Megha Goel, Author at unremot.com

Public accounting – What is public accounting & what are the important services offered?

Want to know what is public accounting and the top 10 service providers? In this article, we will learn all about public accounting.

Public accounting

Public accounting refers to a business or an individual that provides accounting services to other firms. They serve businesses, individuals, governments, and non-profits by preparing their financial statements, filing tax returns, conducting audits, providing consultation and advice, etc.

What is a public accountant?

A public accountant is an accounting professional licensed by the board of accountancy of each state. The resources to obtain the license are provided by the American Institute of Certified Public Accountants (AICPA). The CPA designated accountants help in enforcing professional standards in the public accounting industry.

These accounting professionals offer financial statements audits and other attestation services to help organizations get information regarding their financial health. They help families and individuals as well by providing valuable knowledge and advice on taxes and financial planning. Public accountants are committed to lifelong learning and follow a strict code of professional conduct.

Also read: Fund accounting | A complete guide

What is private accounting?

Private accounting definition refers to the business practices of an accountant serving a single company. A private accountant is responsible for analyzing and preparing financial reports internally of a company, sending invoices to clients, and holding accounts payable. When a company is getting audited, the work of the private account department is reviewed by the public accounting firm professionals.

The basic motive of establishing a private accounting department is to set up an internal system to record business transactions. They also help company’s stay informed regarding their financial statements. In terms of education, there isn’t much difference between public and private accounting.

Certified public accountant definition

A certified public accountant definition, an accounting professional who has met licensing requirements through educational training, public accounting experience, and qualifying for the CPA exam successfully is known as a CPA certified accountant. Typically, if a local certified public accountant earns a license in one state they can get licensed in other states as well based on reciprocity laws.

Across the industry, jobs for certified public accountants are higher due to their reliability, in-depth industry knowledge, and credentials. While we define certified public accountants, we should understand that along with keeping and interpreting financial records they perform several additional services.

Also read: Expanded accounting equation

Top 10 public accountants services

A public accountant job description includes multiple job roles for his or her clients. Below, we will look into some of the major services provided under public accounting,

Audits and reviews

The primary task involved in public accounting jobs is to audit the books of clients. A lesser form of audit is known as a review, which a business might prefer due to its lesser cost.

Consulting services

A business may hire the services of a public accountant for consulting activities such as describing possible strategic options, advising on the adequacy of a system of controls, and providing assistance in information system installation.

Taxation services

Another important role of a public accountant job is to advise individuals or businesses on effective tax strategies and provide their expertise in preparing tax returns for the clients.

Forensic accounting

Forensic accounting is a specialized field in public accounting where accountants reconstruct destroyed financial records or investigate if there are any signs of fraudulent activities. Certified public accountants gain specialization in forensic accounting to perform this role.

Financial planning

Public accounting job description includes advising a client with financial planning strategies, such as how to transfer a business to a buyer to minimize the short-term tax impact on the client.

Litigation services

Public accounting job descriptions also involve providing detailed analysis to an attorney in order to present a winning case in court. Public accountant titles typically use these skills for divorce settlements, bankruptcy proceedings, business disputes, etc. They may also provide testimony as an expert witness.

Valuation services

Valuation services are provided as part of public accounting that includes valuation reports, valuation engagements, limited scope valuation engagements, calculation engagements, and more.

Financial reporting services

Under financial reporting services, a public accountant performs several jobs such as compilation, preparation of financial statements, disclosures and notes to accounts, corporate secretarial services, performing calculations required by accounting standards, etc. The financial reporting framework has a summary of significant accounting policies and other explanatory information.

Bookkeeping

Public accountant job title includes bookkeeping services that comprise of preparing budget, income and loss statements, maintaining and evaluating financial records, making statutory returns as permitted by law.

Management accounting

Accounting job titles often cover management accounting services that contribute to a company’s long-term growth. They help managers make smart business decisions by providing accurate and timely financial and statistical information through management reports and accounts.

Also read: A guide to buying the right Accounting Calculator

Public versus private accounting

While comparing private vs public accounting, the main difference is that in public accounting the professionals keep account of financial documents which are supposed to be declared to the public by an individual or a business, whereas private accounting is the accounting of financial information of a business in which an accountant manages internal finances.

In public accounting vs private accounting, the latter exposes an individual to more industry experience as compared to the former. Public accounting vs private also suggests that a public accountant must be CPA certified while it is not compulsory for a private accountant.

Top 10 public accounting firms

According to the Inside Public Accounting’s IPA top 400 firms list, here are the top 10 public accounting firms in the U.S.

Deloitte provides audit, consulting, tax, and advisory services to many of the world’s largest organizations, including nearly 90 per cent of the Fortune 500 and more than 7,000 private companies
PwC is a New York-headquartered professional services firm
Ernst & Young LLP is a member firm of Big 4 accounting legend EY
KPMG fourth-largest accounting firm in the U.S. by revenues
RSM US LLP in Chicago is the leading U.S. provider of audit, tax, and consulting services focused on the middle market
BDO USA, LLP is the U.S. member firm of BDO International Ltd., one of the world’s largest accounting and advisory organizations serving the middle market
Grant Thornton LLP is one of the world’s largest organizations of independent audit, tax, and advisory firms
CLA (CliftonLarsonAllen) is the 8th-largest CPA and consulting firm in the country according to Accounting Today’s 2021 Top 100 rankings
Baker Tilly US, LLP (Baker Tilly) is an advisory, CPA firm headquartered in Chicago. It currently ranks among the top 15 largest CPA firms in the U.S.
Crowe Horwath LLP was founded in 1942 and is a public accounting, consulting, and technology firm with offices around the world

Also read: Accounting ratios | An ultimate guide

Public versus private accounting

The top differences between public accounting and private accounting are,

Professionals in public accounting are more likely to move up the ladder as compared to private accounting due to their vast industry exposure.
Public accounting professionals may have to travel frequently to the client’s office whereas private accountants are usually linked to a single business or company.
Public accounting professionals get more opportunities to specialize in a particular area unlike private accountants
There is a huge amount of stress on public accountants to carry out their duties effectively whereas a private accountant works in a stress-free environment.

