Katarzyna Machalinski is the founder of Prevail Accountancy, which specialises in providing management accountancy services to SMEs in the construction sector. Prior to starting her firm 16 years ago, Machalinski co-owned a construction business and completed a master's in economics.
Pursuing a career in management accounting can also open the doors to run your own business. To do so successfully, Machalinski advises that you need to master both the skills of accountancy itself, and marketing and selling those services. Communication is crucial, whether that's with current or potential clients. “It's almost two jobs," she says.
Machalinski recommends nailing your niche. "You can't be good across every industry," she says. "Find something you can focus on and tweak your service offering. You will then speak those people's language and they will be eager to come to you.”
When it comes to the accounting itself, Machalinski emphasises the importance of understanding what is going on at every level. While management accountants look at the entire financial health of a business, it’s important not to oversee the traditional accountancy elements of the job, such as bookkeeping and payroll.
“You can't produce a good management record if you don't understand where to find the small details. You have to know the basics to find those mistakes," she Says.
Getting your head round digital systems is also crucial: “Understanding cloud technology is really important now, much more so than Excel.”
Of course, working for oneself may not be for everyone. "You have to be happy without a regular salary and knowing clients may leave for various reasons that have nothing to do with your performance,” says Machalinski.
Ultimately, if you have a solid foundation in training, and build on it the desire to constantly learn, gain crucial skills, and commit to working hard, you can look forward to a successful and rewarding career in management accounting.