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Three things US accountants should do right now

Three things US accountants should do right now

Posted by  on 27 May, 2019   3 minute read

The tax season is long over, which means that the flurry of documents, number-crunching, and filing has died down. It's commonly believed that accountants spend the rest of the year lazing by the poolside at some exotic resort – and you should undoubtedly take a break after all the hard work.

However, as you know, there's plenty to be done even after the tax season. For one thing, your clients need bookkeeping and financial planning support all year round. For another, the relatively low-stress levels after tax season make it the perfect time for CPAs to catch up on activities that help them grow professionally.

So if you're wondering how to utilize your time after you're back from that vacation, here are three things that are worth investing effort in.

1) Catch up with your learning

There's never a bad time to learn something new, and with the event season about to commence, getting certified won't be a problem. Consider signing up for relevant events offering worthwhile workshops that boost your skill set and help you accomplish your long-term career goals.

For instance, if you are looking to diversify your skill set and expand horizontally into new roles such as forensic accounting or risk analysis, a CPE certification could fit the bill.

On the other hand, if you are looking to shift into a more global role, a Certified Management Accountant (CMA) could be worth exploring. And the good news is you can study online.

Alternatively, consider signing up for a mentorship program where you can work with industry veterans who can share their expertise in the world of finance and accounting.

2) Consulting and advising

The services of an accountant come in handy all year round. From general bookkeeping and payroll management to non-profit accounting and strategic planning, companies are always looking for someone to crunch the numbers for them.

Consider offering your services to these companies on a consultancy basis so that you aren't tied to just one company and still have enough work to keep you busy.

In particular, startups and small businesses often look for accountants who can help them figure out new ways to make profits or save costs, manage daily accounts, or understand current trends in the economy.

You could consider mentoring one or more of these small businesses and teaching them the ropes of financial planning.

3) Familiarise yourself with new technology

The days of paper-based accounting are almost entirely behind us, and very soon, automation will take over many of the repetitive tasks that accountants commonly do.

Given that, it's crucial for you to adapt to the digital landscape and harness its power so that you can offer advisory services that are relevant and necessary to survive the digital world.

Use this opportunity to master technology that gives you control over numbers and other data. That way, you can leverage the data to predict trends and plan out growth-oriented strategies for companies, thus making you a valuable asset for any organization.

One last tip: Attend events

That’s right! Events offer an excellent platform for accountants and CPA firms to not only learn and get more certifications but also network with peers and meet with potential vendors.

As you walk around the aisles, you could find bookkeeping software you have never even heard of, meet with potential outsourcing partners, or see what your competitors are up to.

An event offers a fantastic hands-on experience, and as an accountant, there is nothing better than that.

Having said that, the QXAS team is attending NJCPA Annual Convention and Expo in Atlantic City from June 11 to 14, and then flying to San Diego for XeroCon 2019. Where will we see you?