It can take a lot of work to launch a CPA firm, but having the freedom to decide what technology to use and what kind of business to pursue can make it worthwhile.
Are you prepared to strike out on your own and open your own CPA or accounting firm? Aside from deciding on a business structure and becoming acquainted with current employment laws, there are a few things you can do if you decide to go it alone.
Make a working budget.
Make a working budget that includes all of the essentials. If you do not intend to work from home, you must budget for rent as well as workforce costs such as payroll taxes and insurance. You must also consider technology costs such as laptops and computers as well as software costs for the company. Finally, remember to factor in marketing and advertising expenses, which are always important, but especially so for a new firm seeking clients.
Find your specialty.
Before you start your business, you should decide which area, if any, you want to concentrate on. While some accountants and CPAs prefer to work with a wide range of clients, others prefer to specialize. You may also choose to keep your practice general when first starting out, and then specialize later. It’s not an urgent decision, but if you already know, that’s fantastic.
Spend money on social media.
The first step is to invest in a high-quality website, but you can’t stop there. Websites are static and rarely change from day to day, despite their importance. This is why developing a successful social media strategy is so crucial. By interacting with your community through social media, you can increase your profile and draw in new potential customers. Employing a social media strategist who is tech-savvy can help you launch your business right away.
Use the appropriate technology.
It can be very time- and money-efficient to start with the right technology in place. When there is an all-in-one software solution that can assist with practice management, tax preparation, and client communication, why piecemeal your technology strategy? A single, powerful program can help you automate the entire process, as opposed to purchasing multiple programs that require you to manually enter the same data repeatedly. By implementing the right technology early on, you will be able to focus on more important tasks, like expanding your business, while saving time, and money.
Be picky about your customers.
Even if you don’t have a specific niche, you should be selective about the clients you accept. For instance, before you accept a new client, especially for in-depth work, make sure they are financially stable; otherwise, you will spend the majority of your time attempting to collect your fees. You should also think about whether you want to accept any kind of engagement or limit it to jobs in fields where you feel more at ease. Of course, as you add staff, this may change, but initially, you may want to limit clients to areas where you feel more at ease.
The tax laws are very complex. Our short blog articles cannot cover in full all the nuances of the rules. Your specific facts may hold various opportunities and possible risks that only trained, experienced, and highly qualified tax specialists can spot. We encourage you to find such help, rather than trying to figure it all out on your own. Consider giving this marketplace a try by posting your project and signing up here.
If you are a licensed tax professional and are interested in helping others either part or full-time, or ad hoc, come on in! Happy to have you. Our marketplace has the full suite of tools to communicate with clients including compliance calendars, task and message management, and billing. You can also quickly connect to knowledgeable colleagues who can complement your services with the ones you do not provide. Register here