Posted by Michael Weiss on Thursday, July 3, 2014 - 00:00
One of the benefits of working with financial consultants is tapping their independent insights. Sometimes it takes an outsider to identify and catalyze the change an organization truly needs. Accounting and finance professionals are brought in by companies on a consulting or project basis to get the job done and can offer their opinion without worrying about taking a new approach or getting caught up in office politics.
Companies often work with consultants who possess internal audit or risk experience to tackle compliance initiatives. Similarly, consultants with a strong background in the financial function can assist the CFO by taking an objective look and identifying issues that may have been missed due to organizational blind spots. Project professionals also can provide in-demand regulatory expertise not currently available in-house.
Here are some of the other key areas in which CFOs are working with financial consultants:
- Finance and accounting
- Business systems and performance improvement
- Finance optimization
As an added advantage for businesses, consultants’ diverse experience provides them with unique perspectives. They know of different ways to tackle challenges, and they can pass their knowledge and ideas on to full-time staff. Because of this, project professionals’ impact can last well beyond the duration of their engagement.
The Appeal of Independence for Consultants
Financial consultants are able to enjoy the best aspects of a project: finding an issue and fixing it. That’s because they are less restricted by the organization’s historic decisions and internal politics than full-time staff members of the firm.
From there, they move to the next challenge, gaining experience in different settings and with different projects along the way. At the same time, they have the flexibility to pursue their career and personal interests.
For many accounting and finance professionals, consulting becomes not just a career choice but a lifestyle choice – one whose independence benefits both the consultants and the businesses they serve.
In your experience, what are other benefits of consultants’ independence?