Absolute “must-haves” for starting your accounting firm

So you passed your CPA exam? Congrats!

Maybe you’ve even worked in the field for several years. But you’re sick of dealing with your boss or you just have the entrepreneurial spirit (or both). You’re ready to finally start that accounting firm you’ve been thinking about for years.

You’re excited but also stressed.

“How do I get started?”

No worries we can help you with that. Here’s 5 things you can’t only think about having…. but MUST have to get your accounting firm off to a fast start.

• Employer Identification Number (EIN) and Tax ID number

• Determine startup costs

• Create pricing structure for services

• Hire employees

  • Lead generation plan

EIN:

Most of the time you will need an EIN if you’re starting an accounting firm. Ask yourself this: “Do I plan on hiring employees now or in the future?”. If you answered yes then you will need an EIN.

Don’t overthink it. Do some research if you have to, but if you’re not sure whether or not you need one… chances are you do.

Startup costs:

Startup costs can range from $2,000-25,000 right away. Starting a digital accounting firm where you work from home could save you a lot of money and seems to be the popular decision especially during the pandemic.

It’s also important to find an estimate for technology costs. How many computers will you and your staff need? Printers? Software? Other?

Pricing:

Pricing can be tricky due to many different factors: competition, location, service offerings, level of expertise, confidence in fulfilment and staff and much more.

Should you charge an hourly rate or fixed fee? This is a common question among new CPA’s. The answer is “it depends”. It depends on what you want to do.

However, most accounting firms are moving away from the traditional hourly rate and instead using a fixed rate because its easier on clients and could potentially lead to more money for your firm. A fixed fee is all about value of the services and therefore that is what we recommend you using.

Hire employees:

What do accounting firms look for when hiring talent?

These days accounting firms are looking for a combination of credentials, experience and more. Accounting (much like most industries these days) is looking for people with soft skills too.

It’s easier to train someone accounting knowledge than it is to teach someone how to talk to clients and have customer service.

Credentials are important too. Ask these questions in the interview:

  • • What types of tax returns have you prepared?
  • • What do you specialise in?
  • • What credentials do you have?
  • • Why did you want to get into accounting (besides the $$$)?

Lead Generation system:

At the end of the day none of this matters if you aren’t getting people to walk through your new accounting firm doors. Setting appointments and closing leads are extremely important in the success of

an accounting firm. But if no one has heard of you and no one is walking through your doors then your employees won’t get paid, your prices will decrease, your EIN number will be pointless and more.

You need a way to bring in leads. Leads who have a problem that you can solve. So, how do you do this?

You need a way to bring in leads. Leads who have a problem that you can solve. So, how do you do this?

The best way to solve this issue is by using our Breakthrough lead generation mix

Here you’ll find:

• Facebook advertising –highly targeted ads designed to bring your ideal customer to your door!

• Branding services –allowing your brand to stand out from the competition.

• online Reputation Services –designed to improve brand awareness and protect your online reputation.

If you lack the time and resources to bring in quality leads every single month than why wouldn’t you do something about it?

Book a free strategy call with us today to learn more on how you can generate more monthly leads and grow your accounting firm!

We specialise in working with accounting firms looking to take their business to the next level.

Book here: https://gvmarketingmix.as.me/BreakT

 

Written by: Robert Disch

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