Should You Start Your Own Accountancy Firm Right Now?

There is no doubt that the Covid-19 pandemic has created difficulties for many individuals and businesses.

However, this does not necessarily mean that it’s a bad time to take a step into setting up your own accounting firm.

In fact, the current disruption could provide the perfect impetus to make a change. Doing this gives you the opportunity to take advantage of the advantages that have the potential to arise from the current climate.

Accounting opportunities of the pandemic

Forward-thinking accounting professionals understand the positive aspects of the global crisis that they can take advantage of. Many businesses are having to reassess their finances in order to make the changes necessary in order for them to survive and build a foundation for growth.

In order to do this, they need help and support from accounting professionals who can advise them about aspects such as how to take advantage of government support and how to innovate their payroll and accounting systems.  Many organisations are also choosing to outsource their accounting activities as a means of achieving efficiencies.

It’s clear that now is the right time for dedicated accounting professionals, who are well-prepared, to embrace the challenge of starting their own firm.

Planning for success

Taking advantage of the present situation does not necessitate neglecting the planning that setting up an accounting firm requires. This includes:

• Establishing goals and creating a business plan. It can be difficult to do this right now as there is so much uncertainty. However, it’s essential to have a well-put-together and supported business plan in place.
• Making the most of technology. Setting up an accounting firm is no longer simply about completing accounts and advising on issues such as tax. If you want to create an accounting firm that succeeds, it’s vital to embrace technology such as modern accounting software, Cloud solutions, and communication tools such as Zoom and Skype. Having the ability with using technology in your relations with clients is essential.
• Building a client base. Given the current need for well-qualified accounting professionals, you have the perfect opportunity to build a list of clients that can provide you with regular work. It may help to focus on a particular sector, such as eCommerce, where there is an opportunity for growth.
• Making use of networking opportunities. Although face-to-face networking events are not a possibility right now, this does not mean that you cannot develop advantageous relationships and keep up to date with industry news. Online networking events often give you an insight into the future of accounting and how you can prepare for it and enable you to meet interesting people in the industry.

Taking these planning steps gives you the best opportunity of making the most of the current upheaval in the world. However, hard work and long hours are required in order to build your customer base and develop trust. That being said,  if you have the motivation, dedication, and skills, there is no reason not to start an accounting firm right now.

If you are an accountancy professional looking for your next role, register with us. If you are on looking to hire an accountancy professional, get in touch.