Wednesday 17 December 2014

Five essential business skills to get you ahead

How would you design a phone for deaf people? How many piano tuners are there in Melbourne? How heavy is the Empire State Building? And how would you answer these seemingly impossible questions if asked in actual interviews?

The last one is a question worth pondering if you want to demonstrate your own potential to prospective employers – they are undoubtedly looking for more than just academic achievement in your taxation course.

Mastery of your tax training is just the starting point for recruiters looking to hire the best talent. Companies are on the hunt for well-rounded, business-savvy agents capable of looking beyond trade technicalities. Here’s our list of five of the most important qualities employers value in their people.

1. Problem solvers

The questions posed above invite interviewees to demonstrate their creative ability to overcome workplace challenges and problems, and how to adapt to changing circumstances or the unexpected.
Thinking about instances in your life where you have been flexible in solving a problem can be a good starting point when it comes to showing employers you can think on your feet.

2. Effective organisers

Good organisation is key to being able to manage projects, making it a fundamental skill for any new recruit to demonstrate. The ability to break down a large project into separate stages, estimate the work and time required, delegate work and keep projects on track, on time and on budget is a core competency for larger firms especially.

3. Digital savviness

A basic requirement among management recruits is proficiency in a range of core software. Spreadsheets are fundamental to tax and accounting, but understanding shortcuts and being able to manipulate data quickly will help you stand out as a future high-flyer.
Database management and the ability to use data-visualisation tools have also emerged as important skill sets to possess as data becomes more central to every organisation.

4. Commercial smarts

Understanding what makes the wider industry in which you work tick, and where the sector is going, demonstrates your ability to look beyond your tax training and marks you out as one to watch. It shows initiative, appreciation of the bigger picture and engagement with the tax and accounting world beyond just your taxation education.

5. Good communicators

A recent study among 50,000 company recruiters revealed that communication skills were the most important factor in hiring managers. Learning to work effectively by listening carefully and speaking and writing effectively is a skill you can consciously improve.
Mastering your ability to work with clients and colleagues is just as important as mastering your taxation education to ensure you enjoy an effective and long career.

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Friday 12 December 2014

Acing your first annual performance review

If you’re about to complete your freshman year in a full-time taxation position, you’ll know there’s nothing more daunting than your first annual performance review.

This age-old management practice aims to foster improvement by offering constructive feedback, but it can also be a catalyst for serious stress. However, acing your first performance review is easy if you stay calm and make the effort to prepare. Here are three strategies for passing this professional-development rite of passage with flying colours.

Do your homework

Performance reviews spark anxiety when you feel like you’re not in control. That’s why it’s critical to spend some time assessing your own achievements, goals and professional milestones – as well as any areas that could use some improvement.

Taking time to conduct a self-assessment will show your manager that you’re willing to accept feedback and do whatever it takes to improve. If you’ve already anticipated the issues your boss might discuss with you, you’re less likely to feel blindsided.

Don’t be afraid to voice your needs

Your first performance review isn’t just a method of gauging your strengths and weaknesses – it’s also an opportunity to ask for support. Whether that means discussing a staffing issue that impacts your workload or asking if you can enrol in a taxation course to brush up on a new aspect of legislation, identifying how your employer can help you thrive is likely to earn you respect.

However, it’s equally essential to demonstrate to your manager that you’re prepared to take responsibility when it comes to meeting the demands of your role. A positive attitude and a motivated spirit are the hallmarks of a high performer.

Focus on how your accomplishments add value

Many first-time employees think listing their achievements is enough to win a glowing performance review. But if you’re hoping for the kind of meeting that might result in a pay rise, you’ll have to demonstrate how your successes create value.

Did you come up with a new procedure that improves accuracy or invent a processing technique that saves your colleagues time? Identifying the ways in which your contributions create measurable gains for your agency can help you reach your professional goals.

