Most accountants dream of starting their own accounting firm. They work hard to move up on their firm’s ladder until they have gained the resources and the experience needed to start their own path. If you’re now at this stage of your career, congratulations, you’ve made it!
The next challenge is actually turning your plans to reality. Starting an accounting firm has its own share of risks. You'll be putting your job security, savings, time, and other resources on the line as you start your journey. To help you minimize these risks, here are a few tips on how to start an accounting firm:
Getting a clear picture
Like in any business, setting your goals is the first thing you will need to accomplish. What kind of firm do you want to build? How do you plan to project your business to the rest of the industry? What are the services that you intend to offer?
Having a clear picture of your firm and your goals will help ground your decisions and focus your resources on strategies that will benefit these goals. Doing so will stop you from wasting time and resources on steps that may detract you from your ideal firm.
Deciding on your software
In today’s finance and accounting (F&A) industry, the competitive edge lies in software and technology.
One of the most important decisions you will make is selecting the software your accounting firm is going to use to deliver your services. The software that you will choose will have a profound effect on both your services and your service delivery. Having a cloud-based software allows you to do your work almost anywhere using the internet, providing your clients with reliable assistance whenever needed.
Knowing your niche market
Aside from deciding on your business goals, knowing the type of client(s) that you want to target plays an important role in the development phase of your firm. The profile of your target client(s) will serve as an important guide in developing your overall marketing strategy.
Getting access to talents
One of the most important things to keep in mind before starting your own firm is the stiff competition among firms in attracting qualified F&A professionals. Today, firms are scrambling to get technology-proficient F&A professionals who can bring expertise in addressing the modern complex needs of the industry. Considering options, such as outsourcing and partnering with specialized services firms, can widen your talent market by providing you with globally-competitive talents from other parts of the globe.
Starting an accounting firm is a new and exciting phase of your career. While the excitement can build up your energy, it can also lead you to a number of mistakes due to the overwhelming tasks down the road. Adding these to your ‘starting’ a CPA firm checklist can help you concentrate your energy and make sure that you have a clear direction of what you want your firm to be.
Should you need extra hands starting your CPA firm and get it running or if you need access to qualified F&A talents, contact D&V Philippines and let our experts advise you on how we can support your firm's needs. You may also download our D&V Philippines: Your Talent Sourcing Partner content offer today and discover how we help you access F&A experts in the Philippines. Click the button below to get your copy.