A Day in the Life of an Accountant | Indeed

Indeed
19 Jul 202208:40
EducationalLearning
32 Likes 10 Comments

TLDREcta, a tax accountant, shares insights into her daily routine, emphasizing the dual role of tax preparation and planning. She works at a family firm, offering personalized advice to small businesses and individuals. Ecta's day involves email checks, CRM software management, and addressing complex tax issues like like-kind exchanges. She values organization, uses tools like UltraTax and QuickBooks, and enjoys stepping out for lunch. Ecta's journey into accounting was influenced by her father and she encourages aspiring accountants to explore various internships to find their niche.

Takeaways
  • 🔑 The role of a tax accountant involves both tax preparation and tax planning, focusing on preparing tax returns and advising clients on tax implications of various transactions.
  • 📈 Tax accountants experience high workloads, particularly from January to April 15, often working up to 60 hours a week to meet the tax deadline.
  • 🏡 Ecta works at a small family firm, which provides a homey atmosphere and a sense of job satisfaction from working closely with small businesses and individuals.
  • 📅 Ecta's daily routine includes checking emails, making a to-do list, and using Canopy, a client CRM software, to stay organized and connected with clients.
  • 💼 Organization is a crucial skill for tax accountants, as they handle sensitive and personal data, ensuring clients feel comfortable sharing information for optimal assistance.
  • 📞 Ecta contacts tax software support for complex tasks, such as handling a like-kind exchange involving multiple properties, showcasing the need for continuous learning and problem-solving.
  • 🛠️ Commonly used software in tax preparation includes UltraTax for tax preparation, QuickBooks for bookkeeping and payroll, and Canopy for CRM management.
  • 🍽 Ecta values breaks for fresh air and relaxation, highlighting the importance of work-life balance even in demanding professions like accounting.
  • 🎓 Ecta's educational background in accounting, including a master's degree, provides a solid foundation for her daily work, emphasizing the value of higher education in the field.
  • 📝 Ecta's approach to new clients involves understanding their business setup, reviewing financial records, and offering tailored advice on tax planning and compliance.
  • 🌐 Accounting is a broad field with Ecta identifying as a generalist, handling individual, business, and payroll taxes, and aiming to make a tangible difference in clients' financial lives.
  • 📚 Continuous learning is essential for accountants to stay updated with tax law changes, with Ecta committing to regular study to maintain her professional license and expertise.
Q & A

  • What are the two main responsibilities of a tax accountant according to Ecta?

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

  • What is the typical workload of a tax accountant during the period from January to April 15?

    -During that period, a tax accountant typically works closer to 60 hours a week due to the famous tax deadline.

  • How does Ecta describe the working environment at the small firm where she works?

    -Ecta describes the working environment as very homey, with a lot more job satisfaction working with small businesses and individuals.

  • What is Ecta's morning routine before starting her workday?

    -Ecta's morning routine includes checking emails, making a to-do list, making a fresh cup of coffee, and then getting started with her work.

  • What client CRM software does Ecta use and why is it important for her work?

    -Ecta uses Canopy as her client CRM software because it helps her connect to her clients, see what they've uploaded, and keep track of tasks and to-dos.

  • What tax software does Ecta mention using for tax preparation?

    -Ecta mentions using UltraTax for tax preparation.

  • What is Ecta's approach to dealing with software support when she encounters an issue?

    -Ecta calls the tax software support line for help, but she only does so for issues she can't figure out on her own, as she is familiar with the software.

  • How does Ecta handle her lunch break during the workday?

    -Ecta likes to step out during lunch, get some fresh air, and often grabs a bite from a sub shop across the street before heading to a park to relax for about an hour.

  • What was Ecta's initial career aspiration and how did it change?

    -Initially, Ecta did not want to be an accountant despite her father being one. However, she found she liked her accounting classes and was good at them, leading her to pursue tax accounting.

  • How does Ecta's academic background contribute to her current role?

    -Ecta's undergraduate studies provided her with a baseline knowledge, and her master's degree allowed her to apply what she learned directly to her day-to-day work.

  • What is one of the challenges Ecta faces as an accountant and how does she address it?

    -One of the challenges Ecta faces is burnout due to the demanding nature of the job with strict deadlines. She addresses it by recognizing the issue and adapting to a more flexible work environment.

  • What is Ecta's long-term goal in her accounting career?

    -Ecta's long-term goal is to grow the firm, creating an environment where people can be successful accountants with job satisfaction without sacrificing work-life balance.

  • How does Ecta maintain her professional license and why is it important?

    -Ecta maintains her license by completing 40 credits a year or 120 credits every three years. This is important because it helps her stay updated with the many law changes in the field.

  • What advice does Ecta give to those interested in a career in accounting?

    -Ecta recommends getting a lot of different internships in private and public accounting to find the best fit, as there are many different ways to practice accounting, each with its own unique aspects.

Outlines
00:00
😀 A Day in the Life of an Accountant

Ecta, an accountant, introduces their dual role in tax preparation and planning. They work at a family-owned small firm, which provides a sense of job satisfaction, especially when advising small businesses and individuals. Ecta's daily routine includes checking emails, using CRM software Canopy, and dealing with tax software support for complex transactions like a like-kind exchange involving multiple properties. The video showcases the importance of organization, the use of UltraTax, QuickBooks, and Canopy, and the accountant's personal growth in the field, influenced by their father's profession.

