Should I take this permanent position and get out of consulting

[Anonymous]

I hae done accounting consulting for a number of years in a specific area where good or bad economy, it has to get done. I usually earn anywhere between $120-high $130's depending on down time and how many hours a client wants me to work per week. A permanent position came along and the company is very interested in me. They first said salary would be in the low $100's with a 10% bonus so this would put it at around $120 or maybe a slight bit more.

They have already asked me if I am interviewing elsewhere, how much notice I would have to give at my current assignment, etc. Fast forward, the other day they called and said the position is now budgeted at $100 and asked if it would be a problem? My response was, "when two parties are excited about working with each other and they aren't miles apart, dthings have a way of getting done".

Here is my question, I really need to earn at least $120. Signing on for $110 with the 10% bonus would get me there. If they won't move, should I just say no? Sure, there is always uncertainty with consulting and I need to market myself for much of the time, but I am already paying for my own health and life insurance and if their 401(k) match is minimal, what am I getting by taking this job? They are nice people and really want to grow, but EVERY company in the interview process says they have these great growth plans.

Any thoughts would be appreciated.

[Anonymous]

I suggest doing a "total pay" analysis. If the company will provide group benefits that you buy individually now, you might make out better as a permanent employee. Also, depending on your taste for business development, you might enjoy shedding those responsibilities.

[Anonymous]

Anonymous wrote:I suggest doing a "total pay" analysis. If the company will provide group benefits that you buy individually now, you might make out better as a permanent employee. Also, depending on your taste for business development, you might enjoy shedding those responsibilities.

Not crazy about doing this, but I also like the aspect of how much variety consulting offers. I have looked at the "total pay" and it is about $20-$30 lower than where I am right now. This is significant for me.

[Anonymous]

You haven't given any reasons why you should take the job. It doesn't sound like you want to.

[Anonymous]

I value my freedom. No "jobs" for me.

[Anonymous]

I wonder how do independent accounting consultants find their projects? I'm a CPA and was recently offered a well paid contract. It works out well so far and I'd love to keep working independently, but am not sure how easy it would be to find other projects to remain busy for the most part of the year.

[Anonymous]

Anonymous wrote:I value my freedom. No "jobs" for me.

Same here. My business partner and I joke about scheduling a "review" for the other guy. Man, after ten years I couldn't go back to a "job" even though when my jobs slow down or finish I get a ton of anxiety and if I don't budget right I get close to missing payments. Inevitably I get a call or email with another matter and bam, fortune changes. It's not for all, but sounds like you are more like me.

[Anonymous]

Anonymous wrote:I wonder how do independent accounting consultants find their projects? I'm a CPA and was recently offered a well paid contract. It works out well so far and I'd love to keep working independently, but am not sure how easy it would be to find other projects to remain busy for the most part of the year.

What is your accounting speciality?

[Anonymous]

Anonymous wrote:
What is your accounting speciality?

I've been focusing on tax accounting, compliance and research for the last 5+ years working for large companies. I have Master in Accountancy degree and previous accounting experience, however. Recruiters told me that it makes sense to stay in tax because such jobs are typically better paying. I wish it was possible to utilize both of my accounting and tax skills somewhere.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
What is your accounting speciality?

I've been focusing on tax accounting, compliance and research for the last 5+ years working for large companies. I have Master in Accountancy degree and previous accounting experience, however. Recruiters told me that it makes sense to stay in tax because such jobs are typically better paying. I wish it was possible to utilize both of my accounting and tax skills somewhere.

Tax is a very hot field right now. Hence, the law of supply and demand is working in your favor. When you say compliance, and research, do you mean SOX and technical accounting? I see people move out of audit or corporate accounting into accounting ops or field positions as part of rotations. If I were you, I would have a resume that places more emphasis on accounting and also mentions tax work that pertains to supporting accounting entries. Do you have a CPA?

[Anonymous]

Anonymous wrote:
Tax is a very hot field right now. Hence, the law of supply and demand is working in your favor. When you say compliance, and research, do you mean SOX and technical accounting? I see people move out of audit or corporate accounting into accounting ops or field positions as part of rotations. If I were you, I would have a resume that places more emphasis on accounting and also mentions tax work that pertains to supporting accounting entries. Do you have a CPA?

When I mentioned compliance, I meant tax compliance (preparation of federal and state income tax returns, property tax returns, sales tax returns, etc.). I worked together with the technical accounting team to add explanations of the tax treatment of the transactions to their GAAP treatment memos. I also ensured that our tax processes and disclosures are compliant with SOX. So it has been purely tax related work for the last 5+ years. And yes, I have an active CPA license.

Do you work as an independent consultant? I started working on a contract recently and want to figure out whether it would be possible to find more projects in the future. I can always go back to a full time position, but am trying to find other, more interesting, options.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Tax is a very hot field right now. Hence, the law of supply and demand is working in your favor. When you say compliance, and research, do you mean SOX and technical accounting? I see people move out of audit or corporate accounting into accounting ops or field positions as part of rotations. If I were you, I would have a resume that places more emphasis on accounting and also mentions tax work that pertains to supporting accounting entries. Do you have a CPA?

When I mentioned compliance, I meant tax compliance (preparation of federal and state income tax returns, property tax returns, sales tax returns, etc.). I worked together with the technical accounting team to add explanations of the tax treatment of the transactions to their GAAP treatment memos. I also ensured that our tax processes and disclosures are compliant with SOX. So it has been purely tax related work for the last 5+ years. And yes, I have an active CPA license.

Do you work as an independent consultant? I started working on a contract recently and want to figure out whether it would be possible to find more projects in the future. I can always go back to a full time position, but am trying to find other, more interesting, options.

State and local tax knowledge (SALT) is huge right now. How do you get more projects in the future? You can work with Resources Global, where you also get benefits. Or Robert Half Management Resources. There are also regional firms (Dixon Hughes Goodman is active in the DC area). With your skill set, the down time between projects would be limited.

I have worked, or spoken with, these firms. And like anything, consulting has its pros and cons. A pro is not getting caught up with idiotic office politics and hekping companies that really could use some expertise. And if you like variety and good at tuning in and working with new people, that's a plus. The con is the uncertainty. But again, it depends on skill sets. If you do tax, technical accounting, or SEC reporting, there is always a need. And there is a shortage of CPAs in America, although of course that does not automatically translate into multiple offers at any given time.

[Anonymous]

Anonymous wrote:Here is my question, I really need to earn at least $120. Signing on for $110 with the 10% bonus would get me there. If they won't move, should I just say no? Sure, there is always uncertainty with consulting and I need to market myself for much of the time, but I am already paying for my own health and life insurance and if their 401(k) match is minimal, what am I getting by taking this job? They are nice people and really want to grow, but EVERY company in the interview process says they have these great growth plans.

Any thoughts would be appreciated.

First question is what are other permanent jobs paying? Everything is relative and if other places are offering 110K as salary then the place making the offer will have to decide if it is worth getting their 1st choice by finding an extra 7-10K or going back to looking ...possibly months more time plus work not getting done or being done by higher cost consultants in the meanwhile. If 100K is the going rate or competitive then you have to decide if quasi security ( don't forget the same budget constraints can turn into people being let go, having to work 130% to make up positions not filled/ understaffed etc, limited bonus pool) is worth not having to market yourself and hustle to line up jobs and make sure you get paid. Also if your true bottom line is 120K, how do you intend to make up the gap, cut back on spending, get a second job etc?

So anyway, my mother always said be happy with what you make coming thru the door because there are no guarantees once you are there ...not raises, not bonuses, not the number of hours you will be working as salaried, not the growth opportunities.