Career Article: Tougher Tax Season Means Growing Demand for Accountants

The recessionary economy is quickly forcing companies to take survival of the fittest strategies. This year, businesses are engaging in massive cost cutting measures and trying to find more efficient means to operate while preserving their profitability.

For every economic low point in 2008, and seemingly in 2009, there are some high notes for certain industries. Fortune magazine recently named several high-profile financial firms as having some of the strongest and most stable career growth, weathering the recession and economic downturn.

According to the American Institute of Certified Public Accountants (AICPA), hiring qualified financial professionals is the most critical concern of U.S. accounting firms. As companies look to reduce inefficiencies and improve profitability, they are increasingly relying on accounting professionals to help them identify areas of improvement and tax-derived savings.

This is good news for financial and accounting industry workers. The need for experienced and qualified professionals to fill positions such as staff and senior accountants, and credit and collections specialists are in high demand. In addition, the financial industry is anticipating new tax laws and regulations. So for those currently seeking employment as an accountant or bookkeeper, it is important to stay current on any changing tax codes, or to brush on some of those little known tax-derived cost savings.

Less experienced accountants might think that these needs sound like more advanced skills sets are most in demand. However, the reality is that financial firms need entry-level employees who can provide the basic financial and accounting services to clients. Meaning that, job opportunities will range from entry-level to experienced professionals.

The financial services industry is one that will also experience a “graying” of its workforce within the next decade, meaning retirement is imminent. For those who are entry-level or even mid-level, take this opportunity to learn as much as you can from employees who may be exiting the workforce in the coming years.

The 2009 tax season is a potential boon for CPA and tax firms. So this might also be the opportunity to earn additional income by working freelance with smaller businesses that may not be able to afford the high cost of large accounting companies.

As the demand for accounting professionals continues to grow, so does the potential for salary increases. According to the U.S. Bureau of Labor Statistics, the average salary for an accountant with a bachelor’s degree in 2007 was $63,180. That number is expected to increase as economic fluctuations call for regulatory changes, and the need for companies to have support in navigating these changes stays strong.