RELATED ARTICLES
	CFOs See Concern Over Long Hours The Rise of the Part-Time CFO

Project-based accounting and finance professionals - from entry-level bookkeepers to chief financial officers - can either market themselves or sign on with a company that specializes in providing contract professionals to businesses.

Some firms, such as First Option, Inc., in Irvine, Calif., place primarily senior accountants. NumberWorks, based in Minneapolis, recruits accountants directly from college programs and public accountants from Big Four and regional CPA firms. They can earn up to $75,000 annually. In Danbury, Conn., Business Management Resource Group offers its employees telecommuting as well as part-time options.

What to Expect

NumberWorks Managing Partner Gwen Martin recently placed a mid-level accountant at a large financial institution. "She worked 60 hours a week, never had a Saturday off in two years and made $55,000," Martin says. "I placed her with another financial institution here in town doing the same type of work at $28 an hour, which equals $58,000 a year, and she only works 40 hours a week."

Senior accountants placed by First Option President and Chief Executive Riley Newell often take on interim projects. "They'll do SEC reporting or forensic accounting for a publicly traded company that has an issue that needs to be investigated," he says. "Or maybe they'll get involved in sales variances system-wide, or systems optimization for a company that implemented Oracle a year ago, and it's not dialed in. They want someone with heavy general ledger experience who can also speak to the information technology staff."

Contract CFOs, meanwhile, typically fill gaps created when one CFO leaves and another hasn't been hired, provide senior leadership to companies in transition, or work with small businesses that can't afford a full-time financial officer. "We're a bridge between the public accountant and the small business owner," says Jennifer Katrulya, CPA, chief executive of Business Management Resource Group. "Business owners often need that CFO-level person for two to three months, and then have a monthly follow-up with coaching and ongoing advice."

To find an entry-level contract accounting or finance position, you'll typically need at least a two-year degree in business or accounting, Katruly says. She looks for detail-oriented, accurate, organized people who can do bookkeeping and clerical tasks, and pays them between $32,000 and $38,000.

The Upside

Why consider project work?

• Project accounting and finance professionals rarely work more than 40 hours a week. When they put in overtime, they're paid time and a half.
• You can often avoid office politics because you work for the consulting firm that placed you, not the company that hired them.
• It's easier to leave workplace worries at work because you're dating the company, not married to it.
• Project work has a definite beginning and, one hopes, a concrete end, which pleases people who like closure.
• Each project brings new challenges and a new location. No more sitting in the same cubicle looking at the same computer hoping to negotiate a 5 percent annual raise.
• With the right consulting firm, you'll still get full benefits and even those nice-to-have programs like mentoring.
• If you like to travel, you can usually squeeze out a week or so between engagements.
• No more job hunting. Your consulting firm does all the marketing so you don't have to sell your services.

Despite those benefits, contract and project accounting and finance positions aren't for everyone, Newell says. "It’s a lifestyle decision and you need to be aware of the drawbacks," he explains.

The Downside

Among the challenges of project work:

• You're an interim worker who's going to be leaving, so your word won't carry as much weight as a permanent employee's.
• When the economy turns upward again, companies will hire more permanent employees and cut back on consultants.
• If you consult too long, it can impact your ability to land a permanent position in the future.
• The more hours you're willing to work and the broader your skill set, the more successful you'll be. Each condition you put on when and where and for whom you can work decreases your odds of being placed.
• If you're introverted, contract work can be painful because you have to navigate a new company and make connections with new co-workers several times a year.
• Once you've tasted the freedom of project work, it can be tough to go back into the more structured corporate world.

Where to Look and Which Questions to Ask

If you want to explore a shift into contract accounting, target firms that specialize in accounting and finance versus those that are rooted on the clerical side but have spun off an IT or accounting division. "Look at the level of people they place," Martin suggests.
If you're considering project work because you want to work from home or work part-time, really delve into those issues, Katrulya says. "If a firm says they've gone paperless, are they truly paperless so they offer remote working opportunities? Ask how often they have done that. Is it just one person working remotely, or nearly everyone?" And, she says, "If it's part time, ask what opportunities are available if you want to advance or pursue full-time work."

As long as you go into it with an analytical attitude, contract work can be a great way to decompress, get some balance and maybe even gain experience in a new industry or IT system. To reduce the risk that a move into this niche won't work out, carefully consider the drawbacks and investigate potential employers just as thoroughly as you would any permanent job.

RECOMMEND THIS ARTICLE

You must be logged in
to recommend articles

Average (Not Rated)

» Recommended Articles