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What's it like being an accountant?

89 replies

BoatyMcBoatFace2 · 19/01/2019 17:18

Could you tell me what type of accountant you are and what you do in a day? Also, how did you get there?

I'm considering a career but want to get an idea of what it's like to work in this profession.

OP posts:
BoatyMcBoatFace2 · 19/01/2019 18:32

Are all you accountants working right now?

OP posts:
Ursaminor · 19/01/2019 19:54

All accountants working in practice are up to their eyeballs in tax returns at the moment! In their absence: -
I'm a retired public sector accountant. I did a degree, then a training contract with a big 5 firm, then moved into the public sector - but a degree is not necessary, there are many and varied ways of getting into accountancy!
The work is also varied depending on where you work - management accounting, financial accounting, payroll, audit, tax to name but a few areas.
There are also more niche areas that open up once you get into the profession - forensic accounting, computer systems etc. I worked in contracting in the nhs and seconded into government...

I'm not helping much - it really is endlessly diverse!

Calling other accountants to come forward It would be good to hear from a management accountant and a financial accountant - and after the tax season, a tax accountant - all would be good to hear from!

trilbydoll · 19/01/2019 20:00

I work for a medium sized company owned by a huge US Corporation. Lots of reporting, helping/training the accounts assistants who do the actual ledger work (bank reconciliations, purchase invoices etc) and at the moment collecting information for the auditors and preparing the year end accounts and corporation tax return.

I trained in practice, did AAT after my A Levels then did ACA so I've been an auditor, I've been outsourced as a bookkeeper and I've done plenty of accounts preparation before moving into industry.

Far more interesting knowing the day to day details of a company than audit in my opinion but technically I am nowhere near as good as I was in practice, it's hard to stay sharp when you're not dealing with a variety of companies because a lot of things just don't apply any more.

Interested in this thread?

Then you might like threads about this subject:

Chewbecca · 19/01/2019 20:05

I work for a huge global company in their HO. I no longer deal with numbers at all, I review, feedback and provide guidance on selected policies. Also monitor compliance again those policies and produce reports.

My day mostly consists of meetings (video mainly) on particular topics, e.g. a proposed change or in 121s with my team, making sure they are on track and helping them resolve problems.

Hope that makes sense!

(No regrets taking my accountancy qualifications by the way).

WeShouldOpenABar · 19/01/2019 20:11

I'm an accountant in practice though it's a less traditional one and we act as outsourced financial controllers for some clients. I like the variety.
In industry I could do my job in my sleep by the third month end, so tedious. I solved a lot of historic issues just for something to do, got promoted and quit soon after to return to practice.
I hadn't loved practice first time round but realised it was audit I disliked, I now prepare impeccable audit files for auditors to limit my exposure :D

CharleyFarleyy · 19/01/2019 20:14

I'm an accountant working in practice for 6 years. I'm AAT qualified and looking to start ACCA soon. I love the accountancy part of my job even though I suppose it can be monotonous. A big part of my job atm is managing staff which I never intended to do! Happy to answer any more questions you have about accountancy.

Angelika321 · 19/01/2019 20:14

Accounts supervisor here. No formal qualifications just worked my way up since leaving school. Day to day I work with analysing figures, review and approve work produced by the juniors and at this time of year deal with preparing the year end financial accounts.

I love my job, it's interesting and varied and I like doing a good job and knowing that I'm valued.

CharleyFarleyy · 19/01/2019 20:15

Forgot to add I am a management accountant, I do monthly and annual accounts for all entities.

Kezzie200 · 19/01/2019 20:16

I started at 18 with a training contract following doing a BTEC in business and finance at college. Commuted, worked and studied at night for 4 years. Generally took Saturday nights off only.

Moved on qualifying to a practice looking for future partners. Did my practicing certificate and was admitted as a partner aged 25.

Im 51 now, effectively senior partner, (theres one older than me but he does about 2 days a week!). Its a relatively small practice so I have to turn my hand to everything.

