Debating slightly switching career paths, but I would have to take a pay cut.

[jobaba]

Originally Posted by bell235

I'm an accountant and have my CPA license. I'm on track to be Controller, or maybe a VP of Accounting/Finance role at some point in my life - that is the road I'm on right now (currently Assistant Controller at a company).

I kind of hate the corporate world and don't really see myself managing people. I just want to do the work - schedules, workpapers, preparing financial statements, keeping the books, etc, etc... I look at job postings that are open that are my logical next step and I'm just not interested in them and don't see myself being happy at any of them.

My dream is to one day have my own bookkeeping company where I do the books for small business clients... almost like an outsourced accountant. Since I'm a CPA, i feel like I could offer more than just basic bookkeeping.

There are a few positions I've come across that would be a great stepping stone to possibly having my dream come true one day. But the problem is that they all pay around $70k... I currently make $105k (i think i may have seen 1 or 2 for like $90k, so it's possible to get close to what I make, but rare).

My other issue is that I've never been in that kind of role so there is a chance that I could hate it and regret switching "paths". Also, would i ever *really* have my own business? it's nice to dream, but is that something that will actually ever happen for me? I mean, I dream of doing a lot of diff things that I know will never happen.... so is this just one of them?

I mean it wouldn't be a total career path change but it would be like taking a different road in the same industry... so maybe it's not as risky of a chance as i think it is?

I guess my question is - has anyone ever taken a pay cut to make a change? did it end up working out or did you regret that decision?
I'm also hoping there are a few accountants here that could maybe offer some advice.

My cousin does what you want to do.

He is a book-keeper in NYC for 4 star restaurants and what not. He owns his own business, hires employees and does quite well.

You have to very gregarious and be very social to be successful in that field, but he is and is quite successful.

Ironically, my friend's wife does what you are 'pathed' to do. She's a controller for a big NYC corporate firm. Went to NYU Stern and everything.

Personally, I have ZERO question as to which option seems more appealing to me. But that's me.

There's no question in my mind that being in a NYC corporate role making 175K a year either requires you 1) to be under extreme duress, 2) be a total d@ckhead/*****, or 3) make $ off those below working hard, while you work 25 hours weeks.

It's bad enough where I'm at and this is not NYC and not in the financial sector.

As for your other question, I'm older and make less than you and thinking of switching to a job that pays less than 70K ... well less.

Obviously, everything depends upon whom you take advice from.

[G-fused]

Does not seem insurmountable. Get Quickbooks, then take a class on it to learn it. You should not be surprised that you did not get responses on craigslist. You need to know people to have them trust you with financial dealings. Join business associations and give presentations on accounting and finance that are applicable to your target. Join SCORE, maybe advertise in local publications, etc.

But owning a business will entail you doing administrative and supervisory work. I doubt you will survive long if you are the sole person doing the work. Especially if the work does not offer anything specialized. Keeping the books of a small business is something many people can do.

Best of luck.

[Mae Maes Garden]

I recently resigned from the best job I ever had. Outside sales in an industry I love. After over a decade of covering up to a 3 state territory by van stuffed with samples and many miles and hotel rooms, I began my job search over a year ago to transition out of this position. I resigned in late summer. Mentally ready, I might add.

My body has not felt this good for a few years. The neck pain from loading and unloading suitcases from dragging them in and out of appts has subsided. Chiropractic appts are scaled back. The Monday dread of knowing I would be “on the road” and not being home....is gone. Lifestyle...dialed back.

I am only a few years shy of retiring. I no longer care about the income potential and now just strive for a job with health ins benefits that will cover me until Medicare kicks in. My financial planner assured me that I can retire.

[bande1102]

Fellow CPA here. You should start by going to the AICPA website and exploring career options. Your education, skills, and training have set you up to do any business you want (outside of accounting, even). We are the people other business owners come to for advice and guidance about their businesses. Exploit that. You need to build your confidence.

I can't imagine how you'd make great money bookkeeping. There is no barrier to entry so competition will be tough. Quickbooks is created for non-professionals. It is simple. I think it's quite similar to Peachtree in many ways, so I don't think learning the software would be difficult at all. I think if you wanted to get into payroll, that may be more lucrative, but then you're competing against the likes of ADP.

Why not try a business that offers CFO services to small business owners directly?

Alternatively, you could also be a Quickbooks consultant. This goes beyond bookkeeping. Charge fees for training staff on how to use Quickbooks, set up Quickbooks for new businesses, fix Quickbook messes, etc.

[fassopony]

Did you do any time in public? That would give you the experience you need for opening your own firm. Especially if it was a small or medium size firm you worked at.


Know what you are getting in to though by offering public accounting. My first client was a small doggy daycare whose now-previous CPA failed to file any federal tax returns, never turned in payroll to SSA, among many other bad and simple things. Working through that mess was how I found out that I enjoy tax and forensic accounting. PS- my client won a six figure judgement against the previous CPA who will be unlicensed soon enough (we waited to file complaints with the IRS, AICPA, and State Board of Accountancy until after the court case to ensure continued earnings to pay her rather large bill).

[bell235]

Originally Posted by bande1102

Fellow CPA here. You should start by going to the AICPA website and exploring career options. Your education, skills, and training have set you up to do any business you want (outside of accounting, even). We are the people other business owners come to for advice and guidance about their businesses. Exploit that. You need to build your confidence.

I can't imagine how you'd make great money bookkeeping. There is no barrier to entry so competition will be tough. Quickbooks is created for non-professionals. It is simple. I think it's quite similar to Peachtree in many ways, so I don't think learning the software would be difficult at all. I think if you wanted to get into payroll, that may be more lucrative, but then you're competing against the likes of ADP.

Why not try a business that offers CFO services to small business owners directly?

Alternatively, you could also be a Quickbooks consultant. This goes beyond bookkeeping. Charge fees for training staff on how to use Quickbooks, set up Quickbooks for new businesses, fix Quickbook messes, etc.

This is actually what I meant... not bookkeeping.. I mean keeping financial statements on the accrual basis of accounting which bookkeepers would not know about/understand/be able to do.


I guess what I would ideally want is to be like a freelance/outsourced accountant. Not just a bookkeeper - obviously bookkeeping is just entering data (cash receipts and disbursements). I could offer doing a whole set of financial statements every month, closing the books in accordance with GAAP, and things like that... I would want it to be for small businesses who don't need an accountant 40 hours/week, just once a month for 15 hours or so to get the books in order for the month.


Sorry, I should have clarified that in my OP since a lot of responses are saying bookkeeping is easy/an uneducated person could do it.


The term "bookkeeping" is so broad sometimes. I should have just said "accounting".. doing accounting for small businesses, like i said, who don't need someone there 40 hours per week...