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4 Types of Toxic Managers & How to Deal with Them

Sun, 27 Jun 2021 14:04:43 +0000

Being a manager isn’t easy. The technical skills a person relies on early in their career don’t always translate into the core skills needed to lead others. If they did, anyone could be promoted and adored by their employees. Of course, we know that’s not the case; toxic managers walk among us. Usually, a workspace stress is the direct result of having an ineffective leader. Take a look at these four types of toxic bosses you may encounter in your career. We’ve also provided some strategies for dealing with each. The Micromanager The sign of micromanager is that they closely monitor every element of their staff’s work and can be quite controlling. Ask a micromanager why they act this way, and they’ll tell you it’s because employees aren’t accountable and can’t deliver the desired quality or quantity of work without constant oversight. On the flip side, employees feel like they aren’t trusted or empowered to perform their best. Dealing with a Micromanager Working with a micromanager can be frustrating, especially if you’re used to working independently. The best way to deal with a micromanager is to work on slowly gaining their trust. Give frequent status updates when you’re working on a project and make sure you deliver on your promises consistently. Over time, even the worst micromanager can begin to trust a good employee and loosen their vice-like grip. The Buddy Manager The buddy manager aims to please. When you first meet him or her, you’ll think you’ve hit the jackpot of great bosses because they’re fun and friendly. But they’re more interested in being friends than leaders. The problem is, it’s impossible to be a good manager without making tough decisions, providing constructive criticism and occasionally angering staff. Buddy managers will just tell you what they think you want to hear. At best, you won’t receive the honest feedback you need to grow as a professional. At worst, you may never get the opportunity to advance in your role because you’re blissfully unaware that higher-ups aren’t happy with your performance. How to deal with a Buddy Manager To deal Read More »

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How To Answer The 5 Toughest behavioural interview questions

Sat, 29 May 2021 12:00:42 +0000

We’ve all been there – the anticipated job interview. You landed the interview and now it’s time to talk about your accomplishments, right? Half true. While interviewers want to know why you’re the best candidate for the position, they also want to understand how your behavioural patterns and personality will impact company culture and objectives. There is no way to know exactly what questions you’ll be asked, although there are a handful that are likely to pop up. Impress your interviewer by learning how to answer the 5 good interview questions with confidence: why are you leaving your current job? You must be wondering how to answer why are you leaving your current job? Be sure to demonstrate what you have accomplished in your current or previous role. The best way to answer why you left your last job is talk about how you contributed to the company and that you are leaving on good terms – avoid criticizing former colleagues or management. Instead, show sincerity and explain that you’re seeking new challenges and opportunities for growth. What is your greatest weakness? Your first thought may be to present an attribute as a biggest weakness. Interviewers are people too and like to see humility in potential employees. If you have any doubt about how to answer what is your greatest weakness, first talk about a trait you’re actively working to improve. For example, if being meticulous means you spend unnecessary time on projects, recall a time you took a few steps back and looked at the bigger picture. This shows employers you acknowledge your flaws and are making strides to correct them. How do you handle conflict at work? Your answer helps the interviewer predict how you may be dealing with conflict at work. How might you react if a supervisor rejects every one of your proposals? Will you use the criticism to improve, or will you take it personally? Explain a situation of conflict at work with examples, include context, how you found a solution, and the results. Remember to be positive and solution oriented. Where do you see Read More »

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Technical Accounting

Wed, 07 Apr 2021 13:00:30 +0000

Technical Accounting – What is it? The term “technical accounting” refers to the execution, analysis, and oversight of accounting systems within specific corporate contexts. While any accountant should be well-versed in general accounting theory, a technical accountant is required to demonstrate additional competence in the execution of booking transactions within accounting systems, understanding how those transactions will affect the accounting system, and properly assessing whether a transaction is properly entered and generating accurate output. A technical accountant should be able to review previous work (either done by themselves or by others) and readily determine its accuracy. These skills will often drive toward additional roles including the analysis of accounting systems, determining the effectiveness of internal controls, and making recommendations to management regarding potential modifications to an accounting system. Technical Accounting vs. Accounting Accounting, as a general term, refers to the idea of aggregating financial (or other) data for the purposes of producing reports to be used by management or other interested parties in evaluating the trajectory and value of an organization or undertaking. Technical accounting refers to the specific efforts, including the entries, adjustments, analyses, controls, and other efforts that go into converting data into useful output. To make an analogy, baking refers to the activity of taking ingredients and converting them into a loaf of bread. A general theory exists that ingredients are baked and produce a baked good. Technical baking might refer to identifying those specific ingredients, developing the specific enumerated recipe, and ensuring that the baker properly identifies and quantifies each ingredient, sets ovens at appropriate temperatures, and adheres to the appropriate baking time to produce the actual loaf of bread. If a substandard loaf is produced, the technical baker would study the loaf to identify where the failure occurred in the baking system and modify the system accordingly to enable the baker to produce a proper loaf of bread in the future. Firms, particularly public accounting firms, rely on technical accountants to assist them in evaluating clients’ accounting systems and perform checks of accounting reports to determine whether accounting errors may have occurred. Simple examples of Read More »