Love working with clients and business strategy. Helping staff - we are a fabulous team. Trouble shooting for clients, and staff. Yes, Im up to my eyes in tax returns currently, but most businesses have "seasonal pressures" of some sort. It was great when children were young as I worked part time on comparatively good pay. However, you earn it. Its constantly challenging and you have to stay on it. Especially in practice which is ever changing.

I love the qualification. Its so transferable. You really dont have to practice. There's lots of options, especially in commerce and management.

Antiquevintageandrusty · 19/01/2019 20:17

CIPFA here, I work in local government and I love it. Very varied due to other professional quals I have, lots of diverse responsibilities. Constantly challenging and interesting

topcat2014 · 19/01/2019 20:18

I am a finance director, working for the MD of a small engineering firm.
(So trained as a management accountant).
Provincial town. Salary £60k
Varied work, small team.
Degree in accountancy then professional exams.

Have previously worked for global companies - the travel got a bit of a pain when DC came along.

PepsiLola · 19/01/2019 20:19

I'm an accountant, I work in practice although I would love to make the move to industry.

I am not up to my eyeballs at the min as my comp at have a separate tax dept.

I love aspects of my job, but the majority of the time I do not have the time I would like to be a thorough and supportive to individual firms as I would like.

ToeToToe · 19/01/2019 20:28

My dsis and her dh are both accountants in London. They met at their (then) company, but work for different companies now. They both went into it straight from A levels.

They work hard, but seem to enjoy it. They don't work stupid hours, unlike my DH (who is in IT). They earn lots and have great social lives. They have a wide circle of friends both with their colleagues, and outside their accountancy jobs.

All I know about my dsis's work is that she is in "corporate" and spends a great deal of time sorting out various client/companies taxes. SHe gets to travel - she was in Paris recently.

She would recommend it as a career, I know. My ds did work experience at a company arranged by her - and he really enjoyed it too.

Hollywhiskey · 19/01/2019 20:29

I'm in audit in a major (but not big four) firm. I trained with this firm by doing ACA. The qualification is supposed to be very demanding but the reality is that you are so well supported by the firm (study leave, college paid for, no overtime around exams, good study materials) that I think it'd be pretty hard to fail. You can get sacked for failing some exams though because they think you're not serious if you don't apply yourself.
My job is pretty interesting - I spend all my time out at clients learning about their businesses so there's a lot of variety. It's good if you're nosy! As with any job, sometimes things go wrong and there's pressure to meet deadlines but mostly I leave on time, take my lunch breaks and generally it's not stressful. I have nice colleagues which always helps.
They've been very flexible with me coming back part time after maternity leave, although I think I would need to work more days and preferably full time if I ever want to be promoted again.

Passthecake30 · 19/01/2019 20:30

Acca working in local government here. I'm a small cog in a large wheel so I don't get to see the big picture or even many parts of what I learned as my qualifications.
But working for public sector means good work-life balance and good pension. Negatives are, now that I've been in the public sector for 20ish years, I can't move out onto the private sector.

myhamsteratefreddiestarr · 19/01/2019 20:36

I am AAT qualified, with 20 years experience in general practice, and set up on my own 8 years ago. I do high level bookkeeping 3 days a week for various clients and work from home 2 days a week doing accounts, tax, vat and payroll. I also employ someone 2 days a week.

I will work literally every single day through January to get the tax returns done in time, which can be stressful and tiring.

Being self employed can be hard work but at the same time it’s enabled me, as a single parent, to be there for DD when needed and I’ve never missed a school event.

Misty999 · 19/01/2019 20:42

AAT after failing a levels then onto ACCA, worked as a slave for large insurance company doing management accounts but fab training and paid for all exams. Now a resources manager in education very varied role part number crunching, people management, compliance and problem solving. Pays around £45k pa never worked in practice.

Taxista · 19/01/2019 21:03

What is it that's making you consider accountancy? It might be easier to give you useful info if we know that.

