Ability to Prepare Financial Reports
If you’re thinking of moving into a career in accounting and finance, the ability to prepare financial reports is a fundamental requirement. These reports are the ‘bread and butter’ of accounting, but are incredibly important to your clients. They are the statements that demonstrate how a business has fared during a financial year, what their fiscal position is, and how they can improve and profit in the future.
As a new accountant, you should be proficient at preparing statements of income that cover all profits and losses; statements covering cash flow (how cash assets move in and out of the business in question); and a final balance sheet that pinpoints where the organisation currently stands in financial terms.
You will need to be proficient at:
- Analysing financial statements (e.g. calculating profit margins or turnover of inventory)
- Generating financial reports
- Financial forecasting for your client – taking into account expenses and cash flow, for example
- Understanding financial reports, such as balance sheets, annual revenue statements and owners’ equity
Data Analysis Skills
This skillset is becoming more and more important in the world of accounting. Your ability to analyse data can be incredibly valuable to companies that are seeking to reduce risk, increase profits, and improve overall efficiency.
If you’re thinking of up-skilling to be an accountant, some of the required abilities are:
- Cash flow analysis
- Risk identification and management
- Monitoring/improving the performance of the business
- Streamlining and improving the experience for your clients
- Data and process mapping
In short, the process of data analytics is where you will gather, study and collate financial data for a client, and use the resulting report to improve their fiscal position and influence the decisions they make going forward.
Where do I start learning accounting?
The arenas of accounting and finance require certain skills, some broad and others more specialised. Here at Galway Business School we provide comprehensive entry level training that provides a strong foundation in accounting and finance skills for your future career. We can help you reach a clear understanding of how to prepare accounts and no background knowledge of finance or business is required or assumed.
Over eighteen weeks with a flexible, part-time programme, our expert faculty will guide you through the knowledge and practical work experience to achieve your basic accounting skills goals. Galway Business School is one of the leading independent third-level colleges in Ireland. Located at the midpoint of the Wild Atlantic Way, on Ireland’s west coast, Galway is a vibrant, modern and multicultural city bursting with things to see and do.