What Does An Accounting Consultant Do: Duties And Responsibilities

By looking over several accounting consultants and senior staff accountants resumes, we found that both roles require similar skills in their day-to-day duties, such as “cpa,” “gaap,” and “reconciliations.” But beyond that, the careers look very different. On average, senior accountant analysts earn a higher salary than accounting consultants. Interestingly enough, senior accountant analysts earn the most pay in the finance industry with an average salary of $89,199. Whereas accounting consultants have higher pay in the manufacturing industry, with an average salary of $68,965.

• As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client’s business going forward.
• You can also gain skills by volunteering or working at a reduced rate until you get up to speed.
• If the accounting consulting topics in highest demand aren’t your best skills, you may want to start other advisory services in your firm.
• As clients seek more answers and more guidance, the demand for accounting consultants increases as well.

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.). Shifting demographics, changes in consumer behavior, a dynamic tax and regulatory environment, technology, and a multitude of other factors are having a profound impact on the future of accounting. Which types of consultants are in biggest demand will likely change from year to year, as the profession continues to evolve to meet consumer needs.

000+ Accounting Consultant Jobs in United States

If the accounting consulting topics in highest demand aren’t your best skills, you may want to start other advisory services in your firm. 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.

• 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.
• Many CPAs become part-time or full-time consultants prior to retirement.
• In fact, they’re 1.6% less likely to graduate with a Master’s Degree and 0.0% more likely to earn a Doctoral Degree.
• Once the client has chosen an entity structure, your consulting job is done.
• 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.

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”). You can work out any problems or issues with your client directly without involving a third party. You would also receive your entire fee from your clients and don’t need to give a cut to a staffing firm. An Accounting Consultant is a person tasked to assist the accounting department of a company. The consultant advises businesses concerning the accounting system used by the organization.

What Does an Accounting Consultant Do?

“The biggest mistake high-level accounting people make on their résumés is that they don’t let the reader know the type of industry the company is, the size of the company,” Plato said. 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. 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.

On average, senior accountant analysts earn a $12,452 higher salary than accounting consultants a year. Managers/finance accounting earn the highest salaries when working in the government industry, with an average yearly salary of $92,198. On the other hand, accounting consultants are paid more in the manufacturing industry with an average salary of $68,965. While their salaries may differ, the common ground between accounting consultants and managers/finance accounting are a few of the skills required in each roleacirc;euro;trade;s responsibilities. In both careers, employee duties involve skills like cpa, gaap, and reconciliations.

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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%. Department of Labor’s Bureau of Labor Statistics, the unemployment rate for accountants and auditors was 1.4% in the fourth quarter of 2019. 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.

Finance Accounting Manager

Probably the most important decision you will need to make is whether to be an independent consultant or work as a contractor for a staffing or consulting services firm, two of the main avenues for consulting, though not the only options. A senior cost accountant is an individual who maintains detailed costs in a company’s system and provides cost analysis that supports operations and sales. Senior cost accountants are required to review inventory and deal with manufacturing personnel to control and analyze standard costs. They must record cost information to be used in controlling expenditures as well as recommend cost efficiencies in new product layouts.

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. Senior accountant analysts tend to reach similar levels of education than accounting consultants. In fact, they’re 1.6% less likely to graduate with a Master’s Degree and 0.0% more likely to earn a Doctoral Degree. A manager of finance accounting’s role is to oversee the financial activities in a company or organization.

The survey also compared annual accounting consultant salaries by geographic and metro regions. For example, a CPA consultant’s average salary in New York City is $106,000 per year, while in Bethesda, nominal fee meaning MD, the annual salary averages $74,000. An ongoing survey by Indeed shows that the average salary for accounting consultants in the United States is $78,960 per year (as of April 2020).

If you’re wondering how to transition into accounting consulting, you’re in good company. 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. Another option is to consult on the side, or in between permanent jobs. 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.

Senior cost accountants must also provide reports that specify and compare factors affecting prices and profitability of products or services to the management. The education levels that managers/finance accounting earn slightly differ from accounting consultants. In particular, managers/finance accounting are 2.7% more likely to graduate with a Master’s Degree than an accounting consultant.