8 answers
Victoria
Student
Rock Hill, South Carolina
2
Questions
Asked
430 views
Is being an accountant time consuming?
Also is there advanced math involved with the accounting?
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8 answers
Rashmi Nidhi
Consultant
20
Answers
Detroit, Michigan
Updated
Rashmi’s Answer
The time commitment required for being an accountant can vary depending on various factors, including the specific job, the industry, and the individual's work habits. Here are some key considerations regarding the time commitment for accountants:
Work Environment: The time commitment in accounting can differ significantly between public accounting firms, corporate accounting departments, government agencies, or as a self-employed accountant. Public accountants, especially during busy seasons, may experience more extended working hours, including evenings and weekends, to meet client deadlines. In contrast, corporate accountants often have a more regular 9-to-5 schedule.
Busy Periods: Accountants often face busy periods, such as the tax season for tax accountants or the end of the fiscal year for corporate accountants. During these times, they may work longer hours to handle increased workloads.
Client or Employer Expectations: Client or employer expectations and the complexity of the work can influence the time commitment. Some clients or employers may have more stringent deadlines, leading to more time-intensive work.
Overtime: Overtime can be a part of the job, especially in public accounting firms during busy seasons. Overtime pay or comp time policies may vary by employer.
Continuing Education: Accountants are often required to keep up with changes in accounting regulations and practices through ongoing education. This can require additional time for coursework and professional development.
Certifications and Specializations: Pursuing additional certifications, such as the Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA), may require extra time and effort.
Technology Tools: The use of accounting software and technology can streamline tasks and potentially save time, but accountants also need to learn and adapt to new tools.
Seasonal Variability: Some accountants may experience seasonal variations in their workloads. For example, tax accountants may be busier during tax season but have lighter workloads at other times.
Self-Employment: Self-employed accountants have more control over their schedules but may need to dedicate time to manage their own businesses, including client acquisition and administrative tasks.
Work Environment: The time commitment in accounting can differ significantly between public accounting firms, corporate accounting departments, government agencies, or as a self-employed accountant. Public accountants, especially during busy seasons, may experience more extended working hours, including evenings and weekends, to meet client deadlines. In contrast, corporate accountants often have a more regular 9-to-5 schedule.
Busy Periods: Accountants often face busy periods, such as the tax season for tax accountants or the end of the fiscal year for corporate accountants. During these times, they may work longer hours to handle increased workloads.
Client or Employer Expectations: Client or employer expectations and the complexity of the work can influence the time commitment. Some clients or employers may have more stringent deadlines, leading to more time-intensive work.
Overtime: Overtime can be a part of the job, especially in public accounting firms during busy seasons. Overtime pay or comp time policies may vary by employer.
Continuing Education: Accountants are often required to keep up with changes in accounting regulations and practices through ongoing education. This can require additional time for coursework and professional development.
Certifications and Specializations: Pursuing additional certifications, such as the Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA), may require extra time and effort.
Technology Tools: The use of accounting software and technology can streamline tasks and potentially save time, but accountants also need to learn and adapt to new tools.
Seasonal Variability: Some accountants may experience seasonal variations in their workloads. For example, tax accountants may be busier during tax season but have lighter workloads at other times.
Self-Employment: Self-employed accountants have more control over their schedules but may need to dedicate time to manage their own businesses, including client acquisition and administrative tasks.
Shontavia Riggins
Accountant
4
Answers
Elloree, South Carolina
Updated
Shontavia’s Answer
Hello Victoria,
The response to your query largely hinges on the specific path you choose within the field of accounting. Should you opt for public accounting, anticipate dedicating over 55 hours weekly for certain periods throughout the year. On the other hand, if you venture into industry accounting, your work schedule will generally align with the standard 40-hour work week, with occasional overtime required.
From my perspective, the role of math in accounting isn't as significant as one might think. The advent of technology has greatly simplified tasks. Having said that, possessing mathematical knowledge is beneficial. As Katie pointed out, the level of math used in accounting doesn't exceed the principles taught in Algebra 1.
The response to your query largely hinges on the specific path you choose within the field of accounting. Should you opt for public accounting, anticipate dedicating over 55 hours weekly for certain periods throughout the year. On the other hand, if you venture into industry accounting, your work schedule will generally align with the standard 40-hour work week, with occasional overtime required.
