The benefits of working as a contractor in accounting

What is contract accounting? 

Contract accounting is a specialised field of accounting focused on managing and reporting the financial aspects of long-term contracts, such as construction projects, service agreements, or other contractual work. 

This type of accounting involves tracking revenues, costs, and profits over the life of a contract, ensuring that financial statements accurately reflect the project's progress and financial health. 

Contract accounting is essential for businesses involved in large-scale projects, as it helps in maintaining financial transparency, compliance with accounting standards, and effective project management. 

At Marks Sattin, we understand the complexities of contract accounting and specialise in connecting businesses with skilled professionals who can expertly manage the financial intricacies of long-term projects, ensuring accuracy and compliance throughout the contract lifecycle.

Benefits of contracting as an accountant 

We’ve previously discussed the general benefits of undertaking an interim role. But what are the specific benefits for finance and accountancy professionals? 

If you are a finance or accountancy professional looking to advance your career, working as a contractor can offer numerous benefits. 

We discuss the top four advantages of being an interim or FTC (fixed-term contract) worker, and how it can help you build on your experiences and propel your career forward. 

Building on experiences in different environments 

As a contractor, you can work with different companies and organisations, in various industries and settings. 

This allows you to gain exposure to diverse environments and processes, which can be highly beneficial for your personal and professional growth. It also gives you the chance to learn from different teams and managers, expanding your knowledge and skill set.

Trying out different roles and industries 

Contract work also allows you to try out different roles within the finance and accountancy field. It can be challenging to figure out what type of job or company is the best fit for you, but as a contractor, you have the freedom to experiment and see what truly interests you. This can help you find your true passion and direction in your career.

Moreover, working as a contractor also gives you the chance to explore different industries. This can be especially beneficial if you are looking for a change or want to broaden your knowledge and experience beyond traditional finance roles. Trying out new industries can open doors to new opportunities and help you discover where you see yourself in the future.

Contracting could be a positive change after redundancy

Unfortunately, redundancies can happen in the finance and accountancy industry. However, being made redundant could also be an opportunity for positive change. 

As a contractor, you can use this as a chance to explore new roles and industries that you may not have considered before. It can also provide you with the necessary experience and skills to redirect your career in a new and exciting direction. 

Moreover, just because you start on an FTC doesn't mean it will end when it is meant to. Depending on the company's requirements and your individual performance, your contract may be extended, or you could become a permanent team member.

Higher earning potential

With the current cost of living crisis, it's no surprise that many professionals are seeking higher salaries. As a contractor, you have the potential to earn more than your permanent counterparts due to the flexibility and expertise you bring to companies. 

This can help alleviate any financial stress and allow you to save or invest in your future.

Land an accounting contract job with Marks Sattin 

At Marks Sattin, our consultants make sure to keep abreast of the latest trends in their markets. 

Ultimately, contracting as an accountant is a great opportunity to learn new skills, undertake project work, and take on a new challenge in a business you may not have considered previously.

As a specialist recruitment and executive search firm with over 30 years’ experience, we've helped many professionals find their next exciting opportunity, whether that's within global organisations or growing SMEs. 

Explore contracting jobs today.