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4 Things I Wish I Had Known When I Began My Accounting Career

BY TERESA MULOMI

We all have moments when we wish we could go back in time and rewrite our stories.

Your accounting career is no different. Even though your degree prepares you to perform accounting functions, there are things you can never learn from theory.

We spoke to several seasoned accountants and asked them one question “What one thing do you know now that you wish you had known earlier when you began your accounting career?”

These are some of the great insights and lessons they shared that will hopefully help you propel your career in the right direction.

Keep up the pace of technological advancement

“When I was starting out as an accountant in 1981, my roles involved a lot of paperwork: billing, filing, invoicing and bookkeeping were all done with pen and paper.

Fast forward 10 years later and all my accounting functions were paperless and on the cloud. In another 10 years, the automation revolution and advancement in AI, block chain and big data are set to profoundly change accounting and auditing processes.

I realize now that with accounting I needed to be flexible and willing to continuously update my skills and knowledge to keep up with changes in technology.

If you are in accounting, be a flexible forward-looking accountant who closely monitors changes in technology in order to exploit and harness the opportunities it presents to grow your career.” Simba, Cost Accountant

Gain Practical Accounting Skills

“My first job when I graduated with an accounting degree was in a bank. My job was mostly clerical because I handled money, customers and prepared balance sheets. I deluded myself into thinking I was an accountant based on these administrative accounting duties.

Fast forwards 6 years later, I tried to apply for more engaging roles in the finance, budgeting and auditing field but no employer would hire me because I was ill-equipped and lacked practical accounting skills.

I had no idea how to work with Quick Books, do online payroll processing or file I-Tax V.A.T returns. I did a short Practical Accounting Training and only then did I land my current job as a Financial Analyst. For new accounting graduates, find a practical accounting training that suits you in order to align your practical skills with current job market needs.” Joram, Senior Financial Analyst

Gain the right people skills

“I’ve been in the accounting profession for more than 26 years and my main motivation for getting into the accounting field was to avoid interactions with people.

I was under the misconception that accounting was all about crunching numbers and figures.

While it’s largely true that accounting is all about the numbers, I found out the hard way that accounting is also a people facing role rather than one where I got to hide behind a desk.  Reporting complex account findings in simple language required me to have great oral and written communication skills.

When I went on to start my accounting business, I had to get out of my comfort zone, make new connections and build a network in order to get client referrals. I wish I had gained the right people skills early enough. I realized too late just how important people skills are to growing an accounting profession.” Jake, Chief Accounting Officer

Find and focus on a niche

“Early on in my career, I was a generalist accountant doing everything for every industry. After years in the field, I tried to scale my practice and focus on auditing. I was however, ill-equipped since I lacked specialist knowledge.

I had to go back to the drawing board, gain the skills needed to thrive in auditing and I have slowly become an industry leader. I wish I had the courage to choose a niche and industry to focus on in order to provide great value for my clients and separate myself from the rest of the pack.”

‘If you are an accountant, have the courage to focus on an industry or accounting niche you are great at serving. Gain a deep understanding in this area because with specialized knowledge comes specialized services and that will not go unnoticed. Soon, you will become a market and thought leader in your niche.” Ruth, Audit Controller

Well, you’ve heard from the experts who have been there, done that, failed and eventually made it. Don’t wait to rewrite your story, use this practical advice from seasoned experts to start writing your successful accounting career now.

Keep up the tech pace, acquire people skills, become a niche expert, fail forward and don’t forget to update your practical accounting skills!