5 Things Every Accounting Student Should Know

Here we cover the top 5 helpful things that every accounting student should know… you might be a little surprised at some of them, but they’re all useful things to consider as you journey towards a career in accountancy…

1. Get talking

Becoming an accountant involves far more than just number crunching, in particular, it includes a great deal of customer service. To some, the very thought of this may have you questioning your dream of becoming an accountant. So much for being left in peace! Well, for those hoping to be left in peace, you may be somewhat deflated to learn that in fact, customer service plays a crucial role within accounting. You’ll need to speak with numerous clients, not to mention other professionals and colleagues. In which case, consider the social element, and start talking – communication is key in an accounting career.

2. Too taxing?

Requiring advanced knowledge of tax is an understatement, especially as the tax world is forever updating its rules and regulations. Its ever-changing obstacles make it a mind field for novices, which means, as a student, you’ll need to take on the challenge of tax wholeheartedly – no matter how taxing! Ha, see what we did there? On a more serious note, as a professional accountant, you’ll need to have an advanced knowledge in a number of areas relating to tax, including tax rates, taxable items and tax income limits. So… practice, practice, and more practice is key. The sooner you start, the better prepared you will be.

3. Accounting basics

Before you get stuck into the finer detail, you need to consider the basics. You cannot run before you can walk, and similarly you cannot understand accounting before learning the basic principles. As an accounting student, you will need to understand many of the accounting terms. Without this knowledge, you are very likely to get lost. So, start revising the basic concepts and key terms, including; revenues, cash flows, income statement, balance sheet, liabilities, assets, general ledger and the many others. You’ll need to become familiar with these before delving any further into the depths of accountancy.

4. Don’t be afraid to ask…

Unfortunately, if there is something you don’t understand, you cannot ignore it in the hope that it’ll go away. Instead, try to prepare specific questions to ask your lecturer. You’ll find it helpful to keep a notebook of questions regarding the points you require more guidance on, and it’s advisable to do so. Try to pin-point the items that you don’t understand as you go, otherwise you’ll move onto the next topic before fully understanding the last. Just remember, most of the other students in your class will have the same concerns, so don’t be shy when asking for help.

5. Exam time is crucial

Exams are a vital part of your accounting studies, and passing your exams is a vital part of your accounting future. So, try to consider when taking exams that many points are lost and questions missed because the student does not read the problem. This is especially true with multiple choice questions. Remember to read what the question is really asking, not what you think or want it to ask. By avoiding careless errors, you’ll stand a much better chance of passing first time. Due to the high level of exams included in accounting studies such as AAT, it’s best to assume that you have made several careless errors and allow enough time at the end of the exam to go back and look over them.

We hope this short list of hints and tips that every accounting student know, have helped somewhat. For more guidance on a career in accounting, research AAT courses in London today.