are systems and processes put in place to safeguard assets, ensure the accuracy of financial reporting, and promote accountability within an organization. Accountants use internal controls to analyze and interpret financial information, identify potential risks, and recommend changes to improve operations. They also ensure compliance with internal controls by evaluating key financial operational processes and identifying deficiencies. According to Dr. Henri Akono Ph.D., Associate Professor of Accounting at the University of Maine Orono, "Controllership [skills] encompass.business strategy and processes.internal controls.[and] cost analytics (regressions, visualizations, etc.)."

Financial transactions are activities that involve the exchange of money or the promise of money. Accountants use financial transactions to manage financial records, manage accounts, process accounts payable and receivable, and reconcile bank statements. They also analyze and review financial statements, monitor and audit financial transactions to ensure accuracy, and coordinate daily, weekly, and monthly accounting processes.

An income statement is a financial report that outlines a company's revenues and expenses over a specific period. Accountants use income statements to summarize a company's financial performance and identify trends or areas for improvement. They prepare income statements, analyze accounts, and perform variance analysis to identify causes. They also use income statements to review financial records and ensure accuracy of commission payments. As Tony Viertel, Accounting Dept. Coordinator at Skyline College, puts it, "Accountants in private industry prepare financial statements such as balance sheets, income statements, and cash flow statements. These reports provide a snapshot of the company's financial health and performance over a specific period."