What Does An Accounting Consultant Do: Job Description, Duties and Responsibilities

Does your accounting firm have the high-level IT expertise needed to support your growth and continued success? The pay is unsteady, but workers can control their own schedule and client load.

• GAAP, 11%Assisted privately-held company with necessary GAAP Financial Statement Conversion and SEC reporting in preparation for public filing.
• If you don’t have a strong tax background, seek out a CPA with tax experience who can assist you in the planning process.
• This can be done through a specific technology company or a consulting firm.
• While their salaries may differ, one common ground between accounting consultants and managers/finance accounting are a few of the skills required in each craft.
• When working with a staffing or consulting services firm, you register and are interviewed and onboarded, and the firm will match you with potential employment opportunities.

When the economy is strong, companies of all sizes need accounting professionals who can not only help with financial analysis and documentation, but also with the complexities of international business. Being a CPA and having a graduate business degree can give you an advantage when looking for accounting consulting positions in large companies. 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. Accountants earn the most in District of Columbia, where they average $96,880.

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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. Once the client has chosen an entity structure, your consulting job is done.

• If clients adjust to post-pandemic demands, they’re more likely to succeed in the future.
• Further, accountants must also hold on to honesty; otherwise, the system will be prone to corruption and fraud.
• Prepared monthly account reconciliations related to the income tax journal entries.
• Senior cost accountants earn a higher salary in the health care industry with an average of $74,446.
• As a young accounting consultant, they need to create a strong network within the industry.
• Costs as part of your engagement.) If you’re not sure what to charge, talk to similar consultants and ask how much they charge and what items they include in the fee versus what they charge separately.

View more details on accounting consultant salaries across the United States. ERP, 4%Designated as Principal Consultant responsible for reviewing accounting practices and leading post-implementation and integration of ERP and CRM systems. Authorize financial transactions moving funds from money market fund to checking account and reconciling accounts. Prepared daily, monthly, and annual reconciliation’s necessary to ensure the accuracy of year-end financial statements. Prepared monthly consolidated financial statements in accordance with company policies and guidelines, GAAP and FASB.

What You Need to Know About IT Policies for Accounting Firms

Execute a high level of customer service by building and maintaining relationships with team members, business partners and service providers. Test PeopleSoft financial software functionality and review existing business processes. Collaborate with accounting department in monthly closing process and development of internal controls to support SOX requirements. Work with governance and internal audit team ensuring SOX compliance during monthly & quarterly reviews as well as the annual audit.

An accounting consultant will implement a bookkeeping schedule, so you receive the reports you need, when you need them, on demand as well as on predetermined deadlines. And then, of course, your accounting consultant will meet with you to help you understand the significance of these reports, so you’re not just looking at “numbers in boxes” and wondering what they mean. Hourly rates for accounting consultants range from $27.39 to $44.39 (Washington, D.C.).

Accounting Consultant Related Careers

Accounting consultants provide services for business firms and also for individuals. Accounting consulting firms provide specialized accounting consulting services for clients in forensic accounting, expert witness services and financial analysis of acquisition targets.

And instead of working for a single organization, they accept temporary assignments with various companies. As a young accounting consultant, they need to create a strong network within the industry. Along with it, for their business to grow, they need to rely on effective word-of-mouth from previous clients. To improve their image, some consultants even become part of trade unions and participate in conferences and meetings.

Education Requirements for Accountants

IT policies are important because they provide clarity for users in an organization regarding the proper… The government and nonprofit sectors could offer more stability because it’s more likely that you’ll work with the same agency your entire career, which means little to no travel and regular business hours. It is also possible that you may work within one area of the government for many different agencies. Alternatively, clients may wonder how to enter markets that have expanded during the pandemic, such as digital technology or e-commerce. Pivoting a business can help them increase their market share and shield their sales from the effects of the COVID pandemic or similar events.

The fourth career we look at typically earns higher pay than accounting consultants. On average, senior cost accountants earn a difference of $2,994 higher per year. When it comes to education, senior staff accountants tend to earn similar education levels than accounting consultants. In fact, they’re 3.7% less likely to earn a Master’s Degree, and 0.0% less likely to graduate with a Doctoral Degree. When it comes to the differences in education between the two professions, 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. On average, senior accountant analysts earn a $12,452 higher salary than accounting consultants a year.

Education Requirement for Accounting Consultant’s Job

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. If the accounting consulting topics in highest demand aren’t your best skills, you may want to start other advisory services in your firm. 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. The main responsibility of consultants is to resolve the business dilemma of their clients.

Accountants usually have the experience and knowledge to design complex tax strategies. Consultants usually have the ability to design basic tax strategies, but they have more extensive skills in financial planning and investment. Globalization is expected to drive demand for certified financial planners and certified public accountants in the years ahead. Financial managers also create financial records, but are primarily responsible for the company’s financial strategies. Accountants perform services such as preparing tax returns, auditing a company’s financial records, and designing strategies to reduce a company’s tax obligations. Financial management consultants use their background in accounting and experience in the corporate world to advise a company on intelligent strategic financial decisions.