Also read: 10 Recession-proof businesses that have stood strong for over a century

Key items to include in public accounting resumes

Keep in mind these 4 key items while writing a certified public accounting resume,

Relevant experience – Make sure to mention the experience relevant to the public accounting job position you are applying for.
Mention the right skills – Don’t forget to mention the right skills for the role. Look at the keywords in the job description and find the ones applicable to you.
Achievements and accolades – List quantifiable achievements instead of writing dry job descriptions.
ATS-friendly – Use keywords smartly to get past the Application Tracking System used by the hiring managers.

Also read: How to become a startup consultant and list of incredible 10 career paths!

Differentiating accountant versus bookkeeper

Here’s what you should know about the difference between an accountant and a bookkeeper,

A bookkeeper keeps a direct record of all purchases and sales related to a business whereas in public accounting the collected data is analyzed to find out what that means for your business.
An accountant cannot be a bookkeeper, but a bookkeeper cannot be an accountant without earning a proper certification.
Bookkeeper is more of an administrative role that handles day-to-day financial tasks. Comparatively, an accountant is a more subjective role in which an accountant uses bookkeeping data to provide financial insights to the business owner.

Megha Goel

Megha is a content writer with sharp technical skills, owing to her past experience in networking and telecom domains. She focuses on various topics including productivity, remote work, people management, technology, market trends, and workspace collaboration.

Fund Accounting – What is fund accounting, key principles, & responsibilities

Finance

Want to learn more about Fund accounting? In this post, we cover the basics of Fund accounting. Learn about what it is, job responsibilities and more.

Fund accounting

Fund accounting is an accounting system used to track the amount of cash assigned to different purposes by a non-profit entity. Here, the main focus lies in accountability instead of profitability. In this blog, we will learn more about fund accounting, its principles, and related terminologies.

What is fund accounting?

What is fund accounting? It is a method used by non-profit organizations and governments for the accountability of funds and grants received from donors. Through this, the non-profit entity focuses more on tracking and justifying the use of available funds.

There can be two types of funds, restricted and unrestricted. Restricted funds are used for a specific purpose while unrestricted funds can be used for general purposes.

Also Read: Expanded accounting equation | A complete guide

Related terms in fund accounting

Fund accounting refers to the management of the financial records of an investment fund. Depending on the type of investment and the amount of investment, there can be different types of fund accounting. Let us discuss three terms related to fund accounting and their respective characteristics,

1. Hedgefund accounting

A hedge fund pools the money of all the participating investors and tries to achieve above-market returns through different varieties of investment strategies. A hedge fund typically does not accept small contributions. Hedge fund accounting attempts to reduce the volatility arising due to repeated adjustment to financial instrument’s value.

2. Mutual fund accounting

Mutual fund accounting is an accounting practice used to make correct financial reports for mutual funds. Here, there are two major parties responsible for maintaining accounts of mutual funds, one is the investor who invests money in mutual funds and the second is the asset management company.

3. Private equity fund accounting

Private equity fund accounting should accommodate privately held companies since private equity funds are not traded publicly. Private equity fund accounting must be adjusted to clearly outline the financial situation and operation of the private equity fund. Private equity accounting is complex and unlike other investment vehicles.

Also read: Tax consultant | Everything you need to know

Fund accounting principles

Accounting principles apply to all kinds of institutions including government, businesses, nonprofit organizations, etc. We will discuss some of the common fund accounting principles below,

Accountability and records of donations made to the nonprofit organization
Fund investment accounting principle dictates that the account reporting should go to the individual investor
Unrestricted net assets temporarily restricted net assets, and permanently restricted net assets are considered to determine where and when to invest
Documenting revenues and expenses in non-profit entities

Responsibilities of a fund accountant

Fund accountants are involved in several responsibilities including daily reporting, conducting research, making balance sheets, managing funds, NAV reporting, etc. The responsibilities may vary depending on your position and experience in the field. Let us look at some of the responsibilities in more detail,

1. Fund accounting basics

Fund accountants are responsible for day-to-day accounting activities for a group of assigned funds. They are required to calculate monthly or weekly financial statements along with income and expense accruals. Fund accounting includes giving accounting for portfolios of investment such as securities, commodities, real estate, etc.

2. Fund account research

This may get involved in conducting research in support of fund management. For eg, they may compare the performance of several funds and prepare reports based on the gathered data to be used by the management. Fund accounting can include researching the effect of certain actions on fund values.

3. Identifying investment accounting discrepancies

Fund accountants help in identifying any issues or irregularities with accounting records or fund activities. They have an eye for detail and use their analytical skills to assess probable issues in advance. Fund accounting involves scheduling audits, making compliance reports, and preparing financial reports.

4. Hedge fund accounting

Hedge fund accountants provide accounting services and performance analysis to hedge funds. Their job role includes maintaining general ledgers, preparing financial statements, calculating net asset value, and other record-keeping and housekeeping activities. Hedge fund accountants work closely with portfolio managers to develop specific investment strategies.

5. Fund accounting journal entries

Journal entries are created to keep a track of expenses. In fund accounting, a journal is maintained that keeps a record of all the incoming cash from donors and the expenditure done by the non-profit entity. Accountants maintain journals so that donors know where their funds are going.

Also read: A guide to remote accounting jobs

6. Accounting for investments

The accounting for investment is done by fund accountants when funds are paid for an investment instrument. Based on the intent of the investor and the size of the investment, the fund accountant decides what sort of accounting for investment should be considered amongst trading security, equity method, etc.

