Tips to Advance Your Accounting and Finance Career

Every company needs accounting and finance professionals. This provides virtually endless opportunities to advance your accounting and finance career.

Whether you are just starting out or have many years of experience, learning from other professionals in your field is an effective way to advance your accounting and finance career. These suggestions may help.

Choose among these six tips to advance your accounting and finance career.

Find a Mentor

A professional in your field who has more knowledge and experience than you likely faced issues similar to yours. As a result, this professional can share their knowledge and provide insight to help overcome the issues that you might face. You can ask for advice and feedback to continue moving forward in your accounting and finance career.

Network

Build relationships with recruiters, hiring managers, company leaders, HR employees, and other professionals in your field. You can ask these individuals for ideas, advice, and guidance on your accounting and finance career path. They may share job openings with you, serve as employee referrals, or meet with you about opportunities that fit your skills, goals, and interests.

Learn New Technologies

Staying current on the use of technology helps advance your accounting and finance career. This includes enhancing your proficiency with Excel, using business intelligence tools such as Cognos or Crystal Reports, and understanding accounting systems such as SAP, Microsoft Dynamics, or Oracle.

Gain Experience in Different Fields

Invest time learning different areas of the industry to develop your accounting and finance career. This may include bookkeeping, preparing financial statements, financial reporting, internal auditing, compliance, or taxation.  Changing your job duties every 2-3 years lets you gain the knowledge, skills, and experience needed to stay competitive.

Become a Certified Public Accountant

Earning accreditation as a certified public accountant (CPA) shows you have high-level industry knowledge, skills, and ethics. This certification demonstrates your commitment to the field and ability to take on higher levels of authority.

CPAs are in great demand because they enforce higher standards for the accounting industry. These professionals perform highly specialized job functions that provide significant value for employers. This provides the potential for high salaries and growth for your accounting and finance career.

Focus on Specialization

Develop your skills in a specific area to advance your accounting and finance career. These areas may involve regulatory compliance, anti-money laundering (AML), Know Your Customer, Financial Industry Regulatory Authority, Comprehensive Capital Analysis and Review, or the rules related to capital adequacy and consumer protection under the Dodd-Frank Act. High-level knowledge and experience in any of these areas are valuable to employers.

Find a New Accounting and Finance Job

Finding a mentor and networking help you gain valuable guidance to advance your accounting and finance career. Learning new technologies and gaining experience in different fields help you stay competitive in the job market. Becoming a CPA or focusing on a specialization let you provide additional value for an employer.

Work with Casey Accounting & Finance Resources to find your next role. Learn about our job opportunities today.

5 Tips for Starting Q2 Strong

Starting Q2 strong involves capitalizing on your Q1 successes. You can use your momentum to continue moving the company forward.

You can use what you learned from your setbacks in Q1 to start Q2 strong. This increases the likelihood of achieving your goals over the next 3 months.

Implement these five tips for starting Q2 strong.

1. Capitalize on Your Momentum

Build on your successes from Q1 as you move to Q2. Balance your short-term urgency with your desired long-term gains. Focus on how your course corrections over the past 3 months can improve efficiency over the next 3 months.

2. Focus on the Future

Spend 10% of your time determining what went wrong in Q1 and 90% of your time planning for Q2. Figure out why you did not attain the desired outcomes and how you can do better going forward.

Focus on what you learned in the past 3 months that you can apply to the next 3 months. You might need to create systems and strategies or resolve process issues to reach your goals.

3. Analyze Market Trends

Pay attention to the trends that are impacting your industry. Focus on the internal and external factors that might impact your company’s financial performance in Q2. Adjust your plans to adapt to these changes for growth in your numbers.

4. Reassess Your Goals

Meet with your team to determine whether the goals set in January still are relevant in April. If they are, find ways to promote engagement to attain these goals. Otherwise, use the latest data and insight to adjust your Q2 goals.

5. Clarify Your Team’s Capacity

Use your team’s capacity to plan your Q2 goals. For instance, if your employees work 40 hours per week, their individual capacity is 40 hours. Therefore, your team’s collective capacity is 40 hours x your number of employees.

Ensure you leave at least 30% of open space for your team. For instance, if your employees work 40 hours per week, commit them to only 28 hours of work on reaching Q2 goals (40 – 30% = 28). This should allow adequate time for tasks that take longer than anticipated and for unexpected circumstances that arise.

Planning adequate time to reach their goals helps your employees fulfill their regular job duties and responsibilities while working toward Q2 objectives. It also helps prevent your employees from overworking to attain their 90-day business goals.

