Most accounting firms and CPAs fall into the trap of making that major leap into tax accounting and risk advisory services without cross checking the odds of surviving in the market.
We shouldn’t neglect the fact that risk advisory and tax accounting services are becoming a popular trend in the industry with a high demand for its services. Even with this, taking a blind jump without getting yourself equipped with adequate information will leave you crashing upon arrival.
Your dive into the tax accounting and risk advisory industry begins with your academic background. Your qualifications could either bear a CA or an MBA.
This goes as much as defining where your strength lies in the industry. While CA offers you specialized knowledge to handle internal audits and risk advisory services, MBA gives you a holistic approach to handle business from all ramifications. This becomes a good fit for risk advisory services.
However, a successful career as a tax accountant or risk advisor goes beyond your academic background. It lies in understanding the dos and don’ts of the tax accounting and risk advisory market. This will help you retain your value as a tax accountant or risk advisor while working to dominate your market niche.
Here are five tips to avoid failure in tax accounting and risk advisory services
Five tips to avoid failure in tax accounting and risk advisory services
· Grab experience
We understand that you might just be a fresh graduate, or you are a beginner trying to find your place in tax accounting or risk advisory. Before you announce that you are officially in the finance/accounting industry, you must grab some hands-on knowledge.
You can do this by registering for coaching programs, training courses, or apprenticeships. This will help you gain practical knowledge of the business. You will learn how to create actionable strategies that are applicable in the real world.
· Develop communication skills
Your prospective clients will read your actions and body language from afar. A single meeting might be all it takes for them to decide if you are what they need in a risk advisor/tax accountant. Your communication skills should be visible in your marketing campaigns. They should be comfortable with your tone.
Your conversation tone shouldn’t sound desperate and it shouldn’t also sound rude. Present yourself as calm, collected, smart, and reserved. Buy their trust and loyalty with each line you drop.
· Have a deep knowledge of business risk
You cannot offer what you don’t have. There are a lot of potential loopholes that make some businesses vulnerable to an attack.
Your business risk knowledge should include basic knowledge of cybersecurity and also having a good eye to spot fake investment opportunities.
You can step up your game by seeing it as your responsibility to understand their risk tolerance level.
No client will stick with you if they keep losing a lot of cash even after hiring you.
· Get acquainted with the global market and its acceptable practices
You will keep failing in your accounting journey if you are not up-to-date on some of the best practices across the globe.
There is a worldwide standard for professionalism. Becoming familiar with these standards makes it easier for you to create a model that works for your audience.
Clients will meet you with different complaints and needs. You can only deliver beyond the average standard if you are knowledgeable about most of the accounting best practices available.
· Appear knowledgeable
Tax accountants and risk advisors are known for a particular dress code. This does not mean that this is mandatory for everybody in the field. The dress code might not follow a strict pattern but the goal is to look smart. This is to help you blend well with different clients and also give them positive indicators that you are trustworthy.
No client will trust you if your outfit is nothing to write home about. No client will love to hand over their financial affairs to a tax accountant or risk advisor that doesn’t meet up with these simple demands.
However, you must understand that your dressing sense doesn’t automatically earn you a place amongst the big goons in tax accounting and risk advisory services.
You might virtually meet some clients. And this might require you to work with them in a remote environment. In this scenario, they are not concerned about your outfit, but your sense of reasoning and how knowledgeable you sound.
The risk advisory and tax accounting industry is a profitable one if you learn to play your cards well.