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This padlet details and analyzes the writing that occurs within the Accounting and Finance fields.

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Accounting and Finance are typically associated with numbers and money because that is the predominate language used in the fields. Despite this, both fields in the past twenty years have seen a dramatic increase in the importance of writing. This newfound importance is found in the various financial reports that have become vital to both understanding current finances but also where the company should go in the future.

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Accountants spend one third of their time writing, according to a survey conducted by Nellermoe, Weirich, and Reinstein (1999, as cited by Cleaveland & Larkins, 2004). They must document processes, clarify issues, and propose actions for both internal and external audiences. Beyond a corporate setting, accountants who wish to sit for the professional accounting exams must also polish their writing for time-constrained writing scenarios.

Why effective writing matters

Perceptions of competency are often tied to effective writing. Accountants with stronger written communication skills than their peers are associated with greater job satisfaction, faster career advancement and higher performance evaluations (Cleaveland & Larkins, 2004). Therefore, it is beneficial for accounting students to build a strong writing foundation now to meet the expectations of business writing in their futures.

Clear, concise, correct

Regardless of how much an individual might know, poor presentation of their research and analysis damages their credibility. Disentangling the meaning of sentences or reading through irrelevant information can waste an audience's time. Correct reporting with both words and numbers is at the basis of the accounting discipline. This resource highlights the common writing issues of accounting students and the impact these issues have on the audience.

Wordiness

Wordiness can be seen in ineffective use of passive voice, nominalization and unnecessary words. While these issues are technically grammatically correct, they prolong the message without conveying any additional relevant information.

Example: As a strategic shift for the company, the decision that the operations would be stopped, the factory would be sold, and the selling process would be initiated was made by the company's CEO.

Issues with wordiness:

Passive voice: Since the subject (the CEO) is unknown until the end, the doer of the action is unclear for most of the time spent reading the sentence.

Nominalization: Compared to the action verb "decided," the nominalized version "decision" is weaker and wordier; it requires the additional verbs of "was made" to make sense.

Unnecessary words: The phrases "for the company" and "the company's" are extraneous, given the context of strategic shift, operations, factory and CEO.

Revision: As a strategic shift, the CEO decided to stop operations and sell the factory, initiating the selling process.

In the revision, the subject is clearly understood from the beginning, the action verb immediately follows the subject, and each word is relevant. The audience can follow the message in nearly half as many words.

Punctuation

Punctuation can help separate unlike ideas, group like ideas, and provide logic between concepts. Insufficient punctuation use can confuse and exhaust an audience.

Example: The cost of the group of assets acquired must be allocated based on their relative fair values without allowing for goodwill as this was presented in the FASB Accounting Standards Codification (ASC) topic 805-50-30-3 (Business Combinations) above, this is not a business combination situation the company must allocate the total cash consideration of $1,000,000 among the assets.

Run-on sentence punctuation issues:

There are not enough periods to separate the unlike ideas.

The commas lack coordinating conjunctions to grammatically group like ideas.

Using different punctuation and rearranging the phrases could clarify how the ideas connect.

Revision: As this was presented in the FASB Accounting Standards Codification (ASC) topic 805-50-30-3 (Business Combinations) above, the cost of the group of assets acquired must be allocated based on their relative fair values without allowing for goodwill. Because this is not a business combination situation, the company must allocate the total cash consideration of $1,000,000 among the assets.

After our revision, we have two sentences with logically presented ideas. The first sentence summarizes the ASC guidance, and the second sentence analyzes how this guidance applies to the situation.

Codification integration

When citing the codification as support for an accounting stance, the writer must integrate the codification within the context of their scenario. Merely quoting the codification and stating something to the effect of "the company shall record the event in consideration of the guidance above" is not enough. It is unclear to the audience, particularly if they lack accounting knowledge, how they should interpret and apply the guidance.

Questions to ask about proper codification integration:

If my audience had zero knowledge of how to interpret the codification's definition/explanation, what would be important for them to understand from the provided codification quotation? (Proper summary.)

Have I discussed how the codification applies to specific parts of the situation? (Proper analysis/application.)

Faulty modifiers

Though challenging to spot at first glance, faulty modifiers are common grammatical errors that cause ambiguity and misunderstanding. Stout and DaCrema's article (2004) on faulty modifiers provides an example of such an issue.