Get Help with Hiring

Capitalizing on your successes, focusing on the future, analyzing market trends, and reassessing your team’s goals help start Q2 strong. Being realistic about your team’s capacity should provide adequate time for them to fulfill their regular job duties while working toward their 90-day goals.

Let Casey Accounting & Finance Resources help with your hiring so you have more time to reach your Q2 goals. Reach out today.

6 Effective Ways to Build Trust with Your Employees

As a manager, building trust with your employees is essential for success. You need your employees to carry out daily tasks related to their jobs. Your employees need you for guidance, support, and leadership.

Effective ways to build trust with your employees must be worked on daily. This is especially true if your employees work remotely or hybrid.

The more your employees trust you, the more engaged and productive they will be. This elevates job satisfaction, employee morale, and retention. It also increases your bottom line.

Choose among these six effective ways to build trust with your employees.

1. Openly Communicate

Build trust with your employees by initiating or joining in conversations. This may involve sharing company news and insights or answering questions. Also, be attentive to your employees’ concerns. Ongoing communication with your employees builds confidence in your leadership abilities.

2. Provide Flexibility

Although you want your employees to work full days, situations will arise when they must take care of their personal needs. Show compassion by letting your employees take care of family issues or other priorities that come up.

Your employees are likely to go above and beyond when you need them to. Being there for your employees shows they are trusted and valued team members.

3. Be Direct

Communicate with your employees in a clear, honest manner. This is especially important if you have bad news to deliver.

Calm, direct engagement in conversations lets participants be heard and understood. This supports respect and trust with your employees.

4. Delegate Responsibilities

Ask your employees to take on high-priority tasks and duties. Show that you trust them to follow through and reach deadlines with little oversight.

5. Offer Guidance

Reassure, support, or lead your employees when needed. Show that they can depend on you in good and bad times.

Help your employees move through challenges and come out stronger than before. Being there for your employees helps build trust.

6. Lead by Example

Model the behavior you want your employees to follow. This includes being authentic and vulnerable. Your employees are likely to trust you enough to be authentic and vulnerable in return.

Add Employees to Your Team

Openly communicating in a direct manner and providing flexibility help build trust with your employees. Delegating responsibilities, offering guidance, and leading by example show that your employees are valued and respected members of your team.

When you need to add employees to your team, get help from Casey Accounting & Finance Resources. Learn more today.

Tips for Filling Accounting or Finance Positions

Filling your accounting or finance positions during The Great Resignation can be challenging. Many employees are leaving their jobs for opportunities that better align with their goals, values, and interests.

Fortunately, understanding what candidates are looking for in accounting or finance positions helps guide your approach to hiring. These suggestions can help.

Implement these tips for filling accounting or finance positions.

Be Involved in the Entire Hiring Process

Clarify exactly what you are looking for in a candidate. This provides a foundation on which other members of your hiring team can help source candidates.

For instance, assume you need to hire an accounting clerk. You might develop a list of the required and preferred skills as a guide for your hiring team.

Your list of required skills for an accounting clerk might include:

  • Knowledge of basic finance, accounting, and bookkeeping principles
  • Proficiency in mathematics
  • Ability to learn new technologies
  • Time management skills
  • Attention to detail

Your list of preferred skills for an accounting clerk might include:

  • Formal accounting training
  • Experience in administrative or accounting roles
  • Proficiency with budgeting and bookkeeping software
  • Collaborative work style
  • Strong communication skills

Stating exactly what you are looking for helps your hiring team properly source active and passive candidates. Narrowing down your pool of qualified candidates saves time when reviewing resumes and deciding whom to contact for interviews.

Build Candidate Relationships

Get to know active and passive candidates on a personal level. This increases their interest in filling your accounting and finance positions.

Learn all you can about a candidate’s education, skills, experience, goals, and interests. Find out what motivates them to work, what they like most and least about their jobs, and what attracts them to an employer.

Focus on how one of your opportunities fits with the candidate’s background. Emphasize what the candidate would gain by coming to work for you.

Focusing on your candidates’ wants and needs encourages them to want to work for you. This increases your likelihood of adding top talent to your team.

Ask Relevant Interview Questions

Pay attention to a candidate’s hard and soft skills and behavioral intelligence during an interview. For instance, if you need to hire an accounting clerk, you might ask:

How do you maintain quality control with your work?

Candidates should thoroughly check their work to ensure accuracy. Listen for cross-checking or strategies for quality control and attention to detail. Minimizing errors saves time and money.

How do you manage to work under tight deadlines?

Candidates should be able to juggle multiple projects and manage workflows while under pressure. They must work efficiently, delegate tasks, and request support when needed. Listen for a positive attitude while facing challenges, the ability to prioritize work, and effective time management skills.

