After having successfully developed five of my own practice Accountants Glasgow and spent the next 20 years helping over 2000 accountants build their practices, I believe there are some basic principles accountants should follow in order to maximize their chances of success.
Accounting and Tax CPA professionals have the best chance to succeed in opening their own Accounting or Tax CPA practice. The key to a successful practice is having good clients as well as the right tools to assist them. Many accountants who seek to create their own practice have to deal with unnecessary overhead which could limit their opportunities for success. Unnecessary expenses can be delayed until they become necessary. Only acquire what is required to service the initial clients. It is important not to have as much overhead as possible. This will allow you to generate a fast cash flow that will finance the growth of your practice.
Accounting and Tax CPA Firms should be established from the home. Clients are comfortable with accountants working remotely in today’s technology-driven world. In some ways, clients feel that they receive more value when the accountant works out of their homes. Clients believe that if the overhead is lower, the savings may be passed on to clients. By reducing the costs of rent and office expenses, accountants can accelerate their positive liquidity flow. This cash flow may be used to expand the practice without taking on debt. Once sufficient cash flows are available to support an office and the accountant is able to decide if expansion is necessary. Working from home can be a good option for accountants.
One way accountants can save money on overhead is to not purchase unnecessary expensive software. Numerous accountants have purchased unnecessary, expensive software to support clients that they have not yet developed. There are many excellent software companies that offer high quality products at a low- to medium price. Drake Tax Software has a good reputation as a highly-effective software program. The September 2011 issue of The Journal of Accountancy included the results of a Software Survey. Drake Tax Software received an Excellent Score. Accounting & Tax CPA Firms that are beginning their own Accounting & Tax CPA Company are encouraged and encouraged to use good software at affordable rates to help them provide basic services for clients.