Starting An Accounting Consultant Career
Accounting is all about performing financial audits, preparing tax filings, and keeping the book as and when required for the client! The new-age technology has greatly changed this profession—all thanks to the wide acceptance and use of the internet and computer. So accountants need to evolve their accounting principles continuously with the changes in current trends.
A consultant has expertise in any specific field and uses it to become an individual or company advisor! An accounting consultant is here to help businesses and individuals improve their financial health. There are many accounting software allowing tasks automation and better productivity.
Is consultant a good career?
Many companies prefer to outsource their accounting service. So in this way, they can get better financial control in growing their business. An accounting consultant can help clients with many tasks other than offering accounting services, such as;
- Choosing the right accounting service as per need.
- Analyzing the profitability of any business.
- Forecasting finance.
- Setting consistent accounting methods.
- Checking payable accounts to determine the ways a company might save money.
- Going through the financial statements.
You can help the bookkeepers of any company to offer accounting services. The job role also includes increasing the efficiency of the company’s accounting procedures and practices. It is possible by making the necessary changes required in them.
One needs to create a bookkeeping schedule for the firm to get the reports as required, on predetermined deadlines, or on demand. Further, organize a meeting with the company heads to explain its importance to them.
What is a consulting career like?
Not every consultant gains considerable success in life than others. It might be due to less proper knowledge about a particular field. Or might they lack vital interest, drive, and passion for gaining excellence? It is about sharing your expertise in return for money!
You might think, Is consulting a good first job?
Before moving into it, you must ensure that your goals match the effort and time required to start working as a consultant. You need to have a good network of contacts, be organized and qualified to become a consultant. Also, you should have a select licensing and certification to start your business!
There are many reasons why a company needs to hire consultants. It can be planning for new business, teaching, influencing others, or supplementing it. As per the study, about 47% of consultants in this business are Female.
You need to have soft skills with the following;
- ability to prepare balance sheets
- doing external audits
- handling general ledger accounts
- making journal entries
- file income tax returns, and
- preparing financial statements.
Should I form an LLC for consulting work?
If you are confident to do it, you should definitely try since it requires less initial capital investment. You should first consult an attorney for licensing or local laws or restrictions.
Most of government firms are there, such as internal revenue agencies. They hire only registered accounting consultancy firms for financial help in their business process.
But before proceeding to start one, it would help to study the market and perform comprehensive feasibility studies. These methods can help you find out and analyze where to get your target customers.
It is also required for you to get an idea about the right price that you can charge clients to offer your consultancy service. You can give tips on managing their accounts-related work and making profits. All such information is a building block while planning for the accounting consultancy business.
LLC is a US-based term to indicate a private limited company. It is a business structure for sole partnerships, general partnerships, and corporations. A company with limited liability is a hybrid entity! It combines partner and corporation characteristics.
In this, the owners are not personally liable for the liabilities and debts of the company.
So, forming a Limited Liability Company can help you to gain many advantages. E.g., creating credibility with potential clients, tax flexibility, and security of personal assets.
What are the different types of accounting work?
You might want to learn about accountancy and use this knowledge to make money. If yes, you can go through related certification or degree programs before practicing one legally. So try to gain enough experience and qualifications required to work as a consultant in accounting!
Generally, accounting can be divided into different kinds as per clients or work areas. It includes;
- Government accounting
- Public accounting
- Forensic accounting
- Fiduciary accounting
- Accounting information systems
- Tax accounting
- Social accounting
- Cost accounting
- Managerial accounting
- Financial accounting, and
- Project accounting.
Most Popular Accounting Jobs
Accountants generally like to apply for Auditor, Financial, Tax, Payroll, and Staff accountant jobs. After some experience and career growth, one can also find opportunities like;
- Financial vice president
- International Tax manager
- Forensic accountant
- Chief Financial Officer (CFO)
- Corporate controller
- Finance director
- Senior Financial Analyst
- Cost accountant manager
- Assistant controller
- Compliance officer
- Accounting IT Manager
- Accounting Software Developer
- Accounting professor
- Compliance manager, and more!
Accounting courses and certification [Accounting certification program]
You can find a big list of courses on accounting offered by institutions depending on the level of education, country, or sector. It is to make people highly efficient and effective in performing accounting duties.
The courses might include relevant topics. It comprises banking, international finance, investments, and financial statement analysis. A program can also give you a brief idea about how accountancy related to business operations can greatly help in practical scenarios.
After getting the basics, an accountant can try accounting certification programs. It can be CPA credentials or specializing in Fraud Examiner, Internal Auditor, or Management Accountant.
Stop wondering: how can I find accounting classes online near me?
