As much as you love your work, over time, challenges of being an Accountant can be challenging. Outsourcing is one way of getting rid of these challenges and living a healthy and happy life! Here are the Top Challenges of being an Accountant (and if you are then you know whom to contact):
Before you find yourself covered in accounting glory and pushing analytics and brainstorming strategies, you will have to work your way up with a little bit of repetitive work. In large organizations, you will have a fair share of audit work that will repetitive in nature.
The perks of a profession never come without a little pain. So, you need to be fully prepared to put in long hours at your desk. If you are the type who likes to log out at cease work, then it may be tough on you, because there will be times when you will actually put in more than 75 hours every week.
You are not the only one in the reckoning. Well, this applies to most jobs, so it should not be something that is unique to accountants. You need to be prepared to wade through competition, with strong-willed, professionally qualified and ambitious accountants who will be contenders for what you aim. To make it big, you really need to prove yourself, in the midst of competition.
Focus under pressure:
Keeping a cool head and working better under pressure. At times, you will be put through a great deal of pressure. You will be staring at deadlines that may appear to be hurtling at you, you will be multitasking at times and you will definitely feel a bit overworked. It is during these moments of pressure that you need to keep a level head and emerge as a gritty and feisty professional who can handle the pressure.
Accounting is a profession that needs to integrate practices with a set of standards that will constantly be in a state of flux. Which means that you need to know what is in and what is out. Your training, your qualifications will help you get there, but to remain there, you need to be in sync with the very latest developments. And this includes, not just the compliance aspect, it very much includes the technology and new processes to bring in efficiency.
You need to have an eagle eye for detail. It is not just the figures, but a whole load of background information that needs to be considered to help your client. If you are the type who has a natural eye to discern the little details, then you have a natural ally in your abilities. If you do not possess the ability, then you need to develop a habit – the need to pore over details with additional patience and concentration to become more detailed oriented.
Steady growth and not ballistic:
Accounting for career purposes is more of a traditional area. Climbing the ladder will be a steady ascent, and if you are expecting an overnight ballistic move into the higher rungs of the hierarchy, then you have got the structure wrong. While the cycle, the process of moving higher has certainly accelerated, with a large number of firms and expansion witnessed in this milieu, you need to be ready to ascend steadily.
There really is no way around deadlines. Not only is accounting important for routine operations in an organization or a business, it is tethered to compliance. Therefore a missed deadline can result in punitive actions on your clients. So, if you are the type who likes to cut things a bit too fine by keeping it for the last, then you really need to change the way you function. Missed deadlines can see you lose clients, can see clients lose revenue, and this is definitely not what you set out to achieve as an accountant.
You need to be prepared for a little shock at times. As a professional with in-depth knowledge and experience about certain situations and the consequences of actions, you will inevitably offer sound advice to your clients in their best interests. However, this is the era where everyone, you included, may look for a little shortcut here, a little quick fix there or attempt to do things yourself. And this may not be the best decision. So, it will come as a shock when you see that your advice has been discarded for a poor decision, which you know pretty sure is going to hurt the client badly. You need to be ready with a solution that will help your clients climb quickly out of the pit they have landed themselves into.
Technology is transformational in nature, it can enable, it can become a powerful force multiplier, it can automate processes, it can bring in efficiency in the most cost-effective manner. You need to be fully aware of the latest tools like SAP, Oracle, and Spreadsheets that are deployed, and you need a level of proficiency that can help you leverage the tools for better results. Stay tuned to developments and become a part of transformation processes to reap dividends.
Bootstrap processes with Outsourcing: The Silver Bullet!
Outsourcing offers you the advantage of professional expertise and impressive resources at costs that are a fraction of in-house expenses. The experience of accounting service providers and the accumulated knowledge in accounting standards and practices give them an edge, a capability to deliver bespoke solutions to accountants.
Outsource your requirements to companies that possess the bandwidth, and use your acumen to scrutinize the completed tasks. Combine your knowledge with deliverables of accounting services to bring in greater efficiency to your accounting requirements.