Travel Globally, Manage Your Finances: Accounting On The Move

Travelingsection and accounting are two careers that many people do not expect to go together. However, it is possible to have a career in accounting and travel the world. Traveling accountants are responsible for financial reports, coordinating with HR, and compiling and filing records. They also review credit card accounts, perform travel credit card reconciliations, and approve travel-related expenses. Traveling accountants need a variety of skills, including managing and analyzing financial data, and must be proficient in software such as Excel. It typically takes 8-9 years to become a traveling accountant, including earning a bachelor's degree and gaining work experience in accounting. With the right qualifications and experience, accountants can find opportunities to travel the world, work with global teams, and lead exciting lifestyles.

Accounting qualifications and career paths

Accounting is a broad profession that offers a wide range of career paths and specialisations. The three main sectors are public accounting, industry accounting (also known as private accounting), and government accounting.

Public accountants work for third-party companies, providing services such as auditing, tax preparation, and management consulting. They are often hired as outside experts and work with multiple clients. This career path is best suited to those who enjoy a fast-paced and challenging work environment and are willing to put in long hours. Obtaining a Certified Public Accountant (CPA) license is essential for advancement in public accounting.

Industry or private accountants, on the other hand, work within the internal finance department of a single organisation. This path offers a more consistent, predictable, and lower-stress work environment. While a CPA license is not required, it may be beneficial for certain opportunities, such as positions in government agencies.

Government accountants ensure that businesses and individuals comply with tax regulations and other financial requirements. The most common starting position in this field is as an auditor for the Internal Revenue Service (IRS).

Within each of these sectors, there are numerous unique positions and specialisations. For example, tax accountants help individuals and organisations with tax filings and compliance, while financial accountants evaluate a company's financial performance and create reports for external parties. Other specialisations include management accounting, auditing, and fraud investigation.

In terms of qualifications, a bachelor's degree in accounting or a related field is typically the minimum requirement for entry-level positions. However, a master's degree or further specialisation can enhance career prospects and qualification programs such as the CPA are often required for advancement. Work experience and on-the-job training are also crucial components of an accountant's career path.

Pros and cons of frequent travel

Frequent travel for work can be an exciting prospect, especially for those who enjoy exploring new places and experiencing different cultures. However, it's important to consider the pros and cons of such a lifestyle before committing to it. Here are some of the advantages and disadvantages of frequent travel:

Pros:

• Learning and Advancement Opportunities: Travelling frequently allows individuals to learn about diverse cultures, customs, and ways of life. It provides a chance to pick up new languages and skills, which can be beneficial both personally and professionally.
• Freedom and Adaptability: A frequent traveller enjoys unparalleled freedom and adaptability, allowing them to explore the world on their terms. They can set their own schedules and establish their own principles, free from the constraints of a traditional 9-to-5 job.
• Immersive Cultural Experiences: Travelling enables individuals to immerse themselves in different cultures and traditions. By interacting with locals, travellers can gain a profound appreciation for distinct ways of living, learn about their history and beliefs, and foster admiration and empathy for different cultures.
• Career Progression: Travelling can open doors to career opportunities, especially in fields like journalism, photography, or international business. The hands-on experience gained in different parts of the world can boost career prospects and set individuals apart from others in certain industries.
• Adventure and Thrill: Frequent travel offers a multitude of exhilarating adventures and unique experiences. From exploring ancient ruins to encountering exotic wildlife, each destination provides a chance for discovery and a chance to step outside one's comfort zone.

