Fox Business also reported that the internal shake-up coincided with the firm’s announcement of a fiscal high, boasting $2.4 billion in revenue for the year ending July 31. Hourly rates for accounting consultants range from $27.39 (Tampa, FL) to $44.39 (Washington, D.C.). An ongoing survey by Indeed shows that the average salary for accounting consultants in the United States is $78,960 per year (as of April 2020). Discover how to grow your accounting practice and become a next generation firm through high value advisory services with Practice Forward. Our business prospers when everyone who helps build our culture benefits from it.
Each of our professionals brings a range of skills, perspectives and experiences to our interactions with each other, our clients, our communities, and the world at large. Our collective success depends real accounts vs. nominal accounts on ensuring equity and inclusion for all. If you’re ready to put your knowledge to work solving complex problems and helping design new and innovative strategies, there’s a place for you at BDO.
Learn how to start an accounting advisory business in our white paper. 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. Learn how to start an accounting advisory business in our white paper. BDO USA, LLP, one of the nation’s leading professional services firms, has been recognized as having one of the 100 Best Internships by Firsthand.co for 2023. In light of the recent developments at Grant Thornton, sources warned Fox Business a “major talent exodus” may occur, with many employees preemptively exploring new opportunities to avoid the uncertain fate within the firm. According to Fox Business, the layoff process at Grant Thornton began last week, with human resources reaching out to the impacted employees.
- Our business prospers when everyone who helps build our culture benefits from it.
- When working as an accounting consultant, you can take your expertise a step further.
- Grant Thornton Employees shared their concerns with Fox Business about the potential for more stringent times post-Fed’s tightening of monetary policy to combat inflation.
Financial forecasting and budgeting will be critical for continuity. As clients seek more answers and more guidance, the demand for accounting consultants increases as well. To become an accounting consultant, you also need to consider who you want to work with.
What’s the difference between accounting and consulting?
At BDO, you’ll be surrounded by colleagues who are as ambitious and motivated as you are, and be supported by seasoned professionals who will push you to develop all the potential you bring to the table. In May, the company cut about 300 jobs across its U.S. division; the recent cuts that began late last week haven’t been reported. They will mainly affect so-called advisory positions at the company, sources with direct knowledge of the matter tell Fox Business. Becoming an accounting consultant takes a special set of skills beyond your technical accounting expertise. Technical skills aren’t necessarily the divide between a great consultant and a mediocre one. Passion, drive for excellence, leadership, communication skills, and organizational skills – in addition to your knowledge – play a big role in how successful you will be as an accounting consultant.
- Conventionally, accountants bill for time spent, whereas a consultant usually provides up-front pricing for specific consulting engagements, above and beyond the hourly billing for compliance and technical services.
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- Demand for consulting services increased significantly during the COVID-19 pandemic from public companies looking to adjust to new workplace rules and executives working from home more.
But people at Grant Thornton who spoke to Fox Business said the cuts are more ominous and signal management’s fear that a recession isn’t just possible but a likelihood. Employees also told Fox Business that they expect another round of layoffs before year’s end. 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. BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO USA, P.C, a Virginia professional corporation, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms.
Together, we thrive.
That doesn’t mean that you won’t have additional consulting opportunities with that same client in the future; it just means that you handle them one at a time as they arise. When it comes to launching your career, where you start can make all the difference in where you end up. If you’re looking for the chance to reach higher, your progress will depend on the people and resources available to you.
Meet BDO’s 2023 Working Parents of the Year
Generally speaking, your clients will expect a fixed fee for consulting services. Not only that, but if you stick to hourly billing, you will need to take on and maintain more clients to increase your profits. 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. BDO USA, LLP, one of the nation’s leading accounting and advisory firms, has once again placed in the top five of the 2024 Vault Accounting 25, a ranking of the 25 best accounting firms to work for by Firsthand.co. We believe the future of business is sustainable business and know that using our resources responsibly and caring for the wellbeing of people and planet is imperative — and the right thing to do.
BDO USA Named to 2023 Best Internship Program List by Vault
The accounting firm’s strategic decision underscores the industry’s cautious navigation through an uncertain financial climate and has ignited discussions regarding the broader implications for the U.S. economy. « There’s going to be a major talent exodus, » said one person close to the matter. « The problem is that management isn’t saying anything, so people think the worst. » Meanwhile, Grant Thornton could face a « major talent exodus » in the U.S.; sources told Fox Business that employees are openly shopping their resumes on online forums, looking to beat the dreaded call from HR that they’ve been laid off.
Our approach to flexibility gives our people the power to collaborate with their teams to decide where and how they work based on their firm and client responsibilities. With a workforce of about 8,000 in the United States, the company’s latest action demonstrates Grant Thornton’s substantial readjustment in response to shifting market demands. Some employees told Fox Business they believe the company is preparing for significantly tougher times ahead after the Fed announced it will continue to keep monetary policy tight to combat inflation for the foreseeable future. Grant Thornton employs about 8,000 people in the U.S., which means the firm has cut more than 6% of its workforce so far in 2023. The survey also compared annual accounting consultant salaries by geographic and metro regions. For example, a CPA consultant’s average salary in New York City is $106,000 per year, while in Bethesda, MD, the annual salary averages $74,000.
With Practice Forward content, tools and guidance, you can expand into advisory services, improve margins, drive growth, and elevate client service. Let’s examine the definition of accounting consulting and describe exactly what accounting consultants do, how to become an accounting consultant, why you should consider making the switch, and much more. 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. A key attribute of leaders at BDO is the drive to help our clients thrive. Here, you will work closely with a wide variety of like-minded colleagues who are dedicated to the same purpose — guiding clients as they work toward continuing success.
When you ask what accounting consultants do, there are many different answers, depending on the different needs their clients have, the areas of specialization they focus on, their geographic region, and many other factors. Read our white paper, How to start an accounting advisory business, to learn more about how to become an accounting consultant. Getting started can be as simple as merely getting your name out there to your existing clients and referral sources or as complicated as starting a business from the ground up.
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BDO USA, one of the nation’s leading accounting and advisory firms, was today listed by Vault among its 2024 Top 100 Internships. ResponsibilitiesAs an Intern at Baker Tilly (BT), you will be involved in many types of client engagements, obtain hands-on work experience, and make a difference in the communities we serve. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 145 territories, with 41,000 professionals and a combined worldwide revenue of $4.7 billion. 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.
We believe the best way to develop the next generation of leaders is with an environment that’s conducive to growth — with the experiences you need to hone your talents and broaden your perspective. Our award-winning culture is anchored by our core purpose of helping people thrive, every day. Grant Thornton confirmed the layoff of 200 staff members to Fox Business, following an earlier reduction of 300 jobs in the United States in May, impacting the advisory positions predominantly. The layoffs come amid signs of a looming economic slowdown that has put pressure on corporate America’s profitability prospects. The firm, which recently boasted record revenues, is yet again reducing its workforce, marking over 6% in cuts this year alone, according to Fox Business.
Those efforts have led to local and national recognition, which we’re honored to receive and view as a sign that being accountable to our people is the best way to create a truly rewarding environment. Discover ways to build much more than just a career at a place where you get the support and flexibility you need to thrive. Click the link in the email we sent to to verify your email address and activate your job alert. Grant Thornton Employees shared their concerns with Fox Business about the potential for more stringent times post-Fed’s tightening of monetary policy to combat inflation.