May 25, 2021 at 8:45 am #1227785MibcParticipant
- Total posts: 1
Can someone experienced share some advice, are there any business opportunities in my area of expertise?
I am a tech savvy accountant (CA) in my early 30s with experience across large, medium and small companies (multinational and national with one internationally well known brand). Industries range from retail to FMCG and Not for profit. My recent roles are around management accounting, financial accounting and corporate accounting. Although some of these were 7-9 month roles, they gave me great exposure to monthly management reporting, statutory reporting, general financial analysis and different systems and practices. I also have advanced Excel skills along with some experience using SQL, limited Power BI exposure and experience as an ERP implementation lead.
Now I am in the 8th year of my career, earning 103K+super in a permanent role and feeling very unsure about my future direction. I haven’t been able to get a break into a management role yet. My job is giving me a decent experience portfolio but I don’t see any opportunities for promotion with my current employer. That is also making me impatient with jobs as life’s financial responsibilities catch up.
I want to start a business but my financial capacity to invest is limited and I don’t know what services to offer. I feel my personal competitive advantage lies at the finance and IT intersect l but I am not sure if I am really good enough for the market competition and that I am not overestimating myself. I am not sure what can I exactly do in that area either. I do know that my non-Finance stakeholders that I support really appreciate my Excel skills. Naturally I think about providing consultancy services in the not-for-profit sector around Excel based solutions for forecasting, costing and profitability analysis. I feel it is an overlooked market that is receiving decent government funding at the moment. However I am not sure if that is a scalable business idea due to the customised nature of the service offering.
A small business as an ERP implementation partner seems unachievable or I don’t know enough about it. And with a project driven nature, it seems like something that needs so much attention I must quit my job to even test the waters.
I am not sure a career as a business analyst in the ERP implementation space would provide returns worth the hard work either and I may not be able to utilise my CA fully on that road.
Can someone experienced in the Finance and IT space share some advice, what should I do with my skillset?
May 31, 2021 at 8:11 am #1227885JamesMillarParticipant
- This topic was modified 2 weeks, 5 days ago by Mibc.
- Total posts: 1,685
Maybe you should apply for a job at Xero software. Many of the staff are qualified accountants with IT interest or skills / experience. They are a very progressive organisation and frankly probably one of Australi’s most dynamic tech businesses. I know quite a few staff and they love their work. Good oepratorsMay 31, 2021 at 9:20 am #1227888JonoW-15Moderator
- Total posts: 21
Hi @mibc , welcome to the forum.
+1 for above about Xero, they’ve got a pretty amazing product and would certainly need accounting skills.
In regards to breaking into management, have you considered taking on management courses ahead of applying for new roles to help you make the shift? AIM in Melbourne have a load of different management related short courses that could help.
Also, have you browsed roles on Seek and found any desirable ones or applied for any? I feel like there’s no harm putting yourself out there for new roles to identify skill shortcomings, it’s a good way to define your path and discover areas of interest. Potentially while you’re locked into fulltime work, using that time to try expand your skillset can be really valuable.
Good luck!Forum AdministratorMay 31, 2021 at 5:06 pm #1227907Dave – FS ConciergeModerator
- Total posts: 2,541
What do you want out of your job that you aren’t getting now?
You’ve talked a little about financial pressure, promotion, management, starting a business, which are all different things. If it’s mostly a money issue, then starting your own business is not a guaranteed fix for that in the short term.
Is more money a must, or could you be happier doing your own thing for less money? Are you bored? Hate working 9-5? Some thought around this could help you narrow down your options.
DaveJune 4, 2021 at 9:37 pm #1228023Vanessa LovieParticipant
- Total posts: 11
Have you thought about buying a business (finance or IT)? You may find it easier to get a loan for an established business or there may be vendor finance options.
Alternately have you thought of becoming a business broker? A lot of brokers are CPAs.
There are many business brokers earning a similar income to what you are currently on. Building relationships and aligning yourself with a good brokerage is important. Obviously, you will need to obtain your business broker license. The AIBB is the national organisation if you want to find out more.
Just some thoughts – hope it helps!Vanessa Lovie CEO - Bsale.com.au
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