Example: "When preparing financial statements, GAAP must be adhered to."

Modifier issues:

The sentence is suggesting that GAAP is preparing financial statements (GAAP is the word being modified).

By including the actual preparer of the statements, the sentence's meaning becomes clear.

Revision: "When preparing financial statements, we must adhere to GAAP."

Sentences beginning with an "...ing" word or phrase usually have a faulty modifier (such as our example with "preparing"). Another way to catch faulty modifiers is to double check that the modifier is placed beside the noun that it is intended to modify.

How we can help

You do not need to do this alone! As a student, you have access to the consultants of the University Writing & Speaking Center. These consultants are trained to address these issues and more, discuss audience impact, and consider alternate phrasing options. Synchronous online or in-person appointments are highly recommended for revising accounting letters, memos and other accounting writing assignments.

Additional resources

References

Ashton, R. H. (1998). Writing Accounting Research for Publication and Impact. Journal of Accounting Education, 16,(2), 247-260.

Cleaveland, M. C., & Larkins, E. R. (2004). Web-based Practice and Feedback Improve Tax Students' Written Communication Skills. Journal of Accounting Education, 22, 211-228.

Stout, D. E., & DaCrema, J. J. (2004). A writing intervention for the accounting classroom: dealing with the problem of faulty modifiers. Journal of Accounting Education, 22, 289-323.

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Writing in Accounting | University Writing & Speaking Center

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Accountants spend one third of their time writing, according to a survey conducted by Nellermoe, Weirich, and Reinstein (1999, as cited by Cleaveland & Larkins, 2004). They must document processes, clarify issues, and propose actions for both internal and external audiences.

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The who involves many individuals and other communities. Some of the primary audience members would include heads of company strategy and other members of the organization who will act on what is written. Secondary members would include investors who will read financial reports to help decide whether or not to invest in a company. Overall writing in these fields is very wide-reaching and can be used by many individuals outside of the small intended audience.

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Why people need the writing is multilevel because of the various people who will find use from it. The intended audience needs the writing because it will help make business decisions within the organization and should lay out potential futures based on those decisions. Using the investor as an example secondary audience member, they need the writing because it is the only way for them to make a detailed decision on whether or not the company is going in a direction they like and should invest in. For both groups a common theme is this writing is needed in order to form decisions which are usually business related in some way.

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Successful writing in these fields is writing that is complete and detailed without being wordy. Businesses and organizations want as much vital information as they can get in as few words as possible in order to save time without sacrificing topics of importance. The writing should be able to be understood by the audience members and allow them to make decisions based on the information presented. If the writing is hard to understand, riddled with spelling and grammatical errors, or too much fluff then it has failed to accomplish its purpose.

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The accounting and financial industry is a difficult field to write for. It requires a balance of distilling a complex financial topic into simple concepts that your audience-typically not experts in the field-can easily understand.

The key to success in financial content writing is trust. You win if you build a credible relationship with your audience, whether it be through simple tax advice or an in-depth guide into cryptocurrencies.

But that's not always easy. Quite the opposite, in fact. Even experienced content writers and agencies tend to experience significant challenges when dipping into this industry. That can lead to frustrations and, too often, a lack of emphasis on content marketing altogether.

You're not alone. We've asked 16 experts in the field on the challenges and frustrations they feel with financial content marketing. Many of them also shared potential solutions to overcome these challenges.

1: Finding Knowledgeable Financial Writers

" It is tricky finding content creators who are knowledgeable when it comes to the U.K. financial industry. The other problem is that it's not exactly the easiest niche to research online as there are a lot of rules, regulations, and complexities, which can make things quite confusing for someone with no prior knowledge or experience of the industry. This means that we often have to write our content ourselves.

