Home – New Forums New here? Share your story I’m Joe “Accountant CPA” looking to start my own practice or partnership with someone

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  • #991227
    Josephm
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    Hello everyone,
    I am an Accountant, finished my Master’s degree in Accounting from the University of New South Wales in 2007 and got my CPA in 2014.

    I am looking to start my own Accounting Practice (Bookkeeping and Tax agent) or partner with someone.

    I have work experience in commercial accounting, investment banking, fund accounting, bookkeeping, tax accounting and currently I work in an accounting practice.

    I am looking to start my own Accounting Practice (Bookkeeping and Tax agent), I am thinking of getting a franchise. Targeting SME businesses.

    Can you please recommend some good Accounting Practice/Tax Agent franchiser?
    What do you think about a franchise as an idea to get my foot in the door as I need also some support to get my Tax Agent license?

    Do you recommend new franchise or established one?

    #1180548
    Kelly Exeter FS Editor
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    Re: I’m Joe “Accountant CPA” looking to start my own practice or partnership with som

    Hi Joe – welcome to the Flying Solo forums :)

    I am sure someone will be along soon with some advice for you – I have added your question from a different thread in below so that all answers to your questions won’t be spread right through the forums x

    #1180549
    Josephm
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    Re: I’m Joe “Accountant CPA” looking to start my own practice or partnership with som

    Thanks Kelly,
    I look forward to getting some more replies on my post.

    #1180550
    Tony Manto
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    Re: I’m Joe “Accountant CPA” looking to start my own practice or partnership with som

    Hi Joe, I would be interested in working with you. I am not an Accountant but having a Business Coach and Strategy Specialist on board would not only be a great assess to any accounting clients but also help you to grow your own business.

    I have someone that specialised in Franchising/Accounting, however it might be worth purchasing a small Accounting/Bookkeeping business rather than create your own. Doing this will not guarantee you customers but it will give you a structure to work with.

    Either way I can help!!!

    #1180551
    MCP
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    Re: I’m Joe “Accountant CPA” looking to start my own practice or partnership with som

    Hello Joe,
    I am also new to this forum – I saw your message and thought I could give you a little advice. I am not a tax agent however I have many years of business experience (management accounting) and have seen many businesses succeed and fail.

    Step 1 Get the right tools
    You tax licence is the start but then you need to invest in some systems so that you are “client ready” – accounting systems, tax reference books etc. All of this will be part of your start-up costs which I am sure you have already added up.

    A franchise can help you with this but there is a cost involved and generally the more you require from the franchise the more you pay e.g Accounting software $1, Customer communication software $1, Document control software $1 the dollars will start to add up and you need to be careful not to lock your business into the franchise as you may lose some control/flexibility.

    Step 2 Get Clients
    Standing on a corner and yelling out your business services can be as effective as any new e-advertising process unless you have a clear market plan that targets your clients and not only puts you business card into their wallet but your bum into their office for a formal meeting. Being an accountant gives you some credibility as a profession so people will want to hear what you say but you have to make the sale – Is this your skill set or are you just an Accountant? Some accountants are both but if you are not then get yourself a partner (or employee) who is. Again a franchise can help with advertising etc but you have to be careful with costs and the franchise may get you to a meeting but you still have to get a service agreement signed. Everyone is targeting SME’s so it will be a tough market.

    Step 3 Always be at work
    Holidays are for employees – especially in the first years of your business.

    If you are already working in a practice I would recommend that you speak to your boss about becoming a partner in their practice. If you don’t like the people you are working with then offer to set up a satellite practice on the other side of town (or somewhere else). This will give you some of the benefits of a franchise but at a lower cost. You will need to put up some equity but that will work in your favour as you get established.

    If you find someone willing to go into partnership with you make sure they have the same aspirations as you yet have different skill sets – you are a small business after all and you will need to diversify your work practices amongst 2 people – you both cant be the boss of everything!

    If you still want to go down the franchise path then an established one may be a better option as they will have better brand recognition and their systems should be tested and efficient. Just keep an eye out for the termination clause and franchise fee payments process as you don’t want to be locked in. Some franchises take a % of your fees which is ok as you get a return on your payment in the form of advertising but what if you are getting all your clients due to your good work not via the franchise name – then you need may want to make a break.

    Good luck,

    Marco CP

    #1180552
    Josephm
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    Thanks guys

    Sent from my iPhone using Tapatalk

    #1180553
    NM Books
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    Re: I’m Joe “Accountant CPA” looking to start my own practice or partnership with som

    Make sure you do your homework when it comes to franchises. I’ve been bitten once by one of them and I personally wouldn’t buy into another one no matter how good the system appears to be.

    I’m more than happy to talk to you regarding my experience and also your tax agent registration. You can PM your details if you like

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