5 Mistakes to Avoid When Opening an Accounting Firm - PowerPoint PPT Presentation

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5 Mistakes to Avoid When Opening an Accounting Firm

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To position your accounting firm for success, it’s important to avoid some of the most common mistakes. These mistakes can become hurdles for you, in boosting your business. Check out this valuable blog shared by CEO Blog Nation and learn how to develop your accounting firm. – PowerPoint PPT presentation

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Title: 5 Mistakes to Avoid When Opening an Accounting Firm


1
5 Mistakes to Avoid When Opening an Accounting
Firm
2
  • The field of accounting offers plenty of
    opportunity for advancement, and for many
    professionals, opening a private practice is the
    penultimate goal. Owning your own firm can be
    incredibly rewarding, but it comes with its fair
    share of stressors and frustrations. The
    following are some of the most common mistakes
    amongst accounting startupsavoid these, and
    position your firm for success.

3
  • Mistake 1 Improper Financing

4
  • According to Forbes, 9 out of 10 startups
    will fail. This statistic is scary, but
    highlights how important it is to properly
    prepare prior to breaking ground on your new
    firm. One of the most common reasons for failure?
    Improper financing. Many accounting startups fail
    to secure the financing needed to keep their
    business afloat. Acquiring a new client doesnt
    mean instant profitability your savings should
    cover at least one years worth of your own
    living expensesits best to assume your business
    wont be profitable until at least a year in.

5
  • Mistake 2 Inadequate Marketing

6
  • You cant be successful if you dont attract
    a bevy of clients to your firm. Many accounting
    startups fail to invest in marketing, which can
    result in poor profitability. Begin by developing
    a marketing plan this requires you to determine
    which clients are best for your firm. For
    example, are you targeting small businesses?
    Would you prefer to work for larger companies
    with more than 100 employees? You must create a
    target demographic to help refine your marketing
    campaign. Accounting practice marketing can be
    done in a multitude of ways, from referral
    networks to website leads, so consider the best
    routes for reaching your ideal audience.

7
  • Mistake 3 Not Building an Online Presence

8
  • Todays business world requires online
    branding, regardless of industry. You must invest
    time and money into establishing a strong online
    business presence, and much of that is
    accomplished through the creation and management
    of a high-quality company website. Providing
    unique, relevant information is important, and a
    website can help your brand build authority and a
    reputation for high-quality service. Offering
    chat support can help you build a better
    relationship with your clients, and automated
    lead generation can help you drive more business.
    If youre not sure where to get started, invest
    in a website design company that can help you
    create custom pages that build your brand in a
    positive way.

9
  • Mistake 4 Not Investing in Modern Technology

10
  • Accountants are no longer subjected to long
    days spent hunched over at their desks,
    scratching away with pens, papers, and piles of
    ledgers. Technology has transformed the
    accounting game, and embracing modern software
    solutions is integral to success. As new
    technologies are introduced, the landscape of the
    accounting field has shiftedmeaning clients
    expect more. Investing in modern income tax
    software for tax preparers means offering your
    clients high-quality service, streamlining
    in-house processes, and reducing errors and
    mistakes, all of which can lead to an improved
    bottom line. Note Once youve invested in a new
    accounting program or software, take the time to
    learn to use it properlythatll give you
    ultimate value for your investment.

11
  • Mistake 5 Failure to Invest in a Solid Team

12
  • As your practice grows, youll rely heavily
    on your employees. The team you create can make
    or break business, and its important to invest
    time and money into curating a skilled roster.
    Whether youre hiring a receptionist or CPA, its
    important that you properly vet any job
    candidate. Look for qualified job candidates on
    sites like Indeed.com, spend time with in-person
    interviews, and ensure each person placed fills
    the positions criteria.
  • Opening your own firm comes with a bevy of
    benefits, but accounting entrepreneurs must be
    wary of falling into these common pitfalls. Avoid
    making these mistakes and set your new practice
    up for success.

13
  • https//www.ceoblognation.com/2017/09/5-mistak
    es-avoid-opening-accounting-firm
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