Reason of fail in interview

1) Preparation  

The most important aspect of the interview is the preparation that the candidate undertakes. Applicants can make their life a lot easier by making sure that they are well prepared before they even leave for the interview. For instance, those who are dedicated in their search for a new job can often have several interviews lined up at any one time. If those who are in this situation get confused or mix up interview dates, it can demonstrate poor organisational skills and can obviously be detrimental to interview success.

2) Not impressing with your dressing:

It is amazing how many applicants really do not consider what they are wearing to an interview. There are those who really do turn up to an interview in just jeans and a t-shirt. This does not look professional to the interviewer and can seem like the interviewee has no real intention of pursuing the job. No matter how ‘cool’ or trendy the organisation is, it is always better to be overdressed than under dressed.

It is not just dressing in the right clothes that can make the difference. Having the clothes freshly cleaned and professionally ironed is a huge benefit. Wearing a creased shirt or trousers shows poor organisation and a lack of personal care.

4) Not doing the correct research:

Spend some time researching the company. Often one of the first questions asked in an interview is “what do you know about X?” By showing your knowledge of the company to the interviewer, you can demonstrate that you are organised and have done the research.

However candidates should also prepare relevant questions for the interviewers. Not having questions which impress the recruiter is particularly damaging and can demonstrate a lack of commitment or understanding for the job that has been applied for. Of course the interviewee shouldn’t field questions which the interviewer will struggle to answer or may be seen as a challenge to their authority. A good place to start is enquiring further into aspects of the job role and the future career progression that can be made. Do not ask about holiday or benefits though.

Building a relationship with the interviewer by asking about how they have achieved their career and what interests they have; can build commonality and is highly recommended. Building this commonality between the two of you can help you direct your questions in a more relevant manner and bring up subjects of interest. This will give you a better chance to be memorable to the employer and a higher chance of success in the process.

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Tax manager job description

This tax manager job description it is  optimised for posting in online job boards or careers pages and easy to customise for your company.

A. RESPONSIBILITIES AND SPECIFIC DUTIES (LIST IN ORDER OF IMPORTANCE): -

• Review and manage staff deliverables including tax returns, extensions, tax planning calculations, and write-up work for all entity types (C-Corp, S-Corp, Partnership, Fiduciary, Non Profit, gift, multi state and TX franchise). 

• Review Compiled financial statements for Corporations, Not for Profit entities, Partnerships, and Individuals, including workpapers, accounting and adjusting entries, bank reconciliations, and client books and records. 

• Prepare and review complex tax planning projections for individual and corporate estimated tax liability. 

• Manage and monitor client deliverables and due dates. 

• Prepare complex U.S. and multi-state income tax returns for business entities, including consolidated and non consolidated C-corporations, S-Corporations, Partnerships, Fiduciary, and Non-Profit Organizations.

• Prepare complex U.S. and state individual income, gift tax, and estate tax returns.

• Conduct complex tax research and prepare memorandum outlining findings and conclusions. 

• Respond to IRS and state agency audits, inquires, and tax notices. Communicate with IRS and clients in connection with audits, inquires, and tax notices. 

• Delegate projects to staff that can handle them most efficiently and provide accounting and tax assistance to staff as needed. 

• Communicate directly with existing clients, colleagues, management, and IRS representatives regarding various tax matters.

• Assist with business development efforts, including but not limited to, meeting with prospective clients, preparing fee quotes and proposals, and evaluating clients’ needs. 

• Lead department in knowledge of software, processes, and workflows. 

• Assist with employee training for new hires and ongoing employee training.

• Engage in consulting and special projects as requested by Management and Clients.

• Takes direction and reports to the Partners of the tax department.

B. KNOWLEDGE AND SKILL REQUIREMENTS:

• CPA Certification required. 

• Good oral and written communication 

• Good time management and organizational skills 

• Proficient in Microsoft Office, Prosystem, Ultratax, and Adobe software. 

• Proficient in QuickBooks or equivalent accounting software desired. At minimum, must have sound knowledge of basic functionality of QuickBooks or equivalent accounting software.

C. EDUCATION AND WORK EXPERIENCE: 

• CPA certification required. 

