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What's the hardest thing about being an accountant?
I am currently a junior in high school, and I'm considering majoring in business in the future. I'd like to know more about accounting as a career.
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10 answers
Updated
Trina’s Answer
Hi Michelle, I have an accounting degree and I did begin my career doing accounting related work. But one thing I quickly learned about myself was that I didn't enjoy the cyclical nature of the roles I was initially qualified to take as an entry level accountant. Specifically, there was always the "month end close" process of closing the books for the companies I worked for and that time is mandatory for an accountant. So that was a big challenge to always be available at the end of each month/beginning of the next month "every" month of the year....regardless of holidays, illness or other key points in your personal life. I also found that after mastering the process, it did become quite redundant after several months completing essentially the same closing activities....so you will be tasked to always be looking for ways to improve the process...perhaps with system or process improvements for future month end close cycles. But the positive take away from that experience is it lead me to be very well prepared for a career in business Finance where I have been for over 20 years now in a variety of roles that all utilize the expertise and training I got from having that initial experience as an accountant. So I'd say the accounting field, like all careers, has some challenges that you may or may not appreciate initially....but stick with it because that baseline experience can open SO many doors to a huge variety of longer term careers that may allow you the flexibility and creativity that you may not necessarily see when first starting out as an entry level accountant. Best of luck and just keep an open mind....being an accountant prepares you for so much more than you can imagine.
Thank you, this is really helpful.
Michelle
Updated
Mark’s Answer
Hi Michelle,
There are several "hard" things. Accounting is pretty cyclical, so the hours you work during certain parts of the year can be pretty long - especially when you're first starting out. If you are planning on going the normal route of college to public accounting and then moving to industry (working for a company in their accounting department) expect the first 2ish years before you make that move to have periods where you're working a lot.
Fortunately there will be lots of other people who you work with that are experiencing the same thing. Take these years to decide if public accounting is for you, maybe it will be! You might also discover that while you like the hard work you don't want to be an auditor/tax accountant and you'll try pursuing a job in a company with growth potential. Or, you might learn that you want a more relaxed atmosphere job, they are out there you just have to look.
Mark
There are several "hard" things. Accounting is pretty cyclical, so the hours you work during certain parts of the year can be pretty long - especially when you're first starting out. If you are planning on going the normal route of college to public accounting and then moving to industry (working for a company in their accounting department) expect the first 2ish years before you make that move to have periods where you're working a lot.
Fortunately there will be lots of other people who you work with that are experiencing the same thing. Take these years to decide if public accounting is for you, maybe it will be! You might also discover that while you like the hard work you don't want to be an auditor/tax accountant and you'll try pursuing a job in a company with growth potential. Or, you might learn that you want a more relaxed atmosphere job, they are out there you just have to look.
Mark
Thank you for sharing your perspective.
Michelle
Updated
David’s Answer
Hi Michelle, Accounting is a great career choice. Yet, like any career choice there may be challenges. In college, the Accounting curriculum can be challenging. Early in your Accounting career (like other career choices), the hours can be long but that will translate into skill enhancement/refinement. An Accounting career is a great choice as it will give the foundation to do many things in your career!!
Loved reading this, thanks!
Michelle
Updated
Fidelis’s Answer
Hello Michelle,
I have an accounting degree and also currently work in the field. Many people think accountants only prepare taxes, but that isn’t true. Having an accounting degree will provide you with many opportunities. Here are my suggestions to help you along the way earlier on in your career:
1) Elect accounting as your college major and join some of the accounting and finance groups on campus. Actively participate in leadership roles and attend events. This will help you as you prep for point #3 below.
2) Participate in the Volunteer Income Tax Assistance (VITA) program offers free tax help to people. This will help you develop a sense of adding value to your community while learning from others.
3) While in your junior year, see if you can participate in one or two internships e.g, audit, tax, or supporting an accounting department. For faster exposure and determination for what you may want to do, I suggest starting out in either audit or tax - if you can take part in an audit internship and then following summer, try out tax. This will help you meet more experienced professionals, and the experience will allow you to determine what you want to do after graduation.
4) Keep in close contact with your professors. They will greatly help and guide you on what to consider in your career. They are also the best resource (reference) for point #3 above. Ask them to be your mentor or formal reference earlier on.