How do you present financial data to nonfinancial professionals?

Candidates should feel comfortable sharing financial information in a calm, effective manner. Their audience should be able to understand and apply the information to their situation.

Need Help Filling Accounting or Finance Positions?

Being involved in the entire hiring process and building candidate relationships help source qualified candidates and encourage them to apply to your accounting or finance positions. Asking relevant interview questions lets you find the best candidates to add to your team.

For additional help filling your accounting or finance positions, partner with Casey Accounting & Finance Resources. Find out more today.

What to Do When Your Employee Asks for a Raise

As a manager, an employee likely will ask for a raise at some point. This is especially true when the labor market is tight and employees have significant job opportunities.

Understanding how to handle your employee’s request for a raise is important. You need time to determine whether a raise is appropriate and how much to increase the pay rate.

Mishandling the request can lead to lower employee engagement and retention. As a result, preparation is essential.

Here’s what to do when your employee asks for a raise.

Conduct an Internal Pay Audit

Determine how much your employee is paid compared to their coworkers. Include each employee’s role, education, experience, tenure with your company, and pay. This helps keep your raise review process fair.

If you discover that your employee earns less than a coworker in the same role, ask yourself questions such as:

  • Did prior raise negotiations impact the employee’s income?
  • Do differences in education, experience, or tenure with the company contribute to the pay discrepancy?

If your employee’s pay is comparable to their coworkers’ pay, take notes on your findings. Keep them handy for when you meet with your employee again to discuss receiving a raise.

Include Your Employee’s Value

Consider how your employee’s knowledge, skills, and experience contribute to your organization:

  • Would your company be fine if your employee left?
  • How much would your employee’s departure impact business operations?

Use historical data to determine your employee’s value. Include your employee’s non-monetary value:

  • Contributing innovative ideas
  • Serving as a brand ambassador
  • Providing excellent customer service.

Consider the time and money needed to replace your employee:

  • How long would the hiring process take?
  • How much would the hiring process cost?
  • Would your remaining employees be able to fill in until you hire a replacement?
  • Would you need a temporary worker until you replace the employee?
  • What would your training costs be?

Determine an Appropriate Raise

If you approve your employee’s request for a raise, decide whether to provide a flat rate or a percentage of their pay rate. If you use a percentage, use an average pay raise or cost of living adjustment to determine the increase.

Meet with Your Employee

Talk with your employee about your decision to approve or deny their request for a raise. Include your findings and the rationale for your decision:

  • Providing a raise without a reason often creates an entitlement mindset.
  • Your employee might tell their coworkers and encourage them to ask for raises.
  • Denying a raise without a reason lowers engagement and retention.

Need Additional Guidance for Compensation?

Conducting an internal pay audit and including your employee’s value help determine whether to approve your employee’s request for a raise. Determining whether to give a raise and sharing your reasons why help your employee understand your decision. These actions encourage your employee to remain with your company.

For additional guidance with compensation, use our 2023 Accounting and Finance Salary Survey. If you have questions, reach out to Casey Accounting & Finance Resources.

How a Strong Company Culture Can Lead to Better Retention

Your company’s culture is one of its biggest assets. It shows what your organization stands for and serves as a guide for employee interactions.

Having a well-developed culture can encourage the best talent to work for you. Once these employees become part of your organization, they are likely to remain for an extended time.

The longer your employees remain, the higher your retention rates. This lowers the amount of time and money spent on hiring, which improves your bottom line.

Find out how you can develop a strong company culture to improve your employee retention rates.

Business Guidance  

Displaying a strong mission, vision, and values provides employees with a sense of guidance and security. It shows what you stand for as a company. This helps attract employees who align with your culture.

Employees with values in line with your company’s values tend to make better business decisions. This typically aligns with your company’s vision and business strategy.

Be sure to advertise your culture and exhibit it in everything your organization does. For instance, regularly talk about your company’s vision and strategy. Include what these topics mean for different teams. Helping your employees better understand the company can improve engagement, motivation, and retention.

Include your company values when evaluating employee performance. This can improve engagement.

Flexible Work Arrangements

Offering remote or hybrid work and a flexible schedule helps your employees manage work-life balance. Letting them handle their personal needs during the workday helps lower stress. This reduces the odds of experiencing burnout.

Your employees may desire additional paid time off (PTO), stipends for child care, or paid parental or personal leave. Providing these accommodations shows you care about your employees’ well-being.

Talk with your employees about individual accommodations they may need to fit their personal circumstances. Increased flexibility typically leads to increased retention.

Performance Recognition

Regularly thanking your employees for their efforts and results helps them feel appreciated. This tends to elevate engagement, productivity, and retention.