Performance reviews might cause anxiety, but they’re also a tool for evolution and growth. The employees who prepare, identify problem areas and illustrate the ways in which they’ve created value are most likely to see this process pay off.


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

Tuesday 9 December 2014

Surviving first day-itis

Landed your first part-time summer job or work-experience position at a tax and accounting firm, and nervous about settling in? Don’t worry – that feeling is totally normal. Here’s a survival guide on how to make a great impression in your first week.

Remember that you’ve already been hired

David McKellar, an experienced chartered accountant, taxation services specialist and director at Allied Business Accountants in South Melbourne, points out that the first thing to remember is that the interview is over, which means you’ve already succeeded in convincing them you are made of the right stuff.

“Relax, because you are now a part of the team, and the people you are meeting are your colleagues and will, in time, become your friends,” he says.

Be confident and ask questions

Everyone had their own first day at work, so you will probably find your co-workers going out of their way to make you feel welcome. Confident body language, such as a smile and a firm handshake, will help put them at ease too.

It’s also important you show yourself to be a good student. This doesn’t mean you’ll be expected to remember everything – just that you are willing to listen and learn from others. McKellar stresses that you shouldn’t be too shy or scared to ask questions:

“Listen carefully to instructions, and if you don’t completely understand, ask for more explanation or assistance. No one will mind if you don’t understand, but they won’t be impressed if you waste your day trying to figure things out."

Be punctual

In that first week, it can feel like every car on the road is trying to get in your way. To avoid arriving late on your first day, a good strategy is to rise 30 minutes earlier than you think you need to – just in case anything unexpected slows you down. It’s also a good idea to plan your route ahead of time, and do a ‘test commute’ to get an idea of the traffic conditions you will be up against.

Final impressions also count, with McKellar suggesting it's important for new starters to leave their co-workers with a glowing impression of the new kid on the block.

“When finishing for the day, thank your supervisor and other people around you for their help and tell them you will see them tomorrow. Whatever you do, don’t be that person who sneaks out of the office.”

Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.

Tuesday 2 December 2014

Four tips to help you avoid becoming a workaholic

It’s only natural to want to make a great impression at work, particularly when your career is just beginning. But you’ll only sabotage your future prospects if you burn the candle at both ends. Here are four tips for getting your work done on time while still maintaining a good work-life balance.

1. Time management

The 2014 Australian Work and Life Index revealed that more than half of full-time workers feel rushed at work. For accounting and tax professionals, this can become a major issue during the busy end-of-financial-year season.

You can avoid this trap by creating a prioritised task list each morning. This will make you better at setting goals and priorities, and you’ll also feel the buzz of accomplishment each time you tick off an item.

2. Delegation

Taking on as much as possible might earn you points in the short term, but it’s also the surest way to burn yourself out. Delegation goes hand in hand with good time management – it’s hard to achieve one without the other.

Start by looking at your key strengths. If you’re good at leadership, ask if you can do more project-management tasks, leaving the number crunching to others. And don’t be shy about seeking help – asking questions shows you are willing to learn and improve.

3. Set boundaries

The Work and Life Index also found that nearly a third of full-time employees regularly sacrifice personal time for work duties. There will be periods when the team has to clock up extra hours to meet a tight deadline, but if you’re always the last person to leave the office, you may be putting your health and relationships at risk. Remember that a good career isn’t just about a good salary – it should also give you time to enjoy the rewards.

4. Switch off

Just as your phone’s battery needs to be recharged regularly, so do your own. After you leave work, let calls go to voicemail and try not to check your email until the next day unless you’re monitoring an urgent issue. Downtime at work is also very important. You can keep alert and productive by spending at least 10 minutes every hour away from your desk – preferably outdoors where you can get some exercise and sunlight.

Your life shouldn’t be all work and no play. Maintaining a good work-life balance is simply good for your health – and your career.


Give yourself the edge with free Student Membership

If you are a tertiary education student, The Tax Institute can help you progress in your career journey.

Find out about Student Membership.