Contract Accounting – An immediate solution.
As the Irish economy slows down and approaches a much needed period of consolidation, employers are looking at their current personnel requirements for the immediate future and are reconsidering their need in relation to their permanent headcount.
These same employers have immediate requirements and work that needs to be completed and in the current climate, it is becoming apparent that the discerning employer will look to recruit on a contract basis initially with a view to considering longer term and permanent options at a later date.
Why Contract?
Many accountants have found that the current environment is enabling them to market themselves at a premium as an “Interim Solution” for employers. For the swamped Managing Director, an experienced, qualified accountant who can take the reigns of an understaffed finance department is a godsend and they will pay a premium for this immediate solution.
With the number of opportunities available in the current market, a flexible consultant will find they are able to control the time they work to suit their personal and professional needs.
How does it work?
There are many reasons why a company would look to bring in a contract or temporary accountant, these would include;
- An immediate, interim solution to counter-act an unexpected departure.
- Maternity Leave
- Headcount restrictions
- Special projects
- Backfill
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- Covering for anticipated growth
Once an employer is faced with one of the above situations, they will often look to bring in a contract or temporary accountant as soon as possible. The usual answer is to approach a recruitment agency for a solution. A knowledgeable recruitment consultant will have an ongoing shortlist of contractors available at different times to take on different levels of positions. It is important to establish yourself with a suitable consultant, and then work closely with them to secure appropriate assignments on a regular basis. A specialist recruiter is more likely to provide a more accurate service than a generalist recruiter.
Key points to remember when working in contract:
- Be available at short notice
- Be prepared to commit to contract duration
- Ensure that the role you are taking on is within your skillset – if anything, make sure you are over-qualified. Employers will expect that you “hit the ground running”.
- Show a flexible work ethic and willingness to adapt.
How do I get started?
Prepare your CV highlighting your specific skills. Remember to “bullet point” specific areas of experience which would be considered outside of normal accounting duties (eg, Systems, Project, Sarbannes Oxley, etc.) – it is these areas that can make the difference when an employer is assessing suitable candidates for a role. Once this is done contact a specialist recruiter or start speaking to your own contacts to advertise your availability. Keep in mind that you will need to be available immediately in the majority of cases, so be prepared to do this. Employers will not wait a month when they are looking for an immediate solution.
Whilst the traditional approach when looking at employment is to “not take the first thing that comes along”, be prepared to accept and start immediately if you feel that an opportunity is appropriate, even if it is the first position that you are looking at. Turnaround on contract opportunities can be immediate. So if you are looking, be prepared to start straight away.
Working examples;
Case Study 1 – An immediate solution
The Managing Director of a company discovered on a Monday morning that due to personal reasons, the Financial Controller was leaving to join a competitor and would be doing so at short notice. Finding a suitable replacement would take time and with the year end approaching, and the head office calling, an interim solution to the problem would be needed…. Quickly!
The first action was to contact the temporary/contracts division of an accounting recruitment agency to discuss the role that had become available and to request appropriate candidate details. Within twenty four hours, details of a suitable candidate were forwarded and was subsequently interviewed and offered the position of Interim Financial Controller for three months. As a result of their immediate availability, the candidate began work at once, which allowed a period of hand-over with the incumbent Financial Controller.
After a thorough search over a three month period, the candidate who had been appointed as an interim solution turned out to be an ideal person for the permanent role. An offer was made and accepted by both parties. This happens in about 10% of Interim Assignments.
Case Study 2 – Headcount Restrictions
The European Finance Director of a US Multinational based in
After contacting a specialist accounting recruiter, it becomes clear that the solution to his immediate needs is to recruit a couple of contract accountants to ensure that the immediate requirements are met. After a brief search and a review of appropriately available candidates, the FD appoints two Accountants on 6 month contracts which ensures that he sticks to the headcount directive whilst resolving the immediate under staffing issues he was facing. After six months, the hiring freeze is lifted and both of the contractors are appointed to permanent positions.
Remember – you are not necessarily defining your career by accepting contract work. What you are doing is developing your skills and taking control of your career and its future development. For some, contracting becomes as much a life style as it is a career!
For more information please contact Michael Tichband on 01 6321837 or email michael.tichband@hrm.ie
HRM Recruitment, Accountancy & Finance Selection are a specialist team of recruiters who work with Industry, Financial Services, Practice and public organisations throughout the Dublin region. Positions covered range from junior to senior accountants on both a permanent and contract basis. For more information, contact
