New position.

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NickyW
NickyW Registered Posts: 97 Regular contributor ⭐
This might seem like a strange post but was wondering if anyone out there is in the same boat as I am.
I have been studying AAT and just need to sit the tax papers and will then be finished.
I have been in minor Accounts roles for quite a few years but recently got a postion within a very small company where I can actually use the information I have learnt from AAT.
I now find myself in a position where my Boss is asking me to do stuff such as forecast P & L, Balance Sheets, performance indicators etc. I know how to do it but as I have never done it I find myself trawling through the internet and using forums such as this to make sure I have got it right.
I suppose my question is is this OK to do?? And are there any people out there who have been in a similar postion.?
I am sort of thinking that maybe I am unqualified to do this job or maybe lacking from a crippling lack of self confidence!!
Any comments gladly welcomed!
Nicky

Comments

  • Woooof
    Woooof Registered Posts: 174 Dedicated contributor 🦉
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    Your not unqualified, the main problem is getting to grips with all the procedures/equations/layouts etc again after you have not used it for a while.

    And another thing, I see our IT guy regularly on Google trying to find answers he doesn't know ;)
  • NickyW
    NickyW Registered Posts: 97 Regular contributor ⭐
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    Thanks for this. Think I had a bad day at work. Have now started to draft a forecast P & L something I have never done before - and do you know, it wasn't as hard as I had anticipated!
    Nicky
  • coojee
    coojee Registered Posts: 794 Epic contributor 🐘
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    We all look things up when we're not sure how to do things. It's not a sign of weakness, it's actually a strength because you've got the gumption to realise that you don't know the answer. The people who make a mess of things are the ones who think they know what they're doing and go at things like a bull in a china shop not realising that they're making a pigs ear of it because they don't know what they're doing.

    I'm sure there's a saying something along the lines of, intelligence is realising when you don't know the answer and doing something about it.

    Good luck in your new job and enjoy!
  • JaffasGirl
    JaffasGirl Registered Posts: 387 Dedicated contributor 🦉
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    coojee wrote: »

    I'm sure there's a saying something along the lines of, intelligence is realising when you don't know the answer and doing something about it.

    Good luck in your new job and enjoy!


    'Intelligence is not to make no mistakes, but to quickly see how to make them good' - Bertolt Brecht

    i also like -

    'It is wiser to find out than to suppose' - Mark Twain
  • coojee
    coojee Registered Posts: 794 Epic contributor 🐘
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    JaffasGirl wrote: »
    'Intelligence is not to make no mistakes, but to quickly see how to make them good' - Bertolt Brecht

    i also like -

    'It is wiser to find out than to suppose' - Mark Twain

    Ah, thank you. I knew there was one somewhere!
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
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    Disappointed - I just read this as I thought it may relate to the Karma Sutra .........

    Never mind!
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
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    NickyW - I think it's fantastic that you have a role you can grow into.

    Think of it this way - how dull might your job be if you didn't have to learn new skills ..... I think you will be happier for longer if you feel challenged and useful, rather than doing something mundane and routine ;)
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • A-Vic
    A-Vic Registered Posts: 6,970 Beyond epic contributor 🧙‍♂️
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    :lol: bad anniem bad bad anniem
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
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    A-Vic wrote: »
    :lol: bad anniem bad bad anniem

    Am I the only one who read the title and wondered?????
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • Jan
    Jan Registered Posts: 654 Epic contributor 🐘
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    anniem wrote: »
    Am I the only one who read the title and wondered?????

    Yes!

    Now go & find that German website
  • anniem
    anniem Registered Posts: 1,326 Beyond epic contributor 🧙‍♂️
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    Jan wrote: »
    Yes!

    Oh
    FMAAT - AAT Licensed Member in Practice - Pewsey, Wiltshire
  • blobbyh
    blobbyh Registered Posts: 2,415 Beyond epic contributor 🧙‍♂️
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    When it comes to management accounts and executive reports, these are often bespoke for the directors and other decision makers of the business you're working for. Our first friend is Excel but our close second is Google! Of course, you're right to be a little wary but this sounds like a fantastic opportunity that many on here would give their right arms for. As far as the KPI's go, you'll need to discuss with your boss what he wants to analyse. An example that I produce is cost cover ratios of our recruitment consultants - their gross salaries + taxes, commissions, healthcare, other benefits etc - against their revenues earned, with a target of three times covered. This has been especially important to help us get through the past eighteen months where we cannot afford to keep employing non-fee earning, highly paid sales staff.

    You know how to produce the financial statements and manipulate data from DFS, so you already have the basic tools. Train yourself at Excel to advanced level, think a little differently and set your imagination free with the wealth of other reports you can make.
  • PGM
    PGM Registered Posts: 1,954 Beyond epic contributor 🧙‍♂️
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    NickyW wrote: »
    crippling lack of self confidence!!

    This is what effect many of us.

    Profit projection is quite simple, is us that complicate it with fancy layouts.
  • NickyW
    NickyW Registered Posts: 97 Regular contributor ⭐
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    I haven't been on this forum for a while and just wanted to say thanks for all your replies!
    Nicky
  • rawtec
    rawtec Registered Posts: 17 New contributor 🐸
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    I can fully understand the self-doubt, I would be much the same in your position.

    But what an opportunity! The best way of learning is by practice and repetition in the real world. As long as you know exactly what information the boss requires then your AAT knowledge, Google, Forums and referring back to the text books would be perfectly exceptable.

    Before you know it, you'll be a dab-hand and probably have more in-depth knowledge than people who do this on a template by rote-number.

    Best wishes, I hope it all goes well.

    Rob
  • Londina
    Londina Registered Posts: 814 Epic contributor 🐘
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    NickyW wrote: »
    I now find myself in a position where my Boss is asking me to do stuff such as forecast P & L, Balance Sheets, performance indicators etc. I know how to do it but as I have never done it I find myself trawling through the internet and using forums such as this to make sure I have got it right.

    But don't everybody think that this boss should at least give some training to Nicky in order to do this new job? Cannot expect a person to suddenly do a new job without explanation?

    it's like my job, where I have been asked to do tax returns for individuals and didn't receive any traning (also don't have the knowledge, as I didn't study PTC!!)
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