This article has been written by Preeti Agarwal (Chartered Accountant, Bengaluru) pursuing an Executive Certificate Course in US Accounting and Bookkeeping from Skill Arbitrage.
This article has been edited and published by Shashwat Kaushik.
Table of Contents
Meaning of stellar portfolio
“Stellar” means exceptional and “Portfolio” denotes a compilation of professional work that exemplifies your skills and experience. A great portfolio is a tool to help you set up your pathway to success, as it provides the user with evidence of your problem-solving abilities, creative thought process, and multi-facets of your professional front. US employers seeking accounting services typically look for a combination of technical skills, soft skills, time management, and adaptability to new accounting practices, software, and regulations to ensure the candidate can effectively manage financial tasks and contribute to the financial health of the organisation.
Why is it required
It enhances the credibility to go beyond basic job responsibilities and deliver measurable results. It gives more visibility to the employer on the work you performed, your dedication and consistency, and the growth you were able to achieve with those experiences. In a competitive market, achievements differentiate you from other candidates who have similar qualifications. It shows the potential contribution that you carry for the upcoming work as well.
Digital transformation in accounting practices
The COVID-19 pandemic brought about a paradigm shift in the way businesses operate, compelling organisations to rapidly adapt to remote work arrangements. This sudden transition accelerated the adoption of virtual collaboration tools and cloud-based accounting systems. As the world grapples with the aftermath of the pandemic, it has become imperative for accountants to embrace this new normal and stay updated with the various tools and platforms available to them.
Virtual collaboration tools, such as video conferencing, instant messaging, and project management software, have revolutionised communication and teamwork. These platforms facilitate seamless collaboration among team members, irrespective of their physical location. Accountants can leverage these tools to conduct virtual meetings, share documents, and collaborate on projects in real-time. By embracing virtual collaboration, accounting professionals can enhance their efficiency, reduce travel expenses, and foster a more inclusive and flexible work environment.
Cloud-based accounting systems, on the other hand, provide accountants with the ability to access and manage financial data remotely. These systems offer numerous advantages, including improved accessibility, enhanced security, and real-time data synchronization. By utilising cloud-based accounting software, accountants can streamline their workflows, automate tasks, and gain valuable insights into financial performance. This enables them to make informed decisions, identify trends, and provide timely advice to clients.
Moreover, the pandemic has highlighted the need for accountants to develop a broader skill set to adapt to the changing landscape. In addition to technical accounting knowledge, accountants must possess strong digital literacy and analytical capabilities. They should also be adept at communicating complex financial information effectively and concisely. By embracing continuous learning and upskilling, accountants can position themselves for success in the post-pandemic era.
In conclusion, the COVID-19 pandemic has accelerated the adoption of remote work and digital tools, transforming the accounting profession. Accountants must embrace this change by leveraging virtual collaboration tools, cloud-based accounting systems, and developing a diverse skill set. By doing so, they can stay competitive, add value to clients, and drive organisational growth in the years to come.
How to build a great portfolio
- Identify goal: Is it for obtaining freelance work, a job, or showcasing skills for building impression.
- Cohesiveness in presentation: Have consistency in format, colours, fonts, and have an overall visual professional appeal to it. Divide your portfolio into sections such as accounting, financial reporting, taxation, auditing, consulting, etc.
- Look back and pick your best work: Out of your past experience, formulate the best value additions that you made that made an impact that matters. Try to bring in variety to hold onto the interest of the target audience. Include examples of financial reports, budgets, audits, tax returns, etc. that you would have contributed. Quantify achievements wherever possible (e.g., cost savings, revenue increases, budget optimisation).
- Avoid sharing confidential information: Ensure that you are in compliance with privacy and confidentiality policies at all times, unless it is publicly available or sensitive information.
- Make it detailed yet interesting: Set the context of the task, your role, and the outcome. Also include the tools used during the process (e.g., Excel, PPT, SAP, Quickbooks). If possible detail further (e.g., Macros, PowerBI).
- Top up with certifications and workshops: Do include the certifications (e.g., CPA, CA, CMA, etc.) and courses completed to enhance the qualifications, for example, attending a workshop on AI in accounting and use of generative AI, Start up spheres conducted by ICAI, upgrad course on upskilling with Tableau.
- Highlight the testimonials: Showcase what you believe would give you an edge through the actual word of clients speaking about their experience with you and include endorsements given to you.
- Customise to client-to-client requirements, if need be: If your experience has been vast, you may wish to bring it down to tailor to customer needs. For example, if a client is looking for setting up accounting software like Xero, highlight the kind of clients you have serviced in the past for similar service and their feedback if you wish to.
- Include professional CV and contact information: Add an updated resume. Include your email, phone number, and LinkedIn profile.
- Portfolio enhancement: Portfolio building is not a one time activity. Keep on adding new projects and removing outdated ones. Seek feedback from the users and make upgrades based on real-time experience.
Expectations of US vs. global employers
The expectations from accountants can greatly vary between US and other parts of the world primarily because of the below reasons:
- Regulatory and reporting requirements: The US expects familiarity with US generally accepted accounting principles (GAAP), the Sarbanes Oxley Act (SOX), securities and exchange commission (SEC requirements, and Internal revenue service (IRS) regulations. However, other global employers expect international financial reporting standards (IFRS), which are mostly used outside the U.S., familiarity with local tax laws, etc.
- Accounting software knowledge: US primarily uses Quickbooks, Xero, Zoho, Wave, Netsuite, SAP, etc. These softwares vary in complexity and features, catering to different business needs and sizes. Some are known for robust reporting and scalability, while others are good for small to medium businesses for expense tracking, project management, inventory management capabilities, etc. However, global employers prefer software like SAP and Tally in India.