From my perspective, the role of math in accounting isn't as significant as one might think. The advent of technology has greatly simplified tasks. Having said that, possessing mathematical knowledge is beneficial. As Katie pointed out, the level of math used in accounting doesn't exceed the principles taught in Algebra 1.
Kristen Wilson
Client Experience Coordinator
6
Answers
Austin, Texas
Updated
Kristen’s Answer
What great questions Victoria! I agree with Rashmi and I've worked at my current accounting firm for two years now. There are certainly busy seasons and the workload can feel heavy during these times of the year. Deadlines can be stressful at times so it's important not to lose sight of things you enjoy in your day. Unplugging and going for a walk or maybe doing yoga can be really helpful during times of stress. (But I think that's probably true with any career.) I agree with Katie as well. There's a wealth of computer and software programs that assist us with trial balances (Excel), prepping general ledgers (Alteryx), and even footing workpapers (DataSnipper). Math was never my fave and I'm doing just fine. You will too. Just be willing to learn and adapt and you'll do incredible things. (But that's true of anything in life. ) I agree with Kevin. (You've really got some excellent answers here! That's how you know you're asking the best questions.) I do work longer weeks when it's busy, but most of the time it's 40 hours for me. I wasn't entirely sure how to contribute to this collection of awesome answers, but I wanted to try. I think you'll make a wonderful accountant my friend. You clearly enjoy learning and have a lovely sense of curiosity. These traits will take you far in whatever you decide to chase after.
Katie Roundtree
Finance Director
3
Answers
Palm Beach Gardens, Florida
Updated
Katie’s Answer
Accounting is a profession that is needed in many industries. Government accounting is an area that some new accountants don't consider, but is critical for the effective running of local governments. Cities, counties and special districts employ lots of accountants to perform daily functions such as accounts payable and payroll. They also need more skilled accountants for budgeting and investment decisions. Pay can sometimes start out lower than in the public sector, but not always. Benefits in governments are also excellent with generally health, dental, paid holidays, vacation and sick time, and pension plans offered. Hours are usually less in government without too much overtime. It's a nice balance of work and home life.
Math and it's concepts are important for accountants, but there are so many computer programs that help us do our jobs, that in all honesty, I don't use more than algebra 1 concepts daily.
Math and it's concepts are important for accountants, but there are so many computer programs that help us do our jobs, that in all honesty, I don't use more than algebra 1 concepts daily.
M Sharjeel Ashraf (ACA)
Auditor
2
Answers
Toronto, Ontario, Canada
Updated
M Sharjeel’s Answer
Great answers from everyone and totally agree. My only advice would be to talk to someone local too as what i've seen in my experience that different locations (cities) of the same firm can have different hours. My time commitment is not the same as some of my friends/colleagues in different places. Lastly, if you enjoy something, time becomes secondary :)
Trevor Dawson
Consulting
99
Answers
Dallas, Texas
Updated
Trevor’s Answer
Yes very much so!
Hey Trevor, can you say more on this? How is it time-consuming?
Gurpreet Lally, Admin
Amani Yagboyaju, CFE
Forensic Consultant
4
Answers
Houston, Texas
Updated
Amani’s Answer
Embracing the role of an accountant can be a demanding journey, particularly during peak times such as tax season or during the closing of month-end, quarter-end, or year-end. However, the time investment can fluctuate based on various elements such as the scale and intricacy of the organization you're part of, your specific duties, and your individual work approach.
Here are some key elements to ponder:
1. Workload: As an accountant, deadlines are often part and parcel of the job, especially during bustling periods. This might necessitate working additional hours or investing extra effort to ensure precision and promptness.
2. Industry and organization: The expectations of an accountant can differ widely across industries and organizations. For instance, a role in public accounting or in a large corporation might entail more comprehensive hours and travel compared to a position in a smaller firm or government agency.
3. Technology and automation: The integration of technology and automation in accounting has amplified efficiency and minimized manual tasks. This can be a time-saver, but it also implies that accountants must stay abreast with the latest tools and software.
4. Work-life balance: Prioritizing a healthy work-life balance and establishing boundaries is crucial to prevent burnout. Mastering time management, delegation, and communication skills can aid in maintaining a harmonious equilibrium between your professional and personal life.
In conclusion, while the role of an accountant can be demanding, it's vital to strike a balance that suits you. Reflect on your personal inclinations, career aspirations, and lifestyle when determining if a career in accounting aligns with your path.
Here are some key elements to ponder:
1. Workload: As an accountant, deadlines are often part and parcel of the job, especially during bustling periods. This might necessitate working additional hours or investing extra effort to ensure precision and promptness.
