Starting out can be daunting when you’re considering opening your own accountancy practice. There are many variables to take into consideration before you begin, and it’s important to get things right.
Whether you’re recently qualified and just starting out or have some experience working as part of a larger organisation, here are some of the key things to get right when starting your new business.
Get The Right Qualifications
This one may seem obvious, but it is a vital factor to your success in the industry. You want a client to have trust in your ability and services. Having a recognised qualification from a governing body is an essential step toward achieving this.
It is also vital that you maintain your qualifications while you practice. The more knowledge and expertise you can boast the more likely you are to attract and retain customers. It is worth doing refresher and supplementary courses regularly to keep your competitive edge.
Get a membership to a professional body such as the ACCA (Association of Chartered Certified Accountants) so that you can be listed as a member on their website. This will be an invaluable asset to show potential clients that you are an expert, trustworthy professional with all the correct qualifications.
Use The Best Software
FinTech (Financial Technology) is a burgeoning new industry that aims to integrate software to increase efficiency and safety online for financial businesses.
Accountants handle sensitive financial data so you must use ERP accounting software that not only improves your business’s efficiency but also keeps your client data safe.
The right software can be a major asset to your business so it’s important to choose a professional company like BTC Software. Having good practice management software can be a lifesaver in terms of accuracy and time-saving. BTC software was built with sticking to deadlines, efficiency, and integration in mind. This software really is a must-have for any new accounting practice.
Insurance
Always make sure you are properly insured. You are human and like many of us, you can make mistakes. It’s always best to prepare for the worst-case scenario just in case. If something goes wrong you may end up liable. Insurance is therefore key to ensuring your own peace of mind – though of course, your aim will always be to never need it.
At the very least consider getting professional indemnity insurance. This type of insurance is common for businesses that provide professional services to clients, handle sensitive data, or provide professional advice. If things do go wrong this type of insurance can save you huge amounts of money.
As ever, make sure you shop around to get the best deal on whichever insurance you choose.
Find Your Niche
There are lots of accounting firms out there. It’s never been easier for prospective clients to find an accounting practice. Use this to your advantage and try and identify a corner of the market that is being under served. This can be invaluable to the ultimate success of your accounting practice.
Find a way to stand out in the crowd, and make sure you have the knowledge and experience to back it up.
Networking
Once you’re set up to go it’s time for the most important part of any practice – clients!
Advertise your services across a broad range of platforms to ensure that you reach as many potential clients as possible. Utilise social media as well as the more traditional forms of leafleting and putting adverts in newspapers.
You can even use incentives for prospective clients, offering discounts, or free initial consultations so that you can wow them with your knowledge and expertise before solidifying them as paying clients.
Teresa Garlick