Investment accounting focuses on five crucial areas:

• Monitoring Investments: Like financial accounting, investment accounting is a highly regulated industry. While accounting for your own or your client's investment you should be aware of and comply with state-specific rules and regulations.

• Keeping Track of Third-Party Activity: As much as it focuses on the account holder's Investment activity, it also focuses on third-party investment activities. Third-party activities can make an impact on the account holder's financial standing.

• Management of Debt Investments: Debt investments provide stable returns and include bonds and bank loans. Owing to their predictive nature, accounting for debt investment comes with high responsibilities.  

• Financial Consulting: Professionals working in investment accounting keep abreast knowledge of corporate actions taken by listed stocks and can provide valuable insights on stocks that could become investible options.

• Preparing Tax Reports: Calculating tax incurred on capital gains requires professional expertise.

While practicing Investment Accounting, there are a few skills which come in hand:

• Arithmetic: Investment accounting involves the application of advanced arithmetic skills such as calculus and statistical analysis. You should be able to compare and analyze financial information to make an informed decision.

• Financial Reporting: While accounting for your investment, you should possess in-depth knowledge of the rules and regulations in your jurisdiction. Minor reporting errors can result in heavy penalties and could lead to legal concerns.

• Proficiency in Accounting Software: You should have a firm grasp of reliable accounting software. Accounting software makes tracking investments, calculating taxes, and completing financial reporting tasks just a matter of a few clicks.

• Research Skills: Research is an integral part of investment accounting. You should be able to find the source of information, identify the right one, and act on factual financial information.

Investment Accounting requires you to be well versed in fewer areas, but these skills can only be built over time. If you have a knack for math and accounting software and keep yourself updated with changing reporting standards, you could account for investments on your own. Otherwise, seeking the help of an expert would be preferable to paying hefty penalties for minor errors.