I'm a tax accountant. I haven't yet drowned this January, although there's still time.

If you're thinking, "tax, no thanks!" that is what I thought when I started out. I expected to hate the tax exams in my qualification and the tax part of my role. Turned out tax was nothing like I imagined.

I started off in a general practice role as a school leaver. They sponsored me to qualify and also complete a degree. While I was training (it takes a minimum of 3 years to qualify) I worked on book keeping, VAT returns, accounts preparation for sole traders, partnerships, and companies, did audit work, and also did tax returns for individuals and companies.

So it was pretty varied. Audit work is usually mostly field based (until you're quite senior when you only go out for the planning and closing meetings), the rest tends to be office based unless you're being sent out to collect/return records or help with their record keeping/finance software, etc. If you work up to a very senior level where you're the person leading meetings, pitching for work, and so on you'll often go to clients for those meetings.

The qualification covers all the different areas from book keeping and financial accounts, to managing people, corporate/business law, management accounting, audit, tax, ethics/governance, and business analysis. (I've probably missed stuff, I'm tired!) It is usually during this process that people form ideas on specialising.

While I was studying I found that I enjoyed some areas and some exams more than others and began considering specialising. I never really liked audit very much, but really enjoyed tax and considered insolvency and tax.

In the end my workplace offered to sponsor me to qualify as a tax specialist so I did extra exams, and then eventually I moved into a pure tax role.

I do a mixture of compliance and advisory work. Compliance is preparing tax returns, advisory can be things like restructuring a business or creating trusts for grandchildren. We also help people plan their affairs and liaise with contacts at solicitors and financial planning practices.

Tax is predominantly law. So it's very technical and it changes all the time. The numbers are just what we apply the law to - so whilst they are obviously important, and you need to be competent, often the challenging interesting work is with the law and words rather than doing clever things with numbers and formulas (that's more of a management accounting thing).

Compliance (in the right practice) is much more than data entry. We work closely with the teams who prepare and audit the accounts if it's a business, and if it's an individual we get to know the people closely - you'll be in the background helping with some of the biggest parts of their lives, including the ends of their lives at times.

If you work with business taxes you need to have a robust foundation in pure accounts, because you need to be able to understand and interpret them before you can work out how to get to the right point for tax. With private client work you don't need that extra knowledge, you just need pure tax. Either way it is much more involved than typing numbers into forms and multiplying it by the tax rate. You have to delve in and assess what's going on, look for the intricacies and then make judgements about how the law applies to that activity or cost. You'll do research, debate with colleagues, and get into discussions with clients to learn more about what's gone on or what they want to achieve.

And then there are all kinds of different rules and approaches for different sectors and parts of a business. Working on the tax for a construction project is a whole realm of its own, for example.

So once you're specialising in tax there are so many other avenues for further specialism once you find something that really interests you - whether it's working with individuals, getting involved in big corporate transactions, working in a niche area, international aspects, intellectual property, trusts, a specific sector, a specific tax (eg VAT). Some people move into pure technical roles, eg where they are the go to person in a big firm for everyone else's questions. Generally in practice as you progress you'll be expected to take on roles in managing the team you work in. (I'm being a bit vague on specialisms as it wouldn't mean much to name them unless you already have tax knowledge.)

If you work in practice, if you are less interested in being client facing there is also an important role in terms of internal training and development. Practices generally have an intake of trainees each year, and apportion work out based on skill level. So you'll usually be working in a team with people coming up through the ranks with people to support and train you above, and as you progress there are opportunities for you to train those coming up next.

My days vary quite a lot. Some days I'll work on something for one client all day, maybe preparing work from scratch (eg preparing computations) or reviewing accounts, some days I'll work on lots of different clients doing a mixture of things. It can include reviewing the work of trainees and coaching them, being shadowed by trainees, drafting advice, negotiating with HMRC on enquiries or appealing penalties, helping clients who've got into difficulty get their affairs straightened out, taking calls from clients with technical questions on something they're doing that day or a project they're about to start.... Plus training and team meetings. We also get involved to provide information for financing purposes to banks, and if you have international clients there's even more things to get involved with. And of course, admin things like billing.

