When people talk about jobs in the tax industry, the first thing that pops into the head is a monotonous desk job riddled with calculations and number crunching. Some may even call it dull or tasteless. However, in today’s day and age, this could not be farther from the truth. With the ever-increasing complexities of doing business, accountants are expected to adapt and solve these complexities. This makes working in the tax industry both challenging and rewarding. If you are considering a career in the tax industry, then here are five great reasons for you to say yes:
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Interesting and diverse work
Accounting requires accuracy and high problem-solving skills. Businesses operate in an ever-changing environment, and accountants are expected to adapt to it. Accountants need to come up with sound financial solutions to help their clients navigate intricate taxation laws. These challenges make an accountant’s work very interesting.
The tax industry is diverse and intriguing. You can choose from a number of job profiles such as auditing, tax-filing, monitoring, Foreign Earned Income Exclusion, and reporting financial statements, among other things. Each job requires a special skill set, good researching skills, and a high level of expertise. There are many companies that rely on consultants and analysts to give them that extra edge over their competitors. With your valuable experience, you can eventually work as a consultant for such companies down the line.
Job stability and vital work-life balance
Accountants are the financial backbone of a business. They handle various important financial records and documents. They are also responsible for monitoring and keeping track of financial irregularities. Their importance to the company gives them vital job security over many other professions. Be it a lean patch or an economic fluctuation; accountants would be less susceptible to its effects. Unlike most other occupations, tax accountants also enjoy job surety from technological advancements. This is because applications may be able to handle calculations, but accountants are necessary for deliberation.
Accountants usually work a 9 to 5 job, and this affords them a great work-life balance. However, the job can be quite challenging at the start, requiring you to put in more time than usual. Tax season may be your most challenging time of the year, particularly when tax returns are due. Additionally, company audits may require you to travel to on-site locations or visit clients at their place of work.
Good remuneration
Accountants earn good remuneration when compared to other professionals. An accountant’s salary depends on the level of education and work experience. According to PayScale, a tax accountant’s salary can average anywhere from $44,000 AUD – $82,000 AUD. However, the average salary is around $57,700 AUD per year. Experienced accounts with financial analysis and budget management experience draw around $70,000 AUD per year. However, updating valuable skill sets will help you get a better wage.
Growing Demand
There is always a demand for tax professionals in every industry. However, the most common requirement is for income tax return work. This is simply because the majority of people cannot do their taxes themselves. Accounting is a valuable profession that is required in different areas of a business and plays an important role in operations, planning, and decisions making. Corporates are always on the lookout for such tax professionals who can help them make sound decisions to help them save capital.
Choose Your Industry And Location
Accountants have a variety of industries and areas of practice to choose from. As an accountant, you can join the public or corporate sector or even academia. You can also choose from a variety of specialties such as healthcare, forensics, auditing, public, or even environmental accounting. With the right amount of experience and valuable skill set, you can move to different parts of the world in search of new challenges. Because of this strong demand for experienced accountants, it is easier for a tax accountant to obtain a work visa the world over.
Conclusion
Working in the tax industry is a rewarding job that has a lot of perks involved with it. Apart from the pay, work-life balance, and job security, you also have a career that continuously progresses each day. You will enjoy the work-related challenges that you encounter frequently. A career as a tax professional is a personally rewarding career. It will teach you to navigate the financial side of a business and offer you the stability that you need to become a vital member of any business.
Being a professional, there is no doubt that you are good at what you do. However, mistakes happen even with the most experienced operators. Professional indemnity insurance cover is a great way to protect your business from unexpected risks. You can find out more on that here, along with a professional indemnity insurance quote.
