Accounting consulting: How to become an accounting consultant Thomson Reuters

Your comfort level with networking and asking for business will impact your ability to find clients. Make sure you have business cards and set up your own database of contacts or use LinkedIn. Think about who’s in your local network to reach out to (for example, professional membership or religious organizations, chambers of commerce, Business Network International, etc.). If you set up a home-based office and plan to have business-related professionals come to your home, you will need to determine what type of business-related liability and/or property insurance to obtain. If you have homeowner’s or renter’s insurance, you should inquire with your insurance company to determine what is covered. If colleagues or clients will ride in your car, you will also want to speak with your insurance company about using your car for business.

• As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client’s business going forward.
• This type of advisory relationship differentiates you from other consultants.
• It’s becoming increasing popular for many CPAs to offer their services in an accounting consultant capacity, which is a bridge to becoming the holistic trusted advisor consumers are looking for in today’s economic climate.

Before launching your consulting career, determine what type of work you think you may want to do. Then perform a self-assessment to identify any gaps in your skills. Evaluate both your technical skills (such as regulatory knowledge, industry knowledge, proficiency with different types of software, and writing capabilities) and soft skills (training and/or managing staff, networking, presenting). When working as an independent consultant, however, you may enjoy more freedom to choose your clients and the hours you work (see “From Controller to Consultant”).

Accounting Specialist

Whether you have specialized skills or are proficient in several areas, there is a niche where you can provide great value based on your experience, skills and interests. If the accounting consulting topics in highest demand aren’t your best skills, you may want to start other advisory services in your firm. Opportunities for accounting consultants are at an all-time high. Department of Labor’s Bureau of Labor Statistics, the unemployment rate for accountants and auditors was 1.4% in the fourth quarter of 2019. A consulting gig is typically temporary, designed to help your client with a specific problem or situation, such as determining which entity type is the best for their new venture. You would consult on that, offering an analysis from an accounting and tax perspective, based on the business, the client’s goals and objectives, and specific needs.

• It’s fairly common for CPAs to become part-time or full-time consultants just prior to retirement, while others enjoy the benefits of greater flexibility and control over their schedules earlier in their careers.
• To build new skills or hone ones you haven’t used lately, you may need to do research or take classes.
• No matter the timing of your transition to accounting consulting, you will need to plan your new business in advance.
• Working with us means working with inspiring, goal-oriented and passionate team players, who make an impact.
• Your clients pay you for your expertise, knowledge and guidance, and you will likely reap the rewards of that relationship in terms of more business from them and their referrals as well.

If you’re thinking of becoming a consultant, however, there are some things you need to know about the consulting landscape first, and some vital questions to ask yourself. Read our white paper, How accountants work from home successfully, to discover specific steps you can take now, along with insights into how you can effectively difference between sales and revenue with table manage your business remotely. As US GAAP expert, you’ll work as part of a team of problem solvers, helping to solve complex business issues from strategy to execution. Sign in to create your job alert for Accounting jobs in United States. Sign in to create your job alert for Accounting Consultant jobs in United States.

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Accounting consultant hourly rates

That will give you time to obtain any additional training or education you will need. Of course, the COVID-19 pandemic may affect the profession to a degree, but over the past decade, accountants and auditors have maintained higher employment rates than many other professional positions. Discover how to grow your accounting practice and become a next generation firm through high value advisory services with Practice Forward.

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From an advisory perspective, your clients may engage you for year-round advice and insights into all areas of their businesses. You work with them directly and routinely to enhance their decision-making and help their businesses grow. This type of advisory relationship differentiates you from other consultants.

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Note that, depending on your previous role, you may not have all the knowledge you need to serve a new population. For instance, if you’ve been in a senior management role, you may not have been involved with hands-on accounting functions for a long time. Or, if you work for a large organization, you most likely use different software than smaller companies do. The niche you want to enter may require you to learn a particular type of software (QuickBooks, Xero, Intacct) or brush up on other skills such as workflow management. Many CPAs who have made the leap to consulting, whether on their own or working with a staffing company, have found it to be a rewarding career move.

Since so few accountants are unemployed, open positions are going vacant for longer, and organizations are likely to consider hiring consultants on a short-term basis, said Maureen Hoersten, COO at Chicago-based staffing firm LaSalle Network. It can take three to four months to fill a high-level vacancy, such as a CFO or controller position, and organizations may hire a consultant in the meantime. They may also seek consultants because they are expanding or relocating and need someone to assist during a transition or to help implement software. “It’s a consultant’s market,” said Don Plato, vice president at Robert Half Management Resources. Department of Labor’s Bureau of Labor Statistics, the unemployment rate for accountants and auditors was 1.7% in the third quarter of 2018, well below the national unemployment rate of 3.7%.

Once the client has chosen an entity structure, your consulting job is done. That doesn’t mean that you won’t have additional consulting opportunities with that same client in the future; it just means that you handle them one at a time as they arise. There’s another practical difference between serving as a traditional accountant and becoming an accounting consultant; namely, it’s how you get paid. Conventionally, accountants bill for time spent, whereas a consultant usually provides up-front pricing for specific consulting engagements, above and beyond the hourly billing for compliance and technical services. If you’re wondering how to transition into accounting consulting, you’re in good company.

Learn how to start an accounting advisory business in our white paper. Learn how to start an accounting advisory business in our white paper. These are just a few of the HR functions accounting firms must provide to stay competitive in the talent game. Regardless of the type of work you want to do, getting started as a consultant most likely will require advance planning. If time allows, you should start thinking about it at least six months from the time you plan to retire or transition.