Why mentoring is important for young professionals

 

Most people who are successful end up that way because they’ve sought out mentors to show them how to reach the top. In this blog, we will provide you with the valuable resources and information about why a mentor is so valuable to your career progression.

1. Mentor advantages
A mentor can be viewed as a kind of workplace parent – someone who can warn you against making short-sighted moves that could damage your career and instead encourage you to do those things that may be uncomfortable at first but will reap great rewards in the future.

Experience is a valuable thing. And while there’s no substitute for earning it the hard way, there’s also no rule against leveraging the wisdom of others.

A true mentor will provide honest feedback on how you’re performing and offer suggestions on how to improve your performance. They may also introduce you to people in their own network who can further your career.

2. When to search for an mentor
There is an old saying that when the student is ready, the teacher appears. The 21st century version is that when you feel you have something to learn – be it technical skills, management skills or even life skills – you’re ready to seek out a mentor.

3. How to find a mentor
People often agonise over where to find an appropriate mentor, but it’s really not that hard. In fact, if you think about it, you’ve almost certainly been mentored throughout your life by relatives, former teachers and sports coaches.

The best way to find a mentor is to simply contact someone you admire – even if you don’t know them – and ask them if they would be interested in mentoring you. After all, imitation is the sincerest form of flattery.

There are no hard and fast rules about what makes a good mentor. If the individual in question is someone you respect, can teach you what you want to know and help you get where you want to be, they’re almost certainly good enough for your purposes, regardless of their location in the org chart, industry reputation or educational qualifications.

4. The mentor–mentee relationship
Like any other relationship, mentor–mentee relationships go through phases. In the early days, there may be a lot of enthusiasm on both sides, with the mentor flattered that someone is so interested in what they have to say and the mentee eager to learn all they can.

Over time, that initial enthusiasm will fade and interactions might become less frequent. And, if the mentor has done his or her job properly, at some point the mentee will have learnt all they can. At this stage, the parties involved may decide to stay in touch or go their separate ways.

However the relationship unfolds, the mentee should always show the appropriate gratitude and respect towards the person who has chosen to help them out.

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The Tax Institute offers a Young Practitioners Mentoring Program for its member. Speak to a membership adviser on 1300 829 338 now for more information, or contact an adviser here.

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How to network as a graduate student

As a recent graduate, armed with a catalogue of up-to-date theoretical knowledge in your back pocket, you have the unique ability to solve problems that even veterans of the game might have trouble with. However, your first networking event can be a bit daunting.

Networking is a vehicle that can potentially accelerate your career faster than anything else. However, you need to take the correct approach from the outset. Here are the dos and don'ts of networking as a graduate student.

Socialise

While your main aim for the evening might be to speak with the top dog at a networking event, that doesn’t mean you need to go in all guns blazing. Remember, this is a cocktail event and you are here to socialise first and foremost. Solidifying working relationships should be natural, not forced.

Be genuine and approachable

To ensure you have the right approach to the night, try to connect with people on a personal level. People respond to passion, so approach your colleagues on a common ground. The more compelling and believable the information you share, the more likely they will be to respond with the same enthusiasm. They may even remember you by the association you create: “Joe is passionate about charity in Brazil and studies tax accountancy.”

Be specific

When you do manage to lock down your ideal target – such as an executive of a top-tier firm – it’s important to be genuine as well as specific. The typical day-to-day role of an executive often means they are thinking about any number of things at one time, ranging from the present state of their business to forecasting several years in advance. It’s safe to say that their thought processes are in a big-picture capacity.

Create a memorable impression by providing them with something tangible to consider. Are you looking for an internship over the summer break or a graduate position? What is it you can offer them, and how might they benefit from accepting your proposal? Whatever it may be, ensure you arrive prepared and capitalise on your moment.

Circulate

You might have a few industry heavyweights in your sights at the start of the night, but that doesn’t mean you should exclude any connections that aren't the top dogs. A diverse network of connections – consisting of a range of job titles, industries and locations – could offer opportunities for your career that you never quite envisioned. Remember the old adage: “It’s not what you know but who you know.” You just never know how or how well people at a networking event are connected.

