Many people believe working in accountancy is a mundane mission where the only things that ever change are the numbers in the columns.
They’re wrong, of course . . . and they’re missing out on all the fun.
Accountancy is a world where major changes can happen very quickly every day – and, for the ill-prepared, unexpectedly.
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Often this is in the form of new government legislation. This month, for example, HMRC began consulting on the operation of insurance premium tax (IPT) and anti-avoidance measures.
Government gurus are gathering evidence to allow them to better understand how the admin and collection of IPT can be modernised and unfair tax outcomes addressed.
However, it will not consult on the current 12% rate of IPT.
Ultimately, the move should prevent artificial manipulation of fees and commission to avoid the tax.
Ah, that three-letter word again!
When anyone mentions tax, accountants immediately sit up straight and take notice: nobody wants to mess with the taxman.
So how can accountants stay up-to-speed on new tax rules, general industry legislation and future trends?
Well, the number one way is through continuous learning.
All accountants are expected to have trained properly and gained a degree but the excellent accountant never stops studying. To serve their clients to the best of their ability they actively seek out opportunities to upskill and gain knowledge.
This can be through online refresher courses, attending seminars and reading industry blogs that offer peer-to-peer knowledge sharing.
Many of the accountancy firms with new roles on s1jobs also support their staff via in-house education programmes led by senior accountants.
Others offer audit and accounting courses and regular tax seminars through external training providers.
Even the most basic of these courses will deal with what’s currently new or on the horizon, with instructors helping students learn everything they need to know to serve clients better than their best rivals.
Of course, upskilling is also built into the job itself.
Formulating new accounting strategies for companies not only helps the clients save money, accountants themselves learn from their experience of shaping new formulae – at all times taking into account any new legislation that could help or hinder with reports, returns or investments.
Embracing new technology is also part of the learning process. The canny accountant will try out new accounting software and explore how the interconnectivity of the cloud can make working in numbers easier and more efficient – saving time saves money and secures clients.
Isn’t it time you got up to speed with the latest Accountancy vacancies from s1jobs?