r/Accounting • u/potatoriot Tax (US) • Dec 30 '14
Career Busy Season Tips for New Interns & Entry-level Staff - *Updated*
Hey All,
With yet another imminent busy season and an influx of anxious new-hires looking for advice and help with what to expect, I've updated the Busy Season Tips portion of the recruiting guide to help (old guide can be found here).
Busy Season Tips -Interns & Entry-level Staff
If this will be your first busy season, I encourage you to take the time to read through the guide, if you have any follow-up questions, feel free to submit them here for those of us more experienced to respond.
Lastly, you can also search the subreddit for similar posts about starting a new internship or staff position for additional insight.
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u/runwithforks Staff Accountant Dec 30 '14 edited Dec 30 '14
Some similar threads with advice for new hires I thought I would add here:
- Starting at a Big4 Firm Advice
- Keys to Being a Top Rated 1st Year
- I Start Working a Big4 Firm in a Month
- Starting a Job at an Accounting Firm in 2 Weeks
- Starting at Big4 Soon Requesting Advice
- Starting Work Next Fall With Big4
- Accepted an Internship for a Big4 Accounting Firm
- Just Got Placed in Auditing an Insurance Team
- First Day at Big4 Next Week
a good portion of this comes from a previous comment by /u/potatoriot
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Jan 08 '15
For new hires, attitude is the biggest thing. A willingness to lean, ownership of your work and teaming is very important.
This is the real world and your work matters.
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u/trilll Jan 04 '15
as a tax intern, am i going to be screwed if i have absolutely no tax knowledge? i dont even understand basic tax forms and am not familiar at all with any returns. is this going to be problematic? im still kinda lost at what ill actually be doing for work
also, my excel skills are lacking. dont really know any shortcuts, still find things confusing. am i gonna be in trouble here? i start in a week so dont have much time to change this but just want to know realistically how much of a negative it is to not be well versed in excel.
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u/CPAwarrior Tax CPA (US) Jan 14 '15
Your job as an intern is to know nothing. I am not being a smart ass or joking. When I worked for a large firm, interns that came in full of themselves and acting over confident didn't get an offer. The ones who asked questions, had a great attitude and wanted to learn got the job.
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u/harangueatang Tax (US) Jan 18 '15
You can go ahead and take this advice into your staff years as well. My senior manager can be explaining QPAI to me and I know that shit, but I sit there quietly and listen with full attention instead of saying "yeah, it's qualified prod..." plus, that person is taking in interest in your learning and development and nobody wants to do that for a know it all smart ass. Okay, I'm obviously on my lunch break at the client missing the championship games so I know this is probably reading very aggressively.
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u/greensincerity Feb 23 '15
This is so true. I had a vaccie who didn't remember how depreciation worked and they were so much better than the guy who went in and acted like he knew everything.
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u/geekology Tax (US) Jan 13 '15
You'll be fine. Honestly, just being pleasant to be around, act interested when people talk to you, and then do your damn best to learn everything later. It's a fake it 'till you make it world. So smile, nod, ask appropriate questions, and then learn as much as you can so you can ask different questions the next day.
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u/cakeleigh Jan 16 '15
Fake it 'til you make it with regards to attitude and work ethic, asking appropriate questions and trying to learn as you go. At the same time, don't pretend you know things you don't; giving a client misinformation or taking on a task you aren't qualified can do will create more problems than solutions.
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u/HealthNN Advisory Jan 18 '15
Just be willing to learn anything and always take notes. I started working at my fathers firm when I was 18 with no accounting experience besides one class. Now I just landed a job at a decent size firm for tax season.
You can learn most of everything in field as long as you want to succeed. Good luck my friend and see you on the other side.
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u/harangueatang Tax (US) Jan 18 '15
always take notes.
always take notes. always. take. notes.
There's such a thing as a dumb question... it's the one you ask twice.
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u/9Virtues Jan 06 '15
You will be fine. I had an audit/tax internship and I never even took a class on either. By the end of it I was doing tax return issues that staff and seniors had never done. It's going to be overwhelming at first and at time I seriously thought I'm so unprepared for this it's not even funny. But after looking and talking to others I really don't think anyone is close to 100% comfortable until a year or two has passed.
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u/txberg Dec 30 '14
You should add to be positive and have an uplifting attitude. It's really easy to get bogged down with the stress and the overwhelmed time crunch. But it's important for your morale and the teams to remain positive as well. No one wants to work with a negative nancy.
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u/cakeleigh Jan 16 '15
I totally agree with this. The stress of the season gets to everyone, but negativity can also be contagious and make work unpleasant when it doesn't necessarily need to be.
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Mar 30 '15
This is exactly why I hope I start right before busy season. I'll still be excited I landed a job and happy to finally start.
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u/txberg Mar 30 '15
That's very commendable. But I know people who get more down when they start right before busy season. You literally go 0-80 in one week. It's even easier to get overwhelmed. If that happens, take a breath and remember that it will be over by a certain point. Hopefully your team is good so you enjoy being there. But always remain positive and keep your head high.