Follow through

Once you have made a lasting impression, it’s important to enforce your credibility with the follow-up. If you have locked in a proposal or a catch-up over coffee, delivering on that commitment acts as a guarantor for your reputation. A strong reputation in the industry can do wonders in building the confidence others have in your abilities. Reputation is lasting and can offer you rewards well beyond one night’s interaction.

A successful evening of networking can have immediate as well as long-term benefits for your tax career. As long as you enter the night with enthusiasm and a firm approach in mind, it could be what sets your career in motion.

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4 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. The 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.

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5 essential business skills to be noticed by employers

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 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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The best tax industry resources to keep you in the loop

Tax is a dynamic, constantly evolving field where tax professionals need to stay up to date with the latest developments in order to provide clients with quality advice. So where should you go to keep up with industry news? Here’s a rundown of the best resources that will help you stay informed.

Industry organisations

Member-based organisations are a great source for industry news and analysis. The Tax Institute publishes a range of journals and newsletters that cater to a variety of market needs, providing the latest news, practical solutions to tax issues and discussions on tax policy and systems:

• Taxation in Australia
• The Tax Specialist
• Australian Tax Forum
• TaxWise News
• ConTax Newsletter

Government agencies

Visit the sites of the federal and state government agencies and subscribe to their e-lists for news on laws, rulings and policy issues.

The Australian Taxation Office’s (ATO) website is an extremely useful direct source to the latest on public rulings, determinations, ATO interpretative decisions, tax, superannuation and related legislation. Become familiar with the website’s content as part of building your own research practice.

The Treasury, as the government’s central policy agency for whole-of-economy issues including taxation, is another valuable resource. Set up an email subscription or RSS and Twitter feeds to keep up with the latest information on policy changes.

Networking sites and online communities

Sites like LinkedIn, Facebook, and the Institute’s eCommunities offer an informal and interactive way to stay in tune with industry news, trends and important insights from the tax community.

Industry publications

Take advantage of your university library’s subscriptions to industry publications such as:

• Thomson Reuters Latest Tax News: A daily report on tax changes, ATO announcements, updates on legislation, cases, appeals and rulings as well as summaries of tax issues covered in the national and local press.
• Thomson Reuters inTAX: A monthly magazine featuring technical articles, current tax issues, and hot tax topics.
• LexisNexis Legal Newsletters and Legal Express: Bulletins and daily email alerts on the latest cases, legislation and journal articles. 
• CCH Daily Email Alert: Covering the key developments in tax and accounting.
• CCH Tax Chat: A free blog on a comprehensive suite of tax-related topics.

Major tax and accounting firms

The major firms all publish online articles and commentary on current tax issues. Stay in the loop with an RSS feed, or follow these:

• Deloitte News, Research & Publications
• KPMG Daily Tax News
• PwC TaxTalk Today 
• EY Library

Online news sources

Tax-News.com covers news on tax, e-commerce, legal issues, political developments and economic issues for over 250 offshore jurisdictions or tax havens.

The Conversation is an independent source of news and views on a broad range of topics. Join and follow tax topics or set up RSS feeds or daily email alerts. The Conversation provides easy-to-follow explanations of complex topics – this is a great communication style to adopt when providing advice to clients. 

Keeping up to date with your own research is an essential career-long practice that will help you lead a successful professional life. The sources provided here will help you stay on top of the latest news, changes to law and market issues to maintain your industry savvy.

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

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6 unlikely tips to help you train your memory

Your studies can feel like an overload of information with only a fraction of it becoming knowledge. Retain more with these six tricks to train your memory.

1. Repetition

While we don’t expect you to recite textbooks like a multiplication table, repeating something you’re trying to learn helps lodge it in your memory. A typical path might be your lecturer saying something important, you mouthing it and then writing it down to read later. Saying it, writing it and reading it means it has been repeated three times in different ways, creating different pathways to your brain. (Teaching it to another person counts as a fourth!)

