At some point, starting an accounting firm has crossed the minds of every accountant. Chances are, you’re here because you’re thinking of going on your own. But there’s no point in hiding that you have a lot of things to consider before starting your own accounting business. To motivate you in taking your first steps, here are some points on why you should consider starting your own firm.
1. It opens up a new world of learning experiences.
There are a lot of differences between working in an accounting firm and owning one. The first entails focusing on the job given to you, while the other brings you new insights in leadership, business management, employee relations, sales and marketing, etc. Setting up an accountancy business expands your horizon and helps you appreciate the finance and accounting industry even more.
2. You have saved up or have a plan to build your capital.
One of the main reasons why some don’t pursue their dream of opening up their firm is the fear of letting go of the financial stability that they have. Truth be told, starting up a CPA firm from scratch will require a tremendous capital, and you don’t want to be committing the usual mistake of starting with less than what is normally required.
Before starting up your accounting firm, you need to save up first to finance your plans, and an additional six months to a year’s budget for your personal +needs. Alternatively, you can pitch your dream firm to investors and venture capitalists who can help you get the resources that you need. This will ensure that you have enough resources to see your business take off and gain traction.
3. You have an idea of what type of accounting firm you will build.
The moment you launch your accounting firm, you’ll be competing with close to 33,000 other accounting firms. Some of them are already established names, while others are small but promising firms with a lot to offer.
One of your best chances of success is deciding on what you want to specialise in. Are you going to start a tax accounting firm? A bookkeeping firm? Or would you like to cater to a specific industry or location? Developing a niche market will help you gain traction faster, build your reputation, and set you apart from the competition.
4. Having your accounting firm gives you more freedom over your profession.
Unlike the average accounting employee who focuses on certain aspects of the industry where s/he is assigned, you can – and it is recommended that you should – explore the other branches of the finance and accounting services industry. This will help you gain a deeper understanding of your client’s needs, and how to address them properly.
Starting an accounting firm takes a lot of hard work but it will be nothing compared to the fulfillment of seeing your aspirations become reality. There might be doubts at the first step, but with a sound plan and the right partners, you’ll be in the right track to start an accounting business you can call your own.
Setting up a firm has never been this easy! Download D&V Philippines’ Solutions for Accounting Firm whitepaper and learn how our finance and accounting experts can help you in successfully starting an accounting firm!