5) Finally, there are many opportunities that you can take in accounting, but the above points will help identify the right path.
Hope this helps!
I have an accounting degree and also currently work in the field. Many people think accountants only prepare taxes, but that isn’t true. Having an accounting degree will provide you with many opportunities. Here are my suggestions to help you along the way earlier on in your career:
1) Elect accounting as your college major and join some of the accounting and finance groups on campus. Actively participate in leadership roles and attend events. This will help you as you prep for point #3 below.
2) Participate in the Volunteer Income Tax Assistance (VITA) program offers free tax help to people. This will help you develop a sense of adding value to your community while learning from others.
3) While in your junior year, see if you can participate in one or two internships e.g, audit, tax, or supporting an accounting department. For faster exposure and determination for what you may want to do, I suggest starting out in either audit or tax - if you can take part in an audit internship and then following summer, try out tax. This will help you meet more experienced professionals, and the experience will allow you to determine what you want to do after graduation.
4) Keep in close contact with your professors. They will greatly help and guide you on what to consider in your career. They are also the best resource (reference) for point #3 above. Ask them to be your mentor or formal reference earlier on.
5) Finally, there are many opportunities that you can take in accounting, but the above points will help identify the right path.
Hope this helps!
Thanks, can't wait to put this advice into action!
Michelle
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Updated
James Constantine’s Answer
Hello Michelle!
Understanding the Challenges of an Accountant's Role
The role of an accountant can be demanding and complex, with different individuals finding different aspects challenging. However, there are several common difficulties that many accountants encounter in their careers:
Navigating Changing Regulations and Standards: One of the toughest parts of an accountant's job is staying current with the evolving regulations and accounting standards. The financial sector is heavily regulated, and it's vital for accountants to keep abreast of changes in tax laws, financial reporting requirements, and auditing standards to ensure they're always in compliance.
Managing High-Stakes Responsibilities: Accountants shoulder a lot of responsibility as they handle sensitive financial data and ensure precise financial reporting. Accounting errors can lead to severe repercussions for businesses, including legal issues and financial losses.
Handling Pressure in Peak Times: Accountants often experience intense pressure during busy periods such as tax season or year-end closing. These times demand long working hours, meticulous attention to detail, and the ability to work effectively under strict deadlines.
Embracing Continuous Learning: The field of accounting demands continuous learning and professional growth to stay ahead. As accounting methods evolve and technology progresses, accountants must adapt and learn new skills to stay competitive.
Meeting Client Expectations: Fulfilling client expectations can be a tough task for accountants. Clients have diverse needs and demands, and accountants must communicate effectively, manage expectations, and deliver high-quality services while maintaining professional relationships.
Maintaining Work-Life Balance: Some accountants struggle to balance their work commitments with their personal life, especially during peak periods when long hours are necessary. A healthy work-life balance is crucial for overall well-being and job satisfaction.
Resolving Ethical Dilemmas: Accountants often encounter ethical dilemmas in their work, such as conflicts of interest or pressure to alter financial information. Upholding ethical standards is key to maintaining trust and integrity in the profession.
In summary, despite the challenges, being an accountant can be a fulfilling career choice with ample opportunities for growth and advancement. However, it requires individuals to skillfully navigate these challenges to excel in the field.
Top 3 Reliable Sources Used:
American Institute of CPAs (AICPA): A premier professional organization for CPAs offering resources on accounting standards, ethics, professional development, and industry insights.
U.S. Bureau of Labor Statistics (BLS): A trusted source for job-related data including job outlook, median pay, educational requirements, and key responsibilities for accountants.
Journal of Accountancy: A respected publication featuring articles on accounting trends, best practices, regulatory updates, and insights from industry experts.
Blessings to you, Michelle!
JC.
Understanding the Challenges of an Accountant's Role
The role of an accountant can be demanding and complex, with different individuals finding different aspects challenging. However, there are several common difficulties that many accountants encounter in their careers:
Navigating Changing Regulations and Standards: One of the toughest parts of an accountant's job is staying current with the evolving regulations and accounting standards. The financial sector is heavily regulated, and it's vital for accountants to keep abreast of changes in tax laws, financial reporting requirements, and auditing standards to ensure they're always in compliance.