We work as a team but each have a portfolio of clients we run ourselves with support from more senior and junior people also assigned to those clients as appropriate if it's bigger and needs more input at different levels. We each have to keep track of the relevant deadlines for our clients and where their work is up to, chasing them up, liaising with them on queries, etc.

Whether you work in tax or pure accounts you'll most likely be facing fixed deadlines all around the year. Accounts filing deadlines are unique to the company based on their year end, corporate tax deadlines are the same. Individuals have fixed deadlines (e.g. 31 January) but unless you're in a compliance centre only doing personal tax returns for January and nothing else you'll likely find other deadlines. Whether you work long hours or overtime on a regular basis (other than occasionally for deadlines or in January) depends entirely on who you work for. It is not automatic.

I enjoy getting knowledge of different kinds of businesses and the things that are important to them; getting to know clients so I can tailor our services to their needs; the variety of my work even though the deadlines are cyclical in a way; the independence of managing my own day (within the boundaries of prioritising and urgent work etc); not having to do lots of travelling and field work; the opportunity to continue using my earlier accounts skills; working in a team where there are always people for me to learn from, and to teach; the fact that there is always something new to learn; the challenge of applying the law to a client's circumstances and debating law with colleagues; and that it doesn't feel like a dead end. There is always somewhere new to take your career if you want.

I also like that what we do is meaningful (so many times in accounts you spend a week or whatever slogging over the perfect set of accounts and applying all your accounting standards perfectly and then the only thing the client wants to know is their tax bill! They don't even read your beautiful accounts).

Not just meaningful in a financial sense, but because we do have opportunities to help people - day to day with things that are too overwhelming or difficult or just generally making sure a business can continue running without being exposed to risks for failing to meet its obligations, but also when something goes wrong and we can step in to resolve it, negotiating with HMRC, helping people who've had awful things happen to them deal with HMRC or get their affairs sorted, and being in the background when people deal with bereavement to help ease the bureaucracy and reduce the burden a little.

For me, it's a job that's about people.

Fourmagpies · 19/01/2019 21:04

DH and I are both accountants. DH works for a company, started working in industry after A levels and is ACCA qualified and works at a high level with next move being MD. He's very knowledgeable on the technical side of accounting. His day is much more on managing staff and reporting.
I'm CIMA qualified, started in industry after doing a degree in accounting. Worked for many years for a national housebuilder working my way up to a financial controller. Was made redundant when DS1 was a year old and again when DS2 was a year old!! So set up my own practice. The company I worked for after first redundancy was a much smaller local company so that transition wasn't as difficult as it can be. I love working for myself (except I'm having my busiest January ever), I employ a mum part time to help out with bookkeeping and admin. I work around the school drop off for DS2 so whilst my pay isn't great, the flexibility is more important for me. I'm not as hot on the technical side as DH but have a much better understanding of how small businesses work. I do accounts, tax returns and management reports, it's really varied, I love my clients and love seeing them do well and being part of that.
It really depends on what interests you as to which route you should go, do some research, there are so many different roles it can lead to. And lots of smaller practices offer training contracts, it doesn't have to be one of the big ones.

Taxista · 19/01/2019 21:12

The tax qualification is CTA by the way. You can either access it after qualifying as an ACA, ACCA, etc, which is what I did, or by starting with the ATT (tax technician) qualification first and then moving on to CTA (chartered tax advisor - institute is CIOT if you wanted to find out more).

Managed to miss that out of my essay.

Alarae · 19/01/2019 21:13

I used to be more of a tax accountant but have recently moved to tax advisory.