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Becoming a Virtual CPA

Wed, 24 Feb 2021 15:44:47 +0000

In the age of COVID-19, the notion of working virtually has become so commonplace it is almost clichéd to even discuss it as somehow novel or noteworthy, but in the world of the CPA, the move to working beyond the office is neither new nor easy. CPAs face significant issues when taking their efforts outside their corporate walls. Rise of the Virtual CPA The idea of the virtual CPA is hardly new. Many CPA firms had remote capabilities dating as far back as the 1970s, with modems dialing directly into office networks. Those relied on centralized systems housed in LAN rooms at CPA firm offices with work backed up to storage tapes. As time progressed, the technologies allowing remote work matured; in the early 2000s, we saw the introduction of cloud storage and remote hosting, the proliferation of virtual desktops, and the beginning of the end for local hosting. Today, nearly every professional software vendor in the space, like Thomson Reuters, Intuit, CCH, and others all sell fully cloud-based solutions for CPAs and their firms eliminating almost any need for centralized servers or storage. Individual practitioners have been able to use these technologies to provide outsourced virtual accounting services as a primary service to businesses that cannot afford or do not want to have local in-office accounting staffs. This has allowed the CPA to go fully remote…if they or, more importantly, their firm or clients are willing to. A CPA can now technically work and operate at 100% capacity nearly anywhere on the planet (or, at least, anywhere there’s Internet access, which, by virtue of mobile hotspots is effectively anywhere). Despite that capability, CPAs and CPA firms have tended to gain a reputation as risk-averse late adopters. Despite decades of technological progress, according to the CPA Firm Management Association’s 2020 Information Technology Survey, only about half utilize an external cloud provider to host their applications. Two-thirds do use virtual server products. Surprisingly, according to the Journal of Accountancy’s 2020 Tax Software Survey, a full 81% of tax firms locally host their tax software. Given where the industry is, virtual CPAs Read More »

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What to Wear to an Interview – Women & Men

Wed, 16 Dec 2020 16:00:49 +0000

Figuring out what to wear to a job interview can be one of the most stressful decisions you make during your career search. Lucky for you, we’re here to help. Our Dress for Success infographic details the Do’s and Don’t of the much anticipated interview outfit. Give yourself a leg up (or a foot in); check it out. What to Wear to an Interview Why should you Dress for Success? Because a job interview is an audition! When you’re interviewing for an accounting or finance position, it’s important that you’re dressed for the part. What to Wear to an Interview: Women Of course what you wear to an interview is a personal decision, but here are some recommendations from industry professionals on what’s considered best practice for dressing for an interview. A natural-fiber business suit in a subdued color is a good choice for first interviews For skirts and dresses, hemlines should be close to knee-length Blouses should be modest and not overly revealing Keep jewelry minimal to avoid distracting the interviewer Hands, fingers and nails should be tidy. If nail polish is worn it should not be chipped or in a distracting color Whatever hairstyle is worn, it should appear neat If you choose to wear makeup, err on the side of natural looking What to Wear to an Interview: Men Ultimately, what you wear to an interview is your decision, but these are some recommendations on what men should wear to an interview from industry professionals. You can’t go wrong with a dark suit with a tie and white shirt While a conservative tie is recommended, don’t be afraid to choose something stylish with a little pizzazz Shoes should be shined (and not scuffed!) Wear dark socks Jewelry should be minimal to avoid distracting the interviewer, however a watch and wedding ring are perfectly acceptable Fingernails should be clean and trimmed If you have facial hair, it should be groomed neatly What Not to Wear to an Interview Remember, an interview is not a fashion show or a chance to make a fashion statement! It’s a time to showcase your Read More »

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Top Accounting Skills You Need to Master!