05:01
📊 Consultation and Client Management in Accounting

This paragraph details Ecta's interaction with a new client, Taylor, an event planner seeking tax assistance. Ecta inquires about Taylor's business setup, tax filing practices, and bookkeeping methods, suggesting improvements and offering to calculate estimated tax payments. The conversation highlights Ecta's role as a generalist in accounting, covering individual, business, and payroll taxes, and emphasizes the impact of tax savings on clients' lives. Ecta also discusses the challenges of burnout in the profession, the importance of continuous learning for maintaining a CPA license, and their long-term goal of growing the firm while maintaining work-life balance.

Mindmap
Keywords
💡Tax Accountant
A tax accountant is a professional who specializes in tax preparation and tax planning. In the video, Ecta, the tax accountant, explains that their role involves preparing tax returns and advising clients on tax implications of their business transactions or sales of stocks. This role is central to the video's theme, highlighting the responsibilities and daily tasks of a tax accountant.
💡Tax Preparation
Tax preparation refers to the process of compiling financial records and calculating the amount of taxes owed by an individual or business. In the script, Ecta mentions tax preparation as one of the primary duties, emphasizing the importance of this task during the tax season, especially from January to April 15, which is the tax deadline.
💡Tax Planning
Tax planning is the strategy of arranging one's financial affairs to minimize tax liability. Ecta, as a tax accountant, provides tax planning advice to clients, helping them understand the tax implications of their business decisions, which is a critical aspect of financial management.
💡Tax Season
Tax season is the period during which taxpayers prepare and file their tax returns. In the video, Ecta describes the intensity of work during tax season, particularly from January to April 15, indicating the high workload and the pressure to meet deadlines.
💡Small Firm
A small firm typically refers to a business with a limited number of employees, often offering personalized services. Ecta works at a family practice, which is described as a small firm with a 'homey feel,' suggesting a close-knit, personalized approach to accounting services.
💡Job Satisfaction
Job satisfaction is the contentment an individual derives from their work. Ecta finds job satisfaction in working with small businesses and individuals, as the advice they provide has a direct impact on their clients' day-to-day lives, which is a key message in the video about the personal connection in the role of a tax accountant.
💡CRM Software
CRM stands for Customer Relationship Management, and CRM software is used to manage interactions with customers and clients. Ecta uses Canopy, a CRM software, to connect with clients, track to-dos, and manage client relationships efficiently, which is a crucial tool in their day-to-day operations.
💡Like-Kind Exchange
A like-kind exchange is a tax-deferred exchange of one property for another property of the 'like kind.' In the script, Ecta discusses a complex scenario where a client exchanged one property for eight different properties, showcasing the complexity of tax situations that tax accountants may encounter.
💡UltraTax
UltraTax is a tax preparation software used by tax professionals. Ecta mentions using UltraTax for tax preparation, indicating the reliance on specialized software to handle the technical aspects of tax accounting.
💡QuickBooks
QuickBooks is an accounting software package used for bookkeeping and payroll processing. Ecta's firm uses QuickBooks for bookkeeping and payroll, demonstrating the importance of such software in managing financial records and transactions.
💡Estimated Tax Payments
Estimated tax payments are payments made by taxpayers throughout the year on income not subject to withholding. Ecta discusses the importance of making estimated tax payments with a client, which is a key concept in tax planning and compliance.
💡Work-Life Balance
Work-life balance refers to the equilibrium between work and personal life. Ecta mentions the importance of maintaining a work-life balance, especially in a demanding job like accounting, and expresses a long-term goal to grow the firm in a way that supports this balance for employees.
💡Continuing Education
Continuing education is the process of learning and updating one's skills and knowledge in a professional field. Ecta talks about the necessity of studying to maintain their license, highlighting the importance of ongoing learning in the field of accounting due to frequent changes in tax laws.
Highlights

Introduction to Ecta's role as a tax accountant focusing on tax preparation and planning.

Ecta's daily routine includes checking emails, making to-do lists, and using CRM software Canopy for client management.

Ecta's work during tax season, which can involve working up to 60 hours a week, especially from January to April 15th.

Ecta's appreciation for working in a small family firm and the job satisfaction derived from impacting clients' lives.

The importance of organization in handling sensitive client data and building trust.

Ecta's approach to solving complex tax issues, such as a like-kind exchange involving multiple properties.

Use of tax software UltraTax and bookkeeping software QuickBooks in Ecta's daily work.

Ecta's personal break routine during lunchtime for fresh air and mental health.

Ecta's journey into accounting, influenced by her father's profession and her own academic success.

Ecta's interaction with a new client, Taylor, an event planner, to help with tax preparation and planning.

Advice on setting up an LLC and managing bookkeeping for small business owners like Taylor.

Ecta's perspective on the broad field of accounting and the direct impact of her work on clients' financial lives.

The challenge of burnout in the accounting profession and the importance of work-life balance.

Ecta's long-term goal to grow the firm while maintaining a culture of flexibility and job satisfaction.

Continuing education requirements for accountants and the necessity to stay updated with tax law changes.

Ecta's advice for those interested in accounting, emphasizing the value of diverse internships to find the right fit.

Transcripts

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