Career Paths for CPAs Beyond Public Accounting

With Practice Forward content, tools and guidance, you can expand into advisory services, improve margins, drive growth, and elevate client service. 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). 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. Following best practices for search engine optimization (SEO) and mobile performance can make it easier for new clients to discover and learn about your business.

In the dynamic world of entrepreneurship, CPAs become instrumental in building and growing new businesses and navigating economic challenges with agility. By earning the CPA designation with Surgent, you can confidently contribute to the success of startups. CPAs can make a significant impact by working for government agencies or nonprofit organizations. These entities require financial professionals to manage budgets, ensure compliance, and drive financial transparency.

Potential Communication Barriers

At Finance Strategists, we partner with financial experts to ensure the accuracy of our financial content. Businesses should therefore seek consultants who understand and can adapt to their culture and working methods. The business and the consultant must try to establish and maintain open lines of communication. The results of this analysis are often presented to the client in the form of detailed financial reports. What if your watch were not just a watch with 12 numbers and two hands? What if it were way more complicated and, even though you’ve been carrying this watch around for years, it was more of a fashion accessory than a tool that provides any useful information about the time or anything else.

• Building a profitable consulting business requires industry expertise, problem-solving skills, and the ability to attract clients—and retain them.
• Unprofitable startups can seriously reduce their burn rate – up to $500,000 per year.
• A person tasked with assisting a company’s accounting department is known as an accounting consultant.
• Derivatives and Hedging Advisory Services (DHAS) assist you with managing your interest rate, foreign currency, and commodity risks.
• Evolve your digital transformation with the power of real-time insights, end-to-end visibility, and scalable solutions.

From corporate finance to forensic accounting, government service to management consulting, the possibilities are vast. As we delve into these alternative career paths, we will also explore the unique contributions CPAs can make in each role, showcasing the versatility and value they bring to the table. Before an accounting consultant can provide effective advice or services, they must first understand the client’s business operations, financial needs, and long-term goals. These consultants are typically accredited accountants with a comprehensive understanding of business and finance, and they use this knowledge to offer expert advice and provide valuable services to their clients.

How much does it cost to start a consulting business?

Startups are more successful when they can accurately budget and plan for growth. Kruze helped us all the way through our journey – from our seed round to our A to our eventual acquisition by a public company. At Marcum, we combine the resources and technology to deliver the best of both worlds for our clients and employees.

Department of Labor’s Bureau of Labor Statistics, the unemployment rate for accountants and auditors was 1.4% in the fourth quarter of 2019. An accounting consultant can serve as both teacher and guide for a business, especially when the business could benefit from accounting services or improvements to their own accounting processes and procedures. Accounting and finance consulting is a fast-growing job, and every company requires their service. It has great potential to give healthy profits if you want to open a firm. As a freelance consultant, you get to create a strong network that will eventually benefit your growth. There is a positive job growth of 10 percent between 2016 and 2026.

Challenges and Limitations of Hiring an Accounting Consultant

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.). Read our consulting accounting white paper, How to start an accounting advisory business, to learn more about how to become an accounting consultant. According to entrepreneur.com, accounting consultants are the number one most sought-after types of consultants. While there are similarities, the primary difference between advisory services and accounting consulting is the length and purpose of the engagement.

• If you succeed in forging a path to your client’s growth, you also create a solid footing to continue working with them long-term as a business partner and advisor.
• Your personal and professional development, your achievement, your lifelong learning, your individuality and your choices.
• Businesses should understand what a potential consultant specializes in and what services they can provide.
• There may be additional training or education to help you specialize in a particular type of consulting, but there are also other considerations that require some forethought.
• These responsibilities can vary based on an individual’s specific job, company, or industry.
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