What is the most challenging aspect of being an accountant?
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.
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!
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.
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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.
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.)
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!
The most challenging aspect is managing my schedule. Work/life balance can be achieve you just need to be proactive in managing your schedule.
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.
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.
The fast pace life of public accounting can be tough when balancing family, friends and your out of work interests.
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.
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.
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
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.
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.