Are you planning to start your own accounting firm? Starting an accounting firm of your own is a great idea, but it requires a lot of hard work, persistence and real business skills. You will certainly need a degree in accounting to get started, and a CPA license too. Let’s discuss the other things you would need.
1: Do you have a business plan?
You need a business plan, first and foremost, to get started as an accountant. The business plan should have an outline of the goals, purpose, structure and financial prospects of the firm. It should have a comprehensive blueprint for the future of the accounting firm and show your investors what you have to offer them.
2: What’s your niche?
If you want to get started in the accounting business, you must have a specific niche. You can’t just promise to do everything for everyone. You must zero down on a niche and serve a target audience. You should start by providing tax preparation services for professionals, individuals and small businesses, and gradually build upon your roster of services.
3: Be up to date with the latest accounting technologies.
Accounting is a traditional profession, but has changed quite a lot in recent times, especially with new technologies such as cloud accounting. Most accounting firms have already moved to the cloud. You should too!
You can start by signing up for our cloud-hosted accounting services such as Tax and hosted QuickBooks services.
You can sign up for these services on a pay as you go basis, scale up or scale down depending on your requirements and benefit from features such as multi-user collaboration and anytime, anywhere access to the accounting software.
4: Start with a home office.
Getting a decent location for your office is important. But when you are just starting out, most of your business will be online, so you might as well start with a home office. In that case, check out the local zoning laws to ensure that it is okay to practice out of your home. Also, find out if you need to take insurance for it. Once you are able to get a sizeable number of clients, you can shift to an office of your own.
5: Don’t ignore marketing.
Marketing is very important as an accountant. You can’t just depend on traditional marketing methods such as direct mail and newspaper advertising. These days online marketing is more important than ever. Create a professional website, have it designed by a true web designing expert. Invest in SEO and pay per click advertising, as well as social media marketing.
6: Hire the right people.
Your most important task will be to hire the right sort o employees. You won’t be able to hire the very best or the most experienced as you get started. So hire recent accounting graduates and mentor them so that they develop the requisite skills. Eventually as you build your practice, you can hire more experienced accountants