The transition from studying accounting to practicing it can be an adventure: Instead of pulling all-nighters and wearing sweats, life shifts to sunrise starts and power suits.
There may no longer be homework and tests, but work in the professional realm is monitored and evaluated with even bigger stakes, and "A-level work becomes the norm," said Shabinaaz Mahdi, a Washington-based senior tax accountant at accounting and advisory firm Baker Tilly Virchow Krause.
But those challenges, along with those of studying for the CPA Exam and putting in extra-long days during busy season, come with a payoff, of course. Accounting is a rewarding career with plenty of growth opportunities. Accountants enjoy solid pay, ample advancement opportunities, and the chance to serve the broader good, so newbies have plenty of reason to hang in there.
Here are some tips for young accountants to ease the transition from backpack to briefcase:
Sharpen "soft skills": It's easy to focus only on the academics at school and assume that skills guiding personal and professional interaction will take care of themselves. Employers say many fresh graduates who have grown up in the tech era are less prepared for the human element of a new career. As a result, students who can hold a professional conversation, offer a strong handshake, and make eye contact gain an edge in hiring and promotions. For that reason, make it a priority to polish these skills, said Rina Henning, a recruiting manager with UHY LLP in Farmington Hills, Mich., part of accounting firm network UHY International. "Soft skills play a large part in our company," said Henning, who recruits between 60 and 75 students a year. "Gone are the days of 'I've got a 4.0 and I'm in.'"
- See more at: www.journalofaccountancy.com/newsletters/2017/apr/succeed-first-accounting-job.html#sthash.Goz3bJKm.dpuf
More than two thirds of U.S. consumers are concerned about tax fraud and identity theft this year, according to a recent survey. Their fears are well-founded: More than one third reported having had their identity stolen in the past.
The burden of increased digitization of financial and general communication infrastructure is cybersecurity. While going paperless is faster, more efficient and more convenient for accountants, their clients, and everyone in between, security must remain a central consideration as firms go electronic. The IRS has issued several alerts about tax scams warning of a 400 percent surge in phishing and malware incidents this tax season, including a surge in W-2 phishing and TurboTax hacking attacks.
Read Article: https://www.accountingtoday.com/news/tax-fraud-fears-on-the-rise-in-america