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Study Reveals Top Nonaccounting Skills Sought in Accountants
Study Reveals Top Nonaccounting Skills Sought in Accountants By Jason Bramwell
Accounting and finance professionals who possess nontraditional accounting traits, such as general business knowledge and good communication skills, are valued not only by CFOs trying to fill open finance department positions at their companies, but also by human resources directors looking to recruit new talent to their accounting firms.
According to a new survey by specialized staffing firm Accountemps, a division of Robert Half International Inc., CFOs were asked, “When hiring finance and accounting professionals, which one of the following attributes or areas of expertise is most valued, in addition to traditional accounting knowledge?” Their responses included (Responses do not total 100 percent due to rounding.):
General business knowledge 33 percent
IT expertise 25 percent
Communication skills 14 percent
Leadership abilities 13 percent
Customer service orientation 13 percent
Don’t know/no answer 1 percent
“Accountants are playing a larger role in organizations today,” Brett Good, senior district president of Robert Half, told AccountingWEB. “Other departments across the enterprise are increasingly relying on accounting and finance professionals to provide strategic guidance and support on key business decisions. This, in turn, requires these individuals to expand their general business knowledge.”
From a recruiting perspective, Hang Bower, executive director of human resources for Chicago-based BDO USA LLP, told AccountingWEB that while the firm looks for individuals who are technically adept in the field of accounting, those skills do not make a complete professional.
“Business knowledge, communication skills, leadership ability, and a customer service orientation are all valuable traits we evaluate during our recruiting process,” she says.
Tucson, AZ-based firm BeachFleischman PC also looks for job candidates who have technical accounting ability, as well as the nonaccounting skills mentioned in Accountemps’ survey, according to Karen Mattull, director of human resources.
“In order for us to provide a high level of client service, our employees must not only be good accountants and CPAs, but also great business advisors,” Mattull told AccountingWEB. “Business knowledge, communication skills, and leadership abilities are extremely important as employees progress in our firm.”
Another survey, which was recently released by CFO.com, shows that 29 percent of respondents which included 422 public and private CFOs, controllers, chief accountants, and other senior finance executives believe that “communicating with other groups” and “thinking about the company’s goals and focus as a whole” are the top two skills lacking in today’s accounting and finance professionals.
These were followed by “displaying abilities to take charge of situations” (25 percent), “applying IT skills” (9 percent), and “traditional finance understanding” (8 percent).
Why These Skills are Relevant
Partners and hiring supervisors at BDO USA have mentioned to the firm’s recruiting personnel the need to hire individuals who will build effective working relationships with clients, who understand general business practices, and who can effectively communicate various approaches and aspects of the firm’s client service delivery, Bower says.
“These skills [mentioned in the Accountemps survey] are very relevant to the industry,” she adds.
Why are these five nonaccounting skills relevant? Bower provides the following explanations for each skill as they pertain to BDO USA.
- General business knowledge: “This is necessary to anticipate and understand the needs of our clients, and to relate to them about the business issues they’re facing not just audit or tax issues.”
- IT expertise: “These are necessary to keep on the cutting edge of technology for our clients. Cloud computing has become increasingly important, as our clients are spread across the world. Cloud computing allows for easy access to documents worldwide.”
- Communication skills: “While many people do not necessarily associate communication skills with accounting, they are extremely important for internal coordination of engagements and external client service. Effective communication skills, including active listening skills, can prevent escalation of issues and can diffuse most situations between employees and with our clients.”
- Leadership abilities: “These are important to us because effective leadership skills can motivate team members, reduce turnover, raise retention rates, and increase engagement of our team members, which will, in turn, enable us to have better continuity of service for our clients.”
- Customer service orientation: “This is extremely important to BDO, as our global vision is to be the leader in exceptional client service. BDO is known as a firm that provides accurate, timely, and quality work with exceptional client service. We would naturally select individuals with exceptional client service skills.”
Five Interviewing Tips for Job Seekers
Following are five tips from Accountemps to help job seekers highlight their full range of knowledge and skills in an interview:
- Be prepared. Before the interview, research the organization and position so you can tie your skills directly to the company’s business goals. By practicing your responses to common questions, you’ll be able to offer concise, confident answers.