Mon, 16 Nov 2020 15:00:44 +0000

Accounting Skills – Which are the Most Important? The job market for accounting professionals is hot. But if you want to land the best jobs, you need to demonstrate the in-demand accounting skills that make you the perfect fit. It’s not all about technical accounting skills. Accounting managers can teach good people the basics of Excel, bank reconciliations, and software, but accounting soft skills may be more elusive. To ensure you’ve always got options, these are the top accounting skills you need to master: Information Technology Digital Competency Communication Decision Making Conscientiousness Being a Team Player Customer Service Digital Skills for Accountants Employers today are less concerned with how fast you wield a 10-key than they are with your knowledge of accounting systems, such as QuickBooks or Xero for small business or Sage, Oracle or SAP for big industry. Advanced Excel skills for accountants are also in demand, as accountants use spreadsheets in virtually every position, in every industry. Experience working with a particular product is great, but the ability to adapt to various software and systems demonstrates flexibility and technological aptitude. Basic Excel Skills for Accountants 1. Presentation and Formatting If you’re sharing your spreadsheet with someone, it’s important that all of the information is easy to digest and understand. Formatting the cells using colors, or font variations (bold, italic, etc.) can help communicate what you’re trying to express. For example, a conditional format could be applied to highlight all negative numbers in red, and highlight positive numbers in green. 2. Utilize VLOOOKUPs VLOOKUPs make finding specific data very simple. In the event that you need to pull all the entries (from one or more spreadsheets) that contain a specific piece of data, this is the tool that should be used. 3. Data Manipulation Having all the data in a spreadsheet is only the first step. An excellent accountant knows how to filter and sort any set of data to prepare a simple yet informative report without any unnecessary clutter. Business Intelligence to Provide Actionable Advice The ability to produce timely and accurate numbers is of course one of Read More »

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How to navigate the upcoming tax season

Fri, 06 Nov 2020 15:01:10 +0000

Every tax season is unique. It seems as though every year has a few new tax rules or technologies to navigate, but 2020 will likely go down in the record books due to its changing tax deadlines, new rules, loans, and stimulus payments. And if those challenges weren’t enough, companies were navigating all of it with a record number of employees working from home. What should we expect as we approach this new tax season? Here are some trends we’re seeing. Tax changes will make for an interesting filing season A few years ago, tax reform made sweeping changes to the U.S. income tax code, impacting virtually every business and individual and complicating the filing season as taxpayers and professionals adjusted to the new rates and rules. Expect the 2021 filing season to be similar. Pandemic relief legislation passed in 2020 will significantly impact income and payroll tax filings for companies in the coming year. Employers will need to navigate new retention credits, forgiveness on Paycheck Protection Program loans, and delays in payment of Social Security taxes. Many employees are now working virtually and could be residents of a different state than their employers, which can impact the company’s state income taxes, withholding, and unemployment insurance. Staying on top of these changes and preparing for their impact on 2020 tax filings is crucial. Flexible and remote work will continue The pandemic forced companies to switch to remote working virtually overnight. Although the migration went reasonably well, it will likely go on longer than many companies initially predicted. According to a survey from Willis Towers Watson, employers expect 19% of their workforce to continue working from home full-time post-COVID. That’s roughly half the percentage working from home in July 2020 (44%), but almost three times 2019’s figure (7%). Companies have figured out the tools and technology to make remote work successful in a structural way. However, many still need to adapt leadership styles to this new way of working. Employers also need to focus on employees’ well-being as workers continue to deal with blurred boundaries between work and home, juggling work with childcare and homeschooling, stress, and burnout. Technology Read More »

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5 Ways to Achieve Work/Life Balance During Tax Season