This is not ideal from the time aspect, but we recently published a very in-depth piece that has a mixture of different ways to consume the content including text, a very detailed infographic, and a video. We have had great feedback on this piece and it has started delivering leads directly over the last few months. We plan on making more in-depth pieces of content like this in the future. "
"The biggest challenge we face when creating content for our clients in the financial industry is finding writers who have extensive knowledge of the financial market to write accurate and informative articles for those working in the industry. It takes careful screening and research before we select a writer. Once the writer is chosen, the content itself may not always come back the way we were hoping. Sometimes it can be rather dry when it comes to financial content, so it's important to add the brand voice to the articles. We recommend sharing the brand voice and style with the copywriters so the content is consistent. Another solution we have found helpful is providing outlines for our writers. We typically talk with the client and ask questions for recommendations on hot industry topics before we begin researching. Then, based on research, which includes the addition of LSI and NLP, we provide a list of keywords and relevant content we would like the copywriter to include. This helps to create a uniform content strategy." "I've worked with content producers in the past for financial content including, mainly relating to the financials of homeownership, personal loans for renovations, and home equity lines of credit. Though I only buy a few pieces of content a month, it's a challenge to find well-written content that fits my needs. Either the content is vague and only gives the barest overview, or it's too technical and can't be easily understood by the average homeowner. Searching for people with a financial background helped, but as I mentioned, sometimes their content was dry and difficult to read. I've had to go with a trial-and-error approach, testing out a variety of content producers and retaining those that provide what I'm looking for. This has skewed more toward freelancers than financial industry experts, and I do worry that tackling more complex topics will gradually rule out freelancers as an option. Either way, I think if you want quality financial content, you have to be willing to pay top-dollar for something that's accurate and informative but also approachable."
2: High-Resource Needs for Quality Financial Content
"The biggest challenge is convincing the client to spend $500 to $750 per article on money site content when other agencies are charging $50 to $100. Once the client sees our prices, they immediately turn away. But I make sure to let them know that there's a gigantic difference between a $100 article and a $750 article. A great article doesn't take a few hours to create, it takes 10+ hours. You can't get those man-hours in a $100 article-not even close. So people charging $100/article are skipping crucial steps to writing a great article. They're likely lacking in: research (possibly just rewriting another article on the web, something Google doesn't like), SEO optimization (which goes beyond keyword placements), keyword research, writing quality, editing, or all of these. A $100 article is going to be more expensive in the long run because it'll require more backlinks to rank AND it'll be more likely to be penalized in the future as Google becomes smarter detecting low-quality content." "Although we're not a financial services firm we work specifically (and very closely) with independent RIAs and broker-dealer firms and are currently leading the financial industry in empowering financial advisors to digitally transform their online presence through beautiful, compliant, unique websites, landing pages, and content creation. In a recent survey, we polled financial advisors and uncovered that 39% are never posting blogs or other content to their websites, while another 31% noted they were making updates 1-2 times per month. We know that for smaller RIA firms creating quality content on a consistent basis is just incredibly time consuming and most firms don't have the budgets to have in-house staff members dedicated to copywriting and/or marketing to take on the role so a lot of times the owner him or herself is spending late nights cranking out a blog a month if they're lucky. Thankfully, there are a lot of third parties in the financial services space that offer ghostwritten and other types of content libraries that advisors can use to help bridge that gap. At Twenty Over Ten, all of our users have access to a completely customizable content library called Content Assist. This is a new type of content offering solution on the market that