- Vidit Agarwal
- July 21, 2022
Money, who doesn’t love making it? But the consequential process of keeping and maintaining the same economic demands and governmental procedures is a complex and tedious process to understand and follow. Such processes are looked after and taken care of by accountants or chartered accountants whose sole purpose is to monitor and track income, and taxes and file the income taxes accordingly.
An accountant’s work in today’s economical setup cannot be ignored and is highly demanded by the working class. With an important role to play in the economy and acknowledgment of this role by people, it is high time to set up your own business for accountancy as well.
Qualification and Experience
The first step is to ensure your basics that whether or not you are a qualified and authorised chartered accountant. With no relevant qualification for accountancy, it is necessary to ensure that you have acquired skills, certifications, and knowledge from reputed firms and courses before launching your own business. It is important to ensure that your working experience has been gained from a reputed or well-known accounting firm.
Planning and Implementation
The second step is to ensure a well-researched plan about the kind of business that you would like. Determining your areas of interest, your key strengths, and the purpose of your business and keeping a track of requirements for your business is a must. Some factors to go through before you enter into the business are:
- Identify your area of interest and the niche.
- Whether it will be a part-time or full-time work.
- Do you want to go ahead single-handedly or proceed with the partnership?
- Whether you want to create your own business from the scratch or purchase an existing one and work on it!
- Decide your company name and its description.
- Choose the services that you would provide.
Finances and Business
After all the planning and the basics that have been done, it is now time to think about the type of business that you would like to venture into. It is important to synchronise your requirements, needs, single or partnership, and the services, etc. that you would be provided with the business type that you will likely be opting for.
Alongside this, it is important to keep an eye out for the finances which will be the catalyst for bringing your entire plan together. The kinds of finances that you could opt for are:
- Public Finance
- Private Finance
- Corporate Finance
- Personal Finance
- Equity Finance
- Debt Finance
- Relatives and Friends
- Angel Investors
- Capital Fundraising
- Asset-Based Lending Financing
- Crowdsource Funding
Business Type
Before heading out with the idea of venturing into business and money-making go through the types of business ventures available. Read and study well before you opt out of any option, optimizing your choice according to the services that you will likely be provided in the future. The business structure available for opting out is as follows:
- LLC (limited liability company)
- PC (professional corporation)
- LLP (limited liability partnership)
- PLLC (professional limited liability company)
- Sole proprietorships
- Co-operative
Registration and Certificates
With your plan all set, it is now important to get recognised by your region or country in which you are about to start your venture.
- Make sure you are a certified public accountant (CPA) or else take a test that you need to successfully pass to receive your license for the practice.
- Get yourself registered and acquire a legal tag for your business depending on the business type that you have opted for.
- Keep a good compilation of all the required documents beforehand.
- Keep yourself updated with the government or policy-related changes to avail the best of them.
- Creating a business-related bank account.
- Get business-related insurance to keep you and your business under the wraps from failures.
Updating Relevant Soft and Hard Skills (Assets)
Before proceeding with anything in the business world it is important to get aware of both the soft and hard skills demanded by the work or business. Ensuring a good environment where soft skills including software and hard assets including desktops / laptops and other machines are brought beforehand. Some other relevant features and equipment desirable for the smooth functioning of the business are:
- Desktops or related hardware such as monitors, keyboards, computer mouse, printers, fax machines, copy machines, etc.
- Install relevant software for accountancy which are not only available in the market but that you have a good command of it as well.
- A proper network connection is a must.
Blueprint for Fees and Services
Segregate the ideas of the kind of services that you want to give to the customers by understanding the difference between accountancy and other account-related services. Accountancy contains an array of work and needs to be recognised well before introducing them in the lists of your services. Assurance work, bookkeeping, auditing services, review services, a compilation of the annual or financial statements, etc.
Please keep in my mind that every skill set needs a good hand at the experience and must be acknowledged and understood separately. Try not to go overboard with your services and rather aim for quality over quantity.
Marketing and Social Media
Easy visibility, accessibility, and one-click away solutions for their problems - the public today crave unique and at-hand solutions given the very hectic and tight schedules that they follow. Reaching the masses via social media is not a novel idea and must be properly and optimally utilised as it stands the chances of quicker and better reach.
Social media marketing involves a set of procedures that enhances the possibilities of better expansion by giving people a peek into your work which you can upload online for people to witness. This process helps develop trust and allows the user to choose for themselves. Some of how you can manage your social media are as follows:
- Create a website for your business.
- Add relevant links showcasing your previous works to gain trust.
- Create Facebook, LinkedIn, Twitter, or any other relevant social media account.
- Add some fun gadgets and tools to give quick calculations or report cards keeping your customers engaged.
- Allow interactive sessions and a comment page enabling customers to give remarks on your work. This will help you build your business better and more inclusive.
With all the above determinants taken into consideration, we hope that your business thrives into the one that you have always hoped for.
