A commercial accountant plays a pivotal role in businesses, focusing on financial reporting, budgeting, and strategic financial planning. To excel in this role, certain skills are pivotal in helping commercial accountants adapt and thrive in a changing business environment.
1. Financial Reporting and Analysis
A commercial accountant needs to be proficient in preparing detailed reports that reflect the company’s financial status. This includes understanding and applying principles of accounting to analyse financial information and prepare financial reports such as balance sheets, profit and loss statements, and tax returns. An ability to interpret these reports to make business recommendations is equally important.
2. Budgeting and Forecasting
This involves projecting future financial outcomes based on historical data and market trends, helping the organisation to plan and make informed financial decisions.
3. Regulatory and Compliance Knowledge
Understanding the relevant laws and regulations in the finance and accounting industry and the relevant state where a business operates is required. This includes knowledge of tax laws, financial regulations, and international financial reporting standards (IFRS) or other professional bodies such as APESB (the Accounting Professional & Ethical Standards Board).
4. Advanced Excel and Financial Modelling
Proficiency in Microsoft Excel is a must for any commercial accountant. Skills should include the ability to create complex models, use advanced formulas, and perform data analysis which aids in financial decision-making and reporting.
5. Business Acumen and Strategic Thinking
A good commercial accountant doesn’t just crunch numbers but understands the business implications of financial decisions. Strategic thinking involves understanding how financial decisions impact the overall business strategy and helping to steer the company towards its long-term goals.
6. Communication Skills
Strong written and verbal communication skills are necessary to explain complex financial information to stakeholders who may not have a financial background. This includes preparing clear reports, giving presentations, and having persuasive discussions with senior management.
7. Proficiency in Accounting Software
As much as any industry, accounting has become digitised. Having a grasp of accounting software like QuickBooks, Xero, and MYOB and understanding how to leverage new technologies like AI and blockchain in the accounting process is increasingly important.
Do You Need a Commercial Accountant for Your Business?
Black market can help you. We’re Perth’s top recruitment agency specialising in finance and accounting roles. We’ll work with you to solve your recruitment challenges, whether you need a permanent or temporary placement. We will make your commercial accountant recruitment process seamless and efficient.
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