Starting Your Own Accounting Business: 5 Things You May Not Have Considered

Have you been thinking about starting your own accounting business? It can be tempting to take this leap into being your own boss, but there are several things you should consider before you move forward. There are plenty of advantages to running your own accounting business, but just because you are great at accounting doesn’t necessarily mean that you’re ready to be a business owner. The points below are all important ones to consider.

Your Education

Both starting an accounting business and education cost money, and you might be concerned about spending money on your education that you should be setting aside for your accounting business. However, having the right education is critical as well, and a graduate degree can really unlock your potential and prepare you for success. You may be able to get student loans from a private lender at a favorable interest rate to pay for the degree.  Either way, there is a path to becoming an Accountrepreneur.

Buying One or Starting a New One

One of the most important decisions you’ll need to make is whether to purchase an existing accounting firm or start your own. There are different factors to keep in mind, and some of them will be specific to the company that you are considering buying. First, think about costs. On the one hand, you can arguably start your own accounting business out of your house with very little overhead. However, you might have to spend some money on marketing and getting your name out there, while an established firm might already have better name recognition. On the other hand, there’s no question that you’ll need a substantial amount of money in order to purchase a company.

If you’re buying a firm, one thing you have to be careful about is their existing financial situation. You will need to be prepared to really dig into their records and make sure you understand any liabilities they have. The owner of a struggling company that is up for sale might not be very forthcoming about money problems. When you purchase a firm, there are certain things that might be out of your control, like client loyalty and whatever rates the business has established. You can certainly increase the rates later, but you’ll need to keep them the same to start with.

Along similar lines, you may need to offer the same services for a while as you make the transition while if you start your own, you can simply offer what you want. Software and other equipment are going to be necessary and potentially costly. If you purchase a company, make sure you know exactly what is coming with the purchase and the age and condition of it all.

Either way, consider being in business for yourself but not by yourself with Universal Accounting Center.

Managing Employees

Whether or not to have employees might not be a decision you have to make immediately, but it is something you’ll need to deal with eventually. If you are starting from scratch, it might just be you, but you may want to add staff over time. If you’re purchasing a company, there may already be employees.  How much do you know about managing people? It may not be enough to be a good accountant.

This is where a degree in management could come in handy if you don’t have a background in it. If you have neither of these, you might want to read a few books about management and, if possible, explore taking some classes or seminars. Managing people is a skill in itself, and it’s a mistake to think that just because you are a whiz at accounting, you’ll also be great at management. Of course, some people are naturals in this position, but doing some reading can help confirm your instincts or shore up places where your skills might be weaker.

Your Personal Qualities

Having the right qualities to be an entrepreneur go beyond management skills. You also must know that owning your own business comes with many shades of grey. You might currently be asking yourself basic questions like is starting a tax prep business right for me but you need to understand that knowing if you have what it takes to actually do it is going to come from many more in depth questions about who you are as a person.

One irony you may face is that the very qualities that make you an excellent accountant are not necessarily that same ones that make for an excellent entrepreneur. Accountants may tend to be cautious and conservative, not risk takers like many entrepreneurs. There is an element of financial insecurity associated with running your own business that may fly in the face of your instincts. However, careful, and cautious people can be successful entrepreneurs as well. Making sure you have the right business knowledge and skills will be important. Writing a business plan can help you figure out where your weaknesses may be, and you’ll need one if you’re planning to seek loans or other types of funding.

Networking and Building a Client List

It’s not uncommon to get so caught up the various details of getting everything up and running that you lose sight of what you most need to succeed: customers. Are you a people person? If you’re more comfortable with numbers than people, this may involve some effort, but you’ll need to retain clients if you’re buying a business and attract them in the first place if you’re starting your own. And without the big budget that large firms have, that may depend on your ability to network and sell yourself and your company effectively.

You should work to strengthen the existing contacts you already have in the industry and locally and think about how you can make yourself more visible. This will vary depending on the type of service that you offer and the clientele that you want to attract, and you may want to consider working with a marketing firm or an individual to help you raise your profile if you are struggling to attract clients.

In short there is a Turnkey Business Plan for accounting professionals, there is no need to feel like you need to reinvent the wheel.

How to Get a Tax License

If you’re thinking about getting a tax license, you’re on track for a lucrative addition to your career. Becoming a certified Professional Tax Preparer is an excellent step toward a satisfying financial future. Many people obtain their tax license and use it as a stepping stone to other opportunities, such as owning a tax services business. Simply including tax preparation skills on your resume and getting a tax license is an excellent pathway for advancing your current career.

Universal Accounting leads the way in small business tax training and is approved by the California Tax Education Council (CTEC) to offer the Professional Tax Preparer (PTP) certification as a distance learning course in California. Universal Accounting offers a money-back guarantee. If you aren’t satisfied with your tax preparation course, you can simply return your materials and receive your money back.

