Reply to: Finance/Accountant contractors?

[Gravy Train]

I'm also a finance contractor - fell into it 6 years ago and operate at FM / FC
level and also do various project work. Also only had maybe 4 months out in that time so I must be doing something right.
Go for it, although there's not always that many roles to choose from although that may depend on what region you work in.

The main benefits are the variety of roles and industries you get to work in - ignore the poster further up who said you don't get any new skills, I've learned loads and generally get to work on all the interesting things that the FM / FC don't have time for.

[happydays]

Bit of both. I worked in the sector for a number of years before being made redundant.

[Min79]

Hiya

I'm a finance contractor and have been for just over 6 years now.
I've found work quite easy to come by. I've only had 4 mths out of work in the 6 years.

I've been doing various roles and haven't considered (actually ignored) the threat of falling into IR35. Now I'm doing a stint covering mat leave for 9 mths, I think my current role falls within IR35.

I've promised myself to be more careful next time.

Depending on what my first role is think I'll be going via an umbrella to suss things out for the next time.

Do you find work through networking or through agencies?

[northernladuk]

Hiya

I'm a finance contractor and have been for just over 6 years now.
I've found work quite easy to come by. I've only had 4 mths out of work in the 6 years.

I've been doing various roles and haven't considered (actually ignored) the threat of falling into IR35. Now I'm doing a stint covering mat leave for 9 mths, I think my current role falls within IR35.

I've promised myself to be more careful next time.

That's not a problem. Gives HMRC more fodder and leaves the rest of us that haven't ignored alone

[happydays]

Hiya

I'm a finance contractor and have been for just over 6 years now.
I've found work quite easy to come by. I've only had 4 mths out of work in the 6 years.

I've been doing various roles and haven't considered (actually ignored) the threat of falling into IR35. Now I'm doing a stint covering mat leave for 9 mths, I think my current role falls within IR35.

I've promised myself to be more careful next time.

[Min79]

Don't take it personally but it cheeses me off when people want to play contracting just to see hence me being a bit tough on the subject. You will find it much easier to look and see as permie. What one industry looks like as contracting is in no way a reflection of what it looks permie either. We are brought in to any industry, deliver some specialist skills and leave. I just think you don't understand contracting properly and the whole concept of running your own business and delivering skills to clients.

I don't like long term drudgery and relish a new challenge that I wasn't getting in perms. I get very badly affected by the 5 year (or whatever time) itch and cease to work my best. I like starting with a problem, nailing it and leaving to start a new one. I also didn't like the politics and all the gumph that came with permie and wanted to be in charge of myself to a greater extent than perm. I had also gotten to a level in the organisation I was comfortable with and just wasn't interested in furthering my career to the next level. Just burnt out I guess.

You will not build up new skills in contracting by the way. You sell the ones you have. There are a few people that have managed to wangle gigs where they were able to do this but they are very few and far between.

I appreciate your honesty and I am on here so that I can draw from people's experiences

The IT and Finance contracting marketing, to me, seem to be different in certain aspects. I've seen what's around and what clients/agencies are asking for (as well as having worked with contractors in the past) and believe I have the skill set and experience to do it. I was at my last job for 7 years, and like you, not interested in moving up the ladder or to stagnate. Finance roles can be very routine on a monthly/weekly basis and are much less project specific and I don't want the politics or the pressure of what my future goals are! Hence my concern over IR35 too. The reasons I have don't sound too dis-similar to yours in my opinion.

Sorry, I didn't mean new skill sets per se, I have the transferable skills but it's the application of them that differs based on the way the company reports their accounts - month end/budgeting,forecasting/process improvement are all the same, just depends on the company. I'm a quick learner and foresee no issues in that area.

With regard to running my own business etc. give me a chance! I haven't even got my first gig yet. You started out once and it's a learning curve. Sure I'll struggle at the beginning but half my family are accountants (the kind that can do taxes!) and will help on that side, my old boss got made redundant and now has her own business so is there for guidance.

I've spent the last 4 months thinking about it, have had advice/opinions about the market from recruitment consultants (I know they're not best loved on here, generally), spent a lot of time debating on whether to go ltd (and what it entails) v umbrella at the beginning, know that I don't have the security but also the freedom to decide what/when/how and have savings to keep me going for a while.

I know contractors that have done it for years and love it and others that now want the stability of permanent...each to their own.

What more can I do!

Ps..not that it matters but saw you referring to me on another thread,, I'm a she not a he

[northernladuk]

Hi, I agree with you and it's not a decision I've taken lightly. I'm not in it for a bit more cash or a short job, I want to see what it's like to work in different industries to get an idea of where I'd like to settle. I like the idea of building up different skill sets and environments (apologies if my post sounded short-termist, I wrote it early in the morning!)

I don't know if contracting is right for me but if I don't give it a go how will I know whether it's something that I want to carry on with long term? In the short term I'll go via an umbrella and then go ltd if I feel there's longevity.

What made you decide you wanted to go into it?

Don't take it personally but it cheeses me off when people want to play contracting just to see hence me being a bit tough on the subject. You will find it much easier to look and see as permie. What one industry looks like as contracting is in no way a reflection of what it looks permie either. We are brought in to any industry, deliver some specialist skills and leave. I just think you don't understand contracting properly and the whole concept of running your own business and delivering skills to clients.

