What do you do if you've been laid off from an accounting job and need to bounce back?

1 Assess Finances

Immediately after a layoff, take stock of your financial situation. Scrutinize your savings, expenses, and any severance package you might have received. This will help you understand how long you can comfortably be without employment. Create a budget that minimizes unnecessary expenditures and consider consulting with a financial advisor if you have one. This is also the time to apply for unemployment benefits if you're eligible, providing a temporary financial cushion.

2 Update Resume

Your resume is your professional introduction and it needs to shine. Update it with your most recent job experiences, highlighting accomplishments and skills that are pertinent to the field of accounting. Ensure that your resume reflects any relevant certifications, such as Certified Public Accountant (CPA) status, and any software proficiencies, like expertise in QuickBooks or other accounting platforms. Tailor your resume for each application to align with the job description, which can increase your chances of landing an interview.

3 Network Actively

Networking is crucial in the job search process. Reach out to former colleagues, join professional accounting organizations, and attend industry events. Social media platforms, particularly LinkedIn, can be powerful tools for connecting with other accounting professionals and potential employers. Let your network know that you're seeking new opportunities—they might have leads or offer valuable advice. Remember, many jobs are not advertised publicly and are filled through connections.

4 Learn Continuously

Use this transitional period to enhance your skill set. The accounting field is continuously evolving with new regulations, technologies, and methodologies. Enroll in courses that could bolster your expertise or lead to additional certifications like Chartered Accountant (CA) or Certified Management Accountant (CMA). You might also want to learn new accounting software or brush up on recent tax law changes. This commitment to professional development can make you a more attractive candidate to future employers.

5 Consider Alternatives

While searching for a new full-time position, consider alternative work arrangements. Part-time work, freelancing, or contract roles can provide income and prevent gaps in your resume. They also offer opportunities to gain diverse experiences and potentially lead to permanent positions. Think about offering your accounting services to local small businesses or startups that may not have the resources for a full-time accountant but could benefit from your expertise.

6 Stay Positive

Maintaining a positive attitude is essential during this time. Job searching can be a long and sometimes disheartening process, but staying optimistic will help you persevere. Engage in activities that boost your morale, such as exercise or hobbies, and connect with supportive friends or family members. Remember that being laid off does not reflect your abilities or worth as a professional. With resilience and determination, you'll find your way back into the accounting field.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?