Becoming Your Own Boss: How to Start Your Own Accounting Firm

There are many ways to advance your career. You can work your way up the corporate ladder, or, you can decide to be your own boss. Have you ever thought about starting your own accounting firm? If so, then this is the article for you.

Read on to look at what it takes to start your own firm, from continuing your education to becoming a Certified Public Accountant (CPA), and the benefits that come with being your own boss. The first step to becoming your own boss is to make sure your education is complete.

Continuing Your Education

In order to become your own boss, it is important that you have completed your accounting education. If you are going to start a CPA firm, you must first earn a CPA designation. The best way to become CPA certified is to get your Master’s in Accounting (MAc). While earning your MAc, you will become prepared for the CPA exam, as well as the tasks that are associated with starting your own firm.

After earning you MAc, and subsequently achieving a CPA designation, you are ready for the next step: Creating a business plan and putting it into action.

Developing a Business Plan

One thing to understand in starting your own firm is that you won’t be able to meet every accounting need. Accountants who are now starting their own company must realize that they are business owners first. In fact, there will probably be little accounting done by the business owner at all. To effectively manage operations and client relationships, utilizing practice management software for accountants can be crucial in streamlining tasks and ensuring the firm runs smoothly

You also will need to find your niche area of concentration. Do you plan on being a tax specialist, a government-based agency, or brand your company as a forensic accounting firm? These are all decisions that have to be made prior to officially opening your firm. To find helpful advice, like how many employees to have and so on, you can check out a very informative panel discussion here.

Building Your Foundation

After completing your education and developing a business plan, there is still one more step. In order to have a successful firm, you need a foundational team where you can go for support. Although owning a business is very rewarding, it can also be very stressful, scary, and full of suspense. By having a core group of supporters, whether it is a mix of family members, friends, or co-workers, you know that you will always have a support system pushing you on.

Whatever the reasons that you have for wanting to start your own firm, it is vital to remember that starting your own business will not be an easy task. From start-up costs, to proper business insurance, choosing the right employees, and more, there is a lot that will be required of you. Be prepared to learn and grow; to ask those who have gone before you for help, and to lean on your support system when needed. If you have the desire to become your own boss, then what is stopping you? Get started on your future today.