7. Fund balance accounting

Fund balance is an accumulation of revenues minus expenditures. To understand fund balance, it is important to understand fund accounting. That is why fund accountants are usually trusted by entities to carry out the fund balance accounting task. They prepare balance sheets to track all the expenses.

8. Accounting for restricted funds

When cash is taken out of the business and put in a restricted fund, meaning it is set aside for a specific function or future plans, the transaction must be recorded in accordance with generally accepted accounting principles, or GAAP. Keeping an account of restricted funds is a part of fund accounting responsibilities.

9. Temporarily restricted funds

Temporarily restricted funds are those funds that were received from the donor with certain restrictions that will be satisfied in the future. It is responsible for keeping a record of such funds and ensure that they are only being used once the restriction has been lifted.

10. Deal with investment accountant

A fund accountant manages the finances of a specific fund. Their work includes generating financial reports, controlling transactions, managing fund activity, investment accounting, and more. They often deal with investment managers as part of their job. The fund accountant plays the role of a key communicator between clients and their employers.

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11. NAV accounting calculation

Net asset value or NAV is the company’s total asset value less its liabilities. Assets are what the fund owns and liabilities are what the fund owes. Fund accountants are responsible for timely and accurate execution and reporting of net asset valuations for the client’s accounts.

Fund accountant job description

Fund accounting provides accurate and timely accounting services in line with their business needs. The typical fund accountant job description includes different responsibilities, duties, and qualifications required to be eligible for the position,

Ensure maintenance of service level agreements, memorandum, and client delivery summaries
Ensure team members comply with operating policies, guidelines, and procedures while carrying out fund accounting processes
Demonstrate excellent interpersonal and communication skills
Must possess strong knowledge of fund operations including valuation, accounting, and payment procedures
Act as a point of contact for complex client issues
Ensure efficient trade processing to produce and deliver reports to clients in an accurate and timely manner
Excellent time management skills and possess good attention to detail
Proven ability to multitask
Ensure fund administrator reporting is accurate and produced in time
Stay up-to-date with accounting principles and procedures
Able to monitor and manage cash flow and expenses

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What is government fund accounting?

Government fund accounting is similar to non-profit fund accounting because they both use an accounting model different from the traditional one. This method relies on revenue from multiple resources and has certain restrictions on the usage of these funds. Government fund accounting uses the words such as deficit and surplus instead of using profit and loss as the main focus is on accountability instead of making a profit.

What is encumbrance accounting?

An encumbrance is referred to restricted funds inside an account reserved for specific debts or future liability. Encumbrance accounting is helpful in tracking anticipated spending to budgeted amounts. Also known as commitment accounting, this is focused on more effective and controlled cash planning.

It is a two-step process, first, you encumber newly entered purchase order line items into General Ledger and then unencumber the line items once they go into an Accounts Payable invoice for payment.

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Restricted vs designated funds

Restricted funds – Restricted funds are basically money given for a specific purpose. The donor determines whether the funds are restricted or not. When it comes to spending restricted funds, it has some limitations. Restricted funds can only be restricted by the donor.

Designated funds – Designated funds are also restricted for specific purposes and agendas but unlike restricted funds, the designated funds are set aside by the non-profit entity itself. They are permanently restricted for that purpose or future spend and are not used by non-profit for general purposes. Designated funds can be transferred to unrestricted funds in emergency cases.

What is the primary reason that governmental entities use fund accounting?

Many governmental entities use fund accounting while reporting their financial statements in order to provide greater transparency to the donors. Fund accounting promotes control and accountability over restricted resources. It helps the government keep track of all the funds received from donors and expenditures. Government receive most of their funds from taxpayers and therefore require to be completely transparent about how the funds are allocated and spent.

Megha Goel

Startup Consulting | How to become a startup consultant and list of incredible 10 career paths!

Businesses

Passionate about startups and love working with them? Here is an exclusive guide on how to set up your startup consulting business. Read on!

Startup Consulting

Startup consulting is a service provided to small businesses and new startups by professionals. They advise businesses and companies on fast and efficient planning, developing, and launching of new products. In this blog, we will read more about startup consultant’s job profiles, qualifications, educational requirements, etc.

What is a startup consulting?

Startup consulting is a strategy for small business to hire a professional consultant who collects data, analyzes the gathered information, prepares reports, and provide recommendations based on the findings. These startup consultants are hired for the short term and focus on high-level strategy instead of executing tasks or managing team members directly.

Startup consultants have both expertise and experience to help businesses save money, time, and aggravation. Startups hire consultants to assist them during the early steps of the enterprise. Having expert advice onboard can significantly improve the chances of success by avoiding any costly mistakes.

Also Read: IT Consultant | Critical items that you must know!

Top 15 startup consultants career paths

As startup consultants, professionals can pick different career paths based on their interests, knowledge, and skills. Certifications are particularly helpful in getting recognized as an expert in a particular path. Let us discuss the top 15 startup consulting career paths available to all professionals,

1. Accounting consulting startup services

A startup consultant, expert in managing and looking at finances, is needed by every company. Startups and small businesses can find managing finances and accounting to be daunting but it is one of the most important areas that must be set up accurately.

Handling finance in startup consulting is done by an individual who specializes in financial management and can come onboard to adjust budgets, set up payroll, or help with taxes.

2. Start-up consulting in IT

Another startup consulting path can be pursued in the field of IT. When a business is in its initial stage, it gets a little tricky to choose the right technology and getting the system set up efficiently. Small businesses hire consultants to help them choose proper technology and ensure that the systems are set up correctly and efficiently. Startup consultants can assist in identifying technological inefficiencies and provide solutions to improve.