What Is IRS Tax Certification?

An IRS-certified tax preparer has unlimited rights to represent their clients in front of the IRS. Because IRS preparation is detailed and constantly changing, IRS-certified tax preparers can help clients better navigate the complexities of the system, including tax payments, audits, and preparing appeals in the event of an IRS error. Certified tax preparers are consultants who have a right to be paid for the work they perform for clients.

When you choose a reputable tax preparation certification course, it will include current information on tax laws. It will also prepare students for changes in tax laws for the upcoming years. The course will train students in state and federal tax forms and how to prepare them accurately.

I Want to Become Certified: What’s Next?

Tax preparers don’t have to be IRS-certified to work with clients and be compensated for their work, but certification is the best route to take if they plan to pursue a career in the field. Not only can certification increase future salaries and add more opportunities to the table, but it can also increase demand for services.

Certification is possible through IRS-approved educational training courses. Those interested in taking the next step in certification can find official courses listed on the IRS website. It’s essential to ensure the IRS has vetted the courses to make the certification official in the government’s eyes.

Luckily, modern technology has made hands-on tax preparation education more accessible and flexible than ever before. Online courses are a convenient way to enhance education while juggling family life and work responsibilities because they are available on-demand, day or night.

After you make the choice to pursue your tax license, it is time to find the program that is right for you, aligns with your goals, and is within your means.

How to Choose a Program

Students pursuing an IRS certification should keep a few things in mind when searching for a program. First and most importantly, the educational provider has to be listed as an IRS-approved course provider. Other aspects include:

  • Official “PTP” designation
  • Educational tuition assistance if necessary
  • Individual counselors
  • A timeline that aligns with their goals
  • Business coaching after completion

These aspects will help students set themselves up for success in the next phase of their careers.

Partnering with an organization such as Universal Accounting is an intelligent way to get started with a training course that encompasses all the aspects of a great program and is IRS-approved. The Professional Tax Preparer certification is a self-paced online training to prepare personal and business taxes and prepare students for the IRS’ enrolled agent (EA) exam.

The best certification programs support students after completing courses by partnering them with coaches and mentors with real-world experience. This additional training is invaluable to those looking to grow in the profession. The teachers and coaches at Universal Accounting know what it’s like to be successful tax preparers because they have experience in the field.

Reasons to Consider an Online Program

When students choose online tax education courses, like those offered by Universal Accounting, they can expect to learn via workbooks, videos, and various other reference materials. High-quality online courses are cutting edge and will include many elements of visual learning, as well as self-paced. This means you can return to materials and watch them again if needed.

Universal Accounting also offers instruction provided by experts in the tax and accounting fields. Students can expect to participate in real-world scenarios, which will help them prepare them firsthand for what it’s like working in the field.

What Happens After I’m Certified?

After certification, the next step is to receive recognition from the IRS. The first step will be an IRS preparer tax identification number, or PTIN. Registration is simple—visit the IRS website and register online for the PTIN in about 15 minutes. The application takes between four and six weeks to process. Once the number is official, certified tax preparers can use the number on forms and market themselves to clients as IRS-certified. This designation tells clients they will receive exceptional service and confidentiality and tells the IRS the tax preparer understands the complexities of their business.

In addition to the PTP and PTIN number, many tax preparers take an extra step to affiliate themselves with professional organizations. These memberships can carry weight for business owners running their firms or on resumes. Some of these include:

  • National Association of Tax Professionals
  • National Society of Tax Professionals
  • American Academy of Attorneys
  • American Institute of Certified Public Accountants
  • National Society of Accountants
  • National Association of Enrolled Agents

These organizations are very picky with memberships and are an excellent way to show commitment to excellence in the field.

Ready to Get Licensed? Contact Us Today!

If you plan to grow in your career or start your own accounting business, certification is an essential part of the accounting and tax preparation industry. The extra step establishes credibility and trust that will far outweigh the costs.

Tax preparation will always be in demand, and Americans dreading tax season each year will appreciate a professional in their corner. Start your certification journey today. Contact Universal Accounting for more information.

Mitul Mehta, From a Kid Who Loved Numbers To CPA

Although his parents wanted him to become a doctor or lawyer Mitul Mehta was drawn to numbers. Imagine writing code before you were a teenager.

Although Mitul received his degree in accounting his career path went the route of technology and consulting. Imagine that background leading up to his wife starting her business and asking him to take care of the books.

Now Mitul has a thriving accounting business offering traditional accounting services coupled with technology and consulting.

Listen as Roger Knecht, president of Universal Accounting Center, and Mitul Mehta (https://www.cpa-mehta.com/) discuss his business, the advice he has for others as well as the future of accounting.

