A Day in the Life of an Accountant | Indeed

Summary

In this video, Ecta, a tax accountant at a family-run firm, walks us through her typical day. From managing tax returns and advising clients on business transactions to using tools like Canopy and UltraTax, she shares insights into her role. Ecta highlights the importance of being organized, the challenges of seasonal burnout, and the flexibility needed in the profession. She also discusses her long-term goal of balancing career growth with work-life satisfaction. Through personal anecdotes and practical advice, Ecta provides a realistic view of life as a tax accountant and the significance of continuous learning.

Takeaways

• 😀 The role of a tax accountant includes both tax preparation and tax planning, advising clients on various financial matters.
• 😀 Tax season (January to April 15) is particularly busy, with accountants working up to 60 hours per week to meet deadlines.
• 😀 Ecta works at a small family-run firm, where she finds greater job satisfaction by helping small businesses and individuals.
• 😀 An organized approach is essential in accounting, especially when dealing with sensitive personal data from clients.
• 😀 Ecta uses software like Canopy (CRM), UltraTax (tax prep), and QuickBooks (bookkeeping and payroll) on a daily basis to manage client accounts.
• 😀 During slower periods (outside tax season), Ecta focuses on reviewing client accounts and preparing for upcoming tasks.
• 😀 Communication with clients is a significant part of the job, as seen in Ecta's interaction with an event planner seeking tax advice.
• 😀 Ecta's path to accounting was influenced by her father, an accountant, and although she initially wasn't interested in the field, she later found it rewarding.
• 😀 She helps clients set up their finances, especially new businesses, guiding them through tax returns and bookkeeping practices.
• 😀 Burnout is a challenge in the accounting field, but flexibility and work-life balance are becoming more emphasized as the industry adapts.
• 😀 Continuing education is necessary in accounting to stay up-to-date with changing laws, with Ecta committing to 40 hours of study annually to maintain her license.

Q & A

What are the two main roles of a tax accountant as described in the video?

The two main roles of a tax accountant are tax preparation and tax planning.

What does Ecta's daily routine consist of at the start of her workday?

Ecta's daily routine includes checking her emails, making a to-do list, making a fresh cup of coffee, and then starting her work by opening Outlook and Canopy, the CRM software.

Why does Ecta prefer working in a small firm, especially one that is family-run?

Ecta prefers working in a small, family-run firm because it provides a homey feel, and she finds greater job satisfaction working with small businesses and individuals. The advice she provides has a real impact on her clients' daily lives.

How does Ecta handle client software support issues?

Ecta calls the software support line if she encounters issues she can't resolve on her own. She uses UltraTax for tax preparation and QuickBooks for bookkeeping, payroll, and client management.

What are some of the key skills necessary for success as a tax accountant?

Being organized is essential for success as a tax accountant, as it involves managing sensitive client data. It's important to maintain a comfortable environment for clients to share information, ensuring the accountant can assist them effectively.

What advice does Ecta give to new business clients, particularly those in the event planning industry?

Ecta advises new business clients, such as those in the event planning industry, to set themselves up for success by organizing their financial records and managing taxes early. She suggests sending last year’s tax returns for review and calculating estimated tax payments based on income and expenses.

How does Ecta ensure that her clients are ready for tax season?

Ecta ensures clients are ready for tax season by reviewing their financial records, checking if they made estimated tax payments, and assisting with setting up proper bookkeeping systems, such as using accounting software or spreadsheets.

What is Ecta's long-term goal in the accounting field?

Ecta's long-term goal is to grow the family firm and create a work environment where accountants can achieve job satisfaction, have a good work-life balance, and be successful in their careers without sacrificing too much personal time.

How does Ecta deal with burnout in the demanding tax season?

Ecta acknowledges that burnout is a common challenge due to the intense workload during tax season. However, she notes that the accounting industry is becoming more flexible, allowing for better work-life balance.

What is Ecta’s advice for someone considering a career in accounting right out of college?

Ecta advises people considering a career in accounting to seek internships in various accounting fields, such as private and public accounting. This will help them discover which area of accounting is the best fit for them, as different types of accounting can be very different from each other.