You’re a late career professional in Corporate Accounting. What mistakes are you still making?

1. Not updating your skills. 2. Not communicating effectively. 3. Not managing your time. 4. Not embracing change. 5. Not networking. 6. Using Generalized Financial Statements. 7. Not Understanding the Reflexivity/Interactivity of the Three Major Financial Statements. 8. Not Creating Apples-to-Apples Comparisons in Time. 9. Not Adjusting Statements for Distortions. 10. Not Reading the Footnotes.

Using outdated methods or wrong technologies exposure you to the risk of becoming out of market same like what happened to Nokia

When things get complicated, being able to think critically, solve problems, and communicate clearly is crucial for working together successfully.

1. Overlooking Details 2. Lack of Adaptability 3. Communication Challenges 4. Failure to Delegate 5. Complacency 6. Risk Management 7. Professional Development

1. Check if you are really good in accounting work 2. Meet as many people which can give you business. 3. be in touch and keep non business relation like tea coffee meeting and get guidance from them (people like if someone ask them help) 4. Be in market and try to be in highlight as well by your speech, article or something 5. initially work on all projects, later you can cut the non productive one and focus on productive projects

Effective communication is essential for corporate accountants to convey information, build relationships, and influence stakeholders. some key points to consider when it comes to communication skills in corporate accounting: 1. Active listening: Practice active listening by giving your full attention to others when they are speaking. Seek to understand their perspectives, concerns, and needs. This allows you to tailor your communication to address their specific requirements and build rapport. 2. Adapt to your audience: Recognize that different stakeholders have varying levels of accounting knowledge and familiarity with technical terms. Adjust your communication style and language to suit your audience's level of understanding.

When it comes to communication in corporate accounting, the ability to convey complex financial information clearly and effectively is essential. Unclear communication can result in misunderstanding or misinterpretation of financial data, leading to errors in decision making or financial reporting. Using excessive jargon or technical language without providing adequate explanations can lead to confusion and misinterpretation of financial information. Effective communication requires understanding the needs and preferences of different stakeholders, such as executives, investors, regulatory authorities, or colleagues from non-financial backgrounds.

Time management is indeed a critical skill for corporate accountants to effectively handle their workload and meet deadlines. some key points to consider when it comes to time management: 1. Plan and prioritize: Start by planning your tasks and setting priorities. Create a to-do list or use a task management tool to outline your tasks and deadlines. Assess the importance and urgency of each task and prioritize accordingly. Breaking down larger tasks into smaller, manageable subtasks can also help in planning and prioritizing effectively. 2. Set realistic goals: Set realistic and achievable goals for yourself and your projects. Consider the time required for each task and allocate sufficient time to complete them.

Effective time management is vital for corporate accountants, juggling numerous tasks, deadlines, and priorities. It's not just about speed but working smarter and efficiently. Avoiding procrastination, distractions, and multitasking maintains quality and productivity. Planning ahead, setting realistic goals, and prioritizing tasks are key. Delegating or outsourcing where possible optimizes efficiency. Continuous monitoring, evaluation, and adjustment of strategies ensure effectiveness. Mastering these strategies empowers accountants to excel in managing their workload and achieving success.

As you advance in your accounting career, it's essential to transition from being mired in the minutiae to gaining a broader perspective of financial figures. Through experience, accountants develop the ability to discern connections between various accounts and leverage this understanding to provide valuable insights. For example, an uptick in fixed assets typically correlates with a rise in depreciation expense. If this correlation isn't immediately evident, it should serve as a prompt for the accountant to pose pertinent questions, without necessarily getting bogged down in the specifics.

We live in a dynamic world and things are changing fast.To stay relevant and add value to the community we serve we need to align ourselves, with the change around us. Moreover we need to tie down on the positives ,negatives, opportunities and threats these changes are bringing to business and how we do business in order to better advice our stakeholders as they are more interested in relevant and accurate information to make more informed decisions on thier investments and wealth creation.

Embracing change is crucial in any corporate accounting environment. Change can bring about new opportunities, enhance your skills, and help you stay relevant in the ever-evolving business landscape. Here are a few reasons why embracing change is important and how you can approach it: 1. Seizing opportunities: Change often presents new opportunities for growth, innovation, and career advancement. By embracing change, you open yourself up to exploring these opportunities and taking advantage of them. This proactive mindset can lead to personal and professional development. 2. Staying relevant: Industries and technologies evolve rapidly, and resistance to change can hinder your ability to stay relevant. By being adaptable.

One of the challenges an organisation faces, and perhaps due to the way finance function was historically seen, is that finance is not a partner to strategic change. Technology and sustainability are two such areas now integrated with business. Finance professionals must take ownership of contributing to for example valuing strategic IT investments and commercialising sustainability. It is not sufficient for finance leaders to say that IT investments are made up numbers - we need robust alternative valuations to make better informed decisions to steer the company. Similarly with sustainability, waiting for socially popular acceptable methods of valuing and commercialising sustainability could be improved by embracing change.

Change needs to be embraced. It is easy to stay in your comfort zone but you will be left behind and feel a disconnect with those that accept and thrive with change. Life long learning is the key to being productive and achieve feeling included in the workforce.

Not networking is one of the biggest mistakes to make for late starters. Networking can help boost your visibility and speed up your progress.

Networking is essential for building relationships, staying connected, and exploring new opportunities in Corporate Accounting. As a late-career professional, it's easy to become complacent and neglect networking efforts. However, I understand the importance of maintaining a strong professional network, both within and outside of my organization. By actively engaging with colleagues, industry peers, and professional associations, I foster valuable connections that support my career growth and development.

While retirement may seem distant, failing to plan for it can have serious consequences in the long run. As a late-career professional, it's crucial to assess my retirement savings, investment strategies, and financial goals to ensure a secure and comfortable retirement. By proactively planning for retirement, I mitigate financial risks and position myself for a smooth transition into the next phase of my life.

Inadequate contingency planning: failing to plan for unexpected financial setbacks can leave company vulnerable during crisis

Underestimating how tasking accounting can be is one of the mean mistakes I identified among corporate accountants including late career professionals. While technological advancement including AI has provided the accountant with tools to be more efficient and effective, the role of corporate accountant in today's ever changing world of business remained very tasking and if not managed can truly take it's toll in the accountant's physical and mental health. It is important therefore for accountants to communicate with their managers and supervisors where they are feeling overwhelmed with tasks. Managers should work with their direct reports especially during busy season to reduce work overload and avoid setting unreasonable deadlines.

Failing to prioritize work-life balance: Late-career professionals may have spent decades prioritizing work over personal life, leading to burnout and diminished overall well-being. It's important to recognize the importance of maintaining a healthy work-life balance to sustain long-term career satisfaction and performance.

Underestimating the importance of financial storytelling Accounting is not an end in itself but a means to an end. One of the primary importance of accounting is to provide actionable insights to support business strategies and business decisions. Most organisational leaders do not have sufficient time, knowledge and skills to draw insights from the accounting reports prepared in their standard formats. Hence, accounting reports must be presented together with an explanatory and analytical summary report containing key metrics, insights and recommendations for management actions.