We all know that the majority of accountants work for huge accounting firms, which in turn work for large corporations. However, this isn’t the only route that newly qualified accountants can take, which may be music to your ears if you don’t fancy a high flying, high-pressure corporate lifestyle.
Luckily accountancy isn’t always as heartless as it seems, as there is always the option to work for a government department, a charitable organisation, contribute towards the eradication of financial fraud, or go freelance. Going freelance allows you to pick and choose smaller projects that you feel you have a connection with, and also allows you to have a direct impact on the welfare of individuals.
Multiple Income Sources
Some individuals have multiple income sources which they need help organising.
They may not even play an active role in achieving this, for example, if they have an extensive investment portfolio which brings in a steady but significant income and requires official processing.
Everyone has to pay taxes on their earnings regardless of how they are sourced, so it’s important to make sure you keep things above board by using an accountant to avoid penalty fees or even imprisonment. Helping individuals is a great way to make the most of your qualifications. If you’re planning ahead whilst preparing for the CPA exam, check out this Surgent CPA Review to see how it could help you succeed in being able to help others in this way.
Those who choose to be self-employed often look after their finances, however, once they start to earn over a certain amount their time becomes more valuable, therefore it can work out cheaper for them to hire an accountant on an hourly basis to take over the more significant accounting tasks. When you’re self-employed, you have to fill out a tax return which states how much you have earned, and you are then taxed accordingly. It is a complex and time-consuming process which many would rather pass on to a qualified accountant.
When it comes to the borrowing of any kind, those who are self-employed are often deemed to be a less reliable risk as their income isn’t as clear-cut as those who have a contracted salary. This can become a real issue if mortgage lenders and letting agents refuse to consider you, however, if you use an accountant who can vouch for you, you are far more likely to be successful in applications. Therefore, the self-employed market can be lucrative for accountants.
Small businesses are a big target market for freelance accountants, as they not only need help to get to grips with business accounting and coping with the time-consuming nature of it, but they also need advice on business plans and the legal structure of their company. These are areas that a lot of accountants also specialise in, as it helps them to advice on best business practice, to maximise profits.
If you’re thinking of going into accountancy, there are multiple routes you can take once you become certified. Whether it’s working for a large accountancy firm that specialises in the corporate side of things, or if you’d prefer to work on a freelance basis helping individuals to organise and make the most of their income. Take a look at other blogs for more career tips such as how to make a good impression with prospective employers.