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Four Important Considerations When Starting an Accounting Firm 

11-06-2017 08:44 AM

Accounting is a very diverse profession. Every business today needs an accounting service, whether this is done by an independent contractor or an in-house accountant. For those trained in this field, there are many opportunities to be had, whether it’s employment for a big firm or the chance to set up their own accounting practice and be their own boss. If you are a trained and experienced accountant who are considering branching out on your own and starting your own accounting firm, here are some of the main things to take into consideration before you begin.

#1. Identifying a Niche
Firstly, you’ll need to identify a niche or specialty that you’re going to provide accounting services for. Of course, most good accountants will be able to provide services to any business worldwide. However, being a ‘jack of all trades’ isn’t always the best idea for self-employed accountants. If you’ve got a lot of previous experience working as an accountant, then think back to the type of work that you have enjoyed the most in your career, whether it be working with individuals, small businesses and sole traders, non-profits, or even larger companies. If you’re unsure, then it’s a good idea to start by ruling out the kind of work that you don’t really enjoy as much.

#2. Consider a Partnership
Undoubtedly, the first few months and years of running your own accounting business can be the most difficult. Getting your company off the ground and standing out from your competition can take years of dedication and hard work. However, one way to speed up this process is to consider a partnership with an already established accountant; working with a partner usually means more industry connections and a better earning potential. If this seems like a good choice of route for you, then it’s important to choose your partner wisely and weigh up all the pros and cons before rushing into a deal.

#3. Consider Taking on an Existing Firm
If you have dreams of running an accountancy firm that’s named after you, then it might not be possible with this option, but sometimes, buying and taking over an already established accountancy firm can be an excellent alternative for getting started as your own boss. When you buy an existing firm, you’ll have less work to do in terms of hiring staff, finding clients, and in some cases, even finding equipment and resources since these may all come included with your purchase.

#4. Have the Right Technology
Last but not least, getting the right technology and equipment to hand is important, no matter how you decide to start your new business venture as an accountant. Fortunately, accounting firms don’t need a lot of expensive equipment, but at the very least you will need a computer or laptop, a printer and copier, a telephone, and accounting software. Mobile technology, such as tablets and smartphones, can also be very useful. Use zoomthelist.com to find the equipment that you need for sale online.
Good luck with your business venture!

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