Everyone needs an accountant they can trust.
Starting an accounting business is different than most other businesses. You aren’t trying to be flashy, you’re just trying to provide a service for businesses and individuals that need help managing their money. That doesn’t make it any easier, though.
In this post, we’re going to go over how to start an accounting business so you can get up and running ASAP. The quicker you can do that, the faster you’ll be able to build your client base and turn your little accounting business into an accounting enterprise.
You’ll need to get a CPA certification to provide accounting services. The Universal Accounting School is a training leader in accounting, tax, and bookkeeping and they can help you get certified the right way.
The requirements differ from state to state, but typically, you’d need a bachelor’s degree in accounting before you can take the CPA exam. You may also need to have some accounting experience in addition to passing the CPA exam to practice.
Create a Business Plan
The first thing you’ll want to do is sit down and come up with a business plan. Every entrepreneur has to do this before they launch their endeavor, whatever it may be.
You want to look at things like startup costs, who you’ll be targeting (individuals or businesses), what ongoing expenses might look like, how you can make your business profitable in the short and long-term, and what your company name will be, among other things. There are loads of business plan templates online to use as examples.
It’s important to lay all of this out before you get started because it acts as a road map for what lays ahead. You need to be able to refer back to something as each new challenge arises.
Next, you’ll want to complete a few mundane, but necessary tasks. Registering as a legal business entity will make everything official and prevent you from being legally responsible in the event of any troubles.
You should also acquire an EIN for the business so that you can file your taxes. You can get this for free through the IRS website.
This isn’t completely necessary right away, but it’s good practice to open a business bank account and credit card to keep your personal and business finances separate.
Once you’re up and running, you can start to find your first customers. One of the best ways to do this is by starting up a website and building a social media presence. Don’t neglect things like radio and print advertising though, as you never know who will be looking.
The first customers are the hardest to find, but once you’ve got a few satisfied ones, ask them to recommend you and leave you a review. Promoting good reviews is one of the fastest ways to grow your small business.
Learning How to Start an Accounting Business
Figuring out how to start an accounting business and get it off the ground quickly takes a lot of hard work. Be diligent in finding customers and follow this guide, and you’ll be bringing in money in no time.
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