With our user-friendly platform, you can create a compelling job description and start receiving applications right away. 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. Hourly rates for accounting consultants range from $27.39 (Tampa, FL) to $44.39 (Washington, D.C.). 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).
Becoming an accounting consultant takes a special set of skills beyond your technical accounting expertise. Technical skills aren’t necessarily the divide between a great consultant and a mediocre one. Passion, drive for excellence, leadership, communication skills, and organizational skills – in addition to your knowledge – play a big role in how successful you what is the definition of the direct cost of sales will be as an accounting consultant. Employers need to look for candidates with strong analytical skills, deep knowledge of accounting principles and regulations, and excellent problem-solving abilities.
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Do you want to work with your existing accounting clients, or attract new clientele? If you’re selling your consulting services through an accounting firm or management firm, you may not have to look very far for consulting clients. If you’re putting up a new independent contractor shingle, you will need to market and sell yourself to various companies and individuals in order to bring in the new consulting engagements.
Education Requirements for Accountants
- An accountant consultant doesn’t just analyze numbers; they also guide businesses in financial planning, budgeting, and investments.
- As a senior accountant analyst, your main role is to provide professional guidance to a company.
- We are seeking a knowledgeable Accounting Consultant to help our clients improve their financial procedures and systems.
- A senior staff accountant provides strategic recommendations to prevent overspending and increase efficiency across all departments to drive more revenues and profits.
- As an Accounting Consultant, you will be responsible for providing professional accounting services to our clients and assisting them in making sound financial decisions.
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. 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. Accounting Consultants should possess strong numeracy and analytical skills to interpret complex financial data. To deliver efficient and accurate results, accounting consultants must demonstrate proficiency in various accounting tools and software.
Key Responsibilities of an Accountant Consultant
Accounting consulting professionals help clients with financial management, financial forecasting and auditing. Collaborating with business leaders, they also prepare and file financial reports and tax documents, conduct tax research and suggest ways to improve financial reporting processes. This advisory role requires attention to detail and good analytical skills to make observations that are based on complex financial data and avoid mistakes.
Be creative in your job posting, using language that reflects your organization’s culture, values, and goals. Highlight what makes your organization unique and why the accounting consultant position is a good fit for the right candidate. 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 referrals as well.
Getting started can be as simple as merely getting your name out there to your existing clients and referral sources or as complicated as starting a business from the ground up. According to entrepreneur.com, accounting consultants are the number one most sought-after types of consultants. 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. Finally, excellent analytical skills, attention to detail, and good communication skills are essential for success in this role.