Things to Consider Before Starting a Bookkeeping or Accounting Business
If you have always dreamt of being your own boss, then starting a business is going to be a perfect plan for you. Now, if you have a finance domain, then launching a bookkeeping services or account services business is going to be very profitable for you because today everyone needs the right financial direction to grow and develop.
It might seem all rosey that you will start your own CPA firm, work as per your wish, no more deadlines from the boss, but this entire process isn’t that peachy. To kick-start your accounting business, you have to beat the intense competition, find your client base, manage your employees, and provide high-quality services and so much more. You have to burn day and night with passion, precision, and hard work to set a solid foundation for a bookkeeping business.
How to Sail a Bookkeeping Business?
When someone asks the CapActix team – how we are able to grow and flourish in the accounting business industry in a small duration, then we always reply that our unique ideology of outsourced bookkeeping and accounting services along with our passion for numbers has helped us to achieve our goal.
But, the journey of the accounting business isn’t so simple and there are lots of things that you have to mull over before becoming a trendy accounting business place. To leave your strong mark on the accounting business industry, you have to consider a few things on the priority like –
#1. Define your Goals
When you are starting a business, then it is the first step to define your goals so that you can plan strategies to achieve them. First, you can start by making monthly goals like how many clients you need to acquire in a month, how much revenue to generate in a month, etc., Once you know what you are chasing, then you can prepare better strategies to achieve your goals. Moreover, this will give you an idea of whether you will be able to achieve your goals or not.
#2. Define your Clients
Once you are clear about your accounting business goals, then the next step is to define the clients whom you want to target. For instance, are you going to provide direct services to the end clients or you are going to offshore bookkeeping services for CPA firms? The benefit of defining the client base is that you will be able to promote your business among the targeted audiences in the right manner. Generally, two types of clients are targeted by accounting firms – B2B and B2C.
- From business to business, accounting firms target other accounting firms and provide outsourced bookkeeping and accounting services to their clients.
- Under business to customer approach, CPA firms target direct clients and provide them with all types of accounting services.
#3. Define Technology
Today, you can’t enter into the accounting business industry without the proper knowledge of the latest accounting software and tools. Virtual bookkeeping is the integrated part of an accounting business nowadays so you need to define your technology goals as well. You need to select accounting software on the basis of your requirements and services.
Good quality bookkeeping software helps you in storing work on the cloud so that all employees can access the information. Moreover, the software improves the efficiency and accuracy of accounting and bookkeeping work. With the right tool, you can take up more work and satisfy your clients in a better manner.
#4. Find a Mentor
Now, you can’t sit in the driver’s seat of the car and automatically start driving. No, you need proper training and guidance from other trained car drivers. Similarly, to start a CPA firm, you need to first hire a CPA mentor who can walk you through the entire process of providing proficient bookkeeping services and accounting services. The mentor will assist you when you are following the wrong direction or making any mistakes. So, you should definitely get a highly experienced and professional CPA who can become your business mentor.
#5. Hire a Competent Staff
A business organization is nothing without its employees – so if you want to launch a remarkable accounting business, then you have to hire the perfect staff. You need to hire staff with competent skills and experience to provide high-quality services to your clients. A good accounting company staff consists of CPAs, accountants, clerks, bookkeepers, auditors, tax professionals, and others.
However, if you don’t want to increase your expenses in the beginning phase by hiring large staff, then you can adopt the outsource staffing model and use outsourced bookkeeping and accounting services. Offshore bookkeeping services for CPA firms can be a great way to provide a variety of services to your new clients and impress them.
#6. Market Yourself and Network
If you want to survive in the over-competitive accounting industry, then you need lots of clients and for that, you have to network and promote your business like crazy. You can’t wait for clients to come to your business, sometimes you have to reach to your potential clients. Today, you have to equally pay attention to marketing and promotion to survive.
Accounting firms have to use various promotional strategies to market themselves like –
- They need to attend seminars and financial conferences where they can network with industry professionals and clients.
- Firms need to use digital marketing platforms to promote themselves like websites, blogs, social media, paid ads and so much more.
- The traditional marketing methods of signages, flyers and business brochures are never outdated.
#7. Maintain your Morals
Without business ethics and morals, you can’t become a reputable name in the accounting industry. When someone is trusting you with their financial management, then they want a company that has high business morals and ethics. You need to maintain your business principles and always stick to them. There might be a number of situations that arose when you are tempted to ditch your morals, but a good business person is one who never compromises his morals at any cost. Just stick with your morals and you will never have to worry in your life because people want trusted accounting companies only.
Here you can checkout Bookkeepers To-do List: 21 Bookkeeping Tasks You Should Perform Daily
Launch your Business
Okay, aspiring accountants and CPAs – when you are ready to become your own boss and enter into the accounting business world, then you need to be fully prepared. Evaluate all of your risks and find effective solutions to overcome hurdles because while launching your business you will face numerous hurdles, but you need to be focused and never lose your patience. You need to keep on doing your best and consider all the effective pointers before diving into the business pool.
To make your new accounting business successful, if you are looking for virtual bookkeeping services and experience of professionals, then you can contact CapActix by email – [email protected] or can call on +201-778-0509.