- Review your resume. Select two or three key achievements listed on your resume that relate most to the job, and look for opportunities to highlight these during the meeting. Cite quantifiable results so the hiring manager understands how your skills may benefit the organization.
- Demonstrate intellectual curiosity. Show your commitment to keeping your skills current by mentioning any recent professional development courses you’ve taken.
- Listen carefully. Avoid thinking about your next point while the interviewer is still speaking or you may miss important information. Let the hiring manager finish, then gather your thoughts before connecting your skills and experience to what was just said.
- Follow up. Send a thank-you note to the interviewer reiterating why you feel you are right for the role. Reaffirm your expertise in key areas or address any concerns about your background that the hiring manager may have had.
About the survey:
The national study was developed by Accountemps and conducted by an independent research firm. The survey is based on more than 2,100 telephone interviews with CFOs from a random sample of US companies with twenty or more employees in more than twenty of the largest US markets. For the study to be statistically representative and ensure companies from all segments are included, the sample was stratified by number of employees. The results were then weighted to reflect the proper proportion of employees within each market.
Source: AccountingWEB, May 10, 2013 (http://www.accountingweb.com)
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Minorities in Business, Accounting Experiencing Rising Success Despite Challenges
Minorities in Business, Accounting Experiencing Rising Success Despite Challenges By Andy Rao, The Collegian
Yang Hu, senior in accounting, came to the U.S. in 2009 from China to pursue an undergraduate degree in the “land of opportunity.” Studying in America, she said, presented numerous opportunities and opened doors for her to eventually secure a well-paying job as an accountant.
“I came here to do my undergraduate degree; I had the choice to either do it here or in China,” Hu said. “I can be more independent here than in China and I think that will be better for my career.”
Her numerous career plans include getting a graduate degree and possibly one day starting a firm of her own.
Unfortunately for international students like Hu, as well as other minorities, opportunities in the business world remain difficult to come by. According to the latest U.S. Census, of the 27.1 million total employer firms, 5.8 million, or roughly 21 percent, are owned by minorities.
Theresa Hammond, professor of accounting at San Francisco State University and author of “A White-Collar Profession,” gave a presentation about her book and spoke on the history of racial oppression in business and accounting industries in the Little Theatre on Tuesday.
“I realized that there were very few non-whites in the profession,” Hammond said. “It was the most homogenous environment I have ever been in.”
Hammond said that during the Civil Rights Movement in the 1960s, only one in 1,000 Certified Public Accountants was black. Though that number today has increased tenfold to one in 100, Hammond said that there is much room for growth.
The discrepancy in the number of minorities in the business world does not come from lack of ability to receive an education or securing professional certification, she said, but was rather a systemic problem.
“The demographic of poorer people are disproportionately minorities,” Hammond said. “More often than not, these people are not offered the same opportunities; when you’re often set up to fail, it’s hard to keep going.”
Yasche Glass, tax professional at the H&R; Block off of Tuttle Creek Boulevard and Fourth Street, said that considering professional jobs in areas of business can be intimidating to many minorities who often do not grow up around the white collar environment.
She also said that a lack of knowledge and understanding of how to enter those fields is a catalyst for fear of white collar professions.
“At times, [minorities] are scared because they may feel they are inadequate,” Glass said. “They may feel like they wouldn’t be able to cut it, that they wouldn’t be qualified. Personally, my mother wanted to be an accountant. I’ve never seen a person do such complex math in her head without a problem, but she had always been discouraged to go into that because she’d never seen an African-American doing it before.”
Alienation also became a familiar theme for Glass, who is currently the only minority working in her office.
“I did feel ‘that feeling’ this year, of being the only minority in the room,” Glass said. “I’m a higher-ranking tax preparer than some of the new people and I have more knowledge because I completed extra certifications, but I was not getting referred the complex taxes that the people under me were. I don’t want to assume it was because of race, of course, but it certainly can seem that way.”
The barriers to success are numerous for minorities, especially for those who are not accustomed to American culture or methods of communication.
“One of the biggest challenges is language,” Hu said. “Even if you know accounting or business, to be able to tell that to someone else? That’s a different story. It is a different challenge.”
