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The Basics of Starting your own CPA Firm

These days, it’s pretty easy to put up a new business, especially with technology-driven processes and solutions. However, it takes more than just enough capital to start a successful enterprise, let alone a traditional business like a CPA firm.

So if you want to dive deep into the world of accounting, and you think you have what it takes to be the boss of your very own accounting firm, let’s get into the basics of starting your dream business.

Check Yourself First

Before you can open up your own CPA firm, you need to assess yourself in various aspects. First and foremost, do you have the necessary skill set to lead a team of professionals? Do you already have an accounting degree? Better yet, have you even passed the CPA licensure exam?

Well, if you have, then the next consideration would be funding your business. You should do your own research and find out just how much you need to cover a year’s worth of overhead expenses, wages, and other necessary expenditures. As an accountant, you must first keep your own funding in check before offering your services to someone else.

However, if you have not yet taken the CPA exam, then that doesn’t mean you can’t own a CPA firm! You just have to prioritize getting that license ASAP. Fortunately, there are many online resources that can help you ace that exam!

Look for a Specialization

Once you have enough capital and you have your credentials in check, it’s now time to figure out what your specialization should be. As you know, accountants can offer various services to their clients, whether they be government offices, nonprofit organizations, or individuals.

Again, good research will help you find out what services you could offer that match your expertise and will give you a reasonable amount of profits later on. You can study potential competitors or conduct a study to check if you could offer your services in your own area, or you could launch an online accounting firm.

Invest in the right tools

There are a lot of new, modern-day tools that can help you innovate your business to provide greater value to your clients.

For example, you can have a mobile app developed that will allow your clients to consult with you and even submit relevant documents without having to meet face to face. This would come in handy right now as the world grapples with a pandemic.

Another tool that will never be a bad investment is a customer service and feedback channel. Clients stay when they’re heard and cared for, so make sure there’s always a way to contact you even when you’re not yet physically available to tend to their concerns.

Find the right people

Your firm will only ever be as good as the people working in it. You want to be careful about the employees you hire, from your project managers all the way to your customer service representatives.

Remember that the lot of you will only be sharing one firm name, so anything they do will reflect on you and your reputation as a business owner. Luckily, it has become very easy to run background checks on the people who are interested to be part of your young firm. A quick Google or Facebook search can quickly tell you a lot about one person, so never miss this step before you bring anyone on board.

Learn about Marketing

Business administration is a close and relevant field to accounting, but never assume that marketing will come naturally to you. While it’s true that word of mouth and a flawless reputation constitute the best ways to drive more clients to your firm, it couldn’t happen without the first batch of clients that you will definitely have to work hard for.

Prepare a great pitch and network well. Learn how to effectively do email marketing. Find convertible leads and close as many as you can. Once you have those first clients, make sure they are properly taken care of so that they may refer your services to family and friends out of their own volition.

Now that you know the basics of starting your own CPA firm, the only thing you need to do is decide that this is really what you want. After that, you’re all set to take the leap and be your own boss.

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