- Cultural differences: US employers emphasise individual performance, direct communication, proactive approach, and ability to work independently. Whereas globally, there may be more emphasis on teamwork, hierarchical respect, and adaptability to local business culture, along with adherence to established business practices.
- Technological advancement and flexibility: US employers are more tech savvy and are pacing faster towards new faster software and tools. However, in global, some regions might prioritise more traditional accounting practices, while others could be similar to the US in fast adoption.
Showcasing accounting achievements
There could be multiple use cases where you could have played a pivotal role in contributing to your employer’s success. Some illustrations are as below where you could have suggested and incorporated:
- Implemented a new accounting system resulting in a 30% reduction in time and increased accuracy.
- Correction in revenue presentation in compliance with ASC-606 Revenue Recognition whereby the revenue could be shown as gross, thereby helping the start up to enable increased valuation of the company where the basis is multiples of revenue.
- An inclusion of a right sales tax rate when the client was unaware of the new exemption rules for some products.
- Identified some cost centres in a company where multiple markup methods were used, like a mix of cost plus markup and transactional net margin method being used, wherein certain cost centres were missed from markup in earlier years, hence helping the company to be able to charge more to its parent companies.
- Deep dived on the application of ASC-480 free standing equity and equity-linked instruments on the convertible equity shares, where the accounting of the liability vs. equity portion was critical and hence, you could ensure adherence to accounting regulation in the US.
- Preparing a memo on differences in loyalty points accounting in the US and the rest of subsidiaries across the globe for start-up companies to enable decision-making.
- Enabling the demerger accounting of the company wherein multiple stakeholders were involved and ensuring a smooth transitioning end to end.
- Contribution to the accounting and tax articles on your own blog page, if any.
- Helping the clients set up the Quickbooks and Xero accounting software by establishing the chart of accounts and conducting training sessions for their employees to gain overall confidence.
- Reduction of the lead time taken in payroll accounting due to macro work performed, which led to automatic data pull and save for multiple stakeholders and arranging in a format that was readily usable, which reduced 35 hours per person, leading to an increase in the bandwidth of existing resources.
- Improved financial reporting by streamlining monthly financial close processes, reducing the close time from 10 days to 5 days, along with maintaining accuracy, reliability, and compliance.
- Implemented new procedure for accounts receivable collections by integration with generative AI, thereby getting customised reports for analysis of high priority collectibles and reducing the average collection period from 45 days to 32 days, thereby improving cash flow.
Ideal portfolio size
The concept of an “ideal” portfolio size is a myth. The size of your portfolio should be tailored to the specific context and purpose it intends to serve. Prioritising quality, relevance, and clarity is crucial in creating an effective portfolio that showcases your accomplishments to the intended audience.
Here are some key factors to consider when determining the size of your portfolio:
- Audience: Who is the intended audience for your portfolio? If you’re applying for a job, your portfolio should be tailored to the specific requirements of the position and the industry you’re targeting. If you’re showcasing your work to potential clients, your portfolio should highlight your most relevant and impressive projects.
- Purpose: What is the purpose of your portfolio? Is it to showcase your skills and experience for job applications, to attract new clients, or to simply share your work with others? The purpose of your portfolio will influence the size and content of the pieces you include.
- Medium: Consider the medium you’ll be using to present your portfolio. If you’re creating a digital portfolio, you’ll have more flexibility in terms of size and format. However, if you’re printing your portfolio, you’ll need to be more mindful of the physical constraints.
- Content quality: The quality of your work is more important than the quantity. Include only your strongest pieces that effectively demonstrate your skills, creativity, and problem-solving abilities. A smaller portfolio filled with high-quality work will be more impactful than a large portfolio with mediocre content.
- Relevance: Choose projects and pieces that are directly relevant to the context and purpose of your portfolio. Edit out any outdated or irrelevant work to keep your portfolio focused and cohesive.
- Clarity and organisation: Ensure that your portfolio is well-organised and easy to navigate. Group similar projects together, use clear and concise captions, and provide context for each piece. A well-organised portfolio will make it easier for viewers to understand your work and appreciate your accomplishments.
Remember, the size of your portfolio is not as important as its quality and relevance. By focussing on the key factors outlined above, you can create a portfolio that effectively showcases your skills and accomplishments to the intended audience.
Going above and beyond
To enhance your contribution, you can further do the below:
- Publishing articles that are relevant to the existing and potential clients.
- Making videos of your own to showcase your extrovert quality and build a stronger, long-lasting impact on the minds of the audience.
- Publishing your podcasts with the interaction of key speakers related to the profession of accounting and bookkeeping.
- Keeping Linked in updated with all the above and including as links part of the digital portfolio.
Conclusion
Building a great portfolio requires a strategic combination of strong educational credentials, technical proficiency, commitment to continuous learning and, not to mention, relevant practical experience. By keeping the content interesting and relevant, you can not only stay relevant but also master the success in this industry. Setting clear goals and creating a roadmap to achieve them is a critical step for your career planning. This roadmap starts with being open to opportunities and developing a great portfolio to open doors to possibilities and innovation.
References
- https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/financing_transactio/financing_transactio_US/chapter_5_equitylink_US/55_application_of_as_US.html
- https://www.zinrelo.com/financial-accounting-for-liability-from-rewards-programs.html
- https://xbrlsite.azurewebsites.net/2019/Prototype/references/us-gaap/