Accountants Have Tough But Rewarding Careers

My accountant, Vonnie, has been skydiving 17 times. If I were an accountant, I’d probably want to jump out of a plane, too — on April 16. Freedom from the shackles of tax season, hooray! Vonnie knows how to sand and wet paint a car. She’s crossed several states on the back of a Harley. Accountants aren’t all dull, boring, fuddy duddies or uptight, stress-bombs ready to explode. Some are, of course, but one could make that argument about any profession. Accountants have been stereotyped, in part, because it’s their job to keep individuals and companies accountable. It’s never fun to hear, “You messed up. This paperwork is all wrong.” Or how about, “If you don’t start saving for your retirement, you will be sorry. Do you want to work when you’re 75?” The fact is a good accountant is a great asset, especially during challenging economic times. Accountants can provide facts and reveal truths about companies that business owners and managers may otherwise be oblivious to or choose to ignore. They can help business owners make tough decisions that may be necessary to save their company from failure, or help it grow. For this edition, we hosted a roundtable of accountants at major firms in the greater San Fernando Valley region to discuss all aspects of the profession ranging from building client relationships to dealing with fraud. They were a smart bunch. And they had a sharp sense of humor. Here are a couple of excerpts from the roundtable, which didn’t make it into the edited version on pages 17 and 18, but drew some laughs from the group. Q: How do accountants who practice in the valley differ from their counterparts on the other side of the hills? A: Maureen O’Gara-Adford, partner with gish SEIDEN LLP, in Woodland Hills: They’re smarter. Q: What makes for a good client? A: Michael Kaplan, partner with Miller, Kaplan Arase & Co., LLP: The ones who pay. One topic that came up in the roundtable discussion was the future of the profession, and the need to attract young talent — professionals who think beyond what they learned in the classroom and help companies to grow. As accounting firms age, they need to think about succession planning and filling-in their ranks with accounting graduates. Sometimes it’s hard for accountants to take their own advice. Sherman Oaks accounting firm, White, Zuckerman, Warsavsky, Luna & Hunt LLP., which was represented in our List story on Page 24, decided not to merge with another firm, in part, because of its objections to a retirement policy. “I want to retire when I want to retire,” Managing Partner Fred Warsavsky said to Reporter Mark Madler. Fair enough. But sometimes companies risk their future with this kind of thinking. Here’s my bit of advice: Parents, teach your children well. Tell them to grow up and become accountants. According to the U.S. Bureau of Labor Statistics, employment of accountants and auditors is expected to grow by 22 percent between 2008 and 2018, which is much faster than the average for all occupations. Demand for the occupation during that time period is estimated to create about 279,400 new jobs, the bureau says. Accountants and auditors who have earned certain professional credentials, especially a CPA, should have the best job prospects, according to the bureau’s statistics. (We demystify the alphabet soup of accounting credentials in our special report on page 27.) A 2011 report by the American Institute of CPAs shows the demand for accounting graduates has rebounded significantly from the economic downturn in recent years. Hiring of BAs and MAs increased from 25,488 to 33,321, the second highest point since the survey began in 1971, according to the report, titled, “2011 Trends in the supply of accounting graduates and the demand for public accounting recruits.” Nearly 90 percent of all firms forecast the same or more hiring of new accounting graduates this year compared to 2010, the report shows. Changing financial laws, corporate governance regulations and increased scrutiny of company finances and accounting procedures will drive job growth in the accounting field. As the economy rebounds, more businesses will crop up, requiring more accountants and auditors to set up financial recording methods, prepare taxes and provide business and management advice. In a corporate setting, the accountant or controller plays a vital role in tracking the financial health of the organization. So why is accounting an afterthought for those of us who aren’t in the profession? When I’m late handing in my expenses, or I lose track of an invoice, I feel guilty because I didn’t do what I was supposed to do. I was busy. I didn’t know better. I simply forgot. The excuses don’t matter to our controller, Nancy, and that’s the way it should be. Her job is to make sure that we close out each month on time, and that everything, absolutely everything, is accounted for in the books. When I don’t do what I’m supposed to do, it potentially impacts the company’s financial record-keeping. No company wants a blemish in their records. I promise to do better, Nancy.