Running any business is not easy, but not knowing where to start can be very overwhelming. If you are thinking of starting your own accounting business, this article will cover the steps you may take to prepare yourself and get into the market. While there may be accounting and financial-specific requirements, it may be essential to remember that you are creating a whole new business.
From getting the correct requirements to becoming a qualified accountant to building an online presence, this article may be your next best friend when first starting your new business venture in accounting.
Become a Chartered Accountant
To become a Chartered Accountant (CA), you will be required to have the following as a minimum:
- Completed a degree from a University
- At least three years of professional experience
- Completed the qualifications by Chartered Accountants Australia New Zealand
You may also want to consider joining the Accountants or Tax Agents Institute of New Zealand (ATAINZ). In order to be a member, you will be required to have at least two years of an accounting diploma or an equivalent degree in accounting or business studies.
Some helpful areas that may also require you to have the knowledge of when becoming a CA may include:
- Tax
- Accounting Systems and Processes
- Economics
- Finance and Financial Management
- Audit and Assurance
- Management Accounting
- Quantitative Methods
- Information and Communication Technology
- Financial Accounting and Reporting
The following are the requirements for receiving a membership to become a Provisional CA:
- A qualification that is assessed to be comparable to an Australian or New Zealand Bachelor Degree
- Passing an ethics exam if the Education Board requires it
- Registration into the CA program
To become a qualified CA in New Zealand, you are also expected to have a degree in accounting or business or commerce with a major in accounting. Having the proper knowledge and prerequisites to become a trained CA, you may be prepared for the upcoming work and tasks your new business may require.
Create a Business Plan
Setting up your business plan starts with choosing your goals, whether they are short-term or long-term. These might give you a better idea of what may need time to work on, such as your target audience, loans, bank accounts, and many other areas.
With a business plan, you may be able to benefit by having control over your business, as when it does come reviewing it in the future, you may be able to understand what has led to success and what hasn’t.
By doing a market analysis, you can consider your current competition in the bookkeeping and accounting sector, see their progress and how you might take a twist on it by implementing it into your strategy. Similarly, you may be able to pick up on the current trends in the market that you might also want to include in your goals.
As you may be a professional in finance, it may also be essential to have an outlook on how your finances might be managed in your business in terms of using it for marketing, sales, strategies and other areas.
Having a business plan when first starting your accounting business may get you in the right mindset for viewing your company’s future, planning, making important decisions and improving overall to lead to the success of the finance industry.
Build an Online Presence
The digital space leaves numerous opportunities for any business to advertise, market, reach its target audiences and have its online presence. When first starting your business, you may want to consider creating a website. With one, you can have a direct way to be contacted, let users view your portfolio, present some customer testimonials from previous clients, and propose your accounting business as one your potential customers may want to work with.
From the various tools you can use online, your accounting business may even stand out amongst the others from the customisation and personal touches you might want to add. This may be an opportunity to present your personality and passions as an accountant and meet the needs of prospective customers.
Similarly, you may also want to implement social media or email marketing in your plan to create engaging content for online users to view on a scheduled basis. Producing content your potential customers may find intriguing or exciting to their wants and needs may lead them to you and eventually use your accounting services.
Whether you use a website, social media or email to reach your ideal customers, you might consider putting your brand out by adding a call-to-action where they may directly contact you or view your offers.
Get Business Insurance
As an accountant, you may encounter an error regarding financing and running numbers. When running a business, you may experience hiccups that could negatively impact your company. Let’s not take the risk! With small business insurance, your accounting firm may be able to avoid dangers such as damage to office computers or equipment and cyber attacks that may lead to the closure of your company.
Accountants and tax agents may consider Professional Indemnity as it may be required with some professional association requirements (e.g. NZICA, CPA) and to protect your business from losses from any errors and omissions that may arise. Public Liability Insurance could also benefit your business by protecting it against any financial losses that may arise from claims of third-party accidental damage to property or injury (not covered by the ACC) resulting from you rolling out your business operations.
Get your business insurance sorted today with BizCover, and have your accounting business protected in no time. Compare multiple quotes online in just minutes with us, drama free!
This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
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