Performance recognition should take a variety of forms. This may include a hand-written thank-you note, verbal praise during an individual or team meeting, or a mention on the company intranet.

Regularly point out your employees’ contributions to benefit the organization. Include each employee’s specific actions, their results, and how they impacted the business. Provide bonuses, raises, or promotions when appropriate.

Looking for Accounting and Finance Professionals?

Employees want to work for companies that have a strong culture. You can promote your culture by using it to guide employees to make business decisions. You also can offer flexible work arrangements and provide performance recognition to increase the attractiveness of your workplace. All of these factors contribute to your retention rates.

If you need help adding accounting and finance professionals to your team, talk with Casey Accounting & Finance Resources. Learn more today.

5 Skill Tests to Make Sure Your Temp Employees Are the Right Fit

As an accounting and finance manager, there will be times when you need to add temp employees to your team. Your permanent employees may be taking a vacation, on a planned leave, out sick, or unexpectedly no longer part of your company.

Bringing aboard temp employees can help even out the workload for your team. Because these employees come from a staffing agency, you know they are vetted and skilled in their work.

Temp employees require little training to begin producing. However, you may want to conduct skills tests to make sure these employees have what it takes to succeed in a role.

The following are five skills tests you may use to make sure your temp employees fit with an open position.

1. Reading Comprehension

The tasks required of temporary employees typically involve reading comprehension, speed, and other written communication skills.

  • Temp employees need to receive, process, and send accurate information in emails, memos, reports, and other documents.
  • Temp employees must read written instructions to perform specific tasks.
  • Temp employees have to read reports to provide overviews to their managers.

2. Writing

Emails, memos, instructions, and related tasks require strong writing skills.

  • Temp employees may be asked to write an executive summary of a manager’s report.
  • This requires the proper tone, brevity, clarity, and precision.

3. Typing Speed and Accuracy

Because temporary employees often use computers, the employees must have typing skills.

  • You want temp employees who can type at high speeds.
  • Look for temp employees with a low error rate.

4. Word Processing

Temporary office employees need to understand your word processing software.

  • Proper use of the layout and typography features is needed to format documents in line with your company’s style and brand.
  • The temporary employees should be able to create fillable forms and modify templates for communications where the format is fixed, but the information varies, such as a monthly report.

5. Spreadsheets

Many tasks that temporary employees perform involve spreadsheets.

  • Temp employees may need to create spreadsheets to perform important functions.
  • Examples include tracking customer contacts or updating information in an existing spreadsheet, such as adding monthly sales for each sales professional.

Looking for Temporary Accounting & Finance Professionals?

Adding temp employees to your team can help ease the workload. You may want to provide skills tests to make sure the temp employees are able to complete the tasks that are expected of them. Our recruiters have access to hundreds of behavioral and skill tests to predict candidate workplace performance. We also offer interactive training modules for candidates who might need a refresher or to improve their skills.

When you need to temporarily fill accounting and finance roles, turn to Casey Accounting & Finance Resources. Find out more about how we can fill your temporary staffing needs today.

What Alternate Benefits Can Employers Offer to Combat the Year-End Bonus Request

Many candidates look for employers who provide bonuses at the end of the year. Receiving additional income during the holiday season can be a great reward for employee contributions and results during the year. However, your company may not have the budget right now to provide an end-of-year bonus. As a result, you should add other enticements to encourage candidates to accept your job offers.

Choose among these benefits and perks to increase the acceptance rates of your job offers.

Paid Sick Days

Almost all candidates want paid time off to rest and recuperate when they are ill. The ability to maintain their income encourages them to stay home and avoid spreading germs in the office. This shows you care about the health of your employees. You want them to come to work rested and ready to produce. It also reduces the number of absences due to contamination among sick coworkers.

Flexible Spending Account

Many candidates appreciate the ability to put aside pre-tax money to pay for the year’s out-of-pocket healthcare costs. These may include over-the-counter medications, co-pays for doctor visits, medical devices such as crutches or blood sugar tests, or vision needs like glasses or contacts. Consider contributing $500 to each employee’s flexible spending account (FSA) to make it even more attractive.

Tuition Reimbursement

Recent college graduates are among the candidates looking for help to pay off their student loans. Many candidates finish school in debt and want to begin making loan payments. This can help them put away money to purchase a home, save for retirement, or reach other financial goals.

Employee Development Plans

A significant number of candidates want to work for employers who provide customized education and training opportunities. This offers employees additional ways to more effectively perform their work. The skills and experience gained through employee development plans promote professional growth. This helps the employee achieve their career goals and advance both inside and outside the organization.