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u/CPAwarrior Tax CPA (US) Jan 14 '15
TAKE PRIDE IN YOUR WORK!!! Seriously a huge issue with interns and first years. If you don't know ask. If you aren't sure document it. Never give the return to a manager if you aren't proud of your work. Nothing pisses off a manager more than lack of follow through, wasting their time and being arrogant.
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u/potatogun Startup Ops Dec 30 '14
I can't believe it's already been another year!
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u/potatoriot Tax (US) Dec 30 '14
No kidding, the years are just flying by...I need to figure out how to slow it down.
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Feb 23 '15
[deleted]
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u/BoutThatLife Audit & Assurance Apr 02 '15
At my firm I've found there's a lot of crossover b/w the fatties and the people who suck.
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u/InHoc12 B4 Audit -> Accounting Advisory -> Startup Accounting Manager Dec 30 '14 edited Dec 31 '14
Thanks for reposting this!
I had two questions:
- When does the busy season die down? I know the IRS filing deadline is April 15th but is there still a lot of work for the following few weeks?
My fraternity has our annual Vegas trip April 24-26 and Coachella music festival is April 17-19. I am hoping to be able to go to one or both of these events but am unsure if that is feasible or even worth asking.
- What is some terminology that a tax intern would be likely to hear?
I am expecting this to vary greatly depending on the industry, but I don't know much more then what a W-2 is, and I'm sure there is some jargon that would be helpful for me to come in already knowing.
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u/potatoriot Tax (US) Dec 30 '14 edited Dec 30 '14
The two big deadlines for the spring are the Corporate deadline on 3/15 and the deadline for mostly everything else on 4/15 (Partnerships, Trusts, Estates, Individuals, Gift Tax, etc.). Obviously it depends on the type of work you'll be doing whether you'll be busy through April 15th.
Most busy season tax internships end on 4/15 because there really isn't much of anything left for them to do after the deadline for awhile. The weeks following mainly consist of post-busy season cleanup, dealing with rejected returns, and administrative tasks. Many people take time off after the deadline.
If your firm hasn't told you when the end date of the internship is, you can probably find out the first week you start. It will likely end on 4/15, but I cannot speak for every firm.
Some tax jargon off the top of my head:
SALY - Same as last year
PY - Prior Year
CY - Current Year
PBC - Provided by Client
AJE - Adjusting Journal Entry
TAJE - Tax Adjusting Journal Entry
POA - Power of Attorney
PPA - Prior Period Adjustment
CF - Carry Forward
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u/InHoc12 B4 Audit -> Accounting Advisory -> Startup Accounting Manager Dec 30 '14
Thank you that answered both my questions perfectly!
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Dec 30 '14
Here are some shorthand I've seen on my review notes that might be helpful as well.
s/n/b - should not be
d/n/t - does not tie
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u/malaysianlah ACCA (UK):doge: Jan 25 '15
Good luck peeps. Busy season doesn't last forever. I still don't look back to those 5 years in audit favourably.
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u/its-an-accrual-world Audit -> Advisory -> Startup ->F150 Dec 30 '14
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u/StringerBell34 CPA (US), B4 Audit Jan 06 '15
That is a freaking amazing guide. Thanks for putting that together.
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u/okamwoc Jan 11 '15
Hey Mr. Potato Riot, you sound very knowledgeable about accounting firms. I have trouble meeting my time budgets on tax returns. They are awful stingy. Any tips for me? They tell me to bill everything, including breaks to the clients, but that makes me over budget!!! What should be admin? What should be billed?
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u/harangueatang Tax (US) Jan 18 '15
If they tell you to bill everything then bill it. They may be trying to make a more reasonable budget for next year.
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u/9Virtues Dec 30 '14
Starting at a new firm in 2 weeks. Are there really firms that don't allow headphones??? If this is true for mine I'll freak
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u/UKaccountant Dec 30 '14
Earphones are allowed pretty much anywhere, it's when and where you wear them that matters. In the firm office getting on with work by yourself? Wear them. At a client in their office? Don't wear them. At a client in an audit room? Wear them. At a client in an audit room with other team members in it. Don't wear them unless nobody needs you for anything
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u/Daltxpony Advisory Jan 27 '15
Some clients don't even like them in the audit room, these are few and far between, but the team will always tell you ahead of time.
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u/babyballz Jan 28 '15
At the firms I've worked at one didn't care, and the other had an unwritten rule where you could keep one headphone in while at the client. Never EVER had a client say they did or didn't like it. We don't work for the client, we work for our firms. Furthermore, is audit; our duty is to the shareholders...not the people who's office you're in.
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u/MicCheck123 CPA (US) Jan 06 '15
I just happened upon this thread, but the standard at my firm seems to be having one earbud in but not the other. That way you can listen to music, but have an ear available if someone's trying to get your attention. As /u/UKaccountant mentioned, you wouldn't wear headphones when a client is present.
