A plethora of career paths have been forged in the accounting industry, and it remains one of the most diverse professions. The term “accountant” has come to be an umbrella term that covers a broad spectrum of professional financial services and specialties.
Audit accounting and Tax accounting are core competencies with a world of similarities as well as differences existing between them. While a foundation accounting degree or its equivalent is central to both niches, certain specifics define either focus.
Many accountants will begin their careers in Audit accounting at a “Big Four” firm such as PwC or KPMG. This is an excellent way to get familiar with the profession, gain valuable experience, and become exposed to a diverse roster of business verticals.
However, you may not want to stay in Audit forever. Some of our team members at Provision CPA made the switch to Tax accounting at our firm due to a desire to impact businesses in a different capacity and to experience a different type of day-to-day work. But delving into the Tax world may feel unfamiliar and unknown.
Switching from one path to the other might feel like a leap rather than a step. But the experience garnered in Audit accounting can serve as a viable foundation for a successful career as a Tax Accountant.
For CPAs desiring a career switch from Audit to Tax, we’re sharing our tried and true advice for pivoting into a rewarding career as a Tax Accountant. Trust us, and you will find value in this wisdom!
1. BELIEF IN YOURSELF IS YOUR SUPERPOWER
For you to survive the unfamiliar terrain of Tax accounting, you have to first believe in yourself, your abilities, and your strengths.
A perspective that must stay with you always is the affirmation that you are super intelligent and capable of excelling at your new role. It takes at least six years to earn the CPA badge after a series of backbreaking training and exams. This, above all else, should bolster your confidence that, yes, you can.
At Provision CPA, we instil and nurture confidence in our team of Tax Accountants and CPAs. As an entrepreneurial accounting and taxation firm, we assert that we can communicate the solutions that our entrepreneur clients desperately need only when we have confidence in our abilities to help them.
Considering a switch from Audit to Tax? The first thing to do is trust your gut that you’re going in the right direction because we do.
2. BASK IN THE EUPHORIA OF YOUR “TECHNICAL” FOUNDATION
Tax is not Audit, and Audit isn’t Tax; no one ever said they were the same. However, it is a given that both areas of accounting are offshoots of the same tree. This means that there is a technical foundation you can build upon as you chart your course through Audit to Tax.
Although a great gulf exists between both niches, there are equally specks of similarities that are founded on the bedrock of core and technical accounting.
To make your switch from Audit to Tax possible and enjoyable, you must recognize your strengths that lie in your core accounting skills as well as the technical prowess you command and progressively translate this into the Tax niche.
This emphasizes the fact that your experience in Audit accounting is never a waste. You must know this and be ready to work your way through the rubble as you seek to establish yourself as a leader in Tax accounting.
3. SOAR WITH THE TIDES OF CHANGE, NOT AGAINST IT
As you shift gears from Audit to Tax, you must be willing to embrace the change that comes with the job. Change is said to be the most constant thing there is, but it’s also the most difficult experience for humans to come to terms with.
As an accountant transitioning from Audit to Tax, you must learn to shed the cloaks of rigid and unyielding stereotypes of Audit accounting and don the robe of flexibility that Tax accounting offers.
An audit often rides on the wings of logic and reason – checkboxes and compliance. However, when interacting with entrepreneurs in your position as their Tax Accountant, your greatest asset will be creativity, imagination, resourcefulness, and empathy. You will be encouraged to flex these skills in your work with entrepreneur clients and see meaningful results in their businesses and personal lives.
4. DISCOVER YOUR CLIENTS’ PULSE AND CONNECT WITH IT
The exciting world of entrepreneurial Tax accounting will bring you face-to-face with one thing for sure – entrepreneurs.
When you switch from the world of Audit to Tax accounting, you will need to get used to meeting with your entrepreneur clients in consultative meetings.
One thing you must always remember is that entrepreneurs may not respond positively to you slamming the rule book in their faces as their Tax Accountant. For example, Provision CPA’s entrepreneurial accounting clients will much prefer your attentive ear, curiosity, and willingness to explore outside-the-box solutions.
This calls for empathy and a strong desire to prioritize their pains above your portfolio. You must be willing to listen to their fears and, most importantly, make them feel heard.
For more than two decades, Provision CPA has modelled this approach in relating to clients. As a Vancouver-based accounting and taxation firm, we have mastered the art of providing accounting, taxes, and financial strategy to our entrepreneurial clients, cutting across various sectors of the Canadian economy, with our team of Tax Accountants and CPAs.
5. TRUST YOUR INSTINCTS, THEY DON’T LIE
While the nuggets expounded in this article are inexhaustible, it wouldn’t be fair if we failed to mention that you’ve got to trust your instincts and become creative.
As a Tax Accountant, you have to know the rules, no doubt about that, but don’t underestimate the power of your common sense. You’ll be asked for your thoughts and opinions if you’re at a firm like ours because we value everybody’s voice. Even if you aren’t 100% of the answer, every contribution to problem-solving matters. And the more you try, the stronger your intuition will become.
At Provision, unearthing one’s creative side is the secret to the magical success of prominent Tax Accountants. You can’t afford to neglect this.
FINDING YOUR PLACE: THE ENTREPRENEUR’S ACCOUNTING FIRM
At the heart of a flourishing career as Tax Accountants and CPAs is the passion for providing real-time solutions to clients. This, sometimes, goes beyond following the rule book or knowing the GAAP like the back of your hand.
It is more about seeing the big picture always, that is, unlocking a world of opportunities for your entrepreneur clients, helping them make better business decisions, and finally creating the by-product of economic freedom for the nation.
Do you desire the thrills, adventures, and rewarding experiences that entrepreneurial accounting provides?
Do you seek a platform for genuine mentorship, leadership, professional development, and growth opportunities as a CPA or Tax Accountant?
Are you looking for a community of like-minded professionals where your technical abilities and creative potential are given the wings to soar?
Seek no more!
Provision CPA embodies all these possibilities and much more, irrespective of your technical accounting background. We’ve got an opening for you and would love to work with you.
We strongly believe this is the opportune moment for you to turn your career around for greater success. Contact us today. Let’s do big things together.
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