Home – New Forums Starting your journey Tax accounting firm or Bookkeeping firm?

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  • #982764
    Anonymous
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    Hi everyone, i came across this site while searching the internet. I am looking to run my own business. But as a newbie, i donot really know where to start.

    Anyway, there are two types of business i am particularly interested in. Tax accounting firm and Bookkeeping firm. I am CPA qualified and i have experience in many areas, such as taxation, business services, financial planning, etc.

    My question is,

    1. Would you start a Bookkeeping business in a less crowded area(as in regional area with lots of small businesses)? or Would you start a tax accounting firm in metro areas where you will be probably up against heaps of competitors?

    2. Where can i find data and statistics on things like how many businesses are operating in an area? How much competition you have in that area? etc. ABS, google, and yellowpage are the main ones i am using, but other than these three sources, has anyone used anything else?

    Cheers.
    Lee

    #1138666
    Anonymous
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    Hi Lee,

    Welcome to Flying Solo :)

    It’s great to see you doing your due diligence before jumping in the deep end.

    I’ll be interested to see the type of responses you get to your questions.

    Jayne

    #1138667
    Chris – Marketing
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    Hi, when I am approached by new clients who are mainly small business I find my first task is to get their books in order. I generally suggest a bookkeeper who knows their way around QBooks and can come on site. I like Qbooks but MOB or similar are ok.
    So I Believe there is a real market for bookkeepers who can help small business by first, bringing the client up to spend, then training the client to use the program, and lastly offering a continuious services including BAS Statements. Don’t worry about competition just get the word out.

    #1138668
    CindyK
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    Hi,

    Assuming you are registered already to provide Tax and BAS services, for finding out competition – have you checked with whichever association you are with. I am fairly certain that they hold stat’s on those things – CPA Australia has a fairly large database – you could do quite a bit just searching like that. We have regular stats provided in terms of age, location, number of employees, average clients etc from the association we are with and I am a BAS Agent.

    In relation to question 1, in my opinion, the issue is relative not to your location but your point of difference. With a cloud software war, an economic lull and more interactive business owners – people want value – they don’t necessarily want lower prices, but they do want authentic, useful and value-added services. Wherever you set up you need to make sure you offer what is needed. In my experience rural areas usually already have the services set up and it can be hard to compete with people who all know each other as a community.

    Make sure you look around at other complimentary services in the area too – businesses in terms of what support you could have if the practice grew. Check internet connections – clients are taking up online technologies in droves – if you can’t have reliable internet services, you won’t fair well at all. Interestingly some areas even in metro’s still have bad internet (well in Qld anyway) and get to know all the current softwares that you intend to offer.

    Wondering if you have had a practice in the past? If not, don’t forget to look into things like practice management softwares, affliations, office procedures and if you go into the bookkeeping side – be aware that everything is changing and becoming alot more regulated and organised. Your competition may already know, so start being as up to speed as possible before you open.

    Good luck!

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