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.

  • “cpa,” “erp,” “shared services,” and “balance sheet reconciliations” are skills that commonly show up on accounting consultant resumes.
  • On average, senior cost accountants earn a $2,994 higher salary per year.
  • Their responsibilities revolve around coordinating with other departments to gather financial data, analyze the revenues and expenditures, and develop written reports and presentations.

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.

Accounting consulting: How to become an accounting consultant (and why)

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.

  • 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.
  • Though organizations are seeking consultants with more general skill bases, the most in-demand accounting consultants are those with specialized skills (see “The Most Sought-After Skills for Consultants,” below).
  • Get notified about new Accounting Consultant jobs in United States.
  • Ask yourself whether you may be hiring staff later on, which may affect how you set yourself up as well.

Their responsibilities revolve around coordinating with other departments to gather financial data, analyze the revenues and expenditures, and develop written reports and presentations. A manager of finance accounting must also maintain accurate financial records, identify any errors or inconsistencies, and perform support tasks for staff when necessary. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company’s policies and regulations.

What’s the difference between advisory services and consulting?

When you provide accounting consulting services, you do more than make sure the numbers add up. You provide additional analysis or insight beyond the compliance transaction, usually by being hired to provide solutions to a particular problem (though some consulting can look like advisory services and be more open-ended and wide-ranging). As a CPA consultant, you analyze the numbers and trends and provide thoughtful, detailed insight to improve your client’s business going forward.

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.

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. Learn how to start an accounting advisory business in our white paper. Learn how to start an accounting advisory business in our white paper.

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Being an accountant can mean far more than preparing tax returns, compiling financial statements, handling technical compliance work or providing back-office accounting services. 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. Most placements by staffing or consulting services firms are for three to six months, though occasionally they can last a year or more.

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Consulting can be a way to finish up your career until you’re ready to retire from work altogether, or serve as a steppingstone at times when you are between permanent employers or need greater flexibility. Consultants should be proficient in the skills their prospective employer needs and be able to quickly adapt to the processes and procedures of their new workplace. Hourly rates for accounting consultants range from $27.39 (Tampa, FL) to $44.39 (Washington, D.C.). If you are wondering if there is a ballpark number for an accounting consultant hourly rate or fixed fee, keep in mind that – in addition to the above questions that will factor into the pricing structure – rates also vary by geographic region. If you’ve been considering consulting as the next stage in your career, you’re not alone. Many CPAs become part-time or full-time consultants prior to retirement.

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. Another advantage to working for a staffing or consulting services firm is that they offer benefits, such as health insurance, vacation time, bonus pay, and, in some cases, even free CPE. Independent consultants would need to secure health insurance and similar benefits on their own. Senior cost accountants typically earn higher pay than accounting consultants.

Others choose consulting because they want greater flexibility and control over their schedules. Some consult between full-time jobs, or on the side while working full time. With Practice Forward content, tools and guidance, you can expand into advisory services, improve margins, drive growth, and elevate client service. No matter the timing of your transition to accounting consulting, you will need to plan your new business in advance. 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.

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 net financial position 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.

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. To become an accounting consultant, you also need to consider who you want to work with. 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.