was developed specifically for financial advisors to assist them in creating blog posts. Users are able to choose blog posts by category (retirement, home-buying, young adults, etc.), load them into their website, and then edit and further optimize the content for search engines. Advisors have the ability to customize and edit the content to add their voice, SEO keywords, and further promote their expertise, or use the content as-is." "The biggest frustration our financial services clients face is access to a collaborative and marketing friendly compliance team. The regulations of both FINRA and the SEC are unique and vary based on the firm business model and how compensation is received by a financial professional. If you follow appropriate procedures and ensure content is approved in advance, you mitigate risk. Yes, it is crucial that your content in compliance and there are several options that help firms integrate a process. Global Relay and other software packages archive social media, website digital properties, and email on an ongoing basis. This helps in keeping track of content and ensures that you kept accurate records should you have a regulatory compliance audit. Apart from the issues of compliance, high-quality content is oftentimes an overwhelming time commitment. Many successful advisors and executives in the industry overlook the opportunity to create original articles, videos, and other digital assets that feature their expertise. Consistently creating high quality can be a challenge. If the creator is well versed with industry best practices, establishing a representative digital presence through SEO becomes a true opportunity for growth." "One challenge we've faced with developing ongoing content for any focused industry, including in the finance industry, is the depth of experience needed to produce content that actually adds value. For instance, in developing bi-weekly blog content for a client in the FinTech space, we needed to make sure that not only were we using the right vocabulary for the audience but that we were also developing thought leadership pieces to drive conversation and, eventually, engagement with our end client. This is challenging for most people, let alone a freelance writing team that is new to an industry. One tactic we've used to ramp up writers is to develop a repository of industry-specific resources to quickly teach the ins and outs of the space. We make a point of including two types of resources. The first is rote information. This can be information on how the industry works, typical players in the space, most-used technology, etc. Essentially, anything that offers a high-level understanding of the overall category. The second is opinion-oriented content. This includes pieces by industry leaders and experts offering opinions on the general direction of the category, trends to keep an eye out, and potential threats. This content adds a nuanced layer of insights into the spectrum of activities and perspectives in the category. With these two resources available, we've found writers can not just develop original ideas faster but also produce more robust, thoughtful material too."
3: Timing Issues in Content Creation & Review Processes
"We have found that the biggest challenges with content creation involve the in-house approval process and legal team review. There are a lot of hands that a piece of written content must go through before it can be shared with the public, which makes it hard to be relevant to what is currently happening in the industry. On the other side of the coin, our financial industry clients are always open to new ideas to market and create content. It seems like everyone in this industry is looking to disrupt it and make their brand stand out!" "The biggest challenge is growing competition. Topics like sinking fund, cash management, or banking are already ranking on the first page of Google, and coming up with new ideas can be challenging. When I write content, I don't usually get any motivation from my manager or even help from colleagues since I'm the only writer. I alone have to do all the research, and it can be really tough to come up with ideas that are fresh and useful. The other major challenge is creating high-quality content with updated information in little time. The industry is getting updated regularly, so writing content with fresh data requires time, and it can be a big issue if the time is short. The solution: take your time. No matter what topic you choose in finance, you need to do more research on the current facts. Which means more time is required. Discuss with your immediate supervisor how much time is needed to publish the topic and set your own deadlines which you can easily meet." "I think there are two main challenges in executing content marketing for clients:

1. Time constraint. Many clients expect a lot of content pieces in a fairly short time to maximize their budget. It's simply impossible to maintain quality if we develop the content pieces in a hurry, which will bring us to the second challenge.

2. Expectation. It's very important to understand that content marketing requires consistency, and we can't expect instant results as soon as we've published our content. Many clients simply don't understand this and have the wrong expectation.

When developing content for my own business, these two challenges aren't so prevalent since we are a marketing agency, but I can imagine the in-house content creation team in finance companies might stumble upon similar challenges when their bosses don't really understand content marketing and the inbound marketing principle. Thus, managing client expectations and properly communicating your strategy is very important to ensure content creation (and content promotion) success."
4: Lack of Reliable Writing Partnerships
"With SEO becoming more and more content-centric, writing good quality content becomes very important. We have tried different models, the first one was that the client will provide the content: we faced timeline issues, many times client wouldn't have time to get it done, and when a client hired a freelancer, we noticed a certain dip in quality of articles after a couple of good ones. Then we changed the model and decided to sell it as a service in our own package. Initially, we outsourced it to the freelancers but the deliverables suffered many times and we could not get them to understand the client's requirements. Then, then we hired an in-house content manager who could understand the niche and client's requirements as well as their competitors, understand the needs of the SEO team and then write a piece. We slowly built a team around the manager and it has helped us in providing more value to the clients. But still, it always remains a challenge to meet the ever-increasing need of the content and find good writers who can deliver good quality content on a regular basis." "Being a very small business owner, I am relying on freelancers and project consultants to deliver work. There is little accountability when it comes to delivery and communication. If you let go of the paddle swing, you are in big trouble. I have hired 3-4 content writers, and only one of them is super active and responsive. I have seen when you recruit people who are young and want to learn or make additional income, they will deliver fast. We write on average 2-6 blogs a month of 2,000 words each. I have to call multiple times to get an update. A recent example was of a team of writers with whom I discussed writing a 4,000-word guide. I asked them to create a ToC and it took them 2 weeks to respond. If you don't chase them, very few will reply. If you have the budget, it's better to hire a full-time employee."
5: Lack of Audience Expertise
"We educate personal finance readers on how to improve their banking options. We need to educate people with zero foundation, as well as those who have already read around a little, and even people who have been misinformed. So, it's important for us to follow a reader's journey on our site using heat maps, exit pages, and other indicators to determine the content that's most suitable for each visitor, as well as see a bigger picture of which resources are working and which aren't. Then, we double down on themes that are in-demand, as well as retarget visitors with ads that speak exactly to their interests and pain points. My best advice for outsourcing content creation to freelance writers is to have absolutely air-tight briefs. And, you need a rock-solid editor in-house. Otherwise, you're going to be spending just as much time re-writing a piece you already paid for as you would have to just write it yourself."
6: Finding Unique Angles on Common Topics
"One of the biggest frustrations I face when creating blog content is finding a new way to approach popular topics. I typically choose a topic that is popular on social media and has keyword potential, but once I know what I am going to write about, the hard part sets in. The hard part is making my article interesting, engaging, readable, and fresh. A well written article is just not enough these days to get readers' attention; you need other elements to keep your content fresh and different. After being clueless about what content actually performs well, I started doing a bit more research to be more strategic with my blog posts. In just 50 days, I was able to promote a new long-form article that is now the most read and most shared article on social media for my company blog. I typed in the topic that I was writing about into Google and looked at the top ten search results. After going through the top ten blog posts, I made a note of any unique elements that were included in those articles. After I pinpointed my favorites, I used those elements as a reference point with the intent of creating an even better version compared to what I saw. I really like to use Google Analytics to see which of my blog posts are performing well. When I analyzed my previous content, I looked not only at the number of page views, but I also focused on the average time spent on the page. I noticed a certain blog post that was captivating my readers and causing them to spend more time on the page. I tried to identify the elements that made that article a success. Once I identified the elements that made it a knockout piece of content, I tried to use it as a template for my upcoming article." "Deciding on content ideas is always the most difficult part of the job. When it comes to the finance industry, content needs to not only be helpful to your audience but be written for conversions. That requires a lot of research and a deep understanding of your audience. For our industry, we alleviate a lot of writer's block because of the deeper understanding of our audience. We realized that in the financial industry, who visits our site and why is often very segmented. Creating relevant content that each segment would regularly check for is a top priority. For our industry, it's most important to have practical knowledge and tools that help pour clients make better choices with their investments. We also really looked into the newest keyword and SEO trends in our industry and make sure to report on content that best suits our audience." "Our team at MDR is very small and I am the only one who does SEO-type work. Because I am the only one specifically coming up with content ideas, how to pitch them, and who to pitch them to, it can be difficult at times to come up with new, fresh and creative ideas for content. There are tons of things to talk about within the aspect of personal finance, but not a lot of things change, so trying to come up with an idea that hasn't been done a hundred times already can definitely be challenging."

If you're involved in financial content marketing, especially as the agency driving the ship for clients, chances are you've encountered at least one of these challenges. They're impossible to avoid entirely, but you can work specifically to overcome them.

One way to start: high-quality writers who know your industry and are ready to elevate your finance and accounting content. And that's exactly where Verblio comes in.

We have a network of writers that have both expertise in the finance field and the time you need to build high-quality content. Check out one of our sample blog posts in the accounting industry for a taste. Ready to start a content creation partnership? Let's talk.

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Challenges in Content Writing for the Accounting & Financial Industry

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The accounting and financial industry is a difficult field to write for. It requires a balance of distilling a complex financial topic into simple concepts that your audience-typically not experts in the field-can easily understand. The key to success in financial content writing is trust.

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Most likely the writing will end up on whoever's desk it needs to be read by and who will be making the decisions of the company. It can also be discussed during meetings both intext and verbally in order to give a more audience attentive experience where they can ask questions or make comments as needed. The last major distribution method is online under a companies investor relations page (Most publicly traded companies have a page titled Investor Relations on their main company site that has all the information a future investor would need).

