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MAKING MOVES
From industry to practice
The beauty of accounting is its flexibility. You can choose your work environment, from bustling firms to remote settings, and explore different sectors that interest you.
One of the great things about being an accountant is mobility, the ability to move around in your career, both in terms of where you work – any in the world – to who you work for and in what sectors. For example, a very common career path is training with an accountancy firm, gaining experience and qualifications, working with a variety of business clients, before venturing into that world and working in a company’s finance team.
But traffic also goes the other way. Many accountants move from working in business either back to the accountancy practice environment or for the first time. And for good reason. Your AAT studies and professional qualification will open the door to a world of choice.
What are the key differences?
One way to look at the difference between working in industry or for an accounting practice is that industry is where accounting practice’s find their clients. For example, the big professional firms who employ accountants, provide audit and consultancy services to the world’s biggest businesses, while smaller accounting firms, present in every town and city, provide bookkeeping and financial accounting services, as well as audit and advisory work, to small to medium size business clients (SMEs).
The different roles in industry and practice
Finance departments can be responsible for financial and management accounting, forecasting, planning and analysis (FP&A), systems management, internal controls, payroll, accounts payable and receivable, treasury, internal audit, budgeting, tax and more.
Accounting firms offer a range of services to clients, often formed around a core of bookkeeping, financial accounting, compliance, tax, and external auditing, but also advisory, financial planning and wealth management, systems implementation and integration, sustainability strategy and reporting.
So why make the move?
“Working in practice has no limits,” says Heather Palmer FMAAT, owner and managing director of Ascot Bookkeeping & Accounting, who moved from a successful career in business working for firms such as BP and Jacobs, before holding contract finance positions and running her own antiques business. “You can increase your skills, for example. by specialising in audit or tax planning; you can set up your own practice and work the hours you want to work, then the sky is the limit with regards to earnings. Continued learning and career progression can take you to many different aspects of practice, whereas when working in business I feel this is much more limited. Many practices will also finance an individuals studies and increase there salary as they pass each level.”
And the sector only goes from strength to strength. “Accounting practices also have a steady demand for services, providing job stability. Firms are often less impacted by the financial performance of a single business,” says Palmer.
How to succeed in practice
It suits an entrepreneurial spirit, and not just for those wanting to set up their own firm, but working for a practice often means client ownership, having responsibilty for the work and relationship with a set of clients. Increasingly, accounting firms are cloud-based, meaning up to 100% of the communications between the clients and you, the document sharing and the modern tools you’ll use to do your job are digital, meaning you can work with clients in different regions.
It also means you get to grow your career with advancing technology and provide clients with insights about their businesses they wouldn’t have thought imaginable even a decade ago. This only enhances the important roles that accountants play in driving growth for smaller businesses, which are the economic backbone to most countries.
"Document sharing and the modern tools you’ll use to do your job are digital, meaning you can work with clients in different regions"
Variety, variety, variety
For Palmer, making the move to practice was all about variety, exposure to a diverse array of clients, and professional growth. “I strived for a variety of work. In an accountancy practice, accountants often work with a wide range of clients across different industries, providing exposure to varied financial situations and challenges. Handling diverse clients really helps with professional growth, as accountants encounter different financial systems, regulations, and business models.”
She enjoys client interaction, which you get in abundance in a practice, given your aim is to suppport them and help them to succeed. “This can be rewarding and provide a sense of contribution in a clients' success. It also allows me to get involved in an advisory role to provide strategic advice, again enhancing the impact I can have while also being incredibly fulfilling on a professional level.”
How working in business can help you make the move
Gaining experience in a business environment before transitioning to an accounting practice provide several advantages:
· Working within a specific industry gives you in-depth knowledge of its operations, regulations, and challenges. This expertise is invaluable when advising clients from similar industries in a practice setting.
· It develops your communication skills, whichare vital in working with clients and maintaining close often long-lasting relationships.
· It helps develop strategic thinking, which you can then use to support client growth. It ultimately allows you to see both sides of the coin and better see the challenes and opportunities facing clients.
· You can gain practical experience in FP&A, cashflow management, strategy planning, how tax planning affects a business, and more.
“Working in a business environment equips you with a very broad skill set, practical experience, and a deep understanding of client needs, all of which enhance your effectiveness and value as an accountant in an accounting practice,” says Palmer.
The key skills needed to succeed in practice
Beyond the technical accounting skills associated with working in practice, such as bookkeeping, financial accounting, or data analysis, many of which can be gained through studying AAT, there are several softer but equally as important skills:
- Client/relationship management
- Customer service
- Advisory skills
- Problem solving
- Communication
- Flexibility and ability adapt to different situations
- Risk management
- Time anagement
- Sales & marketing
- Networking in order to gain new clients
How to impress accountancy practice employers
Practice owners favour proactice, energetic and entrepreneurial people who will not only provide high quality services but take ownership of their work and relationships, and drive the practice forward; like their SME clients, practice owners are often highly motivated to grow their businesses.
A few final words
“Working in practice has changed tremendously over the last few years. What was once seen as a stuffy working environment – men in grey suits etc – is now a vibrant and exciting career. Check out companies like Strive run by AAT member & accounting industry disruptor Rachel Harris to see how far we have come,” says Palmer.
TOP TIPS
Breaking into public sector finance
1
Become an AAT member and show enthusiasm for further qualifications
2
Prove you’re a strong communicator and great networker
3
Show your entreprenurial spirit who understands business
4
Be excited about using new technology to drive practice and client growth
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