Here is a list of accountant certificates and courses:
- AAT qualification
- cima certificate in business accounting
- the Business Accounting Certificate by the Community College of Baltimore Country
- UCLA accounting certificate
- MACC accounting certificate, macc certificate
- computerized accounting certificate with North Seattle College
- certificate in forensic accounting with American University Washington, DC
- online accounting certificate with Southern New Hampshire University
- bookkeeping degree online with Penn Foster and US Career Institute
- uw accounting certificate from the University of Washington
- accounting cert with Harvard Extension School and UC Berkeley Extension
- UCSD accounting certificate with UC San Diego Extension
- post BACC accounting with Southern Oregon University
- nonprofit accounting certification and IFRS certificate program with AICPA
- BCIT accounting certificate with BCIT School of Business & Media in Canada
- ACA certification accounting, become a Chartered Accountant with ICAEW qualification
- HCC accounting certificate with Holyoke Community College and Houston Community College
- certificate of management accounting with the Institute of Management Accountants
- short bookkeeping course with Open Learn
- Find more accounting courses on Udemy and Coursera
How to start a consulting business with no experience
You might be among people who have studied accountancy but are unhappy with your job or facing issues getting one. Now, Can you be an accountant remotely? We will check about it later in this article!
Many small businesses face difficulties in handling their finance or are in need of someone who can guide them to make more profits! Research has proven that many companies must close or face huge losses only because they lack proper financial planning.
It happens because they do not have enough funds to hire an outstanding accountant who can handle their finances. So now, you can realize your role as an accounting consultant. You can help such people, and even large businesses, improve their finance in return for some money for your basic earnings.
What are the most popular accounting software?
Companies usually require using accounting software integrated into their accounting information system! For example, to make financial reports or monitor their business processes. The most popular accounting tools use some algorithms to ease the task of recording and processing business transactions based on accounting.
The standard features included in the best accounting software are; financial reporting and general ledger. The list also has timekeeping, automated invoicing, and tracking purchase orders.
One can also follow company inventory accounts receivable/payable functions. These tools are even useful in analytics for revenue tracking and budgeting. You can use software for receipt capture, image processing or document, and sales tracking!
Some popular accounting software includes;
- Wave Accounting
- Sage Intacct
- MIP Fund Accounting
- Microsoft Dynamics 365
There are many more on the List!
From Sage Intacct, Inc. YouTube channel
Can an accountant work from Home?
Due to typical trends, you can freelance accounting jobs remotely or do accounting consulting from home. After all, there are many advantages of starting a consulting career from home or doing remote accounting consulting, such as;
Save Time: Working from home saves time, especially in getting prepared; commuting to and from the office. You can sit in one place and enjoy the convenience of home to serve your clients remotely.
By the way, in this pandemic situation, it is best if you can start from home. The best part about the same is that you can help your clients wherever they are, either in the same a different place, region, or country!
Save Money – You can save much of your expenses, like paying utilities or renting your office. It is beneficial, especially for startups! The government of many nations has given relaxations in tax deductions. It is applied to people working from homes with few eligibility conditions!
Remove Restrictions – Most of the time, you can manage your working hours efficiently while working from home as a consultant. You are able to work for multiple clients to make more profits.
Part-time remote accountant
Working part-time as an accountant can benefit parents, people who need more time to practice a hobby, avoid spending money on transportation, stay safe at home while making money during the pandemic, etc.
Apart from freelance accounting jobs and building his own business, companies offer part-time telecommuting accountant jobs. For example, Supporting strategies offer controller services and bookkeeping jobs.
What types of consultants are in demand?
There are many departments under different areas where consulting is required, such as;
- Management consulting includes risk & compliance, HR, financial advisory, operations, and Strategy consultants!
- Corporate consulting comprises Sales, Software, Environmental, Business, and IT consultants.
- Independent consulting has Career Coaching, Legal Nurse, and Social Media consultants. Education, Image, Small Business, Security, Financial, Leasing, Leasing, and Marketing consultants are also required!
Can accountants get rich? [accountant salary]
While reading this article now, you might have a few questions in mind;
What is remote accounting jobs salary?
Do consultants make a lot of money?
Do CPAs make 6 figures?
An American survey revealed interesting facts about the salaries of Accounting Consultants:
- The average hourly wage is approximately $30.
- The annual salary exceeds $55k and can even reach six figures.
- The top-paying cities are:
- San Francisco, CA, with over $80k per year.
- Lindenhurst, NY, with over $65k annually.
- Seattle, WA, with around $66k per year.
How much does a remote bookkeeper make?
The average salary of a remote bookkeeper job is around $46k annually, while it is about $20 hourly. Most people may not become rich doing accounting jobs, but it is a good way to make a living.
Who is the richest accountant in the world?
With a net worth of about $25 billion, Phil Knight, Nike’s co-founder, started his journey as a certified public Accountant. After taking his business graduation, he got the US distribution rights of a Japanese Shoe brand.
Further realizing the opportunity, he launched a business with his former track running coach. The company was known as Nike in 1964. Today the brand is worth approximately more than $85 billion.
Embarking on an Accounting Consultant career can be a rewarding and profitable journey. This profession not only offers a stable income but also provides the opportunity to work with diverse businesses, helping them navigate their financial landscape.
Remember, the key to success in this field is continuous learning, staying updated with the latest industry trends, and delivering exceptional service to your clients. Whether you’re based in a bustling city or offering your services remotely, the demand for skilled Accounting Consultants is widespread and growing.
So, equip yourself with the necessary skills, embrace the challenges, and step confidently into the world of Accounting Consultancy. Your journey to becoming a trusted financial advisor starts now.