Although accountancy may seem like a role for more traditional forms of currency, even cryptocurrency traders need an accountant. As a result, if you want to take the steps towards operating your own business and remain in the cryptocurrency world at the same time, starting up an accounting firm makes a lot of sense.
As with any small business, however, starting an accounting firm requires one element above all else: a lot of hard work. You also have to figure out the purpose, market, and overall goal of your prospective company. Additionally, it’s obviously beneficial to be a licensed accountant – although this isn’t a necessity depending on how your business is set up. If you hire a manager, for example, they can have a CPA license instead of you.
When it comes to setting up this type of business, there are many aspects to take into consideration. Below are three of the main ones when starting a new accounting firm.
1. Insurance is a must
Before you journey too far into the process, it is essential you get the right insurance coverage for your upcoming firm. When you have insurance in place, you can be safe in the knowledge you’re operating both lawfully and safely. Furthermore, it protects your firm from potential financial loss should you encounter a disgruntled client.
When searching for insurance, you’ll find there are various policies on offer. These are each created with different risks and industries in mind. To make the search easy, however, specialist accountant insurance is available. With this, you know you have the right type of coverage for your firm.
2. Go virtual
Here’s a question: Would you rather spend $2,500 or $25,000 on start-up costs for your accounting firm? Of course, your answer is the lower number of the two. Well the difference between them can all be down to one element: the space you use for work.
If you decide to go with a traditional brick-and-mortar approach, this is going to put a significant hole in your budget. It does, however, give your business a more professional appearance and a physical location for clients to visit.
Yet operating digitally is all the rage right now – and for a good reason. It means you and your employees (if applicable) can work from home, forgoing the need for a physical space. Plus, thanks to advances in technology and software, you don’t require a load of space for tangible equipment. You can get away with just a laptop and printer.
3. Define your brand
What type of accounting firm are you hoping to be? Do you want to target specific clients like cryptocurrency traders? Maybe you want to be an affordable online solution for small businesses doing their taxes? Perhaps you will be a jack of all trades and cover all bases?
Whatever route you decide to take, it is important that you define your brand. With a strong brand, the public is going to know exactly what your firm stands for. It will also help your company stand out from the competition.