5 Must-Know Mistakes New Accountants Make
- Over-Working
- Inattention to Detail
- Not Focusing During Training
- Not Accepting Criticism
- Not Expanding Their Network
When it comes to common mistakes that every new accountant makes, most would agree that they help with personal growth. After all, trial and error is undoubtedly the easiest way to learn new concepts. Given that accounting is a complex profession, those concepts take time to master.
1. Over-Working
Yearning to show off one’s skills is not unnatural. Every person who starts a new job often wants to impress their superiors. In accounting, however, this approach opens up the new hire to a thing called “burnout.” Although most people who work in this area have a predetermined busy season that only runs for a few months, they tend to log in over-time every week. For those who want to prove themselves to others, that over-time can go well above the average 40 hours. Unfortunately, a lot of employees are compensated via salaries and the earnings will remain unchanged regardless of the hours invested. Thus, they will rapidly get burned out and lose interest in the career.
2. Inattention to Detail
Leaving college and starting a full-time career adds an unprecedented set of responsibilities. The room for error is suddenly non-existent and attention to detail must be perfect. Well, this is also where one common mistake that new accountants make comes from. Having to dedicate one’s undivided attention to every single task is a lot different than how things are handled in college. As a consequence, a lot of newly hired accountants make mistakes due to quick lapses of judgment. This mistake, however, can turn into a long-run problem if the accountant does not correct it early on.
3. Not Focusing During Training
Every firm does mandatory employee training to keep their staff up to date on the current software, accounting principles, and changes in the regulations. Sometimes, however, employees can neglect the importance of the content presented during training. In turn, their knowledge falls behind and they are not up to date on the current issues. Meaning, new accountants should invest the necessary time to learn everything that the firm showcases to them during training. Doing so will make them less likely to cause errors of negligence that can be quite expensive. Additionally, it will present them as reliable team members who have the necessary skillsets.
4. Not Accepting Criticism
Another very popular mistake that many new accountants make revolves around the way that they accept feedback. When someone starts a career with a professional service firm, they will receive periodical reviews from their superiors. These can either be written or face-to-face reports where the employee is briefed on areas of improvement. For some people, however, hearing the negative feedback can be difficult. After all, not a lot of new accountants had a full-time job before and being criticized may feel unnatural. Regardless, they must understand that every input by their superiors is made to help them perform even better.
5. Not Expanding Their Network
Once an accountant is out of college, they may feel the urge to stop expanding their network. After all, they already have a job and being in touch with other firms and recruiters may feel unnecessary. The problem, however, is the fact that the aforementioned statement is far from the truth. Not every accountant will spend their entire career at one place; in fact, most will not. To that end, it is very important to be in touch with those who can help one transition to another job in case such change occurs, according to Forbes.
Related Resource: Top 10 Master’s in Financial Planning Online Degree Programs
The list of minor mistakes that people make goes on. For accountants, problems can also involve a lot of technicalities. Ultimately, understanding that new accountants will make some common mistakes is a necessary step when it comes to overcoming the issue in general.
