Nightmare of Accountants and how to avoid them

Nightmare of Accountants and how to avoid them

Nightmare of accountants can be anything ranging from family issues to simply not getting the accounts to balance. In today’s post, I will be sharing my personal experience on those things that gives me nightmare as an accountant.

6 common accountant’s nightmare and how to fix them

Excel crashing: have you ever lost your work in excel after putting in hours financial modelling? Weill, if you have not; I have and that is why this is coming on the top of this list of nightmare of accountants. It is hard work having to troubleshoot your excel spreadsheet let alone building a new one from the scratch.

I had my day saved today by software called EaseUS (www.easeus.com) at the office when the spreadsheet that I have spent almost 6hrs on crashed on me. Not that I was not saving my work or that I have done something stupid but the system chose to annoy me without any reason.

The next time your system decides to punish you for no reason, just call up on his amazing free software to help you recover your lost documents.

Working without the right tools: believe me this is not fun. I have once worked for a small business that does not have any tool to work with. It was so bad that I worked with my personal laptop for one month before I was provided a system to work with.

The only way to go about this is to be positive about it and improvise in any way that you can. In fact, working these kinds of organizations has made me a better accountant. I wrote an article on how not to run business years after leaving the business just to share my experience.

Lagging behind technologically: it is quite frustrating working in finance without keeping up with the super highway of technological advancement. Imagine the nightmare of a not IT savvy accountant who is made to work on a newly deployed high end quantum computer.

The easiest way to go about this is to keep up with the pace of technological advancement. You can start by becoming a CISA and then expand your horizon from there.

Not updating your technical competence: this will not be much of an issue if you are a qualified accountant as you are required to meet your CPD requirements by keeping up with latest changes in accounting. However, if you work in accounting department (qualified by experience) and you fail to step up your game, you will find out that sooner or later that working as an accountant will become a nightmare that you will never wake up from.

The way forward is to either get qualified or you keep learning.

Dealing with ethical issues: ethical issue is one of the worst nightmares that I have faced as an accountant. It is easier to deal with ethical issues in principle than in practice. Your boss comes to you with an order to cook the books of accounts or you lose your job; there are overdue bills to be settled.

Threats of losing relevance due to advancement in AI: I recently read an article that accountants are amount the first to become irrelevant due to the advancement of Artificial Intelligence (AI).

The solution to this nightmare is to gain other soft accounting skills that will make you be in demand forever.

I hope that this article on accountant’s nightmare has enlightened you. Thank you.