It's presently 12:35 AM and I working diligently with my Kogod Case Competition team on our presentation for this morning. I say this morning because we are schedule to present our solution to a panel of judges in roughly 9 hours. So far we've put about 20 hours work each into preparing for the competition. We'll likely have contributed another 10 by the time the entire competition is over.
What are we putting ourselves through this for, I wonder? Well, I really don't wonder. While there may be other things that I'd rather do on a Wednesday, Thursday, and Friday night, and finally, Saturday morning, I'm putting myself through this for the experience and its rewards. This is my third time competing in the Gartenhaus Financial Case Competition, and the cost-benefit ratio changes each time I compete. No matter what, 30+ hours will be put into preparation for the case. Starving my frontal lobe of rest by depriving myself of sleep for the entire night before the competition is a given. I do it, though, for the networking opportunities and the free lunch at the end. It's hard to feel a real sense of competition when I don't see any of my competitors during the actual competition moments.
We need coffee, our brains are beginning to mush, and.. I think we're over the hump. Once you get past the 1-2 o'clock "hump," it's much easier stay awake for the rest of the night. Hard working high school and college students know what I'm talking about.
It's time to practice presenting. This year's case is about an Upholstery company based in South Africa. The company is having some cash flow and management problems it seems, and we're attempting to creatively work through these issues. Unfortunately I'm going to have to miss work today (Saturday) because of the competition! This actually does upset me. After a day of hard work at the Tax firm I feel like I've really earned my money and gotten a great education in the process. It's such an intense job that requires the use of my brain at almost all moments to correctly perform. I'll miss not going, but I'll be glad to sleep when this competition is over.
Missing 8 hours this week isn't too big a deal, though, since I'll surely be working more than 20 when the heaviest parts of the tax season arrive. I'll likely head in 3 days per week during late March and early April, assuming there's enough for me to do. We'll see, and I'll surely keep you informed.
Back to work this Wednesday.
Showing posts with label cheese brain. Show all posts
Showing posts with label cheese brain. Show all posts
Friday, February 6, 2009
Wednesday, February 4, 2009
Third Day of Work
Today seemed to move so slow. I have to use a lot of brain power at my job, so it feels really tiring in a hurry. I'm not used to having to think so much because my previous jobs didn't require too much learning. Now, however, I am attempting to absorb an ocean of knowledge about Tax, and it's really quite a challenge.
I began the day by getting set up in the office's payroll and time keeping system. Though I'm not being billed to clients yet, I still must keep good track of my time so as to acclimate myself to normal practice. I keep detailed notes about what I do, who I do, and for how long I do it. When I say "who I do," of course, I'm referring to the client whose return I am working on.
I spent some time learning how to print out blank tax forms. With the blank forms, it's easy to take a person's file and go through each document, one-by-one, and input all the important figures into the appropriate boxes. As I was doing just that this morning, I would recheck my work, and pass along what I'd done to my supervisor who would correct my few errors. After the corrections were made, I could enter all the client's return information and figures into the computer program, which then computes everything and assembles the return. This process is easy enough for simple tax returns, but unfortunately, most of the returns we do where I work are incredibly complex. I think mainly we work for people who are really good at what they do, so they make a lot of money.. but what they do isn't accounting. Ergo, they don't have either the time or know-how to accurately complete their own return.
I ate some crackers with cream cheese, and some sliced red peppers and cucumbers for lunch. Lunch flew by quickly, the only part of the day that did so. After lunch was more learning from my supervisor. We reviewed deductions and their limitations. I learned where business deductions versus personal deductions belong.
Certain figures that clients provide, like amounts of charitable contributions, we just plug into their return and both parties (the accountant and the client) share the understanding that should the IRS come knocking, the client is responsible for proving what they've claimed. I've begun to learn what types of claims by clients cannot just be filled in at a client's whim, and which we actually require documentation for. For example, we cannot fill in a client's income information without having their W-2. Seriously, we can't just take your word for it... you've got to show us.
So all this learning was taking place, and my brain was starting to ooze from my ears! I was able to finish the day with a little clerical work, which took some of the edge off... even though it was only then when I began to drink the coffee. I really feel like I'm earning my money at this job. I can see why the accounting profession is potentially very lucrative. With all the thinking that goes on, the salaries just make sense. This isn't simple math thinking, this is complex reasoning and analysis that requires a pretty intelligent brain to begin with.
I began the day by getting set up in the office's payroll and time keeping system. Though I'm not being billed to clients yet, I still must keep good track of my time so as to acclimate myself to normal practice. I keep detailed notes about what I do, who I do, and for how long I do it. When I say "who I do," of course, I'm referring to the client whose return I am working on.
I spent some time learning how to print out blank tax forms. With the blank forms, it's easy to take a person's file and go through each document, one-by-one, and input all the important figures into the appropriate boxes. As I was doing just that this morning, I would recheck my work, and pass along what I'd done to my supervisor who would correct my few errors. After the corrections were made, I could enter all the client's return information and figures into the computer program, which then computes everything and assembles the return. This process is easy enough for simple tax returns, but unfortunately, most of the returns we do where I work are incredibly complex. I think mainly we work for people who are really good at what they do, so they make a lot of money.. but what they do isn't accounting. Ergo, they don't have either the time or know-how to accurately complete their own return.
I ate some crackers with cream cheese, and some sliced red peppers and cucumbers for lunch. Lunch flew by quickly, the only part of the day that did so. After lunch was more learning from my supervisor. We reviewed deductions and their limitations. I learned where business deductions versus personal deductions belong.
Certain figures that clients provide, like amounts of charitable contributions, we just plug into their return and both parties (the accountant and the client) share the understanding that should the IRS come knocking, the client is responsible for proving what they've claimed. I've begun to learn what types of claims by clients cannot just be filled in at a client's whim, and which we actually require documentation for. For example, we cannot fill in a client's income information without having their W-2. Seriously, we can't just take your word for it... you've got to show us.
So all this learning was taking place, and my brain was starting to ooze from my ears! I was able to finish the day with a little clerical work, which took some of the edge off... even though it was only then when I began to drink the coffee. I really feel like I'm earning my money at this job. I can see why the accounting profession is potentially very lucrative. With all the thinking that goes on, the salaries just make sense. This isn't simple math thinking, this is complex reasoning and analysis that requires a pretty intelligent brain to begin with.
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