What You Need to Know Before Starting an Accounting Practice

By Jeff Rohde

So you want to start your own accounting practice. That's great! As a freelance accountant or self-employed bookkeeper, you have the potential to earn a great living while also enjoying the independence and flexibility that comes with running your own business.

 

But before you hang up your shingle, there are a few things you need to know. In this quick-read ebook, we'll break down the basics of starting an accounting practice so that you can hit the ground running:

• 7 Things to Know Before Starting a Freelance Accounting Business
• Setting Your Rate as a Freelance Accountant
• How do Accountants Find Clients?
• 4 Tips for Choosing the Best Clients for Your Accounting Business
• 5 Tips for Choosing the Right Bookkeeper for Your Business (to help you think like a client)

• Language: English
• Publisher: J. Scott Digital
• Release date: Oct 7, 2022
• ISBN: 9798215718933

Book preview

7 Things to Know Before Starting a Freelance Accounting Business

The gig economy's growth is hard to miss, with the recent economic disruption and remote working propelling more of its growth in the last two years. This, plus the freedom of choosing when, where and with whom to work with, is leading to an increase in the number of professionals choosing the freelance route.  

The sector has grown in the US, with about 59 million Americans working freelance. The number is expected to grow to 86.5 million freelancers by 2028. Additionally, this sector is estimated to grow by 6% in the next decade, creating more accounting opportunities.  

Of course, accounting is one of the leading industries regarding the increase of freelancers. If you are considering starting a freelance accounting business, perhaps it is the right time to set your plan in motion.  

That said, starting any business is a step any entrepreneur should consider carefully. A freelance accounting business is no exception to this rule. In fact, you must be hands-on with everything that affects putting up and running your freelance business.  

This chapter provides you with an excellent guide on 7 things you need to know before starting your freelance accounting business.

1. Everything is on you

Clearly, work is abundant for accountants, and going freelance will probably not disrupt your cash flow. However, work is not always guaranteed, and earnings fluctuate.

You might enjoy the freedom of flexibility, but self-motivation is a must if you want to make any money. In addition, there are no company benefits, and you will have to cater to insurance expenses, pension contributions, and other benefits.  

Before starting a freelance accounting business, you need to be sure you can handle it. From the emotional and psychological aspects of managing different clients to not making money sometimes and the pressure of the