Thu, 29 Oct 2020 13:35:13 +0000

Tax season is synonymous for most accounting professionals with long hours and stressful days. For the willing, it’s time to change that reality! Here are’s five ways to see the light of day, and at the end of the tunnel, during Tax Season 2021. Here are five ways for work balance during tax season 1.Technology will keep your brain sane If you think data entry, manual address updates, or jumping in and out of databases is the bane of your tax season existence, then you’re probably right. That might sound daunting to some, but the good news is that should be a thing of the past. Not only has Tax Software gotten more affordable in recent years, but it’s also gotten a lot more efficient. Easily transfer K-1 data from Partnerships to the S Corp, to Trusts. Moving information from one return to another with one click is what awaits with one simple software implementation. 2. Flexibility isn’t just for gymnasts Make working from home just as effective as from the office by leveraging the aforementioned technology upgrades to establish a streamlined auto-scanning and paperless system. And a reliable VPN system makes it just as secure! The only real difference is, what pair of sweatpants will you choose today? 3. Walk the walk…literally Is it possible to feel just as good about the second half of your day as the first? Absolutely, you can do that by scheduling time to take a walk, even if it’s only for 15 or 20 minutes. This will help get your blood going and boosts your energy to enable you to finish the day strong. Staying still, absolutely will make your days harder and tax season feel longer. 4. Eat and Repeat, at least 3 times! Rosalie Moscoe, Registered Nutritional Consultant Practitioner, stress relief, and nutrition expert recommends eating three meals a day and having a protein at each meal. She suggests “keeping snacks on hand, such as yogurt, fruit, raw walnuts, pecans or almonds, to give you an energy boost when you need it.” Making time to eat means your energy will not deplete! 5. Read More »

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Top 5 Signs of a Workaholic: Do You Have These Workaholic Symptoms?

Mon, 19 Oct 2020 13:00:31 +0000

Ask Yourself, “Am I a Workaholic?” We often wear workaholism as a badge of honor in our culture. People who put in long hours, including evenings and weekends, are often seen as smart, ambitious and entrepreneurial. But a workaholic lifestyle has its downsides. Workaholics tend to take on more work than they can effectively handle and are more disorganized than people who can disconnect from work. Being committed to your job is a good quality, but there is a difference between having a strong work ethic and being a workaholic. Here’s how to tell if you’ve crossed that line with these telltale signs of a workaholic: You’re a Millennial You Have Trouble Delegating Work You Can’t Turn Off Your Life is Neglected You Don’t Feel Well You’re Part of the Millennial Workforce Members of the generation with a reputation for slacking off and not wanting to pay their dues are actually more likely to be workaholics than other generations. A 2016 study by Project: Time Off found that 43 percent of people who identified themselves as “work martyrs” were Millennials, compared to just 29 percent of overall survey respondents. They were also more likely to forfeit unused vacation days than Gen Xers and Boomers. What Causes Workaholism in Millennialls? In an interview with Harvard Business Review, a Senior Project Director for Project: Time Off theorized that cell phones and the internet are two of the reasons Millennials tend to be workaholics. This is the first generation that entered the workforce with both of those technologies available, and as such, the Millennial hiring process looks different than other generations’. Delegating Work is Difficult for You Workaholics tend to be terrible at delegation because they believe that nobody can do a job as well as they can. When they must hand off work to others, they micromanage. If you believe that you are the only one capable of getting work done, recognize that this is a trust issue. Many of your team members are likely just as capable. Some very valuable advice for workaholics is to start by delegating small tasks that can free you up to Read More »

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10 Tips to Be a Better Finance or Accounting Manager

Thu, 17 Sep 2020 11:00:56 +0000

This edition of Accounting Illustrated provides the top ten tips for becoming a better finance or accounting manger. To get these tips, we polled entry and mid-level candidates to find out what they look for in an efficient, effective and successful manager. Watch the video below to learn how to become a more effective manager. How to Be a Good Finance Manager: 10 Tips Be sure to follow these ten tips to become a better financial manager. Improve communication skills and be transparent. To be the most effective manager that you can be, it is vital to have open lines of communication with your employees. Communicate your expectations clearly and often, consider the employee’s unique perspective, and encourage them to ask questions or voice concerns openly. Develop your own skills. If you expect your employees to develop their technology skills, expand their business knowledge and get certifications, you should lead by example. Your employees will admire your tenacity and dedication to continue to learn and better yourself. A good manager deals with conflict (not avoids it!) This is really important. Don’t put off approaching your employees to discuss issues or conflicts. The longer you wait and allow conflict to fester, the more credibility you lose in their eyes. Uncover the issues quickly, and come to a reasonable resolution as soon as possible. Set high, but realistic expectations. Challenge your people, but make their goals achievable. This will show that you really understand your employees’ skill sets and capabilities, and that you have confidence in them. By empowering them to accomplish more, your good employees will work harder, get better, and ultimately achieve success for the whole team. Be open to new ideas and new perspectives. As a manager you are privy to a variety of different perspectives and ideas. Tap into these. Use them as a competitive advantage. Definitely don’t expect others to conform to one way of thinking. Embrace these unique viewpoints – you could uncover ways to be more innovative or efficient. Take a break. Hey, sometimes you have to work through lunch. It happens. Just make sure Read More »

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