Editing and Accounting: Not Such Polar Opposites

A couple of years ago when I decided to make the leap from journalism to accounting, you could practically see the heads swivel. “Wow, that’s a huge change,” fellow journalists would say. Or the more math-phobic among them would utter, “What on earth made you want to do that?” Indeed, it could be hard to see the crossover. Editing and accounting do share an emphasis on details and accuracy, but it was undeniably a 180-degree shift.

Lately, though, I’ve backed off a bit on that thinking as I’ve begun to realize there are more commonalities than I could have foreseen as I was shedding my previous identity as a newspaper assignment editor.

In a newsroom, a story faces numerous revisions before readers see it, often carried out just between the reporter and her immediate editor but sometimes with a bigger contingent of editors. The more significant the story – say, a long, in-depth Sunday piece – the more drafts and the more fine-tuning it will undergo before it sees print and goes online. The revisions can seem endless; there can always be one more update to make, one more wording change, one more fact to double-check, one more interview to conduct and a quote to add. And a change in one section of the story can require altering another part to make sure it still flows smoothly and fairly represents various viewpoints. Revisions layer upon revision after revision.

Now you’re probably wondering: What does that have to do with accounting?

Well, quite a bit, I’ve discovered. The careful reviews we do in corporate accounting of monthly financial statements are extremely reminiscent of editing. There is much fine-tuning before we distribute statements: double-checking figures, of course; ensuring that formats are consistent; and making sure that if we recategorize an expense that we adjust any other affected expense categories. And sometimes, post-distribution, questions come up about the accuracy of a certain figure, in which case we’ll review the affected accounts and adjust if necessary. It reminds me of when newspaper readers would call or e-mail with questions after stories were published. If a review of the facts turned up a problem, we would print a correction.

And in accounting, it’s often a matter of peeling back the layers to resolve a problem, such as going back through months of trial balances in an effort to figure out why an intercompany account that had been in balance suddenly was not so.

So, yes, accounting does embrace editing. This realization has been a comforting one, a bridge of sorts between my old world and the one I now inhabit. For anyone contemplating a career change, it’s confirmation that the phrase “transferable skills” is a reality. (For a look at another 180-degree career shift, click here.)

The Classroom Versus the Cubicle

I remember while taking my accounting classes, laboring over homework problems, I would think about what it would be like once I was working as an accountant.  Now that I’m there I can identify several differences between taking accounting classes and working in public accounting.

     1. Doing calculations by hand vs. using software

     While working through homework problems, particularly in my tax classes, I would have my book open to various tax tables along with a    calculator, some scratch paper and a good eraser.  Now while working I still have scratch paper in front of me, but the need for a good eraser has diminished and the research tools available are much more expansive than my textbook.  The biggest difference is that I now use software that will calculate things for me and no longer spend time calculating a corporation’s taxable income or tax.  Although much time is saved when you are not doing a tax return by hand, you still need to spend time checking the output of the tax return.  Having background knowledge of what you expect to show up on the forms allows you to review the reasonableness of the output and make sure your return is correct.

    When learning a new concept or calculation, especially with all of the recent changes in the tax law, I still find it beneficial to calculate things by hand first.  It helps me understand the concept more concretely than plugging some numbers into a software program and checking the results.  It is one thing to know the rules, but it is quite another to understand how the outcome was calculated.  Often times during my firm’s weekly staff meetings, we will have “hands-on” training.  In general, everybody benefits from this type of training.

     2. Real world situations vs. homework examples

     In school I would solve a hypothetical situation for John Doe and get a point for having the right answer.  At work, my clients exist and their situations are real.  Often times there are several “right” answers available, but the actual task is deciding on the best answer for your client.  Also, in my textbook the situations were clearly defined and followed the typical situation that a tax law would address.  At work, the situations are rarely this easy.  There are constantly extenuating circumstances that make each client different.  All of these must be identified before arriving at the best answer.  Most importantly, the results will affect a real person and their real dollars.

Accounting classes allowed me to build a solid foundation for my career.  Working in public accounting allowed me to immensely build off of that foundation and it is exciting to see how much I have learned in such a short period of time.  You too will be surprised by how much you still have to learn and how different it is to work in the field rather than just learn about it!

The High Price of CPA Exam Prep

When I started exploring the idea of review courses for the CPA exam, I was sure I’d sign up for a program like Becker.

After all, it’s structured and comes highly recommended. I heard new and aspiring CPAs mention “Becker” so often, it seemed synonymous with studying for the CPA exam.

The cost for such review programs always stops me, though. Yes, it’s an investment in the future of my career. But a price tag of roughly $3,000 for the Becker course, plus upward of $200 for the review flashcards, is tough to swallow since I’d be paying for this on my own.

Since my budget has tightened in recent months — a predicament that no doubt many others share – I’ve been more seriously thinking about the idea of trying to study without the aid of any review courses. I did meet someone last year who had chosen this route and passed all sections of the exam, but that was before the major changes to the CPA exam that took effect earlier this year.

However, I think about the effort that would be involved in trying to gather materials to make the self-study relevant, and I’m not convinced it’s worth it.

So I’m thinking that I might just have to go ahead and pay for a review course. I’m grateful the Oregon Society of CPA’s offers discounts to members for particular review programs, including Becker, Kaplan and Roger. (For more details on these discounts, click here.) Every little bit helps.

And as another accountant blogger writes:

A review for the CPA exam will help you to practice so you are not intimidated by the exam and train you effectively.

That, I hope, will make this all a worthy investment.

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