Both Hu and Hammond said, however, that both K-State and the Manhattan community are much more welcoming than much of the rest of the country.
Even before many civil rights were enacted, Hammond said that K-State had, “more African-American graduates than almost any other white-majority university in the country.”
“I love being at K-State because people accept me and other internationals here for the most part,” Hu said. “I still need to work on my English, but besides a few people who do not know our customs, people are helpful and don’t treat us badly.”
Given the opportunity, Hu said that she would relish the opportunity to remain in the U.S. and pursue a career in business, saying that there, “is no place like the U.S. to be successful.”
“I would love to stay here and work if I get a job or a chance to start my own business,” she said. “If I don’t though, I will have to go back to China.”
Source: The Collegian, Kansas State University, April 24, 2013 (http://www.kstatecollegian.com)
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What Makes a Successful Accounting Firm Business Developer?
What Makes a Successful Accounting Firm Business Developer? By Debra Andrews
After an accounting firm’s marketing department has identified its optimal target markets and developed messaging that speaks to this target’s needs (as discussed in “What Makes a Successful Accounting Firm Marketer?”), the business developer’s goal is to establish and nurture trusted, one-on-one relationships in order to expand the scope of current work.
Think about it this way: Without marketing doing initial research and setting the right messaging, business developers would be going on quite a few “blind dates” with unqualified leads. The leads likely wouldn’t know much about the firm, and the business developer wouldn’t be confident they were an ideal fit. On the other hand, without business development your firm likely won’t get many “dates” at all. Even though marketing may have identified the right message and target, a firm without a business developer won’t have the personal outreach needed to build relationships and close the deal.
Accounting firms may have a devoted business development professional, or a firm’s partners may be responsible for building these relationships. We spoke to in-house business development experts* in the accounting industry to discover some key attributes for being successful in this role:
Knows the Industry Dynamics and Firm Messaging.
Many business developers in the accounting industry have worked on the accounting side or are managers or partners in a firm who are also developing business. For those who may not come from the accounting industry, just as it’s important for marketing, it’s equally important that the business developer understand the industry. Do research, and interview professional staff to gain a better understanding of the firm’s service offerings and strengths and overall industry dynamics. Communicate with marketing to be sure your communication aligns with the firm’s overall messaging. Ideally, marketing and business development will work together to define the firm’s messaging to begin with.
Manages Time Strategically.
Business developers need to engage with professional associations, attend events, and set meetings, however, it’s equally important to research and evaluate where time spent will be most productive. These efforts should be coordinated to reach both selected centers of influence and referral sources.
Conducts Organized, Consistent Follow Up.
After an event, the skilled business developer will have an organized process to follow up with each contact and pass the information on to marketing to build the database. When it comes to professional services, seldom are you lucky enough to meet a contact and turn the opportunity into business right away. Business development is in the lifecycle at all times. The successful business developer will know when he or she is to follow up, what the touch points will be, as well as what actions he or she will take to deepen the relationship.
Curious and Consultative.
In order to match a client’s needs to the firm’s services, it’s critical to understand client’s business. The business developer must ask the right questions, then actively listen, collaborate and understand the client’s business goals, passions and struggles. For instance, if someone is selling audit services to a client, by asking questions to better understand the overall goals and pain areas, he or she may be able to delve deeper to find other needs and solve another issue.
Achieves Personal Connections.
In addition to knowing the firm’s message, soft skills are equally important. The business development professional is often the “face” of the firm. He or she needs to also connect on a personal level in order to help clients make tough decisions and become valued as a trusted partner.
Resourceful and Fearless.
To effectively grow the business, a business developer should be willing to initiate and have conversations with anyone who may be a potential client or referral source, regardless of role within the company, or who they may be working with.
Creates Connections and Makes Introductions.
Being a connector of people is a powerful sales tool. The key to successful referral relationships is creating mutually beneficial situations. A business developer reviews his or her contacts to consider who might benefit from an introduction. If the firm has a dedicated business development professional, he or she is responsible for getting the firm’s partners and mangers in front of the right contacts.
Contributes to Firm Wide Momentum and Excitement.