I don't like long term drudgery and relish a new challenge that I wasn't getting in perms. I get very badly affected by the 5 year (or whatever time) itch and cease to work my best. I like starting with a problem, nailing it and leaving to start a new one. I also didn't like the politics and all the gumph that came with permie and wanted to be in charge of myself to a greater extent than perm. I had also gotten to a level in the organisation I was comfortable with and just wasn't interested in furthering my career to the next level. Just burnt out I guess.

You will not build up new skills in contracting by the way. You sell the ones you have. There are a few people that have managed to wangle gigs where they were able to do this but they are very few and far between.

[Min79]

Since 2009 the market has been flooded with out of work accountants who are happy to accept rock bottom rates just to keep in the market while they are looking for their next perm position. This has seriously depressed rates for career contractors as well - even if the client wants a career contractor the fact that someone is offering to do the work for £300 per day when you would normally charge £500 makes it tough.

Not helped by lots of the agencies struggling so they are competing with each other to show they can offer the client a wonderful candidate for £300 per day.

I don't mind long gaps between contracts so I can hold out for the right contract and rate - but I know some contractors who have had 6 months between contracts & really struggled.

Not saying you shouldn't go down that route - but be realistic about the market conditions

Hi Sarah, nice to meet a fellow accountant, although (apologies for going through your old posts) it seems like you're at a much higher level than I am. Based on current salary etc, I am going for around the £300 level for an FM type role. I am conscious about market conditions but do have adequate savings.

How did you get in to it and what made you stay?

[Min79]

Contracting isn't there for permies to dip in to and out of as they fancy it just for abit more cash or a short job. You do one or the other IMO. Contracts on your CV will harm your ability to get a perm job and vice versa for a start. And you approach to your perm job is all wrong, you don't give up on perm just because you got a bad gig and now you want to be career responsibility free all of a sudden. Doesn't sound right at all this.

Hi, I agree with you and it's not a decision I've taken lightly. I'm not in it for a bit more cash or a short job, I want to see what it's like to work in different industries to get an idea of where I'd like to settle. I like the idea of building up different skill sets and environments (apologies if my post sounded short-termist, I wrote it early in the morning!)

I don't know if contracting is right for me but if I don't give it a go how will I know whether it's something that I want to carry on with long term? In the short term I'll go via an umbrella and then go ltd if I feel there's longevity.

What made you decide you wanted to go into it?

[North887]

Hi

Im in the same boat as you, I left for the same reasons and turned to contracting. I can recomend it, but you need to be aware of the cons as well. The roles I tend to come across are maternity cover up to 12 months, the works nothing particularly challenging but not too interesting either. If you dont like the role you've really just got to suck it up till the contract runs out.

Im looking at doing this for a few years before considering a permie position. I dont believe it'll harm my long term prospects, in our sector experience in different environments is seen at a premium, at least thats what ive found.

[SarahL2012]

Since 2009 the market has been flooded with out of work accountants who are happy to accept rock bottom rates just to keep in the market while they are looking for their next perm position. This has seriously depressed rates for career contractors as well - even if the client wants a career contractor the fact that someone is offering to do the work for £300 per day when you would normally charge £500 makes it tough.

Not helped by lots of the agencies struggling so they are competing with each other to show they can offer the client a wonderful candidate for £300 per day.

I don't mind long gaps between contracts so I can hold out for the right contract and rate - but I know some contractors who have had 6 months between contracts & really struggled.

Not saying you shouldn't go down that route - but be realistic about the market conditions

[northernladuk]

Well I took up a perm role at the beginning of the year after a number of years at my old place.
It was supposed to be my next career move but the role turned about to be much less than billed (all the boring bits were true, just not the interesting bits!). Plus my boss and I have personality clashes and I went from working centrally to the burbs, which really isn't the environment for me...think I started going a bit nuts.

So a few months ago I thought 'life's too short, I need to regain my sanity', and resigned (lengthy notice). If I didn't find something else then I'd contract until I did

Have a bit of perm phobia as a result
and want to be career-responsibility free for a while. Who knows if it'll work out or if I'll be any good but taking the plunge anyway!

Contracting isn't there for permies to dip in to and out of as they fancy it just for abit more cash or a short job. You do one or the other IMO. Contracts on your CV will harm your ability to get a perm job and vice versa for a start. And you approach to your perm job is all wrong, you don't give up on perm just because you got a bad gig and now you want to be career responsibility free all of a sudden. Doesn't sound right at all this.

[Min79]

I would be interested to know what bit didn't work out in permie land and why contracting is your next choice? There are a lot right reasons, just asking out of interest.

Well I took up a perm role at the beginning of the year after a number of years at my old place.
It was supposed to be my next career move but the role turned about to be much less than billed (all the boring bits were true, just not the interesting bits!). Plus my boss and I have personality clashes and I went from working centrally to the burbs, which really isn't the environment for me...think I started going a bit nuts.

So a few months ago I thought 'life's too short, I need to regain my sanity', and resigned (lengthy notice). If I didn't find something else then I'd contract until I did

Have a bit of perm phobia as a result
and want to be career-responsibility free for a while. Who knows if it'll work out or if I'll be any good but taking the plunge anyway!

[SueEllen]

Interesting........

Hopefully we haven't given you ideas.

[Old Greg]

Hi there,

A very new newbie here

I'm a finance manager for whom a perm role hasn't worked out and is therefore entering the contracting world imminently (hopefully!).

I was wondering whether this site is predominantly for the IT sector or whether there are accountants around too so I can get some industry advice?

Cheers

It is predominantly IT, but not entirely. I dip in and out of IT, but am not in your sector I'm afraid.