Essential tools and classes to study accounting

No matter the subject, no matter the task, the right tools can make things easier. For prospective students who want to study accounting, it’s no different. However, tools aren’t just physical items like calculators and pencils; the skills learned in accounting classes also go into an accountant’s toolbox.

Because accounting is an exact practice, accountants need equipment that will help ensure accuracy. A calculator, for example, saves time and improves accuracy. A pencil — as opposed to a pen — is erasable, so you can fix mistakes quickly and cleanly. The right accounting software can also improve speed and accuracy — and even do some of the work for you.

The tools you use in accounting classes are the same ones you’ll use on the job because many of those classes aim to prepare you for real-world situations. 

Notebooks — yes, the old-fashioned ones with paper — are still valuable to students. Multiple studies show that people who take notes by hand, instead of typing, remember more of the lesson’s content.

Mechanical pencils are also must-have accounting tools. The numbers have to add up, but everyone makes errors from time to time. Using a pencil allows you to fix your mistakes and balance your bottom line. Just don’t forget the extra lead and eraser you’ll need, and you’ll be set.

Those are just three school supplies for accounting students. Others include:

• Sticky notes
• Highlighters
• Stapler
• Paper clips
• White out or correction tape
• Index cards

It almost goes without saying, but students learning accounting need calculators, and maybe more than one. A calculator with extensive capabilities, like graphing, can make a world of difference. You may be thinking that you can use an app on your phone, but instructors won’t always let students use their phones during exams. A basic calculator can also be helpful, as some instructors discourage or forbid using the extra features on a more powerful calculator.

Students who study accounting also need a laptop. Some may prefer a tablet computer, but laptops typically have more versatility. If a laptop is cost-prohibitive, consider a powerful tablet with an external keyboard.

Earbuds or earphones with noise-canceling capability help minimize distractions while studying. They’re also helpful for listening to recorded lectures, vlogs or TED Talks related to accounting and finance.

These days, there appear to be apps for everything and everyone. Quizlet® is a popular flash card–based app that allows those who study accounting to create their own quizzes to test themselves or share with their fellow students. ACE, or Accounting Challenge, is a free app that provides multiple-choice questions to help students review accounting terminology. Those are just two of many apps built for accounting students. 

Though some students still consider the library the best source for reference material, not everyone has access to a physical location, especially people who are completing their degrees online. Thank goodness then for online libraries and resources, which both online and in-person schools often offer. It’s also important, however, to explore external sources for reference materials. For example, consider the following:

• Google Scholar™: A search engine to find scholarly books, abstracts, articles and more based on publisher, author, date and frequency of citation by other scholarly works.
• Scribd®: A digital library with close to 200 million documents to date that allows users to both download and upload text on almost every subject.
• The Economist®: A weekly newspaper published online and in print that focuses on current events often related to economics — ideal for an accounting student who wants to stay up to date with the latest trends.

Students of all ages typically need solid study habits to help them get good grades and graduate, and it’s never too late to improve them.    

Time management is an important study habit to build, particularly for working adults and those who have taken an extended break from academics. Start by setting SMART goals, which are: Specific, Measurable, Achievable, Relevant and Time-bound. This will give you a general idea of the tasks you need to accomplish, help you break them down into more manageable pieces and provide a sense of how long they will take to complete. Once you know what your goals are, it’s time to start scheduling.

Put due dates in your digital calendar or planner with notifications to ensure deadlines don’t sneak up on you. To accomplish the work itself, block off time in your calendar based on how much time you think each activity will take.

Finally, know when it’s time to say no. There are only so many hours in a day, and you have to know your priorities to honor them. To keep up with your schoolwork, in other words, you may have to turn down some less important activities, like parties or outings. And don’t forget to delegate responsibilities that don’t specifically need you. For example, maybe your spouse can attend the PTA meeting!

Note-taking is not as simple as it sounds, as many people have reviewed their notes only to find they didn’t adequately cover an important part of a lesson or maybe they even recorded something incorrectly. This is why students need good note-taking strategies. Here are a few to try out, but there are many more:

• Listen carefully to extract the most important points
• Use your own words when you can
• Organize your notes in a way that works for you
• Review and revise after class
• Be concise — don’t write down every word
• Compare notes with fellow students
• Use a note-taking app or recording device if allowed

Accountants can work alone but may also work as part of a team. Studying accounting doesn’t have to be much different. You don’t have to study alone, and there may even be assignments in an accounting program that are essentially group projects. To get comfortable in a group setting, you might join or start a group to study accounting.

If you’re not sure where to start, ask your instructor and fellow students about study groups. If there are none, you can try posting a message about it on the course management system, if available.

Working on group projects isn’t always easy, but there are ways to bring people together to complete an assignment. Communication plays an important role in making progress. Get to know the strengths and weaknesses of your group members and make sure each one has a role that fits those strengths. Keep a project calendar with due dates for each task. If someone is unable to pull their weight in the project, remember to be compassionate and empathetic. You never know what is going on in someone’s personal life, so be gracious. Next time, you may be the one facing challenges. 

Though every school is different, accounting programs offer many of the same classes, which fall into these categories:

• Economics: macro- and microeconomics
• Accounting: financial, government, nonprofit, cost and accounting principles
• Business communications
• Computer applications and systems
• Management and leadership
• Auditing
• Taxation 

It’s no secret that many people don’t like math, but it’s impossible to avoid for accountants. And while the math needed in accounting is not like the theoretical mathematics that physicists use, the addition, subtraction, multiplication, division, percentages, decimals and fractions can still be a challenge for some aspiring accountants.

Many of those challenges come from negative experiences students have had in the past. Students often pre-judge themselves as “bad at math,” though they may not actually be as bad as they think. When students put their past math trauma and current anxiety aside, they find they may not only be good at math but might even enjoy it!

If that’s the case for you, great. If, however, you find that math continues to be challenging and unfulfilling, working in accounting may not be the right career path for you.   

The field of accounting uses a number of software programs to help professionals stay organized and to simplify calculations. These programs can track assets and expenses, create financial reports, automate tasks like data entry, and much more.

Though many accounting tools have been updated, some remain the same. Many accountants still use pencils, calculators and notebooks in addition to the modern-day upgrades.