Performance Bonuses

The majority of candidates appreciate bonuses based on their performance. This provides motivation to stay engaged and productive. Tying the reward to employee results provides a sense of ownership and control. It also helps reach individual and business goals.

Need Accounting & Finance Employees?

If your budget does not allow for year-end bonuses, consider including other benefits and perks with your job offers. Paid sick days, an FSA, and tuition reimbursement are in high demand. Employee development plans and performance bonuses can entice candidates to accept your job offers as well.

Casey Accounting & Finance Resources can provide you with qualified professionals when you need them. Find out more today.

Are Your Job Descriptions Attracting the Right Accounting Talent? Let’s Review.

When was the last time you looked over your job descriptions? The best ones combine required skills and experience, company culture and other pertinent details. Ask yourself whether you have the right combination of the following elements to attract the right accounting talent.

Is the Job Title Clear?

Although unique titles such as “Financial Guru” may indicate a laid-back culture, they probably will not attract the type of professionals you are looking for. Because most candidates search for roles that match their skills and experience, using terms such as “guru” may cause your description to not show up or turn off candidates from applying. Instead, use industry-standard language that candidates search under to achieve more favorable results.

What Are the Duties?

You can determine the top five to seven requirements by interviewing employees and their supervisors, observing employees as they perform their work or referencing outside sources such as the U.S. Bureau of Labor Statistics Occupational Outlook Handbook. Make sure you focus on how those requirements promote growth and development within the company and how an employee’s achievements can contribute to career progression.

What Are the Relevant Details?

Be sure you mention whether the position is exempt or nonexempt, how much travel is required, what the work environment is like, and whether the employee may telecommute. Candidates need enough information to determine whether they may excel in a role and want to apply.

Did You Mention Company Culture?

Candidates need to know whether they agree with your mission, values and beliefs and will enjoy working for your organization. For instance, along with mentioning benefits, perks, and bonuses, share whether you have an on-site gym, free food, flexible schedules, remote work opportunities or other unique offerings. When possible, include photos, graphics, videos or other multimedia that shows a diverse range of employees in your company.

Did an Employee Review the Job Description?

The employee can clarify the duties and responsibilities. The supervisor can ensure the description contains accurate information about the skills and qualifications.

When Was the Job Description Reviewed?

Read the description over annually to accurately describe the job as it is being performed. Duties and responsibilities may change, along with the skills and experience required to fulfill them. The best time to update a job description is when requirements change.

Attract Top Accounting Talent With a Leading Chicago Recruitment Firm

Are you looking for top accounting professionals? Partner with the expert recruiters at Casey Accounting & Finance Resources!

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5 of the Biggest Misconceptions About Working in the Finance Industry

Finance is one of the most misunderstood industries. Information conveyed through movies, news reports, online articles and other sources do not always contain facts or convey the entire story. For this reason, we are setting the record straight about some of the biggest misconceptions about working in the finance industry.

You Need a Finance Degree  

Although education is important, many workers come from IT, art, or other non-finance backgrounds. Being able to understand and explain complex subjects is only one core requirement for working in the industry. As long as you have or can acquire financial skills, along with emotional intelligence and people skills, you can transfer other skills to a variety of finance positions. You also can participate in training opportunities and continuing education to enhance your skill set.

You Need an Extensive Network

Your network does not have to include connections from Ivy League schools or powerful people in the finance industry. What matters more are your education, credentials, strengths, skills, experience level, and networking ability. For instance, you can use your professional and networking skills to gain an internship that may lead to a full-time job. Once you have a job, you can begin networking with your peers and later move to professionals at higher levels and ask them to mentor you.

You Have to Work for a Bank or on Wall Street

The finance industry covers a variety of geographic locations, work environments and company culture. You could work for a large or small firm, long-established company or startup, or other range of organizations. For instance, if you work in fin-tech, you may be employed by early-stage disruptors, mid-sized companies or large corporations. The businesses may include tech lenders like OnDeck or payment companies like Square. Also, as an investment banker, you could work in almost any state. Although higher-paying jobs may be near financial hubs like New York or London, many banks are moving to remote locations such as Tampa, FL, or Providence, RI, to provide employees with a different lifestyle.

You Lack Work-Life Balance

Any career will be demanding and time-consuming when starting out. You may decide to be a banker, trader, portfolio manager, compliance analyst, research specialist or other professional and still have a life away from the office. Your level of work-life balance will depend on the profession you choose and the financial institution or organization you work for.

Break Into the Finance Industry With a Top Chicago Employment Agency 

Break into the finance industry with help from the competitive recruiters at Casey Accounting and Finance Resources!

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