2. Building blocks

Memorising is easier when you have a foundation and then make connections between the new information and your established knowledge. If you need to remember a slab of information, break it down and add it to your memory piece by piece. For example, when trying to remember a case study, start with the who and what, and then gradually add the when, why and how.

3. Finding patterns

A mnemonic device is a common technique that links information to patterns that are more memorable, for example remembering the number of elements in a contract then expanding that to the actual elements. Commonly, mnemonics use a phrase where the starting letter of each word relates to the piece of information or short rhymes such as Thirty days has September.

4. Storytelling

The human brain is attracted to a narrative, so developing a story can help you remember details that might otherwise escape you. Turn information into characters you can describe and explain the consequences of their actions. What happens when GST meets BAS? Humour also makes information sticky and telling someone the story further embeds it in your memory.

5. Write a song

Delve into the meaning of nursery rhymes and you’ll find many are mini lessons in history effectively passed down by putting rhyme and music together. Choose a piece of simple music and write a short song about what you’re trying to learn. You may also find that someone else has done the hard work, like this economics rap on Hayek versus Keynes.

6. Create a game

Many games are geared to aid learning, and memory games reward recollection, such as matching a piece of information with another. Creating the game is often as important as playing it because it helps you structure information for easy recollection. You can also make a game for two or more people as learning in a group and constructive socialising also assists memorisation.

People respond differently to different techniques, so have a go at some of these to see which works best for you. You can also combine these tricks to enhance the effect.

Good luck with your studies this semester!

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How to prepare for your first tax season

Staring down the barrel of your first tax season? Avoid the anxiety from the get-go with these top tips for getting through what’s likely to be the most demanding period of your work year.

Find a time-management system that works for you

Work out what works for you when it comes to time-management technology. That could be an app on your phone or tablet (Trello and Evernote are two popular options), your trusty Outlook or Gmail calendar, or even an old-school paper wall planner. Whatever method you choose, make sure you use it religiously as you won’t be in a position to squander your most precious resource. Read our recent post about the productivity secrets to success. 

Maintain a work-life balance

This one seems counter-intuitive until you accept that even high-performance engines can’t run at top speed for too long without overheating. Sure, minimise any unnecessary distractions during your busy periods, but make sure you also allow yourself some time to recharge. Schedule a run in the morning or dinner with your partner at night, or just get out of the office and go sit in the park for half an hour at lunchtime. Read about how maintaining a healthy work-life balance can actually help you in your career. 

Learn to say “no”

If someone – a client, colleague or even your supervisor – asks you take on something unimportant or non-urgent, simply say “no”. Or, more diplomatically, palm them off with a statement like, “I’d love to help you out with that, but would you mind if we came back to this down the track? It's a busy time of year and I’m not confident I’d be able to devote the time and attention I’d like to it.”

Get up to speed beforehand

You can think of your first tax season as a very long, real-world exam. And what do you do if you want to do well in exams? You study. In this instance, you want to be up to date on any tax changes well before your inbox starts resembling Mount Everest. One way to keep on top of things is to check out The Tax Institute's Taxation in Australia journal, published 11 times a year.  Along with other useful resource tools, the journal is available to the Institute members online, in hard copy and even as an app.

Keep these tips in mind when entering tax season and not only will you survive, you'll come out a better and more valuable employee, ready to take on whatever else the industry throws at you.

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5 skills you never thought were necessary for a tax career

When it comes to choosing the right career, expectations don’t always match up with reality. Often the skills we associate with our chosen profession can differ dramatically from those we should cultivate in order to excel.

For Angeline Tan, tax consultant at financial services firm PricewaterhouseCoopers (PwC), the tax profession offers powerful evidence of this divide.

1. A thirst for knowledge

“It’s commonly perceived that tax is all about the numbers, but it’s also about learning the legislation,” says Tan. “Understanding tax is like learning a new language, so strong literacy skills are really important if you want to get ahead.”