Not everyone in the firm is going to enjoy or be naturally great at directly developing relationships and new business, but everyone can certainly have a role. Firm leadership and the dedicated firm business development professional can help facilitate a business development culture by creating excitement, and stimulating interest and involvement. Following are some ways to do this:
- Hold regular team meetings to share pipeline information, events, prospects and new wins.
- Incentivize staff to get involved by rewarding referrals that turn into new business.
- Conduct formal training with professional staff to help refine their sales skills.
- Celebrate milestones. It’s important that a firm celebrates the small victories and progress (e.g., landing a meeting, an RFP or a key referral relationship) as well as official new wins to keep momentum.
In speaking with a number of business development directors in the accounting industry, success can be measured in many ways, including the number of introductions made, as well as the number of referral sources, new prospects, meetings, proposal opportunities, and ultimately amount of new work gained. However, it’s more than just a numbers game. It’s important to think long-term, creating long-lasting relationships and revaluating and adjusting communications and solutions over time to consistently grow the sphere of influence and find ways to add value.
*Special thanks to Rick Hogentogler, Principal at Stambaugh Ness; Blythe Seese, Client Development at Kreisher Miller; and Michael Verrill, Director of Business Development at Fesnak and Associates for their contributions to this post.
Source: Business 2 Community, April 4, 2013 (http://www.business2community.com)
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What Makes a Successful Accounting Firm Marketer?
What Makes a Successful Accounting Firm Marketer? By Debra Andrews
There is a common misconception among many accounting and other professional services firms’ leadership teams that marketing develops a series of standalone campaigns such as planning a client event, ordering branded items, and distributing press releases. To be successful, it’s important that the marketer has a diverse skill set and that the firm’s leadership team understands the proactive, strategic role of the integrated marketing plan.
Drawing upon Marketri’s own “outsourced marketer” perspective, coupled with the expertise of in-house marketer Kati Tolin, Director of Practice Growth at Rea & Associates CPAs and Business Consultants, we have compiled the following essential attributes of a successful professional services marketer:
Knows the Industry Dynamics.
The first important attribute of a marketing professional in the accounting industry is to understand the industry. For the marketing professional just starting out, be curious, ask questions, and research the industry lingo. Talk to the professional staff to better understand the firm’s service offerings and strengths.
Thinks Strategically.
In addition to knowing basic marketing principals, the marketing professional should also have a clear understanding of how the business operates, what makes it profitable, and what the financial goals are. Accounting and other professional services firms often struggle with strategy. They know they want to make a certain level of revenue. An effective marketer can help lead the firm on how to get there strategically. Rather than a series of standalone campaigns, each should tie to a goal and integrate many different touches. For instance, a marketer may create a content matrix based on topics aimed at a particular audience. A single blog post may have a call to action to download a webinar. When this person (now a business lead) fills out the form to download, it signals the business development professional to follow up, and he or she sets a meeting with the intention of closing new business. The plan is built around integrated campaigns that target a specific ideal client.
Understands the Audience.
It’s crucial to understand who makes a good client for the firm and what that client or prospect’s needs are. It’s also important to understand what the firm’s areas of strength are and how they can be applied to effectively meet these needs. Once the marketer understands who makes for a good client for the firm, he or she will dig deeper to develop individual personas, identifying specific needs and pain areas. This way, the campaigns can be developed around topics that matter to the target audience. An ideal client is likely going to be different for the firm’s different service offerings. The marketer may conduct interviews of current clients, and speak to partners and business development professionals to gain more insight.
Effective Story-Teller.
Accounting firms often go to market with a laundry list of services, (e.g. assurance, tax, business advisory). The problem is, internally these services may be defined differently. Ask five different CPAs to describe business advisory services and you’ll likely get five different answers. And on the client/prospect side, many don’t know what they need. The marketer needs to consult with the firm on “solutions,” bundling services in a way that they solve a common challenge. The marketer then needs to help the audience understand the value of the service and educate the firm’s professional staff on how to convey this message to clients and prospects.
Helps the Firm’s Professionals Get Involved.
A firm’s marketer can add real value by identifying the firm’s “rising stars” and helping them create a personal marketing and business development plan, which in turn will help them develop their career and grow the firm. Often, less experienced accounting professionals need one-on-one guidance to discover what type of activities they can/should get involved in, and to help them overcome challenges.