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Documents and Events

Year | Year | Quarter | Earnings Date | Production & Delivery | Shareholder Deck | Webcast with Q&A | SEC Filing

2022

2022

Q1

Apr 20, 2022

Press Release

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Q&A

10-Q

2021

2021

Q4

Jan 26, 2022

Press Release

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Q&A

10-K

2021

Q3

Oct 20, 2021

Press Release

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Q&A

10-Q

2021

Q2

Jul 26, 2021

Press Release

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Q&A

10-Q

2021

Q1

Apr 26, 2021

Press Release

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Q&A

10-Q

2020

2020

Q4

Jan 27, 2021

Press Release

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Q&A

10-K

2020

Q3

Oct 21, 2020

Press Release

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Q&A

10-Q

2020

Q2

Jul 22, 2020

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Q&A

10-Q

2020

Q1

Apr 29, 2020

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Q&A

10-Q

2019

2019

Q4

Jan 29, 2020

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Q&A

10-K

2019

Q3

Oct 23, 2019

Press Release

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Q&A

10-Q

2019

Q2

Jun 24, 2019

Press Release

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Q&A

10-Q

2019

Q1

Apr 24, 2019

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Q&A

10-Q

2018

2018

Q4

Jan 30, 2019

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Q&A

10-K

2018

Q3

Oct 24, 2018

Press Release

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10-Q

2018

Q2

Aug 1, 2018

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10-Q

2018

Q1

May 2, 2018

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10-Q

2017

2017

Q4

Feb 7, 2018

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10-K

2017

Q3

Nov 1, 2017

Press Release

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10-Q

2017

Q2

Aug 2, 2017

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10-Q

2017

Q1

May 3, 2017

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10-K

2016

2016

Q4

Feb 22, 2017

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10-K

2016

Q3

Oct 26, 2016

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10-Q

2016

Q2

Aug 3, 2016

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10-Q

2016

Q1

May 4, 2016

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10-Q

2015

2015

Q4

Feb 10, 2016

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10-K

2015

Q3

Nov 3, 2015

Press Release

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10-Q

2015

Q2

Aug 5, 2015

Press Release

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10-Q

2015

Q1

May 6, 2015

Press Release

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10-Q

2014

2014

Q4

Feb 11, 2015

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10-K

2014

Q3

Nov 5, 2014

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10-Q

2014

Q2

Jul 31, 2014

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10-Q

2014

Q1

May 7, 2014

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10-Q

2013

2013

Q4

Feb 19, 2014

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10-K

2013

Q3

Nov 5, 2013

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10-Q

2013

Q2

Aug 7, 2013

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10-Q

2013

Q1

May 8, 2013

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10-K

2012

2012

Q4

Feb 20, 2013

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10-K

2012

Q3

Nov 5, 2012

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10-Q

2012

Q2

Jul 25, 2012

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10-Q

2012

Q1

May 8, 2012

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10-Q

2011

2011

Q4

Feb 15, 2012

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10-K

2011

Q3

Nov 1, 2011

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10-Q

2011

Q2

Aug 3, 2011

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10-Q

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Tesla's mission is to accelerate the world's transition to sustainable energy. Today, Tesla builds not only all-electric vehicles but also infinitely scalable clean energy generation and storage products.

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Identifying the writers of this field can actually be a complex problem to solve depending on the organization. Currently there is a big push for the accountants to be able to put the financial data in a report that goes beyond just numbers and explains it in a way to inform business executives. As of right now though, in some companies they have a group of writers on hand who are very skilled at understanding the financial data and also writing on it which is a unique skill that many others in these fields are not experienced with. These are the two main authors that can be found in these fields but there are many variations of both because it is mostly about what works best for the company.

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17 -- Managerial Accounting's Role in Planning, Directing, and Controlling

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After the writing has been received by the audience members and understood by them, it is time of the decisions to be made. Some examples:

Does the company need to trim the fat in order to lower expenses because of an expected recession?

Is the company experiencing major growth stresses and is digging through the weeds to capitalize on this very important time?

Should an investor invest in the company they just found out is liquidating all its major assets in order to maintain cash flow?

These questions are answered by the writing done. In every scenario the writing done by this community is involved in business decisions whether or not the audience member is primary or secondary.

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This PDF found on the Walmart investor relations page is an example of the writing done in these fields. In the 173 page form 10-K report of the year 2021 an investor will be able to find out anything they would need to know from a financial perspective on whether or not they want to invest in Walmart. The information used in this report that is intended for investors would also have been at one time used by the company to determine business decisions. The report from the inside would have looked different but the information is still the same across the different intended audiences.