An audit can be nerve-wracking for the most diligent of accounting teams—especially when there are cross-functional stakeholders involved in the process. Oftentimes, audits can catch your company by surprise, even if you’re keeping great records and fully prepared.

Record-keeping is only the first step to successfully navigate an audit. As an accountant, you probably know your company—inside and out. To the casual observer—and even your CEO— it can be intimidating to have an auditor in your building, peering over your shoulder.

Preparing for an audit is equal parts emotional and logistical. Here are the most important steps for your organization to take:

Step 1: Educate Internal Stakeholders

As an accountant, you’ve probably been through many audits—you’re prepared. To your CEO, CMO, and CIO, however, audits are unfamiliar territory. Don’t let them hang in the dark, wondering what’s going on. Start the process with a team meeting to educate everyone about what’s going on.

It’s important to reinforce your accounting team’s leadership in navigating this process. The CEO may naturally want to stay involved—and she should rightfully be looped in. Remember, however, that accountants speak the language of other accountants. It is absolutely critical that your company’s accounting team takes charge.

Step 2: Develop a Workflow

Auditors are the opposite of your adversaries. They’re looking to work with your team to reach a common objective—as quickly as possible. That’s why it’s important to welcome your auditor as part of your organization.

Work together to establish common timelines and milestones. You can even lighten the situation by taking your auditor out to lunch.

At the end of the day, you both want to land on the same side of the fence. The more you work together, the easier this process will be.

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An accountant’s career path is usually clear-cut. Start out with experience as a financial analyst or auditor. Take the CFA or CPA exams. Refine your management skills to rise through your organization’s leadership ranks — maybe even become a chief financial officer.

What happens, however, when your passions change — when you want something new? An accounting degree is one of the most beneficial for navigating a new career. Here are five to consider:

1. Entrepreneur

Your time as an accountant will expose you to many different clients and business needs. You’ll eventually start to see gaps for products and services that should exist — but don’t. That gap could be your next job.

Consider the story of Vincenzo Villamena, founder at Online Tax Man, a boutique CPA firm specializing in tax preparation for entrepreneurs, U.S. expats, and other individuals in special situations.

After starting his career at Pricewaterhouse Coopers in the auditing and transaction services groups, he was able to learn about transactions, international taxation, and valuation. He realized, however, that entrepreneurship would be an ideal path.

“I’ve been splitting time between New York and South America, running my office virtually, and meeting many new friends and clients along the way,” says Villamena.

To make the transition to entrepreneur, you need an idea for a business, potential clients, and enough savings to keep you afloat if your situation changes.

2. Business Analyst

As an accountant, you deal with a particular type of company data — profits and losses. Keep in mind, however, that these metrics are a small piece of the pie. Organizations need to see the forest and the trees.

That’s where business analysts come in. As a business analyst, you’ll be synthesizing data from multiple sources to help your organization see how different initiatives fit together.

To make the transition to business analyst, you’ll want to learn at least one programming language — like Python, and ramp up your statistics skills — try Udacity for free quantitative tutorials.

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3. Nonprofit Accountant

Are you passionate about a particular cause or organization? These organizations need accountants, and your skills will be extremely valuable.

Nonprofits can be extremely flexible organizations with an ‘all-hands-on-deck’ mindset. Even as an accountant, you’ll have an opportunity to engage with different departments and job functions.

To make the transition into the nonprofit sector, you will need to identify organizations that align with your values. Keep in mind that you may not find the same salary at a nonprofit that you would at a corporate gig — you need to keep these financial considerations in mind.

4. Communications Strategist

The business community needs communications experts who can distill complex concepts into an easy-to-follow form.

Communications experts help businesses forge this path. You will help your company develop its PR, media relations, or blogging strategy.

To become a communications consultant, you would start practicing your writing skills. Learn about how companies are setting up their blogging programs, for instance. Create your own blog, or ask to contribute to your employer’s.

5. Information Technology

Software and information systems play a major role in accounting — bookkeeping is exponentially more efficient for businesses that aren’t using physical books.

Accounting knowledge is crucial for building these systems.

If you’re interested in pursuing a technology role, additional education will be helpful. Look for programs or courses in management information systems, computer programming, and software development.

What now?

Test alternate career paths by shadowing other teams at your company. Your accounting degree is invaluable — beyond your employer’s finance or accounting team. Now is as great a time as any to venture beyond your comfort zone and explore. Ready to start a new career adventure? We can help! View our current job openings and get started today!