Keeps the Firm on the Forefront of New Tools and Technology.
Accountants are typically not “early adopters.” In fact, it wasn’t so long ago that many firms resisted any form of social media engagement. Fast forward to today, and firms without a social media presence are behind the times, missing out on an audience full of potential relationships. The effective marketer will test out new tools, identify the worthwhile ones, and foster the firm’s adoption of new technologies — helping it stay ahead of curve.
Measures Success.
When developing the firm’s marketing plan, results should be measurable. This ranges from tracking completed tasks to campaign results to revenue, and then matching how these interrelate. Some measurements or key performance indicators (KPIs) involve: web stats (e.g. visits to individual campaign landing pages, referral traffic from social media, or syndicated blog sites), email blast open rates, social media engagement and followers, and number of leads.
When a qualified lead comes in, the best marketing professionals will trace the chain of events leading to that opportunity. This helps the marketer and firm understand what’s working and what’s not, so the plan can be tweaked as necessary, ensuring a return on marketing investment.
No matter what your firm’s marketing strategy or message is, it’s essential that marketing is embraced and championed by the leadership team and communicated firm wide. Marketing plans and campaigns are not meant to be a secret. In fact, everyone in the firm should be aware of the messaging and campaigns.
Source: Business 2 Community, March 28, 2013 (http://www.business2community.com)
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NSU To Offer Bachelor Of Science Degree In Accounting Online
NSU To Offer Bachelor Of Science Degree In Accounting Online Beginning with the Fall 2013 semester, Northwestern State University students will be able to earn a bachelor of science degree in accounting entirely online. Upper level online accounting classes will appeal to non-traditional students working to complete their degrees and advance their careers. Core curriculum requirements are already online, making it possible for a student to earn the four-year degree as a distance learner.
By Staff Reports
Natchitoches, La. - Beginning with the Fall 2013 semester, Northwestern State University students will be able to earn a bachelor of science degree in accounting entirely online. Upper level online accounting classes will appeal to non-traditional students working to complete their degrees and advance their careers. Core curriculum requirements are already online, making it possible for a student to earn the four-year degree as a distance learner.
“We had a lot of requests to place our program online, mostly from working students hoping to complete their degrees and sit for the CPA exam," said Dr. Nat Briscoe, professor of accounting in Northwestern State’s School of Business. "There has been a lot of interest among non-traditional students and our distance students in Alexandria and Leesville. The program is appealing because Northwestern State’s tuition is low in comparison to many other schools and most accounting classes taken at other universities will transfer to Northwestern.”
Beginning this fall, course sections in intermediate accounting I, cost accounting, income tax and fraud examination and financial statement analysis will be taught online. The following semester, students can take courses intermediate accounting I, advanced accounting, intermediate accounting II, auditing and corporate tax.
Briscoe said that recent advancements in tools and resources available for students and professors made offering accounting classes online more viable. He expects enrollment in the program to double by next year and noted that the program will award diplomas to its largest class of graduates this spring.
“Publishers have more online student information and testing services that make it easier for instructors to teach online," said Briscoe, who will teach a combination of online and traditional accounting courses. "Most classes will include presentation of lectures made in the classroom and supplemental resources."
Briscoe's lectures will be recorded and posted online, available for both online and traditional students to review. Small classes and the accessibility of professors to students are also important, he said. All of the accounting faculty at Northwestern State are certified public accountants and two are certified fraud examiners.
Briscoe said that demand is high and opportunities abundant for accountants as companies increase the number of accountants and fraud examiners they hire. In the last three years, almost all of Northwestern State’s accounting graduates have obtained employment before graduation, working in the oil and gas industry, business firms and financial institutions.
“People think accounting is math-dependent, but it’s not,” Briscoe said. “Most CEOs and CFOs have a background in accounting or finance. Accounting is the language of business. If you can’t read a financial statement, you probably won’t be a manager. Accounting and finance are the basis of just about everything.”
For more information on Northwestern State’s accounting program, visit business.nsula.edu/accounting or call Briscoe at (318) 357-5709.
