This blog post was written by Sharon P. Sharon is an accounting trainer from Inspire Education and has been training accountancy students for 8 months, having 5 years of accounting experience under her belt. Her achievement of being an accountant was motivated by her desire to prove that anything is possible in this world, with or without an education. Being rich, according to her, does not exactly require qualifications in the sense that self-intelligence and IQ will always be preferred in most skilled-based organisations.
So, who wants to be an accountant when it’s possibly the most boring subject in the world? You may end up suffering from depreciation.
It could also be the most confusing, but if you want to be wealthy or comfortable in the long term, or even to have a great understanding of finances – it could be the most important!
To create more confusion for you: did you know that are many specialised types of accountants? You can become a Tax Accountant, Business Accountant, Financial Accountant, Forensic Accountant, Insolvency Accountant and more.
Accounting, Humanity and Analysing Insolvency As Parts Of The Job
Firstly, let’s get one thing straight. You need to know the difference between finance and accounting. Accounting focuses on the day to day flow of money in and out of a company, whereas finance is a broader term for the management of assets and liabilities and the planning of future growth.
Previously, I worked as an Insolvency Accountant with over 4 years’ experience and enjoyed this specialty as it taught me personally how to manage my own money and how to prevent becoming insolvent in the future.
It was also very rewarding for me as I was able to show my personal side to creditors or bankrupts by being compassionate, empathetic and most of all offering my strength and knowledge to those who needed help in moving forward and starting fresh.
There are so many reasons why people experience Insolvency. Some are forced and some aren’t. It could be from cash flow crisis caused by limited funds and lack of management either personal or in a business; poor retention of employees; excessive debts and lack of stables sales in a business or excessive use of credit cards – which is a personal defect.
Talking About Money Doesn’t Always Have To Be Serious – Or Cold
One day I received a phone call by an extremely distressed middle-aged woman who voluntarily made herself bankrupt due to her husband leaving her with three kids to raise alone.
She was left to deal with all possessions whether it were cars or houses, particularly those with financial agreements, loans, mortgages and shares.
She had no superannuation accrued or very little to use as she had been a stay at home mother/wife for several of years.
She cried horrifically as she felt like a failure to herself and her kids, she asked whether it was possible to ever gain credit again or how it was possible to start over and or suggested whether killing herself would be easier than starting over.
My initial response to this while I had tears in my eyes, along with upholding my strength and professionalism, was no to all. I told her that “None of this was your fault, you can easily recover from this”, and I asked her to come into the office to have a face-to-face discussion and explained the process of being bankrupt and how it helps moving forward in the future.
I met this lady while she was rock bottom and at her worst. Fortunately, after our intensive discussion she left with a smile with a stable and clear focus, bouncing back after a year in which she found more confidence and this was highly rewarding for me.
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