Top accounting skill sets to keep teams dynamic

The accounting profession is evolving—success is now measured on a broad range of skills and qualities that make for a well-rounded, highly respected business partner.  

Key takeaways 

• Accounting professionals must look beyond current financial needs to anticipate how the business will evolve. 

• Technology is playing a larger role in helping tackle more routine tasks so accounting professionals can prioritize strategic initiatives. 

• There is a greater focus on soft skills, such as communication and collaboration, to help accounting professionals successfully work across the organization.  

Top in-demand accounting skillsets  

The accounting profession is evolving at an unprecedented pace. With advancements in technology, shifting regulatory landscapes, and increasing business complexities, the skill sets required in this field are expanding rapidly. Companies now need more than just technical expertise—they need professionals who can blend data-driven decision-making, strategic thinking, and technological proficiency to drive their organizations forward.  

Here, we’ll explore the top accounting skill sets accounting professionals must have and why companies find these skills critical. This article will offer tips on how you can ensure that your organization has the right people with the right skills to continue moving the accounting function forward. 

Technical accounting expertise 

Technical accounting remains a foundational skill for any professional in this field. A strong understanding of financial reporting standards, such as GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards), is essential for ensuring compliance and building trust with stakeholders.  

Why It matters: 

• Accurate financial statements are the backbone of strategic business decisions. 

• Regulatory scrutiny is intensifying, making compliance a non-negotiable priority. 

• These skills are especially critical during audits, mergers, and acquisitions, where precision in financial reporting can significantly impact outcomes. 

Key technical areas to master include revenue recognition, lease accounting, and complex consolidation processes. These roles often require a CPA designation, but a challenge facing employers is the limited pool of CPA-track candidates, creating heightened competition for top talent. 

Proficiency in financial planning and analysis (FP&A) 

While technical skills are essential, businesses increasingly require accountants who excel at financial planning and analysis. FP&A goes beyond number-crunching—it integrates strategic thinking with financial insights to help organizations allocate resources effectively and achieve their goals. 

Key FP&A skills: 

• Budgeting and forecasting to anticipate future performance. 

• Building complex financial models to support investment decisions. 

• Conducting scenario analyses to evaluate risks and opportunities. 

Professionals skilled in FP&A bring a proactive approach to accounting, focusing on adding value rather than simply recording transactions. This shift is crucial for companies looking to maintain competitive agility in volatile markets. 

Adaptability to emerging technologies 

Technology is transforming the accounting industry, and the agility and ability to adopt and leverage these advancements is no longer optional. Skills in artificial intelligence (AI), automation tools, and data analytics are now highly sought after. 

Notable technologies shaping the field: 

• AI and automation: Streamline repetitive tasks like invoice processing and reconciliations, allowing accountants to focus on strategic initiatives. 

• Data analytics platforms: Insights from tools like Tableau or Power BI enable accountants to transform raw data into actionable recommendations. 

• Cloud-based accounting solutions: Platforms like NetSuite or QuickBooks Online are becoming standard, especially for hybrid teams and remote work. 

Accountants who can bridge the gap between traditional finance functions and tech-driven solutions are at the forefront of the profession. These capabilities not only improve efficiency but also position the accounting team as a strategic partner within the organization. 

The evolving responsibilities of accounting professionals 

The traditional concept of accounting roles is being redefined. Take for example controllers, who need to wear more hats than ever before, functioning not just as operational leaders but also as strategic advisors. Expanded roles like these are increasingly common, combining the responsibilities of financial reporting, technology implementation, and team leadership. 

The evolving role of controllers: 

• Strategic alignment: Controllers now participate in planning initiatives that align financial operations with broader business goals. 

• Technology integration: They lead the adoption of systems that enhance reporting accuracy and improve workflow efficiency. 

• Leadership & team development: They are tasked with nurturing talent, addressing the growing skills gap, and fostering a future-ready finance culture. 

Companies seeking people with these expanded skillsets are navigating tight talent markets, amplifying the demand for professionals who bring both accounting know-how and leadership acumen. 

Soft skills for modern workplace dynamics 

While technical prowess gets the job done, soft skills are what make accountants stand out in leadership roles. Effective communication, collaboration, and problem-solving are critical for driving performance in today’s cross-functional environment. 

Key soft skills and agile attributes: 

• Communication: Explaining financial results and recommendations to non-finance stakeholders is a must, making clarity and approachability invaluable. 

• Collaboration: Accountants now work closely with teams across IT, operations, and marketing, requiring the ability to align diverse priorities. 

• Adaptability and agility: With continuous regulatory changes and evolving technologies, flexibility in learning and processes is essential. 

These soft skills equip accountants for roles that extend beyond number-crunching, fostering stronger partnerships across business functions. 

Addressing talent shortages in high-skill roles 

One of the most significant challenges organizations face is filling niche, high-skill finance roles. The shortage of CPA-track candidates, combined with a rising demand for tech-savvy talent, underscores the importance of building robust talent pipelines across the accounting function. 

Strategies to combat talent shortages: 

• Upskilling current teams: Organizations can establish training programs to expand employees’ capabilities, especially in technology and FP&A domains. 

• Flexible hiring criteria: Companies may consider candidates without traditional CPA credentials but with strong analytical and technical profiles. 

• Cultivating employer brand: A compelling employer value proposition (EVP) can attract top candidates by emphasizing growth opportunities and a commitment to innovation. 

Firms that proactively address these challenges are better positioned to secure the talent necessary for future growth. 

Taking the next step toward continued success 

The accounting profession is at a turning point. From mastering advanced technologies to navigating hybrid roles, the expectations placed on today’s accountants are expanding rapidly. Professionals who can complement technical expertise with a strategic mindset, agility, and adaptability will find themselves indispensable in this evolving landscape. 

With a limited talent pool in the accounting industry, it’s critical for organizations to have a trusted partner that can help find, attract and hire professionals who can fulfill the broad needs required. Client success stories highlight how Vaco by Highspring can make a tangible difference to your accounting function and bottom line. 

Contact us today to learn how Vaco by Highspring can support your finance teams and help you attract and retain the highest-caliber professionals.