Post by Lauryn Hanrahan:

With the first few weeks of tax season ended, I must admit that I have not done a single tax return. I have been auditing. (And learning.)  I can’t decide which one I’ve done more of.  I feel that I am constantly learning – sometimes I wonder how all of this information fits into my brain! It’s daunting to think of the more senior staff and partners and about how much information must be stored in their heads. I can’t imagine it because I’ve only been at WS+B for four months and they have been around for many multiples of that. They should really just call accountants “sponges,” because that’s what we are.

I have come to learn that being on a first year audit is a whole new kind of animal. I like it because it is a challenge, and I love a good challenge. There is room for opportunity, improvement and adaptation.  I have learned that being optimistic while going to work at a client is a good thing, but when reality hits, adaptation is key. Things may have looked easy in text books, but dealing with them takes much more thought. A recent engagement manager told me that sometimes it is beneficial when things are really complicated because that’s how we truly learn the most about them. I think this is absolutely accurate because anyone can balance a workpaper that is ideal, but it takes true thought to make a mess into something you are proud of. When finishing up an engagement, make sure you are proud of your work… Proud enough to show it to the world with your name on it as large as a bright red “PBC” stamp!

Throughout this past engagement, I have learned to really think hard, to ask questions (tons of questions!), and to have a good attitude even when your day (or week for that matter) doesn’t seem to be going how you wish it would. If you can adapt to a situation and develop a plan B (or C…or D), everything will turn out alright in the long run. Hard work and teamwork can solve almost anything.  I’ve learned that when having a hard time with a workpaper or the idea of a tight budget… bounce your ideas off the manager or senior.  They are there to keep you on track and to guide you in the appropriate direction. Over the past two weeks I’ve discovered that budgeting time can be challenging, but our mentors (both formal and informal) can steer us straight, so ask them questions if you have any.

On that note, I’ve learned how important the people around us are. I had three different accounting internships before I came to Withum, but nowhere else have I found the kind of people that we have here. The people here are both fountains of information and support systems. Utilize them! An unfortunate situation can be easily remedied by kind-hearted, intelligent and respect-worthy people. If you’re there for other people, they will be there for you. At Withum, if you fall, there are about 450 people waiting to catch you.

Lauryn

Every day I learn something new.  The learning curve of your first year working full-time is more like a straight line upward than a curve.  Your first year is FULL of learning opportunities.  You learn most about technical applications and concepts. 

At this time of year, I work on preparing individual tax returns.  Having two years of internship experience here at WS+B in Somerville, I’m familiar with our tax program and the procedures in the office that go along with preparing individual returns.  This helped immensely during this busy season. 

During my first two internships I clearly learned a lot.  I came into my first internship at WithumSmith+Brown without ever seeing a consolidated 1099, or even a federal income tax return.  Actually, I came into my tax season internship before I had taken my tax class in college.  (Luckily for me, my tax class was a lot easier after have a tax season internship under my belt.)  During the internship, I asked TONS of questions and everyone was more than happy to help.  If I made a mistake I was shown how to correct it – and more importantly - WHY it was wrong.  What can set you apart, whether it be as an intern or staff member, is learning not just “how” but “why”.  If you don’t understand, don’t be shy to ask “why” again and take notes.  This stuff isn’t easy at first, but after doing it over and over again you begin to understand more, and it becomes easier. 

Repetition is how I improved so much from my first day as an intern… to the second year… and now to a full-time staff member.  What’s also important, that people at WS+B understand, is that it’s important to point out people’s mistakes so they can learn, but also to acknowledge when they have done a great job.  I’m sure you can remember that time in grade school when your teacher put a gold star on your test and wrote “Great Job.”  Maybe you even took it home and showed your parents who then placed it prominently on the fridge. 

I think everyone is still a grade school kid at heart and wouldn’t mind sending Mom that workpaper in your audit binder that got referenced as a “great job” in an email from your manager.  Or maybe you want to bring home and hang up the note a partner left for you saving “Great Job! No changes” on a tax return.

When you work so hard, and make so many mistakes because you’re still learning, it can be VERY frustrating and discouraging.  But when someone notices your hard work and goes out of their way to make it known to you, it can make things a much less stressful.  Everyone likes to know that their hard work hasn’t gone unnoticed.   

Michelle

Tax season, also known as “Busy Season” is quite accurately named.  Working 60-65 hours a week is physically, mentally and emotionally draining.  There is only so much caffeine that can really keep me awake to work these long and late hours.  When coffee and Diet Pepsi fail me, I turn to my co-workers who help motivate me through. 

Spending more time in the office than at home, it’s natural for your co-workers to become more like family instead of just someone you work with.  You share breakfast, lunch and dinner with these people 4 days a week for about 3 months.  During meals, it’s a great time for us to blow off some steam, laugh and even nap (Master Ringel). 

It’s important for employees to be “happy.”  After all, a happy employee is a productive employee.  In our industry, productivity and efficiency are highly stressed.  Here at WS+B, our “culture” is just as important.  Many offices have Wii’s for employees to play and enjoy.  At Somerville, we like to “get away” and play Super Mario Brothers for Wii.  It’s suggested to close the lunch room door when we play (I can get a little carried away).  At that point in time, all you are thinking about is how not to die… or how to get the coins… or beat Bowser.  All the tickmarks and tax returns fade away, even just for a few minutes. 

Around WS+B, other offices do different things as tax season stress relievers.  This past Friday, the New Brunswick, Somerville, Princeton and Philadelphia offices went bowling together.  This is an annual event that WS+B holds to relieve some stress the tax season can carry.  It’s always a great event!  This year’s theme was “Jersey Shore.”  You can only imagine the costumes and t-shirts made for this event.  Prizes are given out for best costume, best bowler, and worst bowler (which was close to being my award).  This coming Thursday is Somerville’s Late Night Mini Golf tournament.  I’ll be sure to share the standings with you. 

As the March 15^th deadline for corporate returns passed, and spring has arrived (I think), that means only a few more weeks left until the April 18^th deadline.  A few more weeks of catered dinners, Super Mario Brothers, caffeine and little sleep.  Bring it on!  I’m ready (with coffee and Wii remote in hand).

Michelle

I think a very important lesson that I have learned so far is that it’s okay to say “No”.  I have never really been one that can say it.  The combination of being a bit of an over-achiever plus a new full-time staff accountant makes it very hard for me to say no when someone approaches me for help.

As a newer employee trying to make an impression, I don’t want to say no when given the opportunity to do work for a colleague.  You learn by “doing” in this industry and it’s an honor when asked to do a tax return (or any project) for a manager or partner.  So even though I may have over 60 hours of work already on the schedule… if I am asked if I can do a tax return that may take 12 hours sometime in the next 2 weeks, of course I say “Yes”.  My thoughts are, “Who am I (new staff person) to say no to a manager who asks me to do something?”

Recently, I found myself in a similar situation.  I should have said no - even though I could have “squeezed” it in and worked a few extra hours those two weeks (who doesn’t do that during busy season?)  I learned that it’s ok to say no when you’re busy and have too much on the schedule… even if it is to a manager or a partner.  I had over 60 hours on my schedule and maybe another staff person would have the available time to really dedicate the right effort to the project.

Luckily, my manager saw that I already had a lot on my plate and told me I should have just told her so.  She gave the return to another staff person who had the available time to do it that week.

Knowing your limits and time constraints is important.  It’s ok to say no if you’re too busy and already have a full schedule.  The hardest part is knowing how much you can handle and what it means to be “too busy”. 

Michelle