Tips for Starting Your Own Accounting Business
Are you interested in taking your accounting experience further? Does the idea of starting your own business and working from home sound enticing? Accounting is one of the most flexible fields when it comes to working situations; it’s possible to land a position at a large accounting services corporation or an established local accounting company. It’s also possible to develop your own client list and become a one-person operation, offering professional accounting services to a select few. Universal Accounting offers a range of accounting courses designed to help you secure the accounting job you want or start an accounting business on your own.
While many accounting professionals find rewarding and fulfilling work as employees of established companies, many others are discovering the value of the flexibility and sense of ownership that comes with starting a business at home. Working from home may require more work than just accounting services; you will need to build a client list, manage your business expenses, and file the appropriate business and tax paperwork with the appropriate local, state, and federal agencies. Most accounting professionals who decide to work from home find these additional responsibilities to be well worth the effort.
Why You Should Consider Starting Your Own Accounting Practice
Modern life may be incredibly fast-paced and over-saturated with technology, but technological advancements have also made it easier than ever to stay connected with others and to do professional work remotely. Companies in various industries have started relying more heavily on telecommuting over recent years, attracting top talent from well outside their local areas by offering them the tools to do their work remotely on their own schedules. This flexibility is great for businesses and even better for individuals for several reasons:
- Working from home enables you to more easily balance your career and personal responsibilities.
- If you work from home managing your own business, your personal success hinges on the effort you put into your accounting practice.
- You always have room to grow. If your accounting business really takes off, you could secure a high-paying position at a large accounting firm thanks to your experience or eventually open up your own local accounting practice and hire a few employees to handle more clients.
- For accounting professionals with young children, working from home can offer peace of mind and save a surprising amount of money considering the cost of daycare.
- When you manage your own accounting practice yourself from home, you have the freedom to work whenever you want, as hard as you want. You don’t need to juggle vacation time or paid time off to manage things like illness or family events; simply let your clients know when you’re available.
- Working for yourself from home will empower you with invaluable business management experience.
- As you grow your client list for your home accounting business, you will develop business contacts that can become friends and professional assets in the future.
Ultimately, starting your own accounting business and working from home offers you the chance to be your own boss and grow your business on your own terms.
Starting Your Home Accounting Practice the Right Way
One of the most common causes of small businesses failing is the owner failed to take full account of all the expenses tied to opening a business and keeping it running. Payroll, overhead, property leasing, utility bills, and countless other expenses can quickly pile up without a steady stream of customers or clients. When you open your own accounting practice out of your home, you generally don’t need to worry about many of the most common expenses most other small business owners face.
Since you’ll be working from home, you don’t need to invest in business property or lease an office. This is an option for the future if your business grows. For now, you just need a clean, quiet space to work and perhaps meet clients. Most modern accounting professionals will work almost entirely remotely, but if you plan on meeting with clients in person, make sure you have a comfortable space where you can go over the work you’ll be performing for them.
Prepare for Your Expenses and Tax Obligations
It costs money to open and run any business, even if you are your one and only employee. Expect to pay for a business license and the appropriate local and state licenses. You also need to prepare some type of marketing budget. Unless you already have people asking you for accounting services, you need some way of finding your first clients. Advertising locally is generally the best route for new accounting practices, and you can also offer your services to friends and family; they may not only take advantage of your services but also introduce you to new clients.
Overhead for a home accounting business can come in many other forms, including the software you need to handle client orders, a functional and reliable computer and phone system that empowers you to do timely and accurate work, and office supplies. You should also prepare to invest in a quality printer, as accounting work generally involves working with lots of different forms and documents. You can manage most of your documentation digitally, but paper copies are a necessity for many accounting projects. Finally, you also need to invest in your own professional development.
Complete Your Education
For your home accounting practice to succeed, you need to be able to attract and retain clients. Your qualifications as a professional accountant are crucial for not only maintaining clientele but also performing your work admirably and keeping your clientele satisfied. Whether you want to open an accounting practice out of your home as a side business for extra income or to transition to working from home as your full-time career, Universal Accounting offers a wide range of courses designed to help you get your accounting firm off the ground.
Universal Accounting can provide you with the tools to attract and retain new clients so you can start earning what you deserve for the good work you do. We offer a proven turnkey solution for building an accounting business out of your home. Call Universal Accounting today at (877) 833-7909 for more information about the accounting courses we offer and find out how we can help you start working from home as a professional accountant.