Five Skills Accountants Need to Pay Attention To
The main reasons for moving are salary, quality of life and retirement. Of course, ex-pats accumulate money and assets along the way. This means that many ex-pats are faced with personal finances that are often more difficult or complex to understand than the average person. This is why many people turn to accountants, even if they can manage their finances themselves. As financial experts, accountants can provide invaluable support and advice.
Expatriates who share assets and take responsibility for their nationality and country of residence need an accountant with clearly defined skills.
Soft skills
1. Time management
Time management is an essential skill for accountants who perform many time-consuming tasks. For clients living abroad, this means filing tax documents in the United States and their country of residence. In many countries worldwide (especially in the U.S.), filing deadlines and rules have changed rapidly over the past couple of years, making it difficult to keep track. Conversely, accountants know the important tax deadlines and can complete the necessary paperwork in advance. This includes submitting the federal tax return on time to avoid costly fines and penalties. In the long run, an accountant with these skills will also ensure that other important matters, such as debt management and investment procedures, are not overlooked.
2. Critical thinking
Accountants don’t just crunch numbers. Instead, an experienced accountant can collect, evaluate and process information to create a vivid and accurate picture of finances. To do this, accountants must be able to think critically. This ability is crucial in the age of remote work, as accountants are expected to process data independently, objectively, and intelligently. In addition, accountants who deal with international law must understand the rules and be able to produce understandable reports and estimates for their work. If they lack these skills, they risk making costly mistakes and wasting resources.
3. Competent Communication
Expatriate accountants often have to work and negotiate side by side with international companies. Without good communication skills, essential details can be literally “lost in translation.” For this correspondence to be transparent, respectful, and successful, well-trained accountants must have professional communication skills. Communication is an essential skill that involves listening, speaking, and writing effectively and can enable accountants to gather and convey the correct information.
Since accountants may work with people from different cultures, a trained accountant will always be able to communicate in a culturally appropriate manner. This is especially important when the accountant is abroad, as misunderstandings can quickly occur online. With these communication skills, the result (reports, tax returns, valuations, etc.) will always be accurate and understandable, no matter their region.
Special skills
4. Knowledge of tax laws
Tax laws vary considerably from country to country and can affect the financial stability of expatriates and their families. Fortunately, well-trained accountants have a thorough knowledge of the various tax laws. Therefore, expatriates must find an accountant with regional expertise and international experience. An expert who is well versed in tax laws helps ensure that expatriates comply with the law in their home country and country of residence.
5. Wealth management
For most expatriates, accountants are easier to find than brokers. Accountants must therefore understand exactly how their clients manage their investments. Investments in real estate, personal assets, stocks, shares, and virtual currencies are some of the items ex-pats need to report. Accountants cannot grow or sell these assets on behalf of their clients, but they must be able to report on overseas holdings, file the corresponding tax returns and file financial reports. Since the expatriate’s assets are spread over several countries, a good accountant must be able to keep records of these assets and the corresponding changes in value. This will help the expatriate build a clear and consistent financial portfolio.
6. Digital Competence
In the U.S. alone, up to 40,000 accounting, auditing, consulting, and tax professionals work on a near-daily basis. So accountants need to have digital skills. This means they must be familiar with the latest accounting software and communication platforms. This way, they can perform precisely the task you ask of them and communicate it properly online. However, this doesn’t mean accountants need to be tech-savvy with the latest devices. Instead, you must know how well you can work in the digital age. If your accountant is unaffected by the digital divide, you (and they!) can manage your assets no matter where they are located properly.
Maintaining a healthy financial position and following the rules is essential. Therefore, it’s best to go to a certified accountant specializing in this market, so you don’t have to guess how to find a competent and reliable accountant for your ex-pats. Working with such a qualified accountant will make it easier and more efficient. To meet your financial obligations wherever you are in the world.
About Author
Villie Walters Ramirez is a 32-year-old working as Personal Tax Accountants at a taxation firm who enjoys accounting and bookkeeping. She has a post-graduate degree in accounting, and she has a severe phobia of cats. She enjoys traveling A lot.