3. Startup consulting firms in sales and marketing

If you’re interested or have expertise in sales and marketing, you can easily choose this career path in the field of startup consulting. Their job role includes coming up with a digital strategy, a marketing campaign, work on web development, or train staff members. If a company is facing problems with the performance of its sales team, startup consultants will observe, identify problems, strategize and implement a solution.

4. Reporting entrepreneur consultant

Startup consultants can help companies in reporting by either gathering analytics and reports or by analyzing the existing reports and collected data. Consultants hired for this role are generally working on a long-term basis. Companies require the guidance of a startup consulting professional to understand gathered reports or analytics and help businesses take smart business decisions based on the understanding. Startups doing this themselves might end up misinterpreting the data or not being able to comprehend it.

5. Start-up services like change management

Startup consultants can help small businesses implementing changes properly for better results and improved productivity. Businesses that require assistance with changes hire startup consulting services to assist them.

Professionals working in change management provide a systematic approach to deal with the transition or transformation of an organization’s goals, processes, or technologies. The purpose behind change management is to control change and help people adapt to change in an efficient and seamless manner.

Also Read: Digital Marketing Consultant | A how-to guide for everyone

6. Small business startup consulting

Small business startup consulting professionals give advice on business strategy, development, and problem-solving skills. Their role is to come up with resources and initiate a plan to improve an organization’s performance and productivity.

Startup consultants can specialize in certain areas such as accounting, operations, human resources, management, marketing, or public relations. Small business consultants are hired by small businesses on a contract basis for their expertise, skills, experience, and industry knowledge.

7. Operational Improvements as a new business consultant

New business consultants are consultants who help their clients through statistics, strategy, and analytics. Clients get professional startup consultants onboard to plan critical steps for their startup. Startup consulting services help outline and implement operational improvements.

Operational improvements are a fundamental requirement for any organization that wishes to succeed in today’s fast-paced environment. It helps businesses stay relevant and avoid falling behind in these changing and challenging times.

8. Project management consulting startup

One of the major areas where companies need the help of an external consultant is for project management. Startup consultants help companies when they have to launch a new project but none of the employees from their team has experience with project management. Small businesses either hire startup consulting to work on a contract basis or train their employees on how to handle the project. They also help improve the organization’s project management.

9. Forecasting new business consultants

When a small business is starting out, there have to be projections and forecasts to comprehend how things will go in the near and distant future. However, it’s not easy for a small business to forecast with limited time, resources, or personnel to help them gather data and analyze it. In such cases, companies hire external startup consultants who will work with the company and put together proper projections.

10. Strategic planning business startup services

The main role of startup consultants is to identify issues, strategically plan solutions, and aid in their implementation. At the core, startup consulting is about providing creative business solutions and help small businesses work more efficiently.

They help plan strategic messaging and launches to ensure profitability and success. Businesses hire startup consultants either on a contract basis or onboard their services full-time to handle services that they do not fit to handle themselves.

Also Read: Stock Consultant | An ultimate read for best results

How to become a business startup consultant?

Business startup consultants are recognized as experts who advise small businesses in their nascent stage. They are experienced in helping startups achieve success by reducing time and cutting costs. Here are the steps to launch a career in the field of startup consulting,

1. Attend college to join consulting startups

At least a bachelor’s degree in business, business management, or other relevant fields is required to work in the startup consulting field. To gain more knowledge and an edge over other candidates, professionals can get a master’s degree as well. Few consulting firms prefer a master’s degree.

2. Gain experience by startup consulting jobs

To earn the trust of your business partners, you will need to showcase some experience in the startup consulting field. Getting an internship with consulting firms will help you get the required skills and tools to start working on your own as a business startup consultant.

3. Become certified as start-up business consultants

Certification is not mandatory but is definitely good to have on top of the degree. Get certification in the industry in which you are interested in working. Getting certified helps gain credibility as a consultant. Make sure that the certification is accepted globally.

4. Apply for open positions in start-up consulting firms

After successfully completing your education, attaining certifications relevant to your field, and gaining certifications, you have developed the required skills for becoming a startup business consultant. It’s time to start applying for open positions in startup consulting firms or work as an independent consultant.

5. Develop skills as a startup consultant

There are certain skills that are essential to work as a consultant such as good communications skills, presentation skills, analytical skills, consulting skills, problem-solving, teamwork skills, etc. Work on developing these skills while working as an intern or during your entry-level job position.

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Qualifications to become a startup consultant

While getting a certification is not a requirement, it definitely helps to set you apart from the rest. Certifications will add to your profile and will help clients gain confidence in your skills and expertise. Here are some of the certifications that can be pursued to have a career in startup consulting,

Institute of Management Consultants USA’s (IMCUSA) Certified Management Consultant – Preeminent professional designation for management consulting
Institute of Certified Business Consultants’ Certified Business Consultant – A diploma in Business Administration course is a pre-requisite
The Association of Accredited Small Business Consultants – The AASBC is the world’s leading training certification and education program for small business and SME consultants.
American Institute for Business Management and Communication’s Certified Business Consultant – Get certified by one of the most renowned institutes in business management and communications in the United States.
Institute of Financial Consultants’ Certified Financial Consultant – A 100% online course

Megha Goel

Real Estate Consultant | How to become a terrific real estate consultant in 5 steps and 15 trending career paths

Businesses

Are you a real estate pro and passionate about building a business out of it? Here is the first step in getting you started as a real estate consultant. Read on!

Real Estate Consultant

A real estate consultant is an expert who provides advice and recommendations to clients who are looking to purchase a new property or develop a property. They do extensive research in order to guide their clients. In this blog, we have discussed more about how to become a real estate consultant.

Also Read: How to start business with no money | A complete guide

What is real-estate consulting?