Learn more about becoming a Profit First Professional

Become a Profit & Growth Expert

Use video with your emails to better communicate with your clients:

https://dubb.com/

https://www.bonjoro.com/

https://www.loom.com/

Why Accounting Courses Lead to Great Work From Home Jobs

Accounting Courses Can Pave the Way to Working From Home

Accounting is one of the most crucial industries in the United States. Every company, big or small, has some kind of in-house accounting department or outsourced accounting services to professional accountants or accounting firms. Recently, accounting has grown more flexible as telecommuting technology has made remote work more feasible for many accounting professionals across the country.

If you have worked in a corporate accounting department, want to start an accounting career with a big company, or want to develop your own accounting business, online courses can streamline your career path. Universal Accounting will arm you with the training and tools you will need to build a successful career. We offer a full range of accountant courses online that can help you build a career or advance your existing career path faster than you might expect. You could also develop the skills you need to start your own accounting business and work from home in a fulfilling and lucrative career.

 

Why Work in the Accounting Industry?

No matter how other industries evolve over the next several decades, every business will always need professional bookkeeping, tax preparation, and business accounting services. As more companies outsource their accounting needs rather than develop in-house accounting departments, independent accounting professionals are uniquely positioned to cultivate strong careers, offering accounting services to clients of all sizes, from other independent contractors to local businesses of varying sizes.

If you are interested in augmenting your accounting experience so you can start your own business, accounting courses online can become the groundwork for a successful career. This is especially true if you are interested in being your own boss and working from home. Remote work is easier to manage than ever before thanks to the variety of communication and project management software available today.

 

Learn and Work From Home

Working from home offers an unmatched level of freedom and flexibility, but it comes at the price of managing your own business affairs. Unlike working in a corporate accounting department, a home-based accounting professional will be responsible for drumming up your own business, maintaining a client base, marketing your business, and managing your own operating expenses. However, the work you put into it will be well worth it, and accounting classes online from Universal Accounting can provide the certification, training, and additional tools required to build a lucrative and rewarding career as a professional accountant.

You might wonder how to go about earning the accounting certifications you need as well as the business training to manage a home-based accounting business effectively. Universal Accounting offers accounting classes online that provide the tools and training to start a career as a home-based accounting professional.

 

Benefits of Working From Home

Working from home is an attractive option for professionals in several industries. In the accounting world, working from home means freedom and flexibility, and some surprising benefits you may not have considered:

  • Working from home means doing your work on your own terms. While you need to fulfill your clients’ needs to their specifications and fulfill your legal and regulatory obligations, you generally do not need to worry about invasive micromanagement and other common complaints of the corporate world when you operate your own accounting business from home.
  • Working from home in a one-person operation means there is no need to worry about interviewing, hiring, training, payroll, or any of the other considerations that come with hiring staff.
  • You can grow the business as you see fit. Do you want an easily manageable small list of clients for a steady stream of extra income, or do you have a vision of growing your one-person operation into a full-fledged accounting business in the future? When you work from home, you decide how much work to put into running your business and how much you want it to grow.
  • Manage your personal life more easily. When you work from home, there is no need to worry about commuting or dealing with stressful office dynamics. Save money on childcare costs if you have young children by watching them yourself and spending more time with them while you work from home. You can also take vacation time whenever and for however long you want, just let your clients know about your availability when you need to take some time off.
  • You’ll have minimal operating expenses. You will need to have a comfortable space to work, the software necessary to complete your clients’ projects, and a space to meet with clients in person if you plan to take client meetings in your home.

Working from home can be an incredible experience. It keeps you flexible enough that you can use your experience working from home to augment your resume if you ever decide to pursue a position with a big company or work outside of the home in another capacity. Online courses can streamline the certification process and equip you with the skills and tools to navigate the professional accounting industry successfully, regardless of what your career plans might entail.

 

Enhance Your Career With Accounting Courses Online

Many people who work from home cannot imagine returning to nine-to-five positions and thoroughly enjoy being their own bosses. If this sounds like the type of working arrangement that would work for you, consider the return on the investment you could see from taking accounting courses online. Instead of juggling a traditional classroom schedule at a local school with your existing work and family schedule, Universal Accounting offers robust, streamlined accounting courses you can take online.

When you choose Universal Accounting to start your home accounting business, you will have access to individual coaching, marketing guidance, and a comprehensive selection of courses that can enhance your accounting career and empower you with the tools to cultivate a successful accounting career working from home. You will have the freedom to take your career in whatever direction you choose, whether you dream of expanding into a larger operation or if you prefer to remain a one-person operation offering close dedicated accounting services to a select group of clients. If you are interested in working from home as an accountant, contact Universal Accounting today at (877) 833-7909 for more information about our accounting classes online.

