Three Keys to Future Mega Bucks in Accounting
An Accountant Raked-in Nearly $ 25 mn.!
Forget software and technology, the next big bucks are in accounting!
its CFO earned $ 24.63 mn. in 2013. That was the largest pay package any Twitter executive took home in 2013. It is not an isolated case and CFOs can come in before IPO and move on after the deal. It is NOT necessary that you have to be the CFO of such upcoming companies. As an accounting firm, you can provide several important services to such companies and their CFOs. And there are 3 keys to your future success. The First Key: For accountants, the first key is to
know where the money is getting invested
and what are the latest trends. For example, Venture capital dollars invested in Q1 2014 reached highest quarterly total since Q2 2001, according to the MoneyTree report. From the nearly $ 9.5 bn. Invested by venture capital firms in Q1, nearly $ 5 bn. went to software and biotechnology industries. There are plenty of free resources on the web, which can give you almost all details of such investments. The Second Key: While those details will tell you the trends, it may be too late in the day because private investments are closely guarded secrets and you will know only after the whole world knows. So the second key is to
keep an eye on popular start-ups who are receiving seed funding, early stage funding and generating large interest in social media
as well as crowd-funding platforms such as kickstarter. Your local company registration office can also be a good source of such information. Early bird catches the worm! The Third Key: Assuming that your resources have experience in taking a company through the early stages in its life-cycle to the growth phase, you would be better off building those relationships early with such promising companies. So the third key is to have deep expertise in a couple of niche industries AND
develop early relationships with those entrepreneurs.
Attending your usual networking events where only accounting professionals meet will not help. As they say, you need to hang out where your future clients hang out.