Managing High-Stakes Responsibilities: Accountants shoulder a lot of responsibility as they handle sensitive financial data and ensure precise financial reporting. Accounting errors can lead to severe repercussions for businesses, including legal issues and financial losses.
Handling Pressure in Peak Times: Accountants often experience intense pressure during busy periods such as tax season or year-end closing. These times demand long working hours, meticulous attention to detail, and the ability to work effectively under strict deadlines.
Embracing Continuous Learning: The field of accounting demands continuous learning and professional growth to stay ahead. As accounting methods evolve and technology progresses, accountants must adapt and learn new skills to stay competitive.
Meeting Client Expectations: Fulfilling client expectations can be a tough task for accountants. Clients have diverse needs and demands, and accountants must communicate effectively, manage expectations, and deliver high-quality services while maintaining professional relationships.
Maintaining Work-Life Balance: Some accountants struggle to balance their work commitments with their personal life, especially during peak periods when long hours are necessary. A healthy work-life balance is crucial for overall well-being and job satisfaction.
Resolving Ethical Dilemmas: Accountants often encounter ethical dilemmas in their work, such as conflicts of interest or pressure to alter financial information. Upholding ethical standards is key to maintaining trust and integrity in the profession.
In summary, despite the challenges, being an accountant can be a fulfilling career choice with ample opportunities for growth and advancement. However, it requires individuals to skillfully navigate these challenges to excel in the field.
Top 3 Reliable Sources Used:
American Institute of CPAs (AICPA): A premier professional organization for CPAs offering resources on accounting standards, ethics, professional development, and industry insights.
U.S. Bureau of Labor Statistics (BLS): A trusted source for job-related data including job outlook, median pay, educational requirements, and key responsibilities for accountants.
Journal of Accountancy: A respected publication featuring articles on accounting trends, best practices, regulatory updates, and insights from industry experts.
Blessings to you, Michelle!
JC.
Updated
Kieran’s Answer
I would say that the hardest thing about being an accountant is that there is a high number of deadlines each month. It is also true that this highly structured nature of the workload means that it can be easier for an accountant to predict busy periods than other roles within a business. Of course there are huge benefits of working as an accountant and I believe that it gives an excellent foundation of business knowledge that is very useful even if you decide to move into other areas of business later in your career.
Thank you so much, Kieran!
Michelle
Updated
Whitney’s Answer
Hi Michelle, Accounting is a very broad field and with each role, you'll likely find different challenges. One challenge that I think is found across many public accounting roles is the constant change. Whether it be change in regulations or your role on the team, you are constantly learning and need to take an active role in that learning process. This can keep the job very interesting, but can also be stressful when your under time constraints. However, ensuring that you can learn quickly can be a very useful skill in any field!
Thank you so much for the advice.
Michelle
Updated
Mary-Ann’s Answer
You have many options with a career in accounting. Beyond the more traditional routes of tax and audit, you also have the non-traditional routes like forensic investigations. Consider your interests before deciding on a path. Do you like variety in your day to day work? Do you prefer a set template/guide for each project?
A career in accounting sets the stage for a variety of career options in the future.
A career in accounting sets the stage for a variety of career options in the future.
Thanks for the help.
Michelle
Updated
Orain’s Answer
Hello Michelle
I hope all is well with you.
There are alot of career paths in Accounting which will have their pros and cons. For example:
a. Financial Reporting Accountants: They normally are part of the month end close process and have block out days in the year where they cannot take vacations and have to work long hours
b. SOX Auditors: They are normally auditing in regards to the 10 Q and 10 K and normally have block out days and work long hours close to those filing due dates.
Overall, Accounting can be a cyclical job but there are also career paths in Accounting such as Auditing at a big 4 that allows you to work on different clients, gives you flexibility around work life balance and gives employees the opportunity to perform different audits which makes what you are doing exciting.
To your question I think the hardest part of Accounting would be the temporary long hours and block out days close to deadlines. However, with effective communication to leadership and prioritizing work life balance with leadership this will assist.
I hope this helps
Thanks
O.M
I hope all is well with you.
There are alot of career paths in Accounting which will have their pros and cons. For example:
a. Financial Reporting Accountants: They normally are part of the month end close process and have block out days in the year where they cannot take vacations and have to work long hours
b. SOX Auditors: They are normally auditing in regards to the 10 Q and 10 K and normally have block out days and work long hours close to those filing due dates.
Overall, Accounting can be a cyclical job but there are also career paths in Accounting such as Auditing at a big 4 that allows you to work on different clients, gives you flexibility around work life balance and gives employees the opportunity to perform different audits which makes what you are doing exciting.
To your question I think the hardest part of Accounting would be the temporary long hours and block out days close to deadlines. However, with effective communication to leadership and prioritizing work life balance with leadership this will assist.
I hope this helps
Thanks
O.M
This was super helpful, thank you!
Michelle
James Constantine Frangos
Consultant Dietitian & Software Developer since 1972 => Nutrition Education => Health & Longevity => Self-Actualization.
6342
Answers
Updated
James Constantine’s Answer
Hello Michelle!
One of the biggest challenges for accountants is ensuring accuracy and compliance with complex regulations. The accounting profession requires a high degree of attention to detail and mathematical precision. Accountants must meticulously record, analyze, and report financial transactions in accordance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the jurisdiction.
Moreover, accountants are responsible for preparing and maintaining financial records for businesses and individuals. They must ensure that these records are accurate and comply with various laws and regulations, such as tax laws. Failure to do so can result in significant financial consequences, including penalties, fines, or even legal action.
Additionally, accountants often face tight deadlines to complete their work. For example, they may need to file tax returns by specific dates or provide financial statements to stakeholders on a regular basis. Meeting these deadlines while maintaining accuracy and quality can be a significant challenge.
Another challenge for accountants is staying current with changing regulations and technology. Accounting rules and regulations are constantly evolving, making it essential for accountants to keep up-to-date with the latest developments. Furthermore, technology is increasingly playing a role in accounting, from automated bookkeeping systems to data analytics tools. Accountants must be proficient in using these technologies to remain competitive and provide value to their clients.
Lastly, accountants often work long hours during busy seasons or when dealing with complex projects. They may need to work overtime to meet deadlines or handle unexpected issues that arise. This demanding workload can be stressful and require a significant amount of dedication and focus.
Authoritative References Used:
American Institute of Certified Public Accountants (AICPA) - GAAP Resource Center
Financial Accounting Standards Board (FASB) - GAAP Overview
U.S. Small Business Administration - Starting a Small Business: An Introduction to Accounting Systems & Financial Statements
GOD BLESS!
JC.
One of the biggest challenges for accountants is ensuring accuracy and compliance with complex regulations. The accounting profession requires a high degree of attention to detail and mathematical precision. Accountants must meticulously record, analyze, and report financial transactions in accordance with Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), depending on the jurisdiction.
Moreover, accountants are responsible for preparing and maintaining financial records for businesses and individuals. They must ensure that these records are accurate and comply with various laws and regulations, such as tax laws. Failure to do so can result in significant financial consequences, including penalties, fines, or even legal action.
Additionally, accountants often face tight deadlines to complete their work. For example, they may need to file tax returns by specific dates or provide financial statements to stakeholders on a regular basis. Meeting these deadlines while maintaining accuracy and quality can be a significant challenge.
Another challenge for accountants is staying current with changing regulations and technology. Accounting rules and regulations are constantly evolving, making it essential for accountants to keep up-to-date with the latest developments. Furthermore, technology is increasingly playing a role in accounting, from automated bookkeeping systems to data analytics tools. Accountants must be proficient in using these technologies to remain competitive and provide value to their clients.
Lastly, accountants often work long hours during busy seasons or when dealing with complex projects. They may need to work overtime to meet deadlines or handle unexpected issues that arise. This demanding workload can be stressful and require a significant amount of dedication and focus.
Authoritative References Used:
American Institute of Certified Public Accountants (AICPA) - GAAP Resource Center
Financial Accounting Standards Board (FASB) - GAAP Overview
U.S. Small Business Administration - Starting a Small Business: An Introduction to Accounting Systems & Financial Statements
GOD BLESS!
JC.