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Opening an accountancy practice can be an exciting and lucrative option for a qualified accountant. It gives you the freedom that working for yourself offers and allows you to choose when and where you work. That being said, it is a lot of work to make any self-run business run smoothly, and you will need to have a lot of dedication and motivation to make your practice a success.
There are many accounting practices out there, so standing out from the crowd is crucial. This article will explore some of the best ways for you to do so.
Opening Your Own Accountancy Practice
1. Find Quality Business Management Software For Accountants
Using the right software to help you manage your business can be beneficial. You should choose software that is designed specifically for accountants. This can ensure that you get all of the functionality you need from the software and cut back on the amount of time you have to spend on admin.
2. Build An Excellent, User-Friendly Website
Having a website is essential for your business. Clients will want to learn more about you before taking on your services. Having a quality, easy-to-use website can help showcase your professionality and attention to detail. If you don’t have experience building websites yourself, you should choose a high-quality agency or freelancer to build one for you.
When choosing someone to build your website, you should look at their past experience and ask for case studies to review. Any reputable company or professional will be happy to provide testimonials and references for you to verify.
3. Get The Right Insurance
Insurance is crucial to protect you and your clients. You should research the types of insurance available and comply with the requirements in your local area. Professional liability insurance is vitall, and you should carefully consider the level of cover you need to ensure your peace of mind.
4. Learn How FinTech Is Changing The Financial World
Learning more about FinTech can help you get ahead of the latest trends in the financial world. FinTech has been a significant disrupter in many areas and looks set to continue on this path. Taking an online course in financial technology can be invaluable to help you stay ahead of the curve, allowing you to offer the best service to your clients.
A great option could be this FinTech short online course from Harvard’s Office of the Vice Provost for Advances in Learning (VPAL), in association with HarvardX. Choosing a reputable course provider like Harvard VPAL can be invaluable in helping you get the most accurate and up to date knowledge.
5. Start Building Solid Working Relationships
You will need to start building a client base to make a living from your accounting practice. It can help to talk to clients you have worked with in the past, though you should be sure not to cross any ethical or contractual non-compete agreements.
You will need to market your services, and you should choose a mix of traditional and digital marketing methods. Adverts on billboards, TV and radio can be a great way to attract new clients. Creating a digital marketing campaign through social media can also be invaluable.
6. Consider Taking On A Partner
To offer a more comprehensive and attractive service to clients, you could consider starting your business with another accountant. This can also have the benefit that you will share the risk and stresses of managing a business with someone else. It is a good idea to choose a partner with a different specialty than your own so that you can provide the broadest range of accounting services.
7. Decide How Much You Will Charge
Charging your clients competitively is crucial to attracting new business to your doors. You should consider what the typical range is to charge within your local area. Avoid undercutting by a significant amount as this may foster ill will among other businesses in your area and give clients doubts about the quality of service they can expect. You should also avoid pricing too high as this will make clients more likely to choose your competitors.
8. Ask Clients To Recommend You
Word of mouth recommendations are often most highly valued by people considering a new business. Word of mouth is a crucial element to any marketing strategy and can help you gain new business quickly. Consider asking satisfied clients if they would be willing to give your business card to anyone they know in need of an accountant. You could even offer a refer-a-friend discount or free service for any successful recommendations.
9. Make Clients Feel Valued
Feeling valued is often an essential part of what sets a business apart in a client’s mind. You should ensure that when you are with a client, your entire focus is on them. Be responsive in your communications and avoid making clients wait for you. Top-quality customer service is crucial for securing return business and building a strong reputation.