Posts

retired accountants

Income Options for Retired Accountants

You may have already retired or are considering doing so in the coming year. The lure of time for travel and special interests is balanced with retirement realities. Will you have too much free time on your hands? Financially, you’re fairly secure yet you are aware that there’s wisdom in continuing to earn as able. The good news is, there are multiple options for retired accountants who want extra income!

Finance and Accounting Consulting

Low unemployment in the finance and accounting sector is a boon for retired accountants! Large and small businesses are looking for consultants to supplement their workforce, particularly during peak seasons.

Personal Consulting

Or, you’re happy to leave corporate culture behind. Options are to work part-time, part-year preparing taxes either as your own enterprise or with one already established. If doing so on your own, you can serve clients year-round, advising them on financial matters.

Adjunct Faculty

Institutions of higher learning often need adjunct faculty. Retired accountants are a natural fit for this role if they enjoy mentoring others and are able to engage learners with varied learning styles.

Online Course Designer

During your work, you witnessed the void of engaging, professional, and informative online learning options for your staff. You’re also a bit of a tech whiz. Consider designing your own online course, reaping a commission each time a budding accountant signs up.

Grants Team Member

Look into non-profit organizations that are seeking grant writers and administrators. Large projects may need part-time accounting services to track multiple revenue streams, with associated expenditures and outcomes reporting. These projects may be remotely or locally available.

Entrepreneur

Yes, this may be a modest endeavor, finally having time to devote to an avocational interest. It may be the role of private tour guide or refinishing furniture for its next life. Whatever you choose, you have a distinct advantage as an accountant. You’re aware of the tax benefits of the self-employed and the best approaches for pricing.

 

You may also find “The Era of the Baby Boomer Consultant” helpful.

 

baby boomer consultant

The Era of the Baby Boomer Consultant

Not ready to retire yet? Welcome to the era of the baby boomer consultant. Low unemployment rates and high demand for finance and accounting expertise offer encouragement if you’re creating a semi-retirement plan.

Explore the Benefits of Consulting

Consider the benefits of retirement. There will be more opportunity to pursue interests and activities. Travel, hobbies, time spent with family and friends. The list goes on. At the same time, you have concerns about going from full-time work to being fully retired. Becoming a consultant offers a wealth of benefits for those wishing to phase into retirement. Doing so lets you:

  • Have an added stream of income for unexpected expenses.
  • Keeping your brain stimulated is good for your well-being.
  • Feel a sense of purpose as you continue to contribute to a profession that has served you well.
  • Having work flexibility
  • Continuing to work part-time may increase your Social Security benefits.

Businesses Benefit from Finance Consultant Expertise

It is well known that the boomer generation has a strong work ethic. That, and your years of high level experience, are attractive to a range of organizations in many ways:

  • By having consultants available during heavy accounting seasons.
  • When financial planning requires outside, objective assessment and recommendations.
  • Abilities to train and mentor younger staff.
  • From the networking know-how and relationships consultants have developed in specific sectors.

Moving from the C-Suite to the Consulting Role

Your knowledge, experience, and specialized wisdom are a boon to businesses.  Consider the special skills today’s organizations need:

  • Refined communication and soft skills, with a focus on client and customer relationships.
  • Critical thinking abilities with an emphasis on regulatory standards and compliance assurances.
  • Project management success, using this to mentor rising managers.
  • Corporate visioning and innovation to guide research and development.
  • Historical knowledge of finance and accounting systems that contributes to today’s processes.

 For more information regarding temporary work, check out  Finance and Accounting Temporary Jobs: What to Expect.

consulting

Why Consulting is Good for Your Business

If you run a business, then you know how important it is to fully execute your business plan to yield the best results. While many business CEOs prefer to be down in the trenches getting the business operating at its fullest potential, this could be detrimental. After all, if you only rely on your own expertise, you may miss a critical detail in the development process. Additionally, it can be time consuming.   That’s why it’s important to understand why consulting is right for your business.

Consulting Helps Development

While it may be a bit of a time and cost investment, in the beginning, consulting will ultimately help with development. You’ll have the opportunity to streamline some of your processes, and thus you’ll have quicker results. Sometimes, working with business day-to-day can muddle your ability to see the bigger picture. This is how a consultant can help!

Assist with Execution

A quality consultant won’t just give you a few pointers and walk away. Instead, they will stick around to help you carry out the plan. Of course, you’ll need to be involved in that process. But when its time for the consultant to walk away, you should have a clear understanding of what it will take to keep your business thriving at its fullest potential.

Focus the Team

Sometimes, it takes a consultant to help get your team focused in the right direction. So often, a team that is developed early on can have difficulty with making necessary transitions. A consultant can help make that transition as smooth as possible.

Overview

Consulting can significantly improve your business on a variety of levels. While some CEOs are hesitant to involve outside resources, it can make all the difference. Remember, the consultant that comes on board should be highly skilled in particular areas that you need them to be.

The interview process is incredibly important. However, once you make the right connection, the rest of the process will fall into place. Rely on the expertise of a skilled consultant to help your financial business get to the level of success that it needs to be.

 

Check out 3 Signs It’s Time to Hire