Adalberto
What is the most challenging aspect of being an accountant?
#accounting #accountant
27 answers
Tony DeGance
Tony’s Answer
As with a lot of client service roles there are fair bit of demands on your time and some unpredictability in your schedule so will certainly create challenges with respect to managing your time and ensuring your priorities are clearly defined.
Heather Fisher
Heather’s Answer
As an auditor, I think the most challenging aspect of the job is the work life balance. The hours can be long during certain months of the year. Although not really avoidable during busy season, during non busy season, it is important to ensure you make time for your family and yourself. Whether that is booking a vacation, being home for family dinners or getting to the gym, you need to make time to do it. You will likely last longer in your career if you keep up with that and will be happier in general!
David Dumont
David’s Answer
For me, the most challenging aspect of the profession is the constant updates and being able to stay on top of changes to accounting standards, practices, and incorporating technology into our work to help facilitate better/faster results. There's always going to be better ways to do things, and finding solutions to everyday problems is going to be a constant part of the job. It gets harder to find these solutions, however, as accounting standards change and you need to always be updated on what the correct treatment for a transaction/auditing procedure is, because you cannot find solutions if you aren't prepared and fully knowledgeable of the items you're dealing with.
David recommends the following next steps:
Alexandra Grashkina-Hristov
Alexandra’s Answer
Hi Vivian, let me start by saying that every profession has challenging and rewarding aspects. However, working as an accountant brings a lot of responsibility and requires a lot of attention because you have to follow very specific rules and stay up to date on any changes to them. It is a wonderful feeling when you have helped your client meet accounting requirements so they can keep running and growing their business. The most challenging aspect, in my experience at an accounting firm, is using the client data for your work. Sometimes clients may not have enough internal resources but they should give you information to start each project and if the information is not well-organized, you have to work longer and harder to provide the advice to the client. Another challenging aspect are the tight deadlines and time pressure to complete the work.
Joseph Chan, CPA
Joseph’s Answer
As an accountant, I think one of the more challenging aspects of the job is the ability to be accurate and thorough. It is very important for accountants to be accurate and precise because your job is essential to running the business. I can't eloquently describe the challenge of being accurate, but I'm sure you could imagine that after staring at spreadsheets and numbers all day everything starts coming at you sideways. Another thing I find challenging about being an accountant is that there are actually a lot of rules, guidance, or literature that gets put out on how to treat certain transactions from an accounting perspective. It's almost like being a lawyer, especially if you decide to become an public auditor.
I hope this gave you a sense of some challenges of being an accountant. (P.S. if you work in public accounting, you will end up working a lot of hours during busy season.)
Hrishi Arria
Hrishi’s Answer
Hey Adalberto! Great question. As most folks have mentioned, achieving work-life balance, and managing your time efficiently are definitely a challenge when you first start off on the accounting path. However, as a consultant within the accounting profession, I can tell you that managing expectations of your clients, superiors, as well as your peers also require constant effort. You will find that there will be multiple demands of you at any given moment, so prioritizing the more important work first, and letting others know of what they can realistically expect from you given your work load can be challenging at times. The solution to this is frequent and effective communication with your clients/team about where you are with their demand, so that you can proactively manage their expectations. Good luck!
Anthony Fiorenza, CPA
Anthony’s Answer
Dave Cawley
Dave’s Answer
The most challenging aspect is managing my schedule. Work/life balance can be achieve you just need to be proactive in managing your schedule.
Laurie Martin
Laurie’s Answer
Marcelo Tedeschi, CPA
Marcelo’s Answer
Hi Adalberto , I have been working as an accountant for 8 years, specifically in public accounting. What I find most challenging is that you have to keep up with several specific rules for auditing and for accounting. It takes time and a lot of reading for you to make sure you got all the literature you need to solve/address your day-to-day issues. Good luck on your research.
Kelly Coker
Kelly’s Answer
As a tax professional in a Big 4 firm, I would say some of the most challenging things about being an accountant are:
-Unpredictability of client needs - they keep me on my toes whenever they call to ask for some additional reports.
