From Accounting to Consulting: Helping Customers Pivot

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 A Deep Dive into Law Firm Bookkeeping 3.7%. 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.

• You hire a consulting firm to complete a job, not to placate to office dynamics.
• There is further scope for future aspirants who are aware of the industry they want to specialize in.
• All the suggestions that an accounting consultant will give depends on what they make of a company’s financial data.
• Additionally, forensic accounting, internal audits and accounting system evaluation are among the more in-demand skills.
• Our experts help reimagine finance operating models, eliminate the burden of transactional processes, and arm business leaders with intelligent insights.
• There’s another practical difference between serving as a traditional accountant and becoming an accounting consultant; namely, it’s how you get paid.
• 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’s a reversal from a decade ago, when it was 46% auditing versus 33% consulting. Deloitte’s global consulting revenue rose 13% in 2019; auditing revenue was flat. The accounting consulting firms on this list are some of the most desirable finance organizations to work for, whether in the United States or abroad. Each of these firms, however, varies with regard to its values, workload, salary, benefits, and more. To gain insight into which firm might best suit your lifestyle and professional goals, schedule a one-hour session with one of our consulting coaches. While the firm offers far more than just accounting services, it does have a finance/accounting division.

Tax planning & preparation

Companies prefer to hire outside consultants who can provide a fresh look at the business model, and consulting firms love hiring accountants to manage the financial analysis of the BSP program. This is a good role for accounting consultants who want to work on a small team of experts rather than strike out on their own. It’s not a good option for those who want a low-stress, low-stakes consulting job. Rather than managing the finances of a single company, accounting consultants more often work for specialized accounting agencies, finance companies and business consultancy firms that assist many clients.

Work with us to plan your change strategy, align stakeholders, create communications, and establish knowledge management with our frameworks, tools, and accelerators. Stay on top of regulations https://www.digitalconnectmag.com/a-deep-dive-into-law-firm-bookkeeping/ with an integrated compliance function and our SOX advisory services and internal audit programs. Talk to us about third-party risks, internal controls, and ESG compliance.

How do I get started as an accounting consultant?

If clients adjust to post-pandemic demands, they’re more likely to succeed in the future. Accounting firms can provide financial advice or assess trends that guide clients towards greater earning potential and sustained growth. Your firm could also look at clients’ books to find potential for greater earnings and suggest the best options to pivot or expand their business. Additionally, your firm can guide clients through the transition in a legally compliant way.

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. After completing their education, some accounting consultants may opt to turn into a Certified Public Accountant (CPA).

Future Growth Trend

That’s not to say that a consultant comes in to ruffle feathers, of course, but their priority is the project, not appeasing the office curmudgeon. These firms are at a tier below Big 4 firms, not necessarily in terms of knowledge base, but certainly in prestige, resources, and size. They range from international companies (like BDO or Grant Thorton) to national (like Crowe or BKD) or regional footprints (like Whitley Penn or Weaver). Everyone knows who the Big 4 is, what they do, and where they operate – everywhere. These are gigantic firms that have deep knowledge and skillsets, global footprints, and charge accordingly. Lastly, reimbursable expenses like travel can significantly impact your costs, making a highly qualified and experienced regional firm especially appealing.

Whether you have a mature GBS or are early in the journey, our assessment tools, digital technologies, and operating model design will unlock hidden value that achieves world-class operations. An RSM client – a multibillion-dollar conglomerate operating in the specialty and industrial construction industries – entered into a definitive agreement to be acquired by a special purpose acquisition company (SPAC). KPMG is the smallest of the Big Four, but still had over $29B in annual revenue and 219,000 employees in 2019. EY is the third largest of the Big Four with over $36B in annual revenue and 270,000 employees in 2019.