Source: LeesvilleDailyLeader.com, Louisiana, March 12, 2013 (http://www.leesvilledailyleader.com)
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Demand For Accountants And Financial Analysts Leads To Higher Salaries
Demand For Accountants And Financial Analysts Leads To Higher Salaries By CPA Practice Advisor Staff
Survey: Majority of CFOs Cite Challenges in Finding Skilled Financial Professionals
The outlook for professionals such as financial analysts and senior accountants is increasingly bright, and talent shortages are leading to higher salaries for in-demand specialties, new research from Robert Half International shows. Nearly three in five (59 percent) chief financial officers (CFOs) interviewed for a Robert Half survey said it is at least somewhat challenging to find skilled financial professionals today.
The survey was developed by Robert Half, the world’s largest specialized staffing firm. It was conducted by an independent research firm and is based on interviews with more than 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
CFOs were asked, “How challenging is it for your company to find skilled financial professionals today?” Their responses:
- Very challenging - 5%
- Somewhat challenging - 54%
- Not challenging - 37%
- Don’t know/no answer - 4%
“Companies are looking for financial staff who can manage fundamental accounting needs, prepare their organizations for growth and ensure they are in compliance with regulatory requirements,” said Paul McDonald, Robert Half senior executive director. “However, hiring accounting and finance professionals has become increasingly competitive. The unemployment rates for many financial positions remain below the national average, resulting in candidate shortages in some specialties.”
Following are key accounting and finance positions experiencing particularly strong demand, according to the 2013 Salary Guide from Robert Half:
Financial analysts: Companies are looking for analysts - especially those who are certified public accountants (CPAs) or possess a master’s degree in business administration - who can use the organization’s financial data to make business recommendations. For the fourth quarter of 2012, the unemployment rate for financial analysts was 1.9 percent, according to the U.S. Bureau of Labor Statistics.
Business systems analysts: Professionals who combine finance and information technology (IT) expertise, are sought to optimize financial systems, support enterprise resource planning projects and help their organizations make better-informed decisions. According to Robert Half’s Salary Guide, business analysis managers at large companies (more than $250 million in sales) are expected to see a jump in starting salaries of 4.4 percent in 2013, compared to a 3.3 percent average increase for all financial positions.
Senior accountants: Companies are looking for accountants, especially CPAs, to maintain the general ledger, compile financial reports, and oversee accounts receivable and payable. In addition to functional expertise, firms seek candidates with excellent communication and problem-solving abilities.
Internal auditors: These professionals help evaluate the effectiveness of financial and information systems, internal controls, and management and operational practices. Demand remains strong for these specialists; the unemployment rate for accountants and auditors was 4.6 percent in the fourth quarter of 2012.
IT auditors: Professionals in this fast-growing specialization understand the relationship between IT audit procedures, business process controls and risks. Salaries for IT auditor positions at all levels are expected to see above-average increases in 2013.
Cost accountants: Professionals who can merge cost accounting with financial planning and analysis skills, particularly in a manufacturing context, are in demand to help companies minimize costs.
Compliance officers: Given the evolving regulatory environment, companies are seeking specialists to oversee compliance initiatives and report their findings to management. The profession had a 3.8 percent unemployment rate in the fourth quarter of 2012.
Controllers: Controllers are needed to plan, direct and coordinate activities such as compiling financial statements, working with external auditors and overseeing regulatory reporting. According to the Salary Guide, starting salaries for assistant controllers at companies with up to $50 million in sales are expected to rise 4.5 percent, the highest percentage of any accounting or finance position. Controllers at all levels are projected to see gains in base pay above the national average.
“To identify highly skilled candidates, organizations need to conduct targeted searches that include tapping their contacts for referrals, networking with industry associations and working with a specialized financial recruiter,” McDonald added. “Companies also should look within their ranks to develop the skills they need by offering training and mentoring opportunities to their internal teams.”
The national study was developed by Robert Half. It was conducted by an independent research firm and is based on more than 1,400 telephone interviews with CFOs from a random sample of U.S. companies with 20 or more employees. For the study to be statistically representative and ensure that companies from all segments are represented, the sample was stratified by geographic region and number of employees. The results were then weighted to reflect the proper proportion of employees within each region.
Source: CPA Practice Advisor/News, February 7, 2013 (http://www.cpapracticeadvisor.com)
