Technology skills are absolutely essential for today’s finance professionals; but how much do you really need to know?

The followings are the basic technology skill:

Technology Skill 1: Microsoft Office

‘A working knowledge of Microsoft Office tools is vital,’ says Steve Carter, managing director at recruitment consultants Nigel Lynn. So you need to be able to use Word and PowerPoint reasonably well, and demonstrate varying levels of spreadsheet proficiency. ‘Take every opportunity to progress your skills in this area,’ suggests Mark Woolford, the head of finance recruitment with Jonathan Wren, ‘because it can make the difference between success and failure when you are being interviewed for a post.

‘You can’t really tell what someone’s spreadsheet skills are like from their CV,’ explains Woolford, so candidates can make it through one or two interviews before falling at the final hurdle because their IT skills are not up to scratch. If you aren’t sure how others will perceive your skills set, a specialist recruitment consultancy can help. ‘We have a software suite with more than 170 different tests,’ explains Woolford, ‘so we can make sure candidates meet a client’s minimum standard.’ Some employers also run their own tests.

If your technology skills aren’t up to scratch, some consultants can help with this too. ‘We give all candidates who register with us access to over 2,000 online accounting-related courses, free of charge,’ says David Jones, UK managing director of Robert Half Finance & Accounting. ‘These range from advanced Excel to revision programmes on SAP,’ he adds, so even if you are only contemplating a move, it could be well worth registering.

Technology Skill 2: E-Mail

You also need to be able to use e-mail systems properly. ‘With the growing popularity of the Internet, more of us are communicating using e-mail,’ says Alastair Mitchell, finance director at Sage (UK) Ltd, ‘and it can be quick, efficient, and inexpensive.’ But there are disadvantages to its use in a business setting. For example, don’t forget that it is a business tool – don’t waste time e-mailing friends and family, and don’t burden the corporate network with huge attachments. Think before e-mailing business-critical data to anyone, and resist the temptation to open suspect e-mails – no matter how intrigued you are.

Technology Skill 3: IT System

Beyond spreadsheets
Your familiarity with technology will also need to extend beyond communications tools and office productivity software. ‘Successful finance professionals need to have a solid understanding of IT systems,’ says Jones. For some student accountants this will mean having a superficial knowledge of technology developments that affect the business world and the finance profession, while others may want – or need – to have a much more detailed understanding. ‘You also need to keep pace with emerging technologies,’ he adds, ‘no matter what area of accountancy and finance you end up working in, so you will need to know a little about a lot.’

During 2007, this means knowing the following: that Microsoft Vista is the latest version of Windows, even if it will be a couple of years before most of us even use it; that Second Life is a virtual world where real businesses can make money; that decisions on buying and using technology have a significant impact on the environment; that managed services are the future of software and systems; and that blogs and social networking sites can make or break a business. Fortunately, you can keep on top of all this, and more, by reading the talking technology column in past and future issues of student accountant.

Any decision to specialise will also influence the areas of technology in which you need to develop your expertise. During his finance career, Dave Wilson FCCA has worked in a number of areas, but he has spent a lot of time in the technology sector: ‘I recently became the CFO of Eazyfone – I was previously CFO with Codemasters and Technology plc, and COO with a division of Fujitsu, so I’ve learned a lot about technology.’ And not just the software and systems these companies use to run their businesses, but the systems they produce and sell.

ACCA trainee and technology enthusiast George Brown wants to take a similar approach to his career. When he qualifies, Brown plans to look for a job as an accountant with an IT company. ‘I want to be part of an innovative, fast-moving industry,’ he says, adding ‘but I want to be involved in the accountancy part of it, because that is what I enjoy.’ There are a lot of technology companies out there, and the size and sector of the one he finally works for will, to some extent, determine how much he needs to know about IT, above and beyond the systems he will use to manage the financial side of the business.

If you decide to go into practice, the software you need to know about will be also be determined by myriad factors, ranging from the size of the practice and the sort of clients it serves, to the statutory requirements of the regions where the firm and its clients operate. ‘I specialise in tax,’ says Ricky Kilburn FCCA, ‘so most of my expertise is in this area.’ But he runs his own firm, so he also needs to know about general business systems, plus specialist applications such as practice management. ‘I think it’s important to make use of emerging technologies,’ he says, so he has his own blog – ‘tax blagger’ at www.cumulotax.co.uk – and he recently won an award for it.

Getting certified on Technology Training Now…

In most areas, as your career progresses, a degree of specialist technology training may become desirable; in some, it will be a necessity. ‘Many of the assurance and compliance-related jobs available in technology risk and audit require CISA or QICA certification,’ says Angus Braham, a senior manager with Think Global Recruitment, and a similar situation exists in system implementation and project management posts. ‘There are lots of opportunities for finance people to work on exciting systems projects,’ he says, ‘but many employers specify Prince2, or say it is at least desirable.’
Those who are fortunate enough to have an employer prepared to fund their training in these areas won’t find it too difficult to get the necessary tuition – but if you’ve got to fund it out of your own pocket, you may want to wait until you qualify as an ACCA and your salary increase means you have more disposable cash.

If you haven’t already committed yourself to specialising in a particular area and you want to develop technology skills to complement your technical accounting knowledge, you may also want to choose something reasonably portable. The current regulatory climate means that there are lots of lucrative opportunities for finance professionals with varying amounts of financial systems skills; and the experience you gain working on one system implementation or compliance project can frequently be applied to a similar scenario. ‘Finance people often start out by developing system skills on internal projects,’ says Steve Carter at Nigel Lynn, ‘then go off and do the same thing elsewhere.’

And although you may be pitching yourself against experienced IT professionals, in many instances you will find you have the edge. ‘The current regulatory environment means that it is no longer enough just to be a SAP or an Oracle person,’ adds Carter, ‘you have to be able to understand the business context,’ and this gives finance professionals with IT skills a definite advantage over IT professionals with finance skills. So no matter where your long-term career ambitions lie, it looks as if any technology skills you pick up today will stand you in good stead tomorrow.

Lesley Meall is a writer on business and technology issues