• Bachelor’s degree in accounting or other major with tax and accounting (through intermediate) course work completed. 

• Minimum of five years of experience preparing all types of tax returns with a public CPA firm or private company. 

• Minimum of two years reviewing all types of tax returns and compiled financial statements with a public CPA firm or private company

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Basic Accounting Definitions

1. Accounts Receivable – AR

Definition: The amount of money owed by your customers after goods or services have been delivered and/or used. See how it works here.

2. Accounting – ACCG

Definition: A systematic way of recording and reporting financial transactions.

3. Accounts Payable – AP

Definition: The amount of money you owe creditors (suppliers, etc.) in return for good and/or services they have delivered. See how it works here.

4. Assets (Fixed and Current) – FA and CA

Definition: Current assets are those that will be used within one year. Typically this could be cash, inventory or accounts receivable. Fixed assets (non current) are more long-term and will likely provide benefits to a company for more than one year, such as a building, land or machinery.

5. Balance Sheet – BS

Definition: A financial report that summarizes a company's assets (what it owns), liabilities (what it owes) and owner’s equity at a given time.

6. Capital – CAP

Definition: A financial asset and its value, such as cash or goods. Working capital is calculated by taking your current assets subtracted from current liabilities.

7. Cash Flow – CF

Definition: The revenue or expense expected to be generated through business activities (sales, manufacturing, etc.) over a period of time. Having a positive cash flow is essential in order for businesses to survive in the long run.

8. Certified Public Accountant – CPA

Definition: A designation given to someone who has passed a standardized CPA exam and met government-mandated work experience and educational requirements to become a CPA.

9. Cost of Goods Sold – COGS

Definition: The direct expense related to producing the goods sold by a company. This may include the cost of the raw materials (parts) and amount of employee labor used in production.

10. Credit – CR

Definition: An accounting entry that may either decrease assets or increase liabilities and equity on the company's balance sheet, depending on the transaction. When using the double-entry accounting method there will be two recorded entries for every transaction: a credit and a debit.

11. Debit – DR

Definition: An accounting entry where there is either an increase in assets or a decrease in liabilities on a company's balance sheet.

12. Expenses (Fixed, Variable, Accrued, Operation) – FE, VE, AE, OE

Definition: The fixed, variable, accrued or day-to-day costs that a business may incur through its operations. Examples of expenses include payments to banks, suppliers, employees or equipment.

13. Generally Accepted Accounting Principles – GAAP

Definition: A set of rules and guidelines developed by the accounting industry for companies to follow when reporting financial data. Following these rules is especially critical for all publicly traded companies.

14. General Ledger – GL

Definition: A complete record of the financial transactions over the life of a company.

15. Liabilities (Current and Long-Term) – CL and LTL

Definition: A company's debts or financial obligations it incurred during business operations. Current liabilities are those debts that are payable within a year, such as a debt to suppliers. Long-term liabilities are typically payable over a period of time greater than one year. An example of a long-term liability would be a bank loan.

16. Net Income – NI

Definition: A company's total earnings, also called net profit or the “bottom line.” Net income is calculated by subtracting totally expenses from total revenues.

17. Owner's Equity – OE

Definition: An owner’s equity is typically explained in terms of the percentage amount of stock a person has ownership interest in the company. The owners of the stock are commonly referred to as the shareholders.

18. Present Value – PV

Definition: The value of how much a future sum of money is worth today. Present value helps us understand how receiving $100 now is worth more than receiving $100 a year from now. See an example of the time value of money here.

19. Profit and Loss Statement – P&L

Definition: A financial statement that is used to summarize a company’s performance and financial position by reviewing revenues, costs and expenses during a specific period of time; such a quarterly or annually.

20. Return on Investment – ROI

Definition: A measure used to evaluate the financial performance relative to the amount of money that was invested. The ROI is calculated by dividing the net profit by the cost of the investment. The result is often expressed as a percentage. See an example here.

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Some Important Concepts in Accounts

Important Concepts

(1) Accruals concept :- revenue and expenses are recorded when they occur and not when the cash is received or paid out;

(2) Consistency concept :- once an accounting method has been chosen, that method should be used unless there is a sound reason to do otherwise;

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