Real-estate consulting is a service provided by professionals to give advice to people or companies that are interested in investing in some property. Real estate consultants help clients decide whether adding a real estate asset or selling a real estate property is beneficial from a financial standpoint.

What is a real estate consultant?

What is a real estate consultant? A real estate consultant is a professional who specializes in helping buyers and sellers make informed decisions related to their real estate transactions. They help conduct financial analysis for a particular property and assist with strategic real estate planning.

Real estate consultant job description

Real estate consultant job description includes the following roles, responsibilities, and duties,

Identifying and scouting investors with property consultant needs
Good verbal and written communication skills to keep in touch with clients via calls and emails
Preparing and presenting business proposals in front of clients to secure a consulting deal
Advertising, marketing, and promoting available properties to attract potential clients
Carrying out thorough research and analysis of the property to identify areas with increasing demand and proficiency
Collaborating with legal counsels to prepare sales and lease documents
Overseeing and handling negotiations on behalf of clients

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Top 15 real estate advisory small businesses you can start

Being a real estate agent opens doors in multiple fields. There are different small businesses that can be started in this field. Let us look at the top 15 real estate advisory small businesses you can start as a real estate consultant,

1. Property consultant

As a property consultant, the property investment professional is responsible for helping investors find their dream investment. They are particularly experienced at showing buyers and investors the best property type based on their budget and interest. The important thing to note is that property consultant majorly relies on commission pay.

2. Real estate consultants

A real estate consultant is a professional who provides financial and specialized investment advice to clients who are looking to buy, sell, or invest in a property. They work closely throughout the process of buying and selling and handle legal work on behalf of the client.

3. Leasing consultant – real estate consulting jobs

A leasing consultant is responsible for meeting with the potential renters and showing them around the available properties as per their budget and needs. The real estate consultant will also explain the lease terms and process rental applications. They also assist in processing lease renewals.

4. Real estate development consultants

Real estate development consultants offer their specialized knowledge, experience, and skills to help owners/investors manage every phase of the development process. They often have specialization in the development of certain asset types such as hotels, apartments, etc. Investors can rely on them from project conception through closeout.

5. Property management consultants

Property management consultant duties and responsibilities entail developing and sustaining good working relationships with legal counsel and other property consultants. They keep themselves update with the latest market trends and conditions to guide their clients effectively. Real estate consultants in this area inspect properties with clients and conduct surveys.

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6. Real estate investment consultant

The main role of a real estate investment consultant is to ensure that their clients are meeting their property-related requirements. They have an in-depth knowledge of the real estate industry and with their market insight provide the best advice to their customers looking to invest in private or commercial properties.

7. Commercial real estate consultant

Commercial real estate consultants are professionals who play the role of a middleman between buyers and sellers of commercial real estate. A commercial real estate consultant can either work individually, or open a small firm of their own, or as a member of a commercial real estate firm.

8. Real estate advisory services

A real estate advisor’s primary job involves evaluating real estate, short and long-term goals, and provide options for the best use of any property. They help their clients maximize their real estate investments. Real estate advisors provide guidance in developing, building, or renovating residential and commercial properties.

9. Real estate consultant and financial advisor

Real estate consultants and financial advisors are required to carry out research and analysis on the latest market trends. Based on the available data, they predict the future of the real estate market. Based on these predictions, companies make investments and sales in real estate.

10. Corporate real estate advisory

Corporate real estate comprises land and buildings owned or leased by companies not primarily in the real estate business. They are real estate consultants who provide commercial real estate services for commercial applications. They provide comprehensive services including sales contracts, lease negotiations, strategic planning, etc.

Also Read: Independent Consultant | A comprehensive guide

How to become a real estate consultant?

Becoming a real estate consultant doesn’t require any special educational requirements. However, having an advanced degree and a real estate license increases your chances of having a successful career in this field. Here are few steps that can help you become a real estate consultant,

1. Choose your real estate consultation specialty

There are different types of real estate consulting areas that interested personnel can opt for: property management, consulting services, residential, and investors. Research different consulting areas and determine your field of interest, so that you have a concrete direction to pursue your career.

2. Acquire real estate consultant license

Passing a state licensing exam to attain a real estate license is a fail-proof way of ensuring success in this field. Additionally, an associate broker’s license will help real estate agents to work as both real estate agents and sales agents. Knowing industry-specific terminology helps offer valuable advice to clients.

3. Get certified in real estate consulting services

Getting certification from the International Association of Real Estate Consultants or obtaining membership of the National Association of Realtors can contribute immensely towards a successful career in the field of real estate. It gives an edge to your career and helps you stand ahead of the competitors.

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Real estate consultant fees in the US

Real estate consultants usually work either individually or associated with a firm. Real estate consultants get paid a percentage of commission which is usually 6% of the real estate sale price. Here are the different ways in which a real estate consultant gets paid,

1. A property management consultant gets 5% to 6% commission

The real estate consultants are usually paid after the deal is closed. The standard commission for a real estate transaction is 5% to 6% of the property’s sale price. The commission pay is split between the seller’s agent and the buyer’s agent equally.

2. Real estate consultant jobs hourly pay

The average hourly wage of a real estate consultant in the U.S is $30. The hourly salary range typically falls between $26 to $35. The hourly pay rate highly depends on factors such as relevant experience acquired as a real estate agent, education, certification, additional skills.

3. Real estate advisory firm pays fixed salary

It is usually common for real estate consultants to get a percentage of the commission but there are cases when real estate are employed by a broker and are given a fixed salary. On top of the salary, the bonus is paid based on customer satisfaction.

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Top 5 real estate advisory firms in the US

Real estate advisory firms provide services for investors, owners, and tenants by combing specialized expertise, local market insight, and the right resources. While there are hundreds of real estate advisory firms in the U.S., we have compiled a list of top 5 advisor firms,

1. JLL – real estate consulting firms

JLL, headquartered in Chicago, is a leading professional services firm. This Fortune 500 company, specializes in real estate and investment management. They provide integrated commercial real estate services based on sound market research and relevant knowledge. JLL operates in over 80 countries with nearly 300 corporate offices.