Cons:

• Lack of Stability: One of the significant drawbacks of frequent travel is the lack of stability and roots. It can be challenging to establish long-term relationships or find a permanent home when constantly moving from place to place. This can lead to feelings of restlessness and a lack of belonging.
• Solitude and Isolation: Travelling, especially solo travel, can often be lonely. Bidding farewell to loved ones and forming meaningful connections in new places can be difficult. This can result in feelings of solitude and isolation, and it may be challenging to form lasting connections.
• Financial Burden: Travelling frequently can be financially demanding, with expenses such as transportation, lodging, and food adding up quickly. Budgeting and careful spending are critical to sustaining long-term travel.
• Physical and Emotional Exhaustion: The constant movement and adjustment to new time zones, cultures, and environments can lead to physical and emotional exhaustion. Jet lag, culture shock, and homesickness can take a toll on travellers' mental and physical health.
• Relationship Strain: Maintaining relationships with loved ones and friends can be challenging when constantly on the move. The physical distance and demands of travel can strain relationships, leading to feelings of isolation and disconnection.

Technology and remote working

Remote work in the accounting field often involves utilising online platforms and software to perform tasks such as financial reporting, data analysis, and tax preparation. Proficiency in accounting software such as QuickBooks, Xero, and Excel is essential for remote accountants. These tools enable efficient data management, financial analysis, and collaboration with clients and colleagues worldwide.

Additionally, remote accountants may need to adopt project management skills to stay organised and meet deadlines. Time management and self-motivation are crucial for success in a remote work setting.

To secure remote accounting roles, individuals can explore job boards, reach out to companies directly, or consider freelancing. Freelancing provides the opportunity to work on diverse projects, set your own schedule, and choose projects that align with your travel plans. It also allows for higher earnings, enabling you to save for travel and maintain a comfortable lifestyle.

However, it's important to stay updated on accounting regulations and best practices, as these may vary across different countries and regions. Staying compliant with local laws and regulations is essential for remote accountants working with international clients.

Overall, technology has played a pivotal role in enabling accountants to work remotely and travel the world. With the right skills, knowledge, and tools, it is possible to pursue a fulfilling career in accounting while exploring different destinations and cultures.

Salary expectations

For instance, an Accounting Specialist role at North Bay Trading Co. offers a salary range of $60,585 - $95,409 per year, while a Certified Public Accountant (CPA) role at Rocky Mountain Consulting LLC offers a much higher salary of $120,000 - $135,000 per year.

According to Zippia, the average salary for a travelling accountant in the United States is $43,629 per year, with salaries ranging from $28,000 to $67,000 per year. However, it's important to note that salary is not the only factor to consider when pursuing a career in travelling accounting. The opportunity to travel and explore new places, gain new experiences, and meet new people can also be valuable perks of the job.

Freelancing is another option for accountants who want to travel the world. While it may offer higher earnings and more flexibility, it also comes with its own set of challenges and may not be suitable for everyone. Freelancers need to be self-motivated, comfortable with uncertainty, and able to manage their own time effectively.

Overall, the salary expectations for travelling accountants can vary widely depending on their specific role, experience, and the type of employment they choose. It's important to research and consider all options before making a career decision.

Building a network

• Start with your current network: Inform your friends, family, and colleagues about your career aspirations. You never know who might be able to make a helpful introduction or provide valuable advice.
• Join professional accounting organisations: Associations such as the Association of Accounting Technicians (AAT) offer qualifications and provide resources to help you get started in the field. They also offer opportunities to connect with other professionals, which can be invaluable as you build your network.
• Utilise social media: Platforms like LinkedIn, Facebook, and Twitter can be great tools for connecting with other accountants and financial professionals. Join groups and participate in discussions to get your name out there and build relationships with potential clients and colleagues.
• Attend industry events: Conferences, workshops, and networking events are excellent opportunities to meet people in the industry. Be sure to bring business cards and be prepared to talk about your unique skills and experiences.
• Reach out to companies directly: If you're interested in working for a particular company, don't be afraid to send them a message or give them a call. Express your interest in their work and ask about any potential job openings or freelance opportunities.
• Consider a niche market: Specialising in a particular area of accounting, such as tax, auditing, or financial analysis, can help you stand out and make it easier to connect with potential clients and employers.
• Stay in touch: Maintaining relationships is just as important as making new connections. Be sure to follow up with people you meet and stay in touch with your existing network.

Building a solid network takes time and effort, but it can pay off immensely as you develop your career as a travelling accountant.

Frequently asked questions