Tax legislation is constantly evolving so you’ll need the ability to adapt to changes and stay up to date. Critical thinking and problem-solving skills are essential to help you apply changing legislation to your clients’ affairs.

2. Good communication skills

Tan says that communication skills are a widely overlooked aspect of a career in tax. The ability to communicate succinctly is critical for tackling client briefs, negotiating with different parties and reconciling professional requirements with client demands.

“It may not be a surprise that to excel in a career in tax, communication is important. But what is surprising is how paramount it is to success. To be a good advisor, you have to communicate what you understand to clients and make sure they understand it too. It’s not enough to be fluent in tax – you need to be able to communicate this with others.”

3. Lateral thinking

Although it’s easy to presume that taxation relies on hard facts and empirical knowledge, Tan maintains that there are plenty of grey areas – a fact that calls for a degree of open-mindedness as well as the ability to think laterally and consider problems from different perspectives.

“There is no right or wrong when it comes to tax. Often understanding and embracing the grey area can mean the difference between a good tax advisor and a great one.”

4. Leadership

During your career, you’ll be leading teams in developing creative ways to solve client problems. Tax professionals often work in teams, so you’ll need to work well with others and have good interpersonal skills to succeed. You could be leading members of your own staff, or project teams made up of a range of external consultants and agencies.

5. Project management

To succeed as a tax professional it’s also vital to have good project management and time-keeping skills to help you deliver projects from end to end. You could be called on to develop information management systems and business processes that underpin the delivery of projects.

Tan says that working as a tax professional involves a willingness to be challenged and learn from experiences. “The ability to be challenged and the opportunity to learn from mistakes and excel are the most rewarding aspects of my job.”

More than an ability to work with numbers, as a tax professional you’ll cultivate a diverse range of leadership, management, critical thinking and problem-solving skills that can be applied to any area of business, industry or government.

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5 ways to enhance your digital footprint

Your online profile can be a gateway to your career, so how can you use your digital presence to move swiftly into your next role? Here are five things you should know about your digital footprint.

A digital footprint is the trail of data that users leave on digital services. From websites to social media profiles, your digital footprint can be used to showcase your career – so make sure you know how to optimise it.

First ask yourself: how will people find me? Then follow it up with: what impression will they obtain from my digital presence?

1. Make your mark

Potential employers will almost certainly plug your name into a search engine, so make sure you have a digital presence in the first place. If you have a common name, try to distinguish yourself with your middle name or a creative tagline, e.g. ‘aspiring tax specialist’.

2. Leverage your presence

Having a digital presence can help you find networking opportunities as well as push your name into someone’s sights. A career-oriented social network like LinkedIn is excellent for showcasing your skills, education and experience in a professional manner and acts as a searchable résumé for when an employer is looking for someone just like you. Websites are now so accessible and cheap that you may also choose to build your own for this purpose.

3. Eliminate the bad and irrelevant

Growing up online has it benefits, but it also has some drawbacks. You need to be aware of all the not-so-good stuff that can pop up in a search, which may include everything from angst-ridden poetry from when you were 13 to websites where people may have posted rumours or insults about you. If you can’t delete or hide these, at least make sure the good things rank higher.

4. Curb questionable behaviour

Everyone acts differently at work compared to how they act around their friends. Online, this distinction is often blurry, so it’s good practice to behave as if future employers are watching. This is the same rule you should apply whether you are engaging with others on social media or commenting on blogs and news articles. This means no negative behaviour such as posting anything unnecessarily aggressive or defamatory in nature.

5. Be yourself

While you don’t want potential employers to stumble upon something embarrassing and get the wrong idea about you, having an immaculate digital footprint is also a little unnerving. Authenticity wins over ‘too good to be true’, so don’t be afraid to be human.

The web is a great tool used by employers to find and research potential employees. Make sure you’re on their radar and primed to give the right impression when they do.

Free student membership

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.

