We’ve Got The Answer.
Ahh yes, the age-old question.
“Do I work for corporate or start my own practice?”. Everyone in every industry is asking themselves this question. Not just accounting. It’s an important question that doesn’t always have a simple answer.
• How many years of experience do you have?
• Do you like your job?
• Do you get along with co-workers?
• Do you have the entrepreneurial spirit?
• Are you really ready for a change?
Just to name a few… A lot of the “business gurus” out there are telling kids to quit their jobs and start their own business right away. It’s not always that simple. If you’re a recent college grad then maybe it’s best to work in the industry and get 2-3 years of experience before starting your own accounting firm. If you’ve built up some experience, and hate your boss… then maybe it’s time to finally start that accounting firm! In this article we are going to take you through the pros and cons of both working in corporate accounting (The Big 4) and finally starting your own practice. Let’s dive in.
Corporate Accounting (The Big 4: Deloitte, Pricewater Coopers, KPMG, E&Y) Pros: Stable Career path – The average accountant makes somewhere in-between $60,000-70,000 annually. That’s a lot better than most jobs or industries out there. The demand is high for accounting skills. Resume builder – If you get the opportunity to work for a Big 4 accounting firm, I think you should take it. At the very least you would learn from the best and get a great resume builder. Even if you just work there for a couple years. Anytime you have a well-known or respected company name on your resume it will always help you in the future. Even when starting a business. Above average benefits – Accounting firms usually offer great benefits to their employees. You will be taken care of. Cons: Long hours – You could be asked to work 80-hour weeks during busy season (January-April). This isn’t uncommon. You might even have to work many weekends. For some this is just how it is… and for others this can be a deal breaker. Firms are understaffed – This is good if you’re looking for a job but it’s bad if you already have one. This is part of the reason you will be asked to work long hours. Your team could most likely be understaffed and you have to do more than what you were hired to do. Promotion Policy – Like most of Corporate America, you most likely won’t get promoted for doing great work but instead for the length of your employment. Corporate America rewards those who stay with them a really long time. But what if you don’t want to be there forever? Or you don’t want to wait that long to be rewarded for your skills and contributions?
Starting your own Accounting firm
Pros: Unlimited pay – Like all other startups your earning potential is technically uncapped. You can make as much as you want. It won’t be easy but if you stick with it there’s really no telling how much you can make. Freedom, Freedom, Freedom – You will have the freedom to work when you want, where you want, with who you want. You dictate your own schedule. No Boss – You are now the boss. No more letting someone else tell you what to do anymore. That’s your job now. A big reason why people hate their jobs is not because of the job itself. It’s not because of their co-workers. It’s not because of the horrible coffee. It’s because they can’t stand their boss.
Cons: Life ain’t easy – Starting a business in any industry is not easy. The more prepared you are the easier it gets. But it will never be easy. You have to be willing to not make very much money (or even nothing at all) for awhile. Could be months or could be years who knows. But if you have the entrepreneurial spirit and a stick-to-it mindset then I like your chances. Lonely – You’re on your own… atleast in the beginning. Becoming a business owner is a lonely path. You’re going to have to say no to friends more. Your social life won’t be the same. Does that matter to you?
Revenue Generating – Most business owners in the accounting industry are great at accounting but horrible at sales and marketing. Especially early on in their careers. How do you get leads? How do you convert them to sales? How do you find clients you actually would enjoy working with? If you’re serious about starting your own accounting firm or already have one and are wondering why you aren’t growing then you MUST focus on/improve your revenue generating skills. The ability to attract leads, get them on the phone, and close them is the most important skill you’ll need. Nothing else matters if you can’t get clients. If you’re interested in getting more accounting clients, better clients (companies you actually would enjoy working with), and growing your overall business then you may want to look into our lead generating machine we call Breakthrough mix.
Our Breakthrough mix lead generation system is all you need:
• 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.
• Review services –designed to improve brand awareness and let your clients’ voices be heard.
Generating leads is not a strong suit for most companies. Luckily for you, we have worked with many accounting business owners and specialise in the accounting industry.
If you want to get more accounting clients in less time then you may want to jump on a free strategy call with us! Just click the link below to and we will do the rest.
There you have it. Those are the pros and cons of starting your own accounting firm versus working in corporate accounting. We hope this helped give you some direction on what’s best for you to do!
Written by: Robert Disch