I have been working in dubai since 2005 as an Accountant, now I want to start my own accounting firm and start accounting services independently, I want to know which steps should i take before start it? Need advise from you.
Husain from dubai-uae
Husain, I have already told some tips in this content, so please read this first. You know that accounting is must for every business due to statutory obligations. It means every new shop need accountant. But all can not pay. So, your decision to open your own accounting firm is good. By this way, you can provide your cost effective service to your unlimited small businessmen. It will also increase your experience. You have asked me the steps to start own accounting firm.
1st Step : Good start with Good Partners
For starting own accounting firm, you should start with good partners. There are good saying:
a) A good start means half done!
b) One and one is not two but eleven!
You have 6 years experience, you know what businessmen want from accountant. They want to know accounting treatment of their transactions, accounting records and financial reports. Contact parties and offer to make their accounts at very cheap rates. It is sure one party will accept your offer. I remembered when I have started accounting education, no one know me. I do not know anyone. I started it in Jan. 2008 by publishing my 20 contents which I wrote on different topics. So, start today without thinking whether customer will come or not. Good partner means that friend who will help you. They should be like minded.
2nd Step : Provide Some Free Legal Services
I think, you would have good legal experience. When you will offer your accounting service. Give free legal services to your customers. In this service, you you can help them in VAT registration, filing of tax returns.
3rd Step : Make the List of Accounting Service
Accounting is service sector. Make the list of services which will you provide to your customer. Fix the rate which should be standard for some or specific service.
Following are main service which your accounting firm can give.
- Accounting Services
- Accounts Receivable
- Sales Order Generation
- Receiving Payments
- Accounts Receivable Report Generation
- Accounts Payable
- Purchase Order Generation
- Entering Vendor Bills
- Entering payments to Vendors
- Accounts Payable Report Generation
- Updating Chart of Accounts
- Bank Reconciliation
- Credit Card Reconciliation
- Inventory Maintenance and Reconciliation
- General Ledger Maintenance
- Accounts Reconciliation
- Closing Accounts and Generating Trial Balance
- Financial Analysis
- Ratio Analysis
- Preparation of Financial Statement
- Analysis of Financial Statements
- Budgeting Solutions
- Cash Flow Management
- Preparation of Cash Flow Statement
- Analysis of Cash Flow Statement
- Preparation of Income Statement & Balance Sheet
- Preparation of Management Information Reports
- Preparing Monthly, Quarterly & Annual Management Reports
- Generating Customized Reports as per requirements
4th Step : Effective Use of Accounting Software
Today, businessman wants fast result from accountant. As a new accounting firm, you should know different type of accounting software. If you do not know, you should learn. ERP and MS excel are main.
5th Step : Start Marketing
Without marketing, no business can succeed. This is your business. You have to do its marketing in local area. In this marketing, you have to stress on your quality of work and price which will be according to the budget of customer.