There’s a famous saying that there are only two certainties in life: death and taxes! While accountants do not deal in death, they are certainly essential to processing your taxes.
It follows, then, that undertakers and accountants are professions that will always be in demand.
An accountant is not just someone who processes taxes, as they can deal in a wide range of accounting, bookkeeping, and financial services.
Accountants may work full time for a company or may have their practice, and, as you’re reading this, it is the latter option that interests you.
Should you start an accounting firm? What are the risks involved? What do you need to begin your accounting practice, and what areas should you specialize in?
These are questions we will endeavor to answer in the article that follows. Let’s begin by talking about accountants and why they are always in demand.
Are Accountants in Demand?
An accountant represents one of the oldest of the established professions. To this day, they are in demand with businesses and also with individuals.
The accountant can provide a variety of services, which include the following:
- General bookkeeping and upkeep of financial records
- Tax processing for both businesses and individuals
- Preparation of management and company accounts
- Ensuring regulatory compliance of financial practices and records
- Provide auditing services for businesses
- Suggest cost savings and improvements in business practices
- Control cash flow and debt.
That’s not a comprehensive list – an accountant may also offer services such as helping with business strategy and start-ups or writing loan applications – but it gives a good idea of what an accountant can offer.
There are different types of an accountant, so let’s have a quick look at these.
Main Types of Accountant
The Certified Public Accountant (CPA)
Is a top-level accountant in the USA and is an expert in dealing with a company’s financial workings.
They may handle tax returns but are more likely to be involved in the running of the business. A CPA can work as an employee of the company or as a freelance.
You need a relevant bachelor’s degree and CPA certification to become accredited.
Management Accountants
Provide the information necessary for directors and managers to make decisions about the future of a business.
They are involved in producing management and company accounts and in producing relevant financial data. They also need a bachelor’s degree.
An Auditor
Is an accountant brought in to go through a business’s end-of-year accounts to ensure they are accurate and error-free?
Cost Accountant
Is primarily associated with providing cost analysis of the day-to-day performance of a business.
There are other types – forensic accountants, for example – but we want to talk about setting up your accounting business.
What Do I Need to Set Up an Accounting Firm?
Many who become accountants want to work for themselves, and it can be the best way to start in what is a competitive industry.
You need to think about where you pitch your services – the above brief descriptions should give you an idea of the area you wish to work in – and in most cases, a freelance accountant will perhaps be inclined to offer bookkeeping services for small and growing businesses.
This can be a rewarding career as you play a part in helping a business becomes successful. You may want to take on tax returns and filing, or perhaps get involved in auditing.
In each case, you need the relevant qualifications and to take necessary exams, then you can start thinking about setting up your business.
Let’s look at the basics you will need once you have been accredited.
Your Premises
Where are you going to work from? Are you working primarily in a local region and looking for an office in a town or a business park?
This can be the best way to get going, and having your own office does instill confidence in your potential clients.
Some accountants work from home, which is fine if you visit your clients rather than them visiting you. The office is the more professional approach.
It will need a phone line, a broadband connection and the usual utilities, and you will find a great choice of office premises in all towns and cities.
Equipment
The actual equipment needed to operate as an accountant is surprisingly simple. You need a desk, a computer – either PC or laptop – a smartphone and a car. Of course, all accountants have a calculator too!
The use of physical ledgers is fading as cloud-based storage is more secure and easier to handle, and a printer may be needed if you provide management accounts.
There is one software tool or app that we recommend.
Computer Software
When it comes to appointment scheduling for accountants, you need to be on the ball, and missed.com is a great scheduling tool that allows your clients to book slots with you when they are available.
This is done by a calendar in the cloud and is easily performed with notifications going to all parties. It will keep your appointments on track.
You will also need one of the off-the-shelf accounting and reporting packages that are affordable and very capable, and then you’re ready to go!
All you need to do is get some nice stationery printed, have a website built, and start looking for clients.
How Do I Know I Will Make a Good Accountant?
Accountancy is not for everyone, but if you are looking at training to be an accountant, you will soon know if it is the right profession for you.
Accountancy is often painted as a boring job, but in fact, it’s anything but. You’ll be working with various businesses – or perhaps individuals – and no two days will be alike.
There is an element of routine involved for all types of an accountant, but that’s the same for every profession.
If you have an idea of the services you will offer as an accountant, it is sensible to start looking for the relevant courses you need to take.
If you are already qualified to degree level, your next step is to take the appropriate exam.
A good accountant is diligent and accurate, discreet and understanding of privacy needs, and wants to help small businesses achieve success.
Conclusion
If this is you, then why not set out on a path to become a self-employed accountant and enjoy what can be a lucrative profession?
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