Demand for contractors in the accounting industry has gradually increased over the last few years. Since 2022, the number of listings for part-time and temporary workers has tripled, according to LinkedIn, as employers and candidates continue to prioritise flexibility.
Working with contractors offers employers a unique opportunity to access the latest talent for temporary projects and strategies without the expense of long-term hiring. For candidates, contract positions offer a unique opportunity to develop new skills, explore different work environments, and potentially earn a higher income.
However, while contract positions can offer many benefits, there are challenges to overcome in this landscape. Here's how you can ensure you achieve your career goals and thrive in the flexible world of contract-based work.
Understanding the Contracting Landscape
While contract-based roles aren't entirely new in the accounting landscape, interest in these positions has increased for multiple reasons. First, business leaders in the accounting industry are turning to contractor positions to overcome budget constraints and skill shortages.
In a difficult economy, temporary hiring offers businesses a unique way to leverage the talent they need at any given moment while keeping costs low. Contract positions also ensure companies can quickly adapt to seasonal and project-based needs.
Some companies even offer contract roles to validate new candidates and test their skills before giving candidates access to permanent positions.
On the other hand, contracting appeals to the changing needs of today's candidates, offering greater freedom and flexibility. More than 97% of contractors feel their work-life balance is better after moving away from permanent positions.
The Benefits of Accounting Contracting Roles
For accounting candidates, contract positions can deliver various benefits, provided they have the right mindset, skills, and commitment to thriving in their roles. Contract work offers:
Greater Flexibility and Work-Life Balance
Contracting work can offer candidates greater career control. Candidates can be their own boss, taking on the projects that best match their skills, priorities, and schedules. This opens the door to more opportunities for travel, personal commitments, and freedom as you progress in your career.
Opportunities to Develop Experience
Contracting positions offer an exceptional opportunity to gain experience working on unique projects in various environments. Instead of completing the same work or working with the same team members every day, you have a chance to explore every facet of the accounting industry and develop new skills- this can make you a more appealing candidate for future roles.
Greater Resilience and Adaptability
When you spend your days working with clients, you're exposed to new business processes, niche markets, and technologies, helping broaden your skillset. Diversifying your skill set not only enhances your market value as an accounting candidate but can also help you become a more resilient, adaptable employee – capable of thriving in any scenario.
Potential for Higher Pay
Although the income you earn as a contractor can vary based on several factors, most contractors in the accounting space can earn significantly higher hourly and daily rates than permanent employees. Although you won't get the same benefits as permanent employees, you can earn more over your career.
Enhanced Networking Opportunities
Contract positions expose you to various working environments, allowing you to find the company culture that appeals to your priorities. This diversity in working environments also exposes you to a wide range of colleagues, employers, managers, and potential mentors who can help you develop a robust professional network.
The Challenges of Contracting
Although contracting can have many benefits, there are some potential risks and challenges to overcome, from a lack of access to benefits to reduced job security. Some of the biggest hurdles you'll need to be prepared to overcome include:
Job Insecurity and Income Variability
While you can potentially earn more in a contract position, that's only true if you can consistently find work opportunities. As an accounting contractor, you'll need to spend a lot of time consistently looking for your next project unless you work with a recruitment company that can help you.
Lack of Benefits and Financial Planning Complexity
Typically, employers aren't required to offer the same benefits to contract workers as to permanent employees. You may miss out on access to health insurance, extra paid time off, and other perks. Typically, you'll also be responsible for handling your super and taxes, which can be complex for accounting candidates without experience in this space.
Adapting to New Work Environments
Though exposure to new work environments can help accounting candidates develop new skills, it can also be a challenging experience. Most employers expect contractors to adapt to new processes without much training rapidly. This means you need to be highly adaptable, intuitive, and proactive if you're going to thrive in your role.
Simple Strategies for Success in Contracting
The good news for accounting candidates keen to explore the advantages of contract work is that there are various steps you can take to boost your chances of success. The following strategies will help you thrive in the dynamic contracting world.
Work With A Recruiter
Working with a recruitment company can significantly improve your chances of securing contractor roles. Recruiters have extensive networks and insider knowledge of the job market, often accessing positions that aren't publicly advertised.
They understand the specific skills and experience companies seek, helping you tailor your application to stand out.
Recruiters can provide valuable insights into industry trends and salary expectations, ensuring you're well-prepared for negotiations. They often have established relationships with hiring managers so that they can fast-track the process for you; recruiters can offer interview preparation guidance and performance feedback.
For contractors, recruiters are particularly beneficial as they constantly source new opportunities, helping you maintain a steady workflow. They can also assist with contract negotiations and paperwork, simplifying the administrative aspects of contracting. Partnering with a recruiter can streamline your job search and increase your chances of landing desirable contractor positions.
Continuously Update your Skills
Adaptability and resilience are critical characteristics of a successful contractor. A commitment to continuous learning and development will help you show those characteristics to your potential employers and prepare you to thrive in various scenarios. Invest in online courses, earn new industry certifications, and attend workshops. Pay close attention to the skills and competencies employers are prioritising for people in your position.
Master Time Management and Productivity
Finally, ensure you can maximise your time. Look for ways to maintain control over your schedule, and ensure you know how to prioritise tasks based on their urgency and importance. Think carefully about navigating work requirements while maintaining a healthy work-life balance with techniques like time blocking.
Find Your Next Contracting Opportunity
Aside from developing the right skills and mindset to thrive in an accounting contractor role, finding job opportunities is one of the biggest challenges you'll need to overcome, and the best strategy is to work with a recruitment company.
A professional accounting recruitment company can help expand your network and introduce you to job opportunities you may not find listed on job boards and LinkedIn.
They can also help you update and enhance your Resume for short-term roles and prepare for contract-specific interview processes.
Contact Hedley Scott today to learn how we can help you find your next role and prepare for a successful contractor career.