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A to-do list for first-year tax students

In a competitive environment such as the tax and accounting industry, it’s never too soon to start laying the groundwork for your future career. Here are five things you should aim to get sorted during the first year of your university tax course.

Develop a good grasp of the tax system
You can't build a house without a firm foundation, and gaining a solid understanding of the Australian tax system as soon as possible is the first step to a great tax career. You can – and probably will – spend a lifetime learning all its intricacies, but you'll want to nail the basics early on. (You may find enrolling in The Tax Institute’s CTA1 Foundations taxation course an effective way to achieve this.)

In particular, get your head around GST
It's the aspect of the tax system you’ll encounter more often than any other and, as you’ll soon come to learn, there’s a lot more to it than just whacking 10 percent on top of the cost of many (but not all) goods and services.

Join The Tax Institute
This one should be a no-brainer. Aside from free access to the leading Taxation in Australia journal – which can make all those assignments much easier – you will find the support you need to not only get you through your studies but to set you up for a successful career in tax plus it’s FREE! Join up right now.

Set up an internship
There's no better way to acquire practical experience and make some useful connections than through an internship. Australia's Big Four firms – Deloitte, PwC, KPMG and Ernst & Young – are the prestige destinations. All four have student programs, so bookmark these pages and visit them as often as you can:

• Deloitte
• Ernst & Young
• KPMG
• PwC

But don't limit your search to major (or even minor) accounting firms – companies in almost every industry have finance departments where you can pick up practical experience.

Attend at least one industry event
Getting your name out there at networking events is a perfect way to make contacts that will help you down the road. The Tax Institute has a calendar of key industry events that are listed by state so you can find one close to home and at different levels in your careers.  

Your first year at uni will be a remarkable period of personal and intellectual growth. By all means enjoy your new environment, but don’t forget to do the legwork that will set you up for a great career when you graduate.

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.

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Are you ready for the proposed GST changes?

The topic of GST reform has sparked widespread debate with NSW Premier Mike Baird’s recent announcement he is backing a proposed lift to the GST from 10 to 15 per cent. So are you ready for the changes possibly headed your way? And why is it important that you, as a budding tax professional, keep abreast of any new tax developments, however initial they may appear?

In his proposal at the recent tax summit, Premier Baird suggested the spike would help fund the public health system, as well as stopping the federal-state financial system from “tumbling over a fiscal cliff”.

Since its introduction 15 years ago, the GST rate has remained untouched. But Baird claimed a rise is now the only viable way to overcome the federal and state struggle to fund health services and provide the required revenue stream of $20 billion before 2020.

He suggested income tax concessions and a new welfare strategy could help lessen the blow to low-income families and the vulnerable. The expectation is that a revised GST package could be created so that households earning up to $100,000 are not put at a disadvantage. Meanwhile, the proposed rise is not set to impact fresh food, health, childcare or education.

While these GST reforms were still very much in the pipeline at the time of the summit, leaders in attendance including various premiers, chief ministers and PM Tony Abbott reached an “in-principle agreement to lower the threshold below which GST is charged on online purchases from overseas from the current $1000”, according to The Sydney Morning Herald.

Whether or not these changes will be accepted and implemented still remains to be seen. However, as a tax student or junior tax professional, it is important to understand the short-term and long-term implications of the potential rise for your clients. Tax is a dynamic and ever-evolving profession. Equipping yourself with up-to-date specialist tax information, training tools and resources early in this reform process is essential to ensure you are prepared to provide timely, practical and relevant advice to your clients.

As a member of The Tax Institute, you'll gain exclusive access to a comprehensive range of tax courses to ensure you keep abreast of the latest in tax reforms. Led by tax experts to benefit rising tax stars, our professional development program offers intensive and cutting-edge workshops designed to ensure your knowledge as a tax professional is as up to date as possible.

Find out more about joining the 13,000-member community and gain access to powerful resources, progressive education and influential networks.


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.

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Where can a career in tax take you?

