The Innovative Auditor or Controller
I began my career in accounting and consulting over 35 years ago, starting as an auditor with a primary focus on the power and utilities industry. Over time, I transitioned into consulting for utilities and cooperatives—cautiously at first, but eventually diving in wholeheartedly, where I remain today.
The Innovative Auditor/Consultant
During my early years in auditing, a couple of things stood out to me. First, new auditors weren't necessarily required to understand or research the entity they were auditing. After all, auditing cash and payables in a manufacturing business is the same as auditing cash and payables in an electric utility, right? Well… sort of.
That approach might get you through the first audit season, but I noticed some auditors carried this mindset into their second and third years—even with robust industry training available. By year four, they were gone, either by their own choice or the firm's. Their failure to engage with the industry added no real value to the client or the firm.
To advance in auditing, or in any specialized financial role, you need to immerse yourself in the industry. Understanding the nuances of your field allows you to anticipate client needs, provide meaningful insights, and truly serve your organization. This is especially true in the power and utilities sector, where rapid changes demand continuous learning.
When you embrace the industry, your work becomes more engaging, rewarding, and impactful.
The Innovative Controller
The same applies to accountants in electric cooperatives and utilities. Entry-level positions are essential, especially for repetitive processes, though artificial intelligence is already transforming some of these tasks. However, for those seeking career advancement, embracing industry knowledge and trends is key.
In a mid-to-large utility, an entry-level accountant can theoretically progress to controller, then chief financial officer, chief operating officer, and even chief executive officer. But that path requires more than just fulfilling current duties—it demands looking ahead and developing the skills needed at the next level.
A great controller is more than just a numbers expert. In today's business environment, financial oversight is only part of the equation. A well-rounded controller blends technical accounting expertise with strategic thinking, leadership, and a deep understanding of business operations.
But what sets a truly exceptional controller apart? Their ability to interpret financial data, drive efficiency, and act as a trusted advisor to leadership. Those who become key voices in shaping strategy and implementing change are not only invaluable to their organizations—they are also setting themselves up for greater responsibilities, a more fulfilling career, and a lasting impact on the business.
The same principles apply to both controllers and auditors. A well-rounded professional embraces technology to enhance efficiency, stays ahead of industry trends, and anticipates how those trends may impact the business. More importantly, they develop strategies to manage risks and ensure long-term success.
Deepen Your Industry Expertise
Becoming an innovative controller or auditor requires deep understanding of utility-specific accounting, regulatory frameworks, and industry best practices. Our comprehensive online courses cover FERC/RUS accounting, construction work orders, cost of service analysis, rate design, and AI applications in utilities—giving you the specialized knowledge that sets exceptional professionals apart and accelerates your career advancement.
The Path Forward
Whether you're an auditor, accountant, or looking to move up in your career, success isn't just about knowing the numbers—it's about staying curious, adapting to change, and always looking for ways to add value. The power and utilities industry is evolving fast, and the ones who embrace that change, learn the business inside and out, and step up as problem-solvers will have the most exciting and rewarding careers.
So, the real question isn't just how far can you go?—it's how much of a difference do you want to make?
How I Can Assist
We help electric cooperatives and utilities navigate complex accounting challenges, streamline processes, and implement industry best practices in work order accounting and system integration. Let's connect to explore solutions tailored to your needs. Please contact me with any questions to discuss your goals in more detail.
Thanks for reading! I welcome your suggestions for future topics and am always eager to provide insights on pressing industry issues. My goal is to be a trusted resource for utilities and electric cooperatives navigating today's challenges.
The material in this article is for informational purposes only and should not be taken as legal or accounting advice provided by Utility Accounting & Rates Specialists, LLC. You should seek formal advice on this topic from your accounting or legal advisor.