Robert Holland of chartered accountants James Cowper LLP explains why now is a better time than ever to be an accountant.

We certainly appear to be living in interesting times. All of a sudden careers and jobs that once appeared as attractive and challenging, such as investment banking, now appear risky and unsafe. In such times many people might turn to accountancy, which often has a reputation of being a 'safe' career option.

To a large extent this may be true. Businesses still need to prepare accounts for tax purposes and their tax return still needs completing. Businesses that require an audit still, by law, require an audit. However, in many cases more difficult economic circumstances mean that the accountant takes on an ever more important role in safeguarding a business.

Accountants may train in industry working in large commercial organisations, but many train in professional accountancy practices, where they may stay or move into industry later. For those in industry they become crucial as the management of the businesses finances become ever more important. For example:

• They prepare budgets and can identify cost savings and reductions.
  
• They prepare accounts which enable management to see exactly where they stand and how good or bad things are.
  
• They prepare cash flow forecasts that identify and warn of trouble ahead and give management time to prepare a strategy to best manage going forward.

On a more strategic level, they are involved in the long term planning of the business and can help identify the financial implications of strategies that can help businesses grow and prosper even in difficult times.

Accountants in a professional accountancy practice often play a similar role across a range of their clients. Each has their attractions. Although commercial accountants can be deeply embedded in a single company, accountants in practice work across a range of businesses of different sizes and cultures. As a result they can build a broader picture of the economy as a whole and get a sense of where we really are in the economic cycle.

Of course, certain types of accountants come into their own in a recession. Many insolvency practitioners are trained accountants whose skills are very relevant. Whilst many people will understand that insolvency practitioners close down businesses that are no longer viable, many people do not realise that they can save businesses that would otherwise fail by certain types of insolvency procedure.

In difficult times clients value accountants that have a number of important attributes, including:

• Identifying straightforward and practical answers to problems and difficulties.
  
• Interpreting a complex and confusing economic situation and helping them chart a course through any difficulties that may arise.
  
• Being discreet and absolutely trustworthy and reliable so that any vulnerabilities and potential future problems are hidden whilst solutions can be worked on.
  
• Being honest and truthful so that they can properly assess where they are and develop plans to enable them to best prosper under the circumstances.

On a personal note, I started my accountancy career in the midst of a recession. Whilst it was challenging, difficult and at times stressful, it was also stimulating, fascinating and gave me a sense that I made a real difference. The lessons I learned in those early years have stayed with me and have been some of the most valuable ones I received over the whole of my career.

Robert Holland
James Cowper LLP
Email: rholland@jamescowper.co.uk [1]

Robert Holland is a partner in the Reading office of Thames Valley accountants and business advisers James Cowper.