As a tax accountant, I managed a portfolio of about 200 clients with their tax returns in a small firm. I was also the first port of call for any ad-hoc advice they needed regarding their personal taxes. This also included writing to HMRC if they received any enquiries and resolving it. In the summer, I would draft P11Ds/PSAs (benefit reporting forms) for companies. Every so often I would get involved with advisory projects but that was mainly completed by the manager/director.

It was routine work, but the relationships I had with some of my clients were amazing. Due to where I worked most of them were extremely wealthy, either owning their own businesses or senior management (one was a CEO of a well known insurance firm). Getting to know them was a genuine pleasure of the job.

In my current role (firm just outside big 4) I work only in advisory, so no compliance. My role is within Private Client, so I advise individuals on transactions (ie selling their company shares), wealth planning, IHT planning, asset restricting etc. Its varied and I absolutely love it. No two projects are the same. It's entirely different to compliance as we have no recurring work- if we don't get a project, we have nothing to do! My team is small but everyone is wonderful.

I am ATT and CTA qualified. My salary should go up to about 41k in a couple of months.

PoisonButTasty · 19/01/2019 21:18

This reply has been deleted

Message withdrawn at poster's request.

TattiePants · 19/01/2019 21:28

I did a business degree and then went into a training contract (ACA) with a top 10 firm - I made a conscious choice to choose a medium sized national firm rather than a top 6 (now top 4) firm as I thought that would be a better fit. I believe the exams are different now but at the time it was 3 years of outsourced training with 5 or 6 exams at the end of each year and you had to pretty much pass all at the same time or resit them all again 6 months later. At the same time you needed 3 years of relevant training that was documented in a logbook (mine was audit, accounts prep and a bit of tax).

After 4 years in practice I moved into industry and avoided traditional accountant roles. I did a lot more business support, working alongside either a sales or operational team plus a lot of project management. Typical activities included analysis of income streams to assess which were most profitable, pricing decisions, contract negotiations and people management.

I found that a finance qualification is a good springboard into lots of other 'business' roles and every company I've worked in has had lots of accountants on The Board.

There are other finance qualifications such as AAT and CIMA which are much more flexible and I've employed lots of people during their training. Typical activities for junior staff could include preparing management accounts, preparing budgets, explaining variances between the two, reconciling bank accounts, making bank payments, VAT returns, possibly payroll, managing debtors and creditors.

Feel free to message me if you have any questions.

baabaamoomooneigh · 19/01/2019 21:29

Management accountant here (CIMA). I work in banking. I rarely actually calculate anything myself. I work in a specialist area of accounting and I advise other people on how to certain numbers, so that they are in line with (complex) legislation and accounting rules. I have my own company and work for banks on a day rate basis, so they pay me a set fee for every days work I do. I work solely for one bank at a time tho.

My degree is unrelated to accounting but it was enough to get me entry to the CIMA qualification without doing any sort of access course. I worked in a finance team of management accountants for a while before I started the qualification. That team was mainly involved in budgets and forecasts, and measuring the businesses performance each month against the budget.

elliemillie · 19/01/2019 21:34

I am an accountant and have a small practice with circa 200 clients.
I started ACCA but switched to AAT as I wanted to work round my kids and ACCA was too restrictive about working on my own. I also got the ATT qualification and I am halfway through my CTA.
I will say being the only one running the practice is stressful. I love tax but juggling the needs of 200 entities alone plus admin, staying on top of money laundering etc is tiring. I have two subcontractors who are amazing but can be a bit tricky with delivering work on time. I tried to employ
Two bookkeepers and realised I am really shit and finding good people as they just made a loss of mistakes which I didn't think of checking and was embarrassed when clients pointed it out. I will say that experience has been the painful part of accounting for me. Not working with the right people.

But the actual accounting, advising clients and tax are absolutely fine and I love my job and the freedom it gives me. My fees are possibly low for what I do but between self assessments and corporate clients fees are about 80k a year. I know I could charge more though as I am London based and fees are pretty high

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