What do you want from your career? A new challenge every day? The opportunity to travel the world? To make a difference? Financial security? Whatever your reasons, it's important to give the question some genuine thought, especially if you have your eye on working in a competitive field like tax and accounting.

As industry experts at the recent Tax Institute webinar on working as a tax professional revealed, tax is alluring to today's graduates for many reasons. Here we examine several of their suggested benefits of entering the numbers game.

More advice

According to Stephen Holmes, CTA and partner at WMS Chartered Accountants, professional services firms are expanding knowledge so they can provide advisory in addition to tax compliance services.

“You need extra skills to ensure clients stay with you and have confidence in your abilities,” he says. For you, this means more exciting and challenging work, as well as opportunities to develop your potential.

Flexible options

Holmes added that a major challenge facing new entrants is how to become an indispensable expert. While you can specialise in an industry or technical area that interests you, he emphasised the importance of getting to know your niche really well.

International opportunities

The transferable skills you develop as a tax professional will give you confidence to pursue global opportunities. Speaking during the webinar, James Collacott, CTA and senior manager at DFK Crosbie, shared his experience in becoming a successful local tax professional after migrating from the UK.

“[The] tax systems are different,” he says. “You need to swallow your pride, knuckle down and work hard.”

Purposeful days

If you're seeking variety in your career (as well as in life), the tax and accounting path is for you. As Holmes reveals, there is really no ‘typical day’ once you reach partner level.

“Early on, your days are similar, but doing the same thing over and over is a good thing for your future career.” Your days will become more varied as you climb the ranks, although the repetition you experience at a junior level is still necessary – and extremely valuable, as it will help build your technical and client skills.

How can you kickstart your tax career today?

Collacott encourages budding tax agents to stand out from the crowd by demonstrating their abilities in all facets of the industry. You can undertake the Chartered Tax Adviser program, which increases your knowledge and bridges the gap between the theoretical and practical aspects of practice, or become a member of The Tax Institute. He also suggests gaining education in areas like marketing, management and communication.


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Time-management tactics to try this EOFY

Nothing tests your ability to crunch deadlines quite like the end of financial year (EOFY). The weeks leading up to the last day of June are often ruled by mountains of paperwork and an endless series of tasks. However, employing a few clever strategies can preserve your sanity and help you optimise the hours you spend at your desk – especially if it’s your first as a full-time tax professional. Here are four top time-management tactics to apply this EOFY.

1. Embrace the Pomodoro technique

Conceived in the 1980s by the entrepreneur Francesco Cirillo, the Pomodoro technique is a foolproof trick for enhancing mental clarity and saving time. Using a timer, work solidly on a task for a 25-minute period before rewarding yourself with a five-minute break. Adhering to strict time increments can help you power through your to-do list. It also chases away the urge to procrastinate. And no need to place an egg timer on your desk – there's an app you can download straight to your smartphone.

2. Keep a daily task list

When you’re faced with serious deadlines, it’s important to know what work to tackle first. Whether you prefer to use the to-do list function in Microsoft Outlook or old-fashioned pen and paper, outlining the tasks you need to accomplish each day and ranking them from low priority to high priority is a clever way to take control of your time. Although the power of the to-do list is well documented, it’s equally important to consider the things that can wait until after 30 June. When compiling your daily tasks, strike out the non-essential items and relegate them to a work period that’s lower pressure.

3. Tackle the most challenging task first

When you’re faced with a daunting project complete with administrative hurdles, it’s tempting to put it off. But if you start your day by addressing the most difficult task on your agenda before moving on to less pressing things, you’ll stand a higher chance of managing your time and energy effectively.

4. Batch-process tasks

Multitasking might be a modern phenomenon, but you’ll be far more efficient if you focus on one thing at a time. Whether it’s responding to an overflowing inbox or reconciling urgent accounts, blocking out time to batch-process your duties is a powerful tactic for bolstering productivity and conserving your hours.
From working within short increments to completing your most difficult task first, mastering the art of time management can make for a smooth lead-up towards EOFY. What’s your favourite time-management trick?


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