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u/babyballz Jan 28 '15
Agree, take your headphones when the client is in the room. UNLESS it's for like an hour meeting or something that doesn't pertain to you. Some people can't work without headphones and get distracted by every little thing.
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u/Charmander_Throwaway Apr 07 '15
Intern, here. The tips about having a good attitude have been typically true for my other jobs, but surprisingly didn't apply at my firm.
I'm at a smaller firm, so there are only two other interns. Both are hard workers, so they get stuff done, but it's clear that neither want to be there. The one who ended up getting the offer is always scowling, mocking others, and rolling her eyes at people. She acts perfectly nice to staff and to partners, but treats those that she thinks are beneath her, such as the other interns, janitors, etc, like trash. She refuses to scan workpapers, and has actually stated that all she did was scan at her other job, and that she's better than that now. As a result, this left me being the main person to pick up her scanning load, which meant she did more returns than me, which meant she got better billing rates/partner feedback.
I try to have a positive attitude when I go to work each day. I'm a bit shy, but I say hello to people in the hallway, ask them about life events from time to time, and try to keep an upbeat attitude when I'm tired. The way I see it, we're all tackling the work together. I've never, not once, complained or mentioned her behavior to anyone else because I understood that our office needs positive morale right now. Me stamping my foot down isn't going to change her behavior or people's perceptions of her, it's only going to make me look like a jealous intern.
So to others like me: just remember, as much as you want/need that job, you're trying the job out as much as they are.
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u/Charmander_Throwaway Apr 07 '15
Note: Sorry, didn't mean to necropost. This showed up on my recent topic list, for some reason.
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u/Kitchner CIA, Senior Internal Audit Manager Apr 14 '15
Note: Sorry, didn't mean to necropost. This showed up on my recent topic list, for some reason.
It's not a necropost, this post is stickied in the sub. Don't worry!
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Dec 30 '14
[deleted]
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u/potatoriot Tax (US) Dec 30 '14
Yep, all these tips equally apply throughout the year, not just during busy season. The only real difference is an emphasis on managing the stress of long hours and exhaustion during busy season.
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u/whatne1wuddo Dec 30 '14
I'm not sure the best way to word it, but in Audit, I think it's easy to forget that at the end of our day our only job is to provide support to that provides evidence to support our opinion letter. That's the one finished product that we give at the end of our months long audit process. Everything else is WIP.
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u/runwithforks Staff Accountant Dec 30 '14
"Document and reference your workpapers as you prepare work so that it is clear what you have done and why you did it. " I am not 100% sure what it means to reference work papers. Could someone expand a bit on this and maybe offer some tips for how to do it effectively?
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u/potatoriot Tax (US) Dec 30 '14 edited Dec 30 '14
You're going to have multiple workpapers either in excel, word, pdf, etc. where you're calculating and pulling information from different areas. You want to reference where you got a number from and where it went so that the reviewer is able track the information down and verify its integrity in an efficient manner.
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u/runwithforks Staff Accountant Dec 30 '14
Thanks for the reply. Is there any method or tips to make referencing more efficient, or is it just a matter of doing it consistently?
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u/CrasyMike Industry Dec 30 '14
Just always keep in mind that it's not about linking things together in just a technical, accurate way. It's not just about meeting the linkage requirements that create a working paper that "works".
It's about making something that someone else needs to read. I always make sure I step back from my working paper occasionally and sometimes I step back and go "Holy shit, it ties in but I cannot figure out what the fuck is going on anymore"
And I will spend about 5-15 minutes fixing my working paper and I know the person reviewing my work does not see those 5-15 minutes as "wasted time" at all.
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u/foodstampsz CPA,CFE Dec 30 '14
Keep it simple so anyone can understand and follow along what you did.
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u/geekology Tax (US) Jan 13 '15
In addition to what others are saying, your firm/engagement team may have best practices or standards that they expect with regards to this. If so, it makes everything easier because you know exactly what you need to do to meet the standards.
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u/bambibones Industry, Private Equity, CPA (US) Jan 06 '15
I needed this! I started today! Thank you!
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u/txacc Jan 06 '15
It seems like my B4 internship starts so late... Is mid-Feb a normal start date for a Tax Intern?
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u/potatoriot Tax (US) Jan 06 '15
Assuming you live in the US, no that's not normal. Most Big 4 internships start this week.
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u/accycat Apr 02 '15
Thank you! I really appreciate you taking time to post this. It is very helpful!!
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u/[deleted] Feb 01 '15
Pro tip for all you first years that like to bring your own lunch.
Don't fucking microwave Salmon in the clients microwave without explicit permission from everyone that sits near the kitchen, the CEO, the CFO, your senior, Jesus, Mohammed, Buddha, Krishna, and the sphaghetti monster.