Accounting consultants offer scalability and flexibility that source documents may take work for businesses to achieve on their own. They can identify potential financial risks and recommend strategies to avoid or minimize them, helping businesses avoid costly mistakes and safeguard their financial stability. The EY Accounting Professional of the Future survey reveals insights into how to better attract Gen Z to the accounting profession.
An accountant consultant doesn’t just analyze numbers; they also guide businesses in financial planning, budgeting, and investments. They compile detailed financial reports and explain their findings to executives and key stakeholders. An accountant consultant’s role varies depending on their area of specialization and their clients’ specific needs.
You could also apply directly for an accounting consultant position with an accounting firm, where you would work with and learn from other accounting consultants and gain easy access to clients. However, if you choose this path, you work the hours and projects assigned to you, and earn a fixed salary rather than charging your own rates. A financial professional will offer guidance based on the information provided and offer a no-obligation call to better understand your situation. By taking over complex financial tasks, consultants allow businesses to concentrate on their core operations, which can lead to increased productivity and efficiency. Once they understand the client’s requirements, the accounting consultant will conduct an exhaustive financial analysis, examining the company’s revenue, expenses, cash flow, and other key financial metrics. EY US is transforming the roles of audit and tax professionals with the seamless integration of advanced data analytics and artificial intelligence (AI) into our core audit and tax platform tools.
A REWARDING CAREER MOVE
- Accounting consultants must stay ahead of these changes to provide their clients the most current and effective solutions.
- An accounting consultant, equipped with a deep understanding of a business’s unique needs, can develop an effective accounting system.
- However, starting salaries alone are not enough to draw the best students into accounting.
- However, if you choose this path, you work the hours and projects assigned to you, and earn a fixed salary rather than charging your own rates.
Not only that, but if you stick to hourly billing, you will need to take on and maintain more clients to increase your profits. With a fixed consulting fee, you charge for your value, above and beyond your time. 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 exchange rate risk referrals as well. Department of Labor’s Bureau of Labor Statistics, the unemployment rate for accountants and auditors was 1.4% in the fourth quarter of 2019.
Key steps to become an accounting consultant
According to the Bureau of Labor Statistics, the median earnings for accountants and auditors are $69,350 as of May 2017, with half making less money and half making more. Accounting wages fall below $43,020 for the bottom 10 percent of workers and rise above $122,220 for the top 10 percent. Accounting services firms pay $83,000 on average, while management consultancy services firms offer $80,840 on average.
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The role of an accounting consultant is multifaceted and of paramount importance in the business world. They are the leaders with information and insights facilitating intelligent decisions about the organization’s financial future. They often carry professional certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA), which are a testament to their competence in the field.
However, starting salaries alone are not enough to draw the best students into accounting. Whether they intend to be career-long leaders at EY US, what is the difference between fixed asset write off and disposal or to eventually serve in C-suite positions in other businesses, or to forge their own paths as entrepreneurs, the strongest recruits want to make sure their careers have momentum. 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.