2. Industry and organization: The expectations of an accountant can differ widely across industries and organizations. For instance, a role in public accounting or in a large corporation might entail more comprehensive hours and travel compared to a position in a smaller firm or government agency.
3. Technology and automation: The integration of technology and automation in accounting has amplified efficiency and minimized manual tasks. This can be a time-saver, but it also implies that accountants must stay abreast with the latest tools and software.
4. Work-life balance: Prioritizing a healthy work-life balance and establishing boundaries is crucial to prevent burnout. Mastering time management, delegation, and communication skills can aid in maintaining a harmonious equilibrium between your professional and personal life.
In conclusion, while the role of an accountant can be demanding, it's vital to strike a balance that suits you. Reflect on your personal inclinations, career aspirations, and lifestyle when determining if a career in accounting aligns with your path.
Kevin Greenlees
Accountant, Financial Analyst, Automations Developer
17
Answers
Grand Rapids, Michigan
Updated
Kevin’s Answer
While others have shared their thoughts, I'll also point out that the time commitment for accountants can vary greatly. It's widely known in the industry that new accountants at the "Big Four" audit firms (KPMG, E&Y, Deloitte, and PWC) often face intense workloads, sometimes clocking in 60-hour weeks. This used to be limited to the busy season, but as client bases and regulatory demands have grown, the busy season now extends to nearly the entire year for many firms.
However, if you're young and can dedicate 2-3 years to this level of work, the rewards can be significant. For starters, you'll likely earn a higher salary than your peers, and most of the top audit firms provide attractive retention bonuses. The main advantage, though, is the value that other companies place on Big Four experience. They are often keen to hire you, which usually leads to improved hours and higher pay. Many of the senior members in my company followed this route, which sometimes leads to frustration among our junior accountants when a senior role is filled with an external hire from a firm like E&Y.
I chose a different path, prioritizing work/life balance over income. I've never held an accounting role that demanded more than 45 hours a week, and that makes me very, very happy. I've worked in tax, the mortgage industry, and now in corporate vendor finance.
Regarding your question about math: if you're pursuing an accounting degree, you'll need to meet your college's requirements, which will likely include at least college algebra. However, most of the math I do is automated by software like Excel, Alteryx, or enterprise systems. Regardless of your math skills, employers will always prefer calculations to be done by software to minimize errors. The most complex math you'll likely encounter in college as an accounting major is related to the time value of money, which involves exponents. But even then, you'll usually be given a time value table to simplify calculations. So if you can manage calculations like ($1 x 0.789), you're set.
Accounting is less about math and more about understanding the rules and practices of financial reporting.
ONE LAST THING: The accounting profession needs you! Fewer and fewer young people are entering the field of accounting, and while this is a challenge for employers, it's great for someone in your position as it increases the demand for the services you can provide an employer. That means better pay, better perks, and--in some cases--better hours.
However, if you're young and can dedicate 2-3 years to this level of work, the rewards can be significant. For starters, you'll likely earn a higher salary than your peers, and most of the top audit firms provide attractive retention bonuses. The main advantage, though, is the value that other companies place on Big Four experience. They are often keen to hire you, which usually leads to improved hours and higher pay. Many of the senior members in my company followed this route, which sometimes leads to frustration among our junior accountants when a senior role is filled with an external hire from a firm like E&Y.
I chose a different path, prioritizing work/life balance over income. I've never held an accounting role that demanded more than 45 hours a week, and that makes me very, very happy. I've worked in tax, the mortgage industry, and now in corporate vendor finance.
Regarding your question about math: if you're pursuing an accounting degree, you'll need to meet your college's requirements, which will likely include at least college algebra. However, most of the math I do is automated by software like Excel, Alteryx, or enterprise systems. Regardless of your math skills, employers will always prefer calculations to be done by software to minimize errors. The most complex math you'll likely encounter in college as an accounting major is related to the time value of money, which involves exponents. But even then, you'll usually be given a time value table to simplify calculations. So if you can manage calculations like ($1 x 0.789), you're set.
Accounting is less about math and more about understanding the rules and practices of financial reporting.
ONE LAST THING: The accounting profession needs you! Fewer and fewer young people are entering the field of accounting, and while this is a challenge for employers, it's great for someone in your position as it increases the demand for the services you can provide an employer. That means better pay, better perks, and--in some cases--better hours.