What Makes Our Accounting Services Successful?

Most of it is based on common sense- get it done and do it well. Accounting service has a technical component that involves specific knowledge and expertise. There are also non-technical components including project management, communication skills, etc. With regards to technical knowledge, it is based on accounting work you actually have done in the past as well as knowledge accumulated outside of core client work. The latter includes training, business development, and personal education. It is okay not to immediately know the answer to a technical question. You just go and research it. Go to fasb.org open Big Four accounting guidance. Overall, technical accounting is a business science and it takes some time to develop the knowledge and taste of it.

It makes you anxious, doesn’t it?

Even worse is when this anxiety goes out of your control and turns into stress.

What are key technical accounting areas?

Here is a laundry list of key areas along with technical references:

  • Revenue Recognition: ASC 606
  • Lease Accounting: ASC 842
  • Stock Compensation: ASC 718
  • Business Combination: ASC 805
  • Earnings per Share: ASC 260
  • Segment Reporting: ASC 280
  • Debt Modification: ASC 470
  • Foreign Currency: ASC 830
  • Financial Instruments: ASC 32X, ASC 815, ASC 825
  • Software: internal and external: ASC 985
  • Income Taxes: ASC 740

There are some other, generally, smaller topics such as reporting of Cash Flow Statement
or reporting of Contingencies.

What are key non-technical accounting success factors?

Relevant non-technical skills the way we see them are:

  • Project and Time Management
  • People Management
  • Communication & Presentation

Communication includes style and content components. Creativity, confidence and persuasiveness make the communication style particularly effective. Precision and clarify of communication help to deliver the right message from content perspective. Both, style and content are important.

You heard it before: it’s the combination of technical and non-technical skills that makes you and your service great.