Starting your own accounting business is a great way to enjoy more freedom and make a better income. It also comes with more responsibility. You can’t rely on a parent firm for marketing and building a client list. You’ll also need to deal with things like managing a facility, hiring new employees and partners, and everything else that comes with running a business. Let’s take a look at a few things that will help make your accountancy business a success.
Make Sure You’re Compliant
The first thing you’ll have to worry about is complying with rules and regulations for running an accountancy practice. According to the ACCA’s Global Practising Regulations 2003, people without an ACCA practising certificate cannot be principals in an accountancy practice even if they have a local licence. You will also need to be compliant with certain anti-money laundering and data protection regulations.
The field of accountancy is complex and comes with a lot of pressure, and even the most experienced firms make errors from time to time. For this, the ACCA requires that all practices get professional indemnity insurance in case someone files a claim. You’ll also need to start looking at things such as employment law as well as health and safety regulations if you hire employees.
Invest in the Right Tools
If you want to take the headache out of running a business, you need to invest in the right solutions to manage your day-to-day operations. You have services like BTC Software that offer products to help you manage your practice better. You’ll be able to keep tabs on appointments and have all the information of your clients in one easy to search database. BTC Software’s solution integrates multiple crucial forms and documents as well, which reduces the amount of data entry you have to carry out.
Start Small and Grow Slowly
Try not to fall in love with the idea of having a plush office from the get-go and start as small as you can instead. Your overheads should be as low as possible in the first year. Some people decide to start from their home, and others trade time in exchange for space in a practitioner’s office. Be as creative as you can here.
You also shouldn’t be obsessed with image and assume that it and your reputation go hand in hand. Reputation for integrity and competence is what matters the most to your current and future clients. So, work on that instead. In enough time, you’ll have the cash flow to move to a better office.
Having lower overhead costs is what will allow your fledgling business to survive at first. Many accounting businesses have started small. Your clients will appreciate a prudent accountant and understand that need.
Learn How to Sell Yourself
One of the most important things in this business is trust, and you have to know how to sell yourself genuinely. You don’t want to make yourself or your firm out to be more than what it is. Be yourself and let your values be your professional compass.
You will also need to find ways to spread the word about your firm. While word of mouth is a good thing, you will also need to be proactive. Being a resource online can be a great way to attract an audience and clientele while showing your expertise. Buying leads can also be an option as long as you get enough insight into the process the seller uses to gather these leads.
These are all things that will increase the chances of your business becoming a success. Make sure that you follow these tips and take small steps at first.