-Updates to supporting documents received - this can create additional changes to the work performed and typically the deadlines don't change hence creating longer hours towards the end of a project.
-Having to keep up with the new changes to the tax laws in recent years.
Christina Schmitz
Christina’s Answer
The fast pace life of public accounting can be tough when balancing family, friends and your out of work interests.
Denise Sun
Denise’s Answer
Jennifer Alves, CPA
Jennifer’s Answer
Hi, I believe the most challenging aspect of being an accountant is learning. Accounting has many different aspects to it from tax to auditing to advisory and consulting. There is always something to learn, which can be a great thing. I work for a public accounting firm and I work in a very specific group which deals with regulated investment companies. I work on tax returns and reviewing workpapers. There are so many adjustments and different tax terms that come out of each aspect of my work and I am constantly learning.
Chelsea Finn
Chelsea’s Answer
One of the challenging aspects is that the hours may sometimes be long, and if there are unexpected deadlines that need to be met, you may have to adjust your schedule to fit the work in. On the flip side though, there are times during the year where there is not much going on, and it is easy to take vacation and disconnect.
Jessica Bechaalani
Jessica’s Answer
1. You may find yourself doing the same thing : repetitive work
2. You need to focus to work under pressure and sometimes you are asked to work overtime (especially when having deadlines)
3. You need to have great attention to details
4. You need to be always up to date with the new rules/regulations and practices. It requires continuous learning
Michelle Wong
Michelle’s Answer
I think the most difficult aspect of being an accountant is constantly learning on the job. Being an accountant compared to being a student studying accountancy is very different. In school, you are given the information in a more organized format and you likely know what you will be tested on. However, when you start your career as an accountant, a lot of the information is not laid out like that. Many times you have to learn on-the-spot and adapt to the various real-life scenarios. The situations on the job are not going to be as smooth or as clean as the example problems in class. The key to this is to always be willing to learn and practice.
Jonathan Truong
Jonathan’s Answer
Being an accountant can be quite challenging as you have to constantly keep up with evolving standards. For example, ASC 606 had significant changes on the way that companies account for their revenue. The hours can be long as most companies have to close their financial data by performing reconciliations on a monthly cadence. As challenging as the role can be, there are benefits in that there is a huge industry and demand for accountants. All businesses require accountants and there is a huge reliance on the accounting team to hit timelines and report accurately.
Danielle Feldman
Danielle’s Answer
I think the answer to this question will be different for everyone, depending on their own strengths and weaknesses. For some working with difficult clients may be hard, while others may thrive under the challenge. Others may find project management skills or technical accounting skills to be their biggest difficulty. Others may struggle with softer skills like leading a team. I think knowing yourself and where your strengths and weaknesses lie will help you to focus on strengthening your strengths and developing your weaker areas.
Best wishes on your journey!
Ana Isla García Martínez
Ana Isla’s Answer
As an auditor feel the most challenging aspect is to be able to stay organized given you'll normally be working on several projects at the same time,.You must be able to handle all of them, communicate with the client, with your team, finish your work on time while staying updated with all new accounting rules.
James Constantine Frangos
James Constantine’s Answer
Being an accountant is a demanding role that necessitates a relentless pursuit of precision and a keen eye for detail.
The accounting profession is characterized by a stringent requirement for meticulousness in managing all financial transactions and records. The most daunting part of an accountant's job is the constant pressure to ensure absolute accuracy in every figure, entry, and calculation. Even the slightest error in accounting can lead to substantial financial discrepancies, compliance issues, or even legal ramifications.
Accountants bear the responsibility of handling intricate financial data, scrutinizing financial statements, preparing tax returns, and offering crucial insights to aid businesses in making informed decisions. This role requires a profound understanding of accounting principles, regulations, and standards, along with the capacity to interpret and effectively communicate financial information.
Moreover, accountants often find themselves working against the clock, particularly during high-pressure periods like tax season or year-end closing. The stress of delivering accurate results within strict time constraints can be intense. Accountants are tasked with managing multiple responsibilities concurrently, ensuring each one is executed with utmost precision.
Aside from technical expertise, accountants also need to possess strong analytical skills, problem-solving abilities, and communication skills to effectively collaborate with clients, colleagues, and stakeholders. Establishing and preserving trust with clients is paramount in the accounting profession, as accountants handle sensitive financial information that directly impacts the success and reputation of their clients’ businesses.
Moreover, the rapidly changing regulatory landscape and technological advancements necessitate that accountants stay abreast of changes in accounting standards, tax laws, software tools, and industry trends. Continuous learning and professional development are vital for accountants to stay competitive and offer value-added services to their clients.
In summary, the most strenuous aspect of being an accountant is the unwavering demand for precision, accuracy, and attention to detail in a fast-paced and dynamic environment where mistakes can have severe consequences for businesses and individuals.
Top 3 Authoritative Sources Used:
American Institute of CPAs (AICPA) - A premier professional organization for certified public accountants (CPAs) in the United States, providing guidance on accounting standards, ethics, professional development, and industry best practices.
Financial Accounting Standards Board (FASB) - The organization that sets the accounting standards for private sector companies in the United States, governing how financial statements are prepared and presented.
Journal of Accountancy - A reputable AICPA publication that provides news, trends, research, and insights related to accounting practices and the accounting profession, serving as a valuable resource for accountants seeking to enhance their knowledge and skills in the field.
May God bless you!
James Constantine Frangos.
zach aronson
zach’s Answer
Addressing the risk of technology. The profession is constantly changing so you have to innovate or get left behind.
Advice: Stay up to date on current affairs and what is happening in the profession.
Vivian Lee
Vivian’s Answer
As a tax accountant, the most challenging aspect is that the tax law changes every so often. Also, the technology has more and more impacts. You have to follow what's coming up and stay up to date to new technology.
Hammad Saeed
Hammad’s Answer
The answer varies depending on the context. But here are some of the challenges of being a accountant:
Repetitive work:
Before you find yourself covered in accounting glory!, you will have to work your way up with a little bit of repetitive work. In large organizations, you will have a fair share of audit work that will repetitive in nature.
Working Overtime:
The perks of a profession never come without a little pain. So, you need to be fully prepared to put in long hours at your desk. If you are the type who likes to log out at cease work, then it may be tough on you, because there will be times when you will actually put in more than 70 hours every week.
Competition:
You are not the only one in the reckoning. Well, this applies to most jobs, so it should not be something that is unique to accountants. You need to be prepared to wade through competition, with strong-willed, professionally qualified and ambitious accountants who will be contenders for what you aim.
Focus under pressure:
Keeping a cool head and working better under pressure. At times, you will be put through a great deal of pressure. You will be staring at deadlines that may appear to be hurtling at you, you will be multitasking at times and you will definitely feel a bit overworked. It is during these moments of pressure that you need to keep a level head and emerge as a gritty and feisty professional who can handle the pressure.
Hope this helps.
Hammad Saeed
Mike Rodriguez
Mike’s Answer
In my professional history, the challenge was trusting myself with what I was learning and not being afraid to ask questions. Try to learn and understand the larger picture. So many professionals get caught in the details that they neglect the "why" and the "what" is supposed to be accommplished. It is always more than the "how."
The sooner you can develop analytical skills and seeing how to improve and streamline the process to get to the same desired results, the better you will become as a valued professional.
Lindsay Sampson
Lindsay’s Answer
The msot challenging aspect of being an accountant is how time consuming it can be. Managing yor work-life balance can be very diffcult. Depending on the company you work for clients can take up alot of your time. Most companies have programs/ flexible schedules set in balance to help you achieve this balance.
Sarah Stokowski
Sarah’s Answer
Once you enter a career in accounting, the hardest part is probably the learning curve of on-the-job performance. There is a lot of information to take in and many coaching opportunities where you will be taught how to do certain tasks and parts of the work. It is definitely challenging but also rewarding once you look back and see how much you've learned!