ACCA-开办会计业务是一个重大决定我们的新指南现在可以帮助您做出明智的选择（英）

TM

Lookbefore

Helpingyoudecidewhether

runninganaccountingpracticeisforyou

youleap

Viewguide

Aboutthisguide

Work-lifebalance

Potentialrisksandrewards

Startinganewbusiness

Peopleandskills

Technology

Complianceandlegal

Financialadministration

Businessstructurealternatives

TM

AssociationofCharteredCertifiedAccountants

CharteredAccountants

AustraliaandNewZealand

CharteredAccountantsAustraliaand

Aroundtheworld,CharteredAccountants

TheAssociationofCharteredCertified

Ourforward-lookingqualifications,

NewZealand(CAANZ)representsmore

areknownfortheirintegrity,financial

Accountants(ACCA)isagloballyrecognised

continuouslearningandinsightsare

than136,000financialprofessionals,

skills,adaptabilityandtherigouroftheir

professionalaccountingbodyproviding

respectedandvaluedbyemployersin

supportingthemtobuildvalueandmakea

professionaleducationandtraining.

qualificationsandadvancingstandardsin

everysector.Theyequipindividualswith

differencetothebusinesses,organisations

accountingworldwide.We’reathrivingglobal

thebusinessandfinanceexpertiseand

andcommunitiesinwhichtheyworkandlive.

communityofover247,000membersand526,000futuremembersin181countries.

ethicaljudgmenttocreate,protect,and

reportthesustainablevaluedelivered

byorganisationsandeconomies.We

championthegrowthandsuccessofnewsmallandmedium-sizedaccountancy

practicesbypartneringwithpolicymakers,standardsetters,thedonorcommunity,

educatorsandotheraccountancybodies.

02Lookbeforeyouleap

Aboutthisguide

Work-lifebalance

Startinganewbusiness

Peopleandskills

Technology

Complianceandlegal

Financialadministration

“Oneofthebestthingsaboutrunningyourownaccountingpracticeistheimpactyouhaveforsmallbusinessowners,helping

themchoosethelifetheywishtoleadandtomakeadifferenceintheircommunities.”

HeatherSmithFCCA

AniseConsulting

Brisbane,Queensland

Accessdetailedguidance

Ifyou’reseekingmoredetailonthetopicsraisedinthisguide,visitthe

CAANZwebsite

or

ACCAwebsite

and

PracticeConnecthub.

Bothwebsitesprovideaone

stopshopforeverythingmembersneedtopromoteandelevatetheirservices,manageapractice,recruitandsupportstaff,complywithobligations,andaccessprofessionalandpeersupport.

Potentialrisksandrewards

Aboutthisguide

Thisisnotaguidetostartinganaccountingbusiness.Thisisaguidethatprovidesfoodforthoughttohelpyoudecidewhether

runninganaccountingbusinessisforyou.

Inresearchingthisguide,wespokewithnumerous

accountantswhohavesetuppracticesandbusinessesoftheirown,orwhohavebecomeapartner/directorinanexistingfirm.Wealsointerviewedaccountantswhoroutinelyadviseothersonhowtoestablishandgrowsuccessfulaccountingbusinesses.

Alongtheway,theseexpertsraisedcommonissuesfacedbyemergingaccountingbusinessowners.Eachsectionofthisguidefocusesononeoftheseissues.

Runninganaccountingbusinesscomeswithmanyrisks,

responsibilities,andpotentialrewards.Thisguidehighlightsthese,tohelpyoumakeaninformeddecision.

03Lookbeforeyouleap

Businessstructurealternatives

Mentoringandadvice

Ifyou’reconsideringrunningyourownaccounting

business,thenthisguidecanhelpyou–butthereisno

substituteforpersonalexperience.BothCAANZand

ACCAcanconnectmemberswithmentorswhohaverunpracticesoftheirown.Youcangoonlinetofindoutmoreabout

CAANZMentoringandSupport

andthe

ACCA

MentoringProgramme

.

Youcanalsoseekfree,confidentialcareerguidancefromexperiencedaccountantsintheCAANZProfessional

StandardsAdvisoryTeamsinNZandAustralia,andtheCAAdvisoryGroup.

Youcanconnectwithpeersinothersmallandmedium

practicesthroughACCA’sonlinecommunity-

thePractice

Room

.Likewise,CAANZ’s

MyCA

includesanonlinegroupforthosewhorunsmall-to-mediumsizedpractices.AndinNewZealand,therearearangeofregional

CAANZ

SpecialInterestGroups

wherememberscanconnect.

Aboutthisguide

Work-lifebalance

Potentialrisksandrewards

Startinganewbusiness

Peopleandskills

Technology

Complianceandlegal

Financialadministration

Additionalcheckliststohelpyou

WehavepreparedseveraladditionalcheckliststofurtherhelpACCAandCAANZmembersdecidewhethertheywanttoruntheirownaccountingbusinesses.Eachchecklistisacompanionpiecetothemaintopicsexploredintheguideyouarereadingnow.ThechecklistsareavailablenowfromtheCAANZandACCA

websites.

Businessstructurealternatives

Potentialrisksandrewards:

Someessentialquestionstoaskyourself

AmIclearabouthowrunninganaccountingbusinesswouldfitalongsidemypersonallifeandfamily

commitments(nowandinthenextfewyears)?

AmIreadytoprepareacomprehensivestrategicplanandbusinessmodel?

DoIhavethetypicaltraitsofasuccessfulsmallbusinessowner,suchasself-sufficiency,discipline,problem-solvingability,peoplemanagementskills,etc?

HaveIfullyassessedtheneedsofmypotentialclients,anddoIhavetheexperienceandcapabilitiestomeetthese?

DoIhaveafullunderstandingofalltherequiredcashflowandcostsofrunninganaccountingbusiness,andhow

thesemayvaryasmybusinessgrows?

HaveIidentifiedmentors,coaches,peersand/orother

expertswhocanoffermeadviceandsuggestions?

AmIfullyawareofthestatutoryobligationsofrunninganaccountingbusiness,includingbutnotlimitedto

regulatoryrequirements,directorduties,professionalmemberrequirements(e.g.

ACCA

,

CAANZ

),etc?

Whatyouranswerstellyou

Ifyouanswered“no”toanyofthesequestions,youmaynotyetbereadytobeginrunninganaccountingbusiness.Butthere’sstilltime.Readingtherestofthisguidecanhelpyouclosethegapstobereadyinfuture.

Ifyou’veanswered“yes”toallthesequestions,thenyou’reinapromisingpositiontostartyourjourneytowardsrunninganaccountingbusiness.Therestofthisguidecanhelpyouscopethisout“withyoureyesopen”totherisks,opportunitiesandchallengesthatlieahead.

Theaccountantsweinterviewedforthisguideallhavefirst-

handexperienceofrunningaccountingbusinesses.They

highlightedmanypotentialrisksandrewardstoconsider

beforeyoutaketheleaptorunanexistingbusinessorsetup

anewbusiness.Here’sjustafewofthekeyquestionsthey

recommendyouaskyourself.

“Runningyourownpublicpracticeisaboutmuchmorethanaccountingwork.You’llneedtodevotetimetostrategicandoperationalresponsibilities,HR,technology,clientmanagement,driving

revenue,andmuchmore.”

MaggieSungCA

ProfessionalStandardsteam,CAANZ

Adelaide,SouthAustralia

04Lookbeforeyouleap

SPOTLIGHT

JohnScholFCA

AsPrincipalofMallochMcCleaninNewZealand’sSouthIsland,JohnScholhasdecadesof

experienceinaccountingbusinesses.He’salsoanadvisorandmentortoownersofmany

otherfirmsandwasco-authoroftherecentCACatalystguidetostrategyforaccountingbusinesses.

Q:Whatadvicedoyouhaveforaccountantswhoareconsideringestablishingapublic

practice?

A:Thefirstquestiontoaskyourselfis:Doyou

havecommercialacumenandknowledge,

anddoyouhavetheskillsrequiredtoruna

business?Thisincludesaworkingknowledgeofmarketing,productdevelopment,sales,finance,basicemploymentlaw,andanabilitytocreateandexecuteabusinessstrategy.Thesecond

questionis:Whatdoesmyidealclientlooklike,andcanIattractenoughofthem?

Q:Whereshouldyoustartwithpricingandpackagingyourservices?

A:Theansweristoworkfromthebottom

05Lookbeforeyouleap

up.Thatis,startwithyourdesiredrevenueandthentakeintoconsiderationoverheadcostsandotherdirectcoststoarriveatyourminimumgrossmargins.

Atthesametime,keepinmindthatclients

rarelyselectanaccountantbasedonprice

alone.They’relookingforcertainty,quality,

andassurance;they’reafterexperience.To

thisend,youneedtoclearlydefineyourvaluepropositionanddemonstratethevalueyou’rebringingtoclients.

Also,beawareofscopecreep.Ifthere’sextraworkinvolvedthenthinklikeacarmechanic:pausethejob,talktotheclient,agreeanewprice,andthenresumework.It’simportanttohaveupfrontconversationswithyourclientsaroundprice.

Q:Howimportantistogetthebusinessbasicsright?

A:Accountantsneedtoconsiderallthe

same“businesshygiene”elementsthat

they’readvisingtheirclientsabout.Things

likemanagingcashflow,debtcollection,and

establishingshorttermsoftrade.Aimtobill

clientsmonthly.Considerbillingupfrontor,at

least,beforethejobiscompleted.Engageearlywithclientsandofferfeepaymentoptions.

Usetechnologytosendpaymentreminderstoclientsand,ifanyclientsoftenfailtopayontime,considerofferingcashflowimprovementadviceasaservicetothem.

Q:Whatifaclientasksanaccountantforsomethingoutsidetheirscopeofservices?

A:Beclearaboutyourserviceofferingandthescopeofyourservices–andsticktoit.

Myadviceistogrowabroadnetworkofotherprofessionalswhoyoutrust.Thatway,youcanpassclientsonwhenthey’renolongertherightfitforyourpractice.You’llburntimeandmoneytryingtoprovideanyserviceyou’renotskilledat,ornotsuitedtohandle.Pickyourlaneandstayinit.

Q:Whatdoessuccessinpublicpractice

looklike?

A:Todecideifpublicpracticeisforyou,firstyouneedtounderstandyourwhy.Whatisityou’retryingtoachieve?Forexample,atMalloch

McCleanwe’realwaysfocusedon“helpingourclientsbuildasmarter,betterbusiness”.

Inmyexperience,thoseaccountantswhoare

thehappiestarethosewithagoodbalance

betweenfinancialfreedom,timefreedom,mind

freedomandgeographicalfreedom.That’swhateverysuccessfulaccountingpractice

ownerwants.

Strategyshouldbeyourtoppriority

Whenitcomestopublicpractice,thisadage

alwaysringstrue:Failingtoplanisplanningtofail.So,ifyoudodecideyouwanttorunapractice,

yourfirststepshouldbealong-termstrategicplantosetgoals,increaseyourprospectsofsuccess,

mitigaterisks,andminimisecosts.JohnSchol

FCAistheco-authorofaninvaluable

CACatalyst

guidetostrategyforaccountingpractices

.It’sanessentialresourceforanyonewhoisseriousaboutrunningtheirownpractice.OntheMYOBwebsite,thereisalsoafree

businessplantemplate

tohelpyoudefineyourstrategy.

Aboutthisguide

Work-lifebalance

Work-lifebalance

Potentialrisksandrewards

Startinganewbusiness

Peopleandskills

Technology

Complianceandlegal

Financialadministration

Businessstructurealternatives

Work-lifebalance

Beforedecidingwhethertorunanaccounting

practice,youoweittoyourselfandthoseyou

careabouttothinkaboutyourwork-lifebalance.

Inyearsgoneby,aguideliketheoneyouarereadingrightnowmightnothaveeventalkedaboutwork-lifebalance–sowhy

haveweputthisconsiderationnearthefrontofthisguide?

Theansweris:Becausetimeshavechanged.Attitudeshavechanged.It’scommonlyacceptednowthat,whatevercareerpathyouchoose,itshouldcontributepositivelytothehealth,happinessandwellbeingofyouandyourfamily.

So,beforeyoucommittorunninganaccountingpractice,put

yourselffirst.Considerwhatyourpersonalambitionsarefor

thenextfewyears.Youmightdrawupalistcoveringaspects

suchashome,health,family,sociallife,hobbies,community,andtravel.Thencontemplatehowcompatibletheseambitionsarewithrunninganaccountingpractice.

Threefreedoms

Yourbusinessshouldexisttobeintheserviceofyourpersonallife,nottheotherwayaround.Runninganaccountingpracticecanmakeitchallengingtoachieveandretainthisbalance.

Whenconsideringwhetherornotrunningapracticeisforyou,it’shelpfultoconsiderthreetypesoffreedoms,asidentifiedbyconsultancyTheGap:

1.Financialfreedom:Thefreedomtopaywages,debtorsandinvestinyourpracticeasrequired.It’sabouthavingthe

meanstoaffordthelifestyleyouwantforyourselfandyourfamily.

2.Timefreedom:Youhavebalanceinyourlifetodothethingsyouenjoyoutsideofwork.Thismayincludefamilyand

communityevents,personalfitness,orhobbies.

3.Mindfreedom:Havingpeaceofmindthatrisksaremanaged,andthebusinesscanoperatewhileyouareaway.

“Ifyouthinkyourpracticewillconcentrateon

complianceservicesforclients,thenyourworklife–andyourhomelife–needstofitaroundreportingdates

andpaymentdeadlines.Sothatcouldmeanasix-weekholidayisallbutimpossible.Thenagain,working10amto3pmmightbepossible,dependingonyourworkload.”

JodySitters

CommunityRelationsManager,MYOB

Adelaide,SouthAustralia

“Don’tstressthesmallstuffanddon’tpushyourselftothelimitfordemanding,unreasonableand

unappreciativeclients.Yourhealthandmental

wellbeing,andfamilytime,isreallywhat’simportant.”

AmandaGascoigneFCA

AmandaGascoigneConsulting

PortStephens,NSW

06Lookbeforeyouleap

SPOTLIGHT

AmandaGasoigneFCA

Aseasonedpublicpractitioner,Amanda

GascoigneFCAnowspendsherdays

consulting,coaching,andmentoringsmallandsoloaccountingpractices.Here,sheshares

somepointstoconsider,tohelpyoudecideifrunninganaccountingpracticeisforyou.

Q:Inyourexperienceconsulting,coaching,andmentoringsmallandsoloaccountingpractices,whatmakesagoodpublic

practitioner?

A:Runningapracticerequiresmorethanaccountingexpertise.Oneneedstobe

anempathiccommunicator,aresilient

entrepreneur,andasavvybusinessperson.It’snotforeveryone!

Iknowapublicpractitioner,forexample,

whocompletedfiveyears’worthofannualaccountswithoutissuingaquoteor

discussingfees.Whilstthisdemonstratesclientcommitment,acommerciallyviableresultmaynoteventuate.Tosucceedasapublicpractitioner,youneedtohavethe

07Lookbeforeyouleap

rightpersonality.Youshouldlovemeetingpeople.Youmustbeabletofacerejection.