How to Start a Tax Preparation Business

Your Guide for Starting a Home Tax Preparation Business

If you have any interest in a career as a tax preparation professional, it’s important to know that you aren’t stuck with the choice between working for a large accounting company or at a local branch of a nationwide tax preparation service. It’s possible to have a lucrative and fulfilling career as a work from home tax preparer if you have the right credentials and experience. Working from home offers tremendous freedom and flexibility. If you want to start a tax preparation practice out of your home, you should have some idea of what to expect.

 

Why Start a Tax Preparation Practice From Home?

Tax preparation is a field that offers job security. With compound annual industry growth and a consistent need for tax professionals nationwide, a certified tax preparer will never be out of work for long. While a tax preparation professional can likely find a job at one of the thousands of tax preparation services operating in the United States, many modern tax preparers are opting for opening their own home-based practices instead. In fact, out of the more than 80 million tax returns prepared each year, only about 23% go through tax preparation company franchises. The vast majority of Americans who file tax returns prefer to work with smaller tax preparation companies, most of which have less than ten employees.

To start a tax preparation business from your home, finding clients is your first priority. Even outside of tax return season, many home-based tax preparation professionals offer their clients a wide range of tax-related services, from managing their business taxes to navigating various tax-related issues through the Internal Revenue Service or state revenue departments. However, the availability of clients is just one of the reasons many modern tax professionals are choosing to work from home. This type of working arrangement offers several distinct benefits:

  • A work from home tax preparation professional can set his or her own schedule. Work as hard as you want, as often as you want, with as many clients as you want once you put in the necessary effort to attract a client base.
  • Working from home makes it much easier to manage work-life balance and handle family life. A tax professional working from home can provide in-home childcare and not have to worry about the expenses of daycare.
  • A work from home tax preparer has minimal overhead. To start a tax preparation business out of your home, you need to obtain the necessary software, office supplies, and technology to do your work, but you won’t need to worry about additional property expenses that would come with owning office space or payroll for employees.
  • You can grow in the future. If you want something more than just a side gig for extra income and dream of expanding your practice beyond a one-person operation, your experience working from home can empower you for your professional future.
  • Working from home remotely allows you to provide tax preparation services to clients outside your local area, offering even more opportunities to expand your practice in the future.
  • All you need when it comes to office space is room in your home to do your work efficiently and a clean, comfortable area to meet with clients in person.

Of all the incredible benefits of working from home, perhaps the best is a complete freedom and day-to-day flexibility that comes when you start a tax preparation practice in your home.

 

Get Your Home Tax Preparation Business Started the Right Way

Running your own tax preparation practice does come to the responsibility of finding your own clients, managing your own expenses, and truly being your own boss. You need to ensure you have adequate resources for handling your clients’ needs. This includes office equipment, communication technology, and the necessary software for handling each client’s individual tax-related issues.

You also need to prepare your home to accommodate your business. This is easier for some than others, but ultimately you just need a quiet and comfortable workspace and a place to meet with clients if you plan to meet with them in person. You may also need to upgrade your tech; the right software, a newer computer, and a quality printer are crucial.

If you work with clients from your local area, you’re going to need the appropriate forms for filing local, state, and federal tax returns for them. You will also need to handle your own business expenses and tax obligations. To grow your tax preparation practice beyond a one-person operation, you can delegate these responsibilities to other employees. To become more financially stable, you may want to handle these tasks yourself.

Before you can start working from home as a tax preparer, you need to complete the necessary coursework to obtain your tax preparation certification. Depending on where you live and where you plan to practice, you’re going to need to navigate federal as well as state-level requirements. Having some professional guidance in this regard can be a tremendous asset and help you streamline the process of getting your work-from-home tax preparation business up and running. You may also need assistance completing your certification, and Universal Accounting can help.

 

Complete Required Coursework and Certification With Expert Assistance

When you first start working from home as a professional tax preparer, your first clients might be friends, family members, and neighbors, but you could quickly expand to helping other local business owners with their tax-related issues. Having the right certification is a necessity for opening such a business, but going a step further and learning how to truly take charge of your business can make working from home more efficient and rewarding.

Universal Accounting offers a wide range of courses designed to empower you as a business owner. Unlike other tax preparation courses, you can complete the Universal Accounting tax preparation course in a matter of weeks instead of months and hit the ground running with the tools you need to guide your tax preparation business into the future.

Whether you want to supplement your income by providing tax preparation services out of your home or grow into a larger business in the future, Universal Accounting offers the courses and tools you will need for success. Call us today at (877) 833-7909 for more information about our tax professional courses and how we can help you start working from home as a professional tax preparer.

Next Page »