2. Savills – property consulting group

Savills, an FTSE 250 company headquartered in London, is a global real estate provider with a network of more than 35,000 people across several different continents. It advises corporates, institutions, and private clients who are seeking to acquire, lease or develop real estate properties.

3. Colliers International – property management consulting

Colliers International Group Inc. is a leading global real estate services company operating in over 68 countries all over the world. Colliers real estate consultants provide a full range of services to real estate buyers and sellers located across the world. They provided strategic advice and execution.

4. HFF – real estate advisory firms

HFF is an experienced real estate advisor in the public-to-private domain and has actively participated in the largest of such transactions over the past several years. They have an exhaustive business range covering: debt placement, investment advisory, funds marketing, equity placement, loan sales, loan servicing, etc.

5. Cushman & Wakefield – real estate operator

Cushman & Wakefield is a global real estate services firm that has been delivering exceptional value for real estate buyers and sellers. It is amongst the largest commercial property management companies worldwide with 51,000 employees in 400 offices located across 70 countries all over the world.

Megha Goel

Cryptocurrency Consultant | How to become a genius cryptocurrency consultant and 10 best career paths?

Blockchain developer

Passionate about crypto and want to leverage being an early entrant? Here is a complete guide on how to become a cryptocurrency consultant. Read on!

Cryptocurrency Consultant

Cryptocurrency consultant is a professional who guides clients towards successful, compliant cryptocurrency transactions and practices across accounting and tax functions. They protect their clients from illegal and unethical crypto practices. In this blog, we will learn what is cryptocurrency and how to become a cryptocurrency consultant.

What is crypto consulting?

What is Cryptocurrency? A cryptocurrency is a digital or virtual currency that takes the form of a token or “coins”. They usually work using a technology called Blockchain. In simple terms, it is a type of currency that uses digital files as money. Digital signatures are used to keep these files safe and secure.

A consultant who advises clients regarding the different aspects of cryptocurrency is known as a cryptocurrency consultant. Crypto consulting is a service provided by expert staff to guide their clients in making the right decisions related to cryptocurrency investment. They are able to implement sophisticated trading techniques along with comprehensive cryptocurrency knowledge in order to make consistent healthy profits in the cryptocurrency market.

Crypto consulting is gaining a lot of demand these days as the cryptocurrency job market is on the rise. People and businesses are realizing the benefits of using cryptocurrency and are heavily inclined towards using this as part of their business processes.

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Top 10 cryptocurrency consultant services you can start

Cryptocurrency is a growing field, and with the growth, there is an increase in demand for professionals in this area. Different consultant services are available based on expertise, knowledge, skills, etc. We have listed down the top 10 cryptocurrency consultant services suited for you,

1. Bitcoin consultant

A bitcoin consultant is a professional with knowledge about Bitcoin Blockchain, Bitcoin transactions, and how the Bitcoin network works. They use their Bitcoin expertise to build Blockchain-based applications to re-invent the traditional running business. Bitcoin consultant helps their clients to embrace and harness the power of Bitcoin.

2. Cryptocurrency advisor

Cryptocurrency advisor is responsible for advising their clients in the matter of cryptocurrency trading and pricing. They use their knowledge and expertise to guide their clients towards healthy profits in the cryptocurrency markets. Cryptocurrency advisor does extensive market research to help clients make right investment choices in cryptocurrency.

3. Cryptocurrency analyst

A cryptocurrency analyst is an individual who is responsible for analyzing and predicting trends, pricing, demand, and trading volumes of any number of cryptocurrencies. An analyst is particularly an expert in directing a firm’s investment of capital or its clients facing outlooks on cryptocurrency. They have excellent research and analytical skills.

4. Crypto advisor journalist

A Crypto advisor journalist is someone who covers the latest news on cryptocurrency and blockchain technology. They use their crypto knowledge to advise the general masses about the market conditions and the best places to invest their money. Crypto Journalist may be reporting for newspaper, magazine, blog, or a brand.

5. Altcoin advisors

Altcoin advisors are professionals that help achieve excellent returns in the cryptocurrency space other than Bitcoin. The professionals take a scientific approach to invest using machine learning algorithms and advanced optimization techniques. They work with different cryptocurrency assets such as ether, Ripple, Dash, Litecoin, Monero6, and other altcoins.

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6. Cryptocurrency expert research analyst

Cryptocurrency expert research analyst is a professional who has solid data analysis, strategic thinking, and written communications skills. They have a thorough understanding of the cryptocurrency market. These experts help individuals understand developments in the crypto industry and make better investment decisions related to cryptocurrency.

7. Crypto expert marketing manager

Marketing managers are crypto experts who estimate the demand for cryptocurrencies and blockchain and compare values. Their role majorly includes identifying potential users, monitor market trends, and develop strategies to help clients maximize their profits and increase market share. Marketing managers are self-starters with both creative and analytical skillset.

8. Cryptocurrency advisors technical writer

Technical writers who specialize in writing about newly created cryptocurrencies aimed at attracting investors are typically known as cryptocurrency technical writers. They have an understanding of how blockchain works, persuasive writing skills, and a firm grasp of spelling and grammar. Technical crypto writers also possess social and digital marketing expertise.

9. Blockchain Consultant in bitcoin consulting

Blockchain Consultant helps blockchain firms develop new growth strategies. Consultants help to analyze the effect of blockchain client’s company and devise a customized plan for implementing it. They help businesses optimize business efficiency by developing and implementing key blockchain strategies and identify potential risk factors.

10. Bitcoin certified professional

A Bitcoin-certified professional has expertise and knowledge of Bitcoin transactions and how the network is built. Bitcoin-certified professionals apply their knowledge of Bitcoin technology to their professional area of expertise and develop an understanding of privacy aspects, double-spending, and other existing Bitcoin-related issues.

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How to become a cryptocurrency consultant?

To become a cryptocurrency consultant, one must have a background in finance or technology. The cryptocurrency biome is rising rapidly and along with it the demand for professionals in the cryptocurrency space. Here are the steps to help you become a cryptocurrency consultant,

1. Bachelor’s degree to get cryptocurrency training

A Bachelor’s degree in the field of engineering, finance, or technology is the first logical step to start a career in cryptocurrency. Along with the Bachelor’s degree, individuals can keep developing their knowledge on different subjects related to cryptocurrency by following market trends and reading articles.

2. Master’s degree in Bitcoin consulting

Although a master’s degree isn’t mandatory to pursue a career as a cryptocurrency consultant but having a master’s degree might be useful to give you an edge over other candidates. It also helps widen the knowledge base. Few financial institutions prefer to hire a consultant with a master’s degree.

3. Internship under cryptocurrency experts

After getting a relevant degree, the next step is to acquire hands-on experience in this field by working under cryptocurrency experts. Try to get an internship or a beginner-level job in a well-established financial institution to build skillset and gain expertise regarding cryptocurrency markets and trading.

4. Gain experience in cryptocurrency consulting

To become a consultant, you need at least 6-8 years of experience in the field of cryptocurrency. Keep taking up challenging roles to move up the ladder and handle more responsibilities. Enroll for additional training and certifications to build up your profile and apply for cryptocurrency consulting positions.

5. Getting certified by crypto consulting group

There are institutions that offer certifications and training in cryptocurrency, blockchain, bitcoin, etc. Due to the unregulated nature of the cryptocurrency certificate, these certificates are yet to be recognized and accepted widely. Currently, the certifications are beneficial for those who wish to gain knowledge in this area.

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Cryptocurrency certification

Let’s look into the top 5 cryptocurrency certifications that will boost your career in crypto,

Certified Cryptocurrency Expert – Certified Cryptocurrency Expert is a course by the Blockchain Council designed to familiarize individuals within and out of cryptocurrency trading from scratch.
CryptoCurrency Security Standard Auditor – CCSSA is a certification program by C4. A CCSSA professional is able to apply the CCSS standard to any information system that uses cryptocurrencies.
Certified Cryptocurrency Auditor – Certified Cryptocurrency Auditor is an exclusively developed and curated certification by the Blockchain Council focusing on the core concepts of auditing Blockchain-based currencies.
Certified Cryptocurrency Trader – Cryptocurrency Trader is a course by the Blockchain Council designed for both experienced and beginners to master cryptocurrency markets.
Online Degree in Cryptocurrency and Trading – Online Degree in Cryptocurrency and Trading is an online program by the Blockchain Council that teaches individuals about technical analysis, blockchains, good investment strategies, candlesticks to be successful in crypto markets.

Megha Goel

Healthcare Consulting | 5 steps to become a successful healthcare consultant and what are the best career paths?

Businesses

Passionate to become a healthcare professional? Here is a guide to make it a successful small business healthcare consulting career. Read on!

Healthcare Consulting

Healthcare consulting helps organizations navigate the common challenges faced by the healthcare industry. The role of a healthcare consulting firm is to optimize efficiency, generate revenue, suggest structural improvements. In this blog, we will learn more about healthcare consultants, different healthcare consultant profiles, market salary, and how to become one.

What is a healthcare consultant?

Healthcare consultants are management analysts who maximize the organization and efficiency of healthcare-related companies. They are responsible for examining the efficiency, profits, and structure of the organization, and offer suggestions on different methods of improvement that can be adopted. Healthcare consultants can either freelance or work with firms.

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Healthcare consultant job description

Healthcare consultant’s job description includes below duties and responsibilities,

Assess business practices and provides regular insights based on ongoing industry trends
Identify improvement areas to improve efficiency in the healthcare organization
Work with managers and other high-level employees
Monitor results and change processes in order to improve outcomes
Work towards reducing costs and increasing revenue
Ensure that the patient is satisfied and safe
Provide creative solutions to complex problems
Gather and analyze data, draw conclusions, create reports, and present findings in the form of recommendations to the client
Advise client on salary, staffing, budgeting, and advertising matters

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Top 15 profiles as healthcare consultants

Healthcare consultancy is a sector with high levels of role variation. There are various types of healthcare consultants based on their specific specializations, job duties, and roles. Let us take a look at the top 15 healthcare consultant profiles in a bit more detail,

1. Marketing health consultant

Gone are the days when healthcare industries required little to no marketing efforts. In current times, the healthcare sector has become increasingly competitive across segments. Marketing consultants help industries determine marketing requirements, formulate a marketing strategy, implement & monitor strategy across channels, continually assess the efficacy of marketing initiatives, etc.

2. Application consultant – medical consulting job

An application consultant in healthcare consulting must showcase expertise and knowledge of the healthcare industry. They analyze requirements and design appropriate solutions by applying deep technology and design methods knowledge. They usually work in the IT industry and implement organizational strategies based on their understanding of business requirements.

3. Healthcare consulting in technology

Healthcare technology consulting has a major role to play in the healthcare industry as more and more businesses require special know-how on implementing technology. Healthcare technology consultants play several roles including evaluating technological applications, advising on IT implementation, installing new systems, monitoring implementation, and providing support.

4. Contract healthcare management consulting

Contract management consultants assist healthcare companies in negotiating and managing financial systems. They help healthcare providers by managing the full life cycle of contracts with payors. Major roles of a contract management consultant include standardizing contracts, renegotiating for better terms, automating contract management process, understand billing codes, etc.

5. Health consulting in business analytics

Healthcare business analysts are people with combined skills in management, finance, research, and data analysis. Their major goal is to improve the operations of organizations in the healthcare sector. Along with improving business processes, healthcare business analysts also reviews financial statements as well as the organization’s current practices.

6. Healthcare consulting services in HR and operations

HR and operations consultants in healthcare consulting are specialists in simulating a positive work environment. They carry out tasks like managing and hiring people with ease. Healthcare consultants in this field wear several hats, such as developing hiring standards and techniques, promotion, retainment efforts, etc.

7. Medical consultant job as a medical health manager

Medical health managers are the planners, directors, and coordinators who are responsible for running the healthcare facilities efficiently. They are usually extremely detail-oriented people with amazing analytical skills. Medical health managers must also demonstrate good communication skills as they spend most of their time working with doctors.

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8. Biomedical consulting

Biomedical consulting is a field of healthcare consulting, in which a consultant suggests and recommends new products or technologies to companies related to biotechnology. They assist clients in finding solutions to problems and offer expert advice related to applications of biological sciences. Biomedical experts handle both technical and business duties.

9. Health care strategy consulting

Strategy consulting is one of the most dominating fields in healthcare consulting. Healthcare strategy consultants are usually generalists with a strong business acumen mixed with deep knowledge of the healthcare sector. Strategic consultants are more focused on a health care organization’s growth and development.

10. Healthcare business consultants

The job of a healthcare business consultant is to improve business productivity, increase revenue, and provide business-related support and guidance to healthcare providers. The consultants must hold specialization in one or more areas of medical business management. Business consultants can either work independently or become members of a consulting firm.

11. Legal and regulatory medical consultancy services

Legal and regulatory affair consultants are an integral part of healthcare consulting services, several companies hire legal consultants to offset any potential legal or regulatory issue. Consultants help organizations adhere to shifting legal regulations within a given locality, state, as well as federal law.

12. Behavioral health consulting

A behavioral consultant is a person who specializes in working with patients to address and improve behavior issues. Major duties of such a person include assessing each patient’s mental health, assessing the patient’s developmental needs, etc. They also create a treatment plan for the patient’s to reduce negative behavior and promote positive choice.

13. Health policy consulting analyst

Health policy analysts are professionals who assess existing healthcare programs and delivery policies in an organization. They recommend and help in designing new legislation to improve access to healthcare, reduce wait times, and lower the cost. Healthcare policy analysts generally works for think tanks, non-profits, or community groups.

14. Medical records consultant

The world of medical record-keeping is essential to delivering quality health care to patients. Medical records consultants help organizations keep company medical databases and registries in an organized format. They recommend efficient ways of documenting and reviewing patient health information, including histories, symptoms, and exam results.

15. Hospital consultant

A consultant is a senior doctor that holds specialization in a particular area of medicine and is listed on GMC’s specialist register. They are responsible for managing hospital staff along with carrying out clinical responsibilities and administrative responsibilities. After one has graduated, it takes six to eight years to become a hospital consultant.

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How to get into healthcare consulting?

To get into healthcare consulting, one needs to have a thorough understanding of both the business world and the healthcare industry. A bachelor’s degree, certification, relevant experience are some of the criteria required to become a healthcare consultant. Here are 5 steps to guide you through,

1. Bachelor’s degree is the first step of how to be a healthcare consultant

The first step for people wondering how to be a healthcare consultant is to get a bachelor’s degree in healthcare practice management. Through the course of the degree, the student can expand their knowledge of the healthcare industry and its inner workings.

2. Earn a Master’s degree for a better health consulting job

Earning a master’s degree is not necessary but few employers might ask for an advanced degree for certain healthcare consultant positions. Having a master’s degree also helps you get ahead of the competition and further hone your skills and knowledge base.

3. Get certification relevant to healthcare consulting careers

Candidates may choose to increase their chances of getting hired by pursuing licensing and certification in the healthcare consulting field. Organizations such as the National Association of Healthcare Business Consultants offer several certification programs. Getting the certification is not mandatory but can help consultants build their profiles.

4. Build on-the-job experience in a medical consulting company

The most important step to get into healthcare consulting involves getting on-the-job experience in the relevant industry. For higher roles, many companies require candidates with related work experience in either an administrative or clinical capacity. Students can get an internship to gain industry experience.

5. Develop skills as a medical management consultant

Healthcare consultant can hone their skill set to succeed in the healthcare consulting business. Few key skills that are vital to a consultant’s success include analytical skills, attention to detail, verbal and written communications skills, interpersonal skills, organization skills, interpretation skills, etc.

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Healthcare consultant certification

While gaining a certification in healthcare consultancy is not mandatory, many professionals pursue certifications to distinguish themselves from others and showcase a commitment to continued education. Here are the two certifications that can help spruce up your consultant profile,

1. Certified Healthcare Business Consultant

CHBC certification is offered by the National Society of Certified Healthcare Business Consultants (NSCHBC) for seasoned professionals. To qualify, candidates have to first become a member of NSCHBC and clear a four-hour certification exam.

2. Certified Management Consultant

CMC is offered by the Institute of Management Consultants. The eligibility criteria entail three years of management consulting experience.

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Healthcare consulting salary

Healthcare consulting salary in the United States is an average of $85,119 per year or $40.92 per hour. The salary depends on plenty of factors including years of experience in the relevant field, job location, education, certifications, knowledge, skillset, etc.

People who are on the lower spectrum of healthcare consulting, the bottom 10%, earn roughly $66,000 per year, while the top 10% make $109,000 per year. Healthcare consultants make the most in San Francisco, averaging total compensation 40% greater than the US average. 100% of people reported that they receive a yearly bonus.

Megha Goel