Get To Know Some Simple Steps to Start an Accounting Consultant Business
Accounting Consultants are part of accounting consulting firms that offer the most popular business services to start, and are almost always in demand. Accounting is considered to be the one of the fastest-growing professions, set to grow at an estimated 22 percent between 2008 and 2018, according to the Bureau of Labor Statistics.
Before you venture into this field and start an accounting consultant business, plan your business carefully so that you are able to nurture good relationships with your clients, and able to grow your business successfully.
You can follow some basic steps to start an accounting consultant business:
As an accounting consultant, you will be providing accounting services for businesses and not just for private individuals. You can take on accounting for a business as a full-service outsourced accounting department, or you can opt to provide more specialized services that clients would prefer to outsource instead of hiring a full-time employee. Forensic accounting, expert witness services and financial analysis of acquisition targets are some of the specialized services that are more likely to be outsourced to consulting firms.
Now that you have determined your specialty, you need to obtain certifications and licenses necessary for your specialty. As a certified public accountant, you need to complete a degree in accounting or a similar field, take an exam and be licensed by your state. For becoming a licensed tax consultant you need to complete state-approved courses and pass an exam. Make sure you visit your state's website and consult an attorney to ensure that you are legally able to offer accounting consultant services with your current qualifications, or to find out the required steps you need to take to comply with the law. Once you set up your business, you need a business license. Form a LLC or corporation to keep yourself away from personal liability in case an error in your accounting causes a financial loss for your client. Possessing professional liability insurance may be a requirement in some communities, but it is better to have one even if the law does not require it. You also need to open a business bank account.
Finally, market your services and develop customer relationship to build credibility so that customers are able to trust you with their finances. Attend professional networking events that will serve as one of your biggest marketing efforts. Make sure your customers understand what you are offering and get your business message straight and clear. Price your services competitively, as per your skill set, so that customers value your services.