Reasons to Pursue a Career in Accounting

If you’re good with numbers and interested in a well-paying, stable career path, it may be time to turn your attention to accounting. In fact, according to the Office of Occupational Statistics and Employment Projections, the employment of accountants is projected to grow by four percent by 2029.

If that’s not reason enough to strongly consider this career, here’s another statistic from the Office of Occupational Statistics and Employment Projections: The median annual wage for accountants, as of May 2019, is $71,550. This is much higher than the median annual wage for all occupations, which sits at $53,490. And although the pay is certainly an influencing factor for most when choosing an accounting career path, it isn’t the only reason why it’s become so popular.

Accounting Career Paths

Unlike some career fields, in which there’s only one path to travel, there’s more than what meets the eye when it comes to accounting. Generally speaking, you’ll choose one of the following routes:

Managerial: Managerial accountants generate documents that are used internally within a company. This can include documents such as those used for tax purposes and recurring expenses.
Financial: Financial accountants generate documents, such as balance sheets and a variety of income statements, which are used by outside parties, such as investors.

By understanding the similarities and differences between managerial and financial accounting, it’s easier to decide which path you’re most passionate about.

With that in mind, let’s examine some of the most common types of accountants:

Staff Accountant: For many individuals with a bachelor’s degree in accounting, this is the first job they seek. Reporting to a CPA, you’ll take on responsibilities such as creating financial reports and analyzing a variety of data. You’ll also use a variety of tools, such as a cash flow calculator, to track progress and make informed decisions.
Certified Public Accountant (CPA): From the outside looking in, it’s easy to believe that CPAs focus on nothing more than the preparation of state and federal tax returns. However, this career path goes much deeper than that. For example, companies often hire a CPA to oversee other accountants.
Investment Accountant: Investment accountants typically work for financial management or investment management firm. With this career, you have the opportunity to help individuals and companies make better investments, such as sharing advice on how specific decisions will affect their taxes.
Project Accountant: As the name implies, project accountants are hired to manage a specific project. Some of the tasks they may take on include preparing invoices, maintaining budgets, and managing and approving expenses. In many cases, project accountants are hired on a contract basis.
Cost Accountant: The primary responsibility of a cost accountant is to maintain cost efficiency on behalf of an organization. However, unlike a project accountant, these individuals are generally hired on a full-time basis.
Management Accountant: There’s no shortage of management accountant responsibilities, which often include external financial reporting, budgeting, and creating reports on the overall financial health of an organization.

While these are among the most common accounting career paths, there are others to consider as you gain experience and come to better understand what you’re most passionate about. However, no matter the type of accounting path you may choose, there are plenty of benefits as well.

Top Reasons to Become an Accountant

There’s no shortage of reasons to become an accountant, but there’s something you must remember: It takes a lot of hard work and dedication to reach your goal, so you must be 100 percent confident that it’s the right career path for you.

Here are five reasons to consider this career:

Above-average pay: As noted above, the median annual wage for accountants is more than $71,000/year.
Job security: Every organization needs accountants, so job security is typically high.
Career advancement opportunities: As you gain experience and knowledge, you can seek out career advancement opportunities within your company and at other employers. For example, after several years of working as a staff accountant, you may want to consider becoming a CPA.
The opportunity to be your own boss: There may come a point when you realize that you no longer want to work for someone else. As an accountant, you can start your firm, such as helping individuals and/or companies with tax preparation.
Puzzle-solving fun: Accounting isn’t everyone’s idea of fun, but if you like working with numbers it could be the perfect career path.

What’s Next?

Now that you better understand the reasons to pursue a career in accounting, it’s time to answer one very important question: Are you ready to head down this path?

If the answer is yes, assess your situation and decide what you need to do next. Become a trained and certified Professional Bookkeeper. Once you have the right education and training, it’s time to land your first job. With the help of our job placement assistance program, it won’t be long before you have a career that puts a smile on your face, money in your pocket, and joy in your heart.

4 Practical Tips for Entrepreneurs With Children and Disabilities

Being a parent who is living with disabilities can come with some unique challenges, especially if you have dreams of opening your own business. Figuring out how to get your business and up and running is just one, but you also need tools that will help you balance the needs of that business with the needs of your family. Not to mention your own needs. If you’re a parent with disabilities who is looking to start your own business, these pointers can definitely help.

Boost Your Business Skills With Online Trainings

Before you start your business, consider completing a few courses to help you better understand the process. The online format will give you the flexibility that you need as a busy parent while providing you with leadership skills, self-awareness and self-confidence. All of which can be essential for establishing successful new business of any size. If you’re concerned about costs, know that there are financing options designed to help you. To further sharpen your prowess as a business owner, also consider taking an online accounting training from Universal Accounting School.

Develop Flexible Plans for Your New Business

With some training under your belt, you will be ready and competent to move to the next step and write a business plan. Business plans can be tricky for smaller startups, especially if you want to develop plans that you can actually use to fuel your success. As you start your general business plan, try to think about the needs and wants of your target audience, and then write with them in mind. Although details can be important, you should also try to keep this initial roadmap short and concise. As long as you have a few key elements, including a marketing plan, you should be all set to start your small business with confidence. Just like your overarching business plans, marketing strategies should be tailored to fit your target customers. Speaking of target customers, it’s also a good idea to ensure content is accessible, to connect with other folks living with disabilities.

Set Up Your Accessible and Functional Workspace

Most first-time business owners end up working from home, at least in the beginning. Since you will be working from a home with kids around, organizing a home workspace could be a smart move for your productivity. Bonus productivity points if you can set this office up in a room or area of your home that is free from distractions and interruptions. A spare room with a door is always the best bet but if you’re short on space or need to keep an eye on little ones, setting up your workstation against a wall can also work. Depending on your needs, you may also need to design this space with accessibility features in mind. For example, opting for a desk that can be easily adjusted to varying heights can make home offices more practical for those who use a wheelchair and embossed labeling can help those with low vision keep workspaces organized.

Create Routines That Work for You and Your Family

While working from home can provide the practicality and flexibility you need to care for your family, this sort of arrangement can also come with some challenges. Establishing clear routines and expectations for every member of your household can help reduce the stress of these challenges. So start with your family’s morning routine and work your way down from there. While structure can be key, it’s also helpful to find the right balance of flexibility and structure for your family’s needs. If anxiety starts creeping in, you may want to work in a few more breaks for rest, exercise and family time. Once you have a schedule worked out, post it in your family’s command center, so you won’t have to remind kids about to-do’s and expectations.

Running a successful small business isn’t for the faint of heart. As a busy parent and someone living with disabilities, you’re already used to conquering challenges. So with time and knowhow, you can easily turn those skills into incredible assets for your new business!

Photo Credit: Pexels

Universal Accounting Center Receives 2020 Best of Salt Lake City Award

FOR IMMEDIATE RELEASE

Universal Accounting Center Receives 2020 Best of Salt Lake City Award

Salt Lake City Award Program Honors the Achievement

SALT LAKE CITY June 15, 2020 — Universal Accounting Center has been selected for the 2020 Best of Salt Lake City Award in the Business Development Accounting Services category by the Salt Lake City Award Program.

Each year, the Salt Lake City Award Program identifies companies that we believe have achieved exceptional marketing success in their local community and business category. These are local companies that enhance the positive image of small business through service to their customers and our community. These exceptional companies help make the Salt Lake City area a great place to live, work and play.

Various sources of information were gathered and analyzed to choose the winners in each category. The 2020 Salt Lake City Award Program focuses on quality, not quantity. Winners are determined based on the information gathered both internally by the Salt Lake City Award Program and data provided by third parties.

About Salt Lake City Award Program

The Salt Lake City Award Program is an annual awards program honoring the achievements and accomplishments of local businesses throughout the Salt Lake City area. Recognition is given to those companies that have shown the ability to use their best practices and implemented programs to generate competitive advantages and long-term value.

The Salt Lake City Award Program was established to recognize the best of local businesses in our community. Our organization works exclusively with local business owners, trade groups, professional associations and other business advertising and marketing groups. Our mission is to recognize the small business community’s contributions to the U.S. economy.

SOURCE: Salt Lake City Award Program

CONTACT:
Salt Lake City Award Program
Email: PublicRelations@2020city-top-selection.net
URL: http://www.2020city-top-selection.net

How to Become an Entrepreneur Without Quitting Your Day Job . . . Yet

There’s plenty of reasons why one should consider becoming an entrepreneur. For one thing, the prospect of being one’s own boss is extremely compelling, as are the flexibility to do what you wish with your time and the freedom to work wherever you want. For another, it can also be quite a grand adventure as you will undoubtedly learn countless lessons, both good and bad, as you run and grow your business (or, heaven forbid, fail at it).

But of course, not everyone has the luxury, resources, and even courage to plunge head-on into entrepreneurship. For most people, taking baby steps and testing the waters is a lot more preferable, if only to keep a steady income from employment and other sources coming in. So if you’re not quite ready to give up your day job just yet, but also want to find out if you’re cut out for the exciting new world of business, here are some of the best tips.

Know what you want to do.

First thing’s first—before starting a business, it only makes sense to know what kind of venture you want to go into. Choosing the right business for you is, therefore, a crucial step, which is why you need to spend some time with your thinking cap on.

Many people go into business because they’re chasing a passion. While this can potentially work, the reality is, it can also be a mistake. This is because as you’re faced with the myriad responsibilities of running a business, you could invariably find yourself veering further and further from something you love; hence, extinguishing that flame and, subsequently, the motivation.

Possibly a better way of going about it is by starting a business based on what you’re good at. For instance, perhaps you’re an accounting professional or a marketing person or a technical writer. You can easily leverage your core skills and offer them as services because you already know the nitty-gritty.

Start part-time.

Again, quitting your day job may not be an available option for you at the moment, but don’t let it stop you from pursuing the business you had in mind. These days, the gig economy makes it possible for just about anyone to go into business for themselves by offering their services part-time. And best of all, it’s easy enough to get started, too. There are, in fact, several online job boards where you can create a profile and connect with potential clients, which is undoubtedly a great start.

On the flip side, the part-time, gig economy works to your favor, too. For instance, running a business means that you’ll need to stay on top of your financials, which can be a challenge, if you’re not well-versed in accounting. Thankfully, you don’t need to hire someone full-time (and pay employment taxes) to take care of your accounting needs, as you can easily hire a CPA through a job site like Upwork—that is, someone who’s qualified in accounting practices and tax laws and well-versed in QuickBooks and other accounting software.

Have the right setup.

Finally, in order to really get your business off the ground, you’ll want to make sure that you have the right setup and tools to operate. This will, of course, vary. If you’re a bookkeeper or a copy editor or a coder, for example, you will undoubtedly need a good computer and maybe even a home office.

Starting a business for the first time can be daunting, but there’s really no requirement to go all out, all in. So go ahead and move at your own pace because success waits for those who move toward it.

Written by

Derek Goodman

5 Tips to Write a Marketing Plan for a Tax Preparation Business

The success of marketing for a tax preparation business is defined by the planning and organizing of that process. Your marketing strategy is as effective as your marketing plan. With the rising competition in this business, there is no more space for improvising and a lack of effort in a marketing campaign. You’ll need to dedicate yourself completely to forming a successful and thoughtful marketing strategy.

The first step is to coin the marketing plan. There are several aspects that you need to take into consideration while writing a marketing plan. If you want to create a plan that will present your tax preparation business in the best light, this is what you need to do.

1. Determine Your Niche

The marketing plan will be more precise and personalized if you know who are your target clients. Will you focus on individuals or small businesses?

Additionally, consider the type of services you want to offer. For example, you can emphasize working with law firms, service-oriented businesses or you can specify the type of tax preparation like individual stock purchase.

Narrowing down your niche will help you to create a marketing plan that will be personalized for a specific audience. Personalization in marketing is essential for attracting the attention of your target audience.

Spreading a generalized message will fall into the shadow of businesses that claim to be experts in the domain that the clients want.

Make sure that you write down the service you want to focus on and the characteristics of the target clients you want to attract. Marketing to the right clients will seal the deal much faster.

2. Set Your Goals

Having a clear goal will make your marketing efforts more direct and specific. Goal setting is one of the basic steps of writing a marketing plan. It motivates you throughout the process and gives your marketing plan a purpose.

Your goals can be:

Increasing the number of clients
Promoting new tax preparation service
Maintaining the satisfaction of current clients

These are just some examples of what your marketing campaign can focus on.

“Every business that wants to pull a successful marketing plan needs to set goals. The tax preparation business is no different. Goals need to be clearly defined and as specific as possible, so don’t hesitate to even put the number of new clients you want to bring into the business this year,” shares Amanda Willis, a marketer at TopWritersReview who worked on several marketing campaigns for tax preparation businesses.

3. Analyze Your Competition

There is so much you can learn by observing your competitors – both the good and the bad. Their work and marketing can teach you what actions bring positive results and what actions fail with your target clients.

When you analyze your competitors, these are some of the aspects of their business that you need to look at:

Type of clients they have
Services they offer
Their pricing
Marketing messages aimed at individuals and companies
Signs they use on their offices to attract street traffic

Write down in your marketing plan what works well to give your guidance but also write down what you shouldn’t do. You need to look at less successful competitors as well to notice the marketing tactics that you should avoid.

4. Think about What Makes You Different

Tax preparation falls into a large industry with many competitors who are trying to do the same thing as you – reach out to more clients and improve their business’s success rate.

Professional Tax Preparer™ Business Card To write a marketing plan, you need to know what makes you different. In order to define that, look your business from four perspectives:

Strengths – Ask yourself what are your strong sides. Do you have well-trained employees? A long history of satisfied clients? Think about what brings success to your business to identify your strengths. Are you and/or staff a certified Professional Tax Preparer?
Weakness – Knowing your weaknesses will help you to stay away from promoting less successful aspects of your business. You might be a new company with not many clients to support your credibility so you don’t want to put the focus on that.
Opportunities – If there aren’t many tax preparation businesses in your area that is one opportunity to focus your marketing on. There are many opportunities that you need to think through and identify if you want to promote the businesses in the right way.
Threats – Government policies regarding taxes or other tax preparation businesses near you can cause a threat to your marketing campaign. You might not be able to eliminate the threats but being aware of their existence will help you prepare better.

Based on the research you did on competitors, you’ll be able to pinpoint your unique qualities or think of a few new ones that you want to adopt. For example, have you considered offering additional related services such as accounting, bookkeeping, as well as business coaching services to complement your tax planning and preparation services? Perhaps now is the time for you to build the premier accounting business in your area! (see what you can do to follow a Turnkey Business Plan)

Write each one of these aspects down to have a clear idea of your strong and weak spots that will be the baseline for creating a realistic and efficient marketing campaign.

5. Define Marketing Channels

The marketing strategy needs to be spread across different channels. There are several options and you have to make a pick based on your goals. However, the more channels you use, the higher will the chances be for improving your business.

Here are some options for directing your marketing efforts:

Website
Social media networks
Local advertising
Networking (attending conferences and relevant events)
Referrals
Email marketing
Sales letters

A combination of some or all of these marketing channels is the most effective choice.

Finally, once you define your marketing plan you should keep track of the progress at all times. Writing a marketing plan is a task that comes to an end quickly, but applying the strategies you set demands consistent determination and dedication. Tracking the progress of your marketing plan is necessary for making corresponding improvements and adjust the plan based on real results.

Author’s bio. Daniela McVicker is a blogger and a freelance writer who works closely with B2B and B2C businesses providing blog writing, copywriting, and ghostwriting services. Currently she many authoritative sources, you can check her last review of Trustmypaper. When Daniela isn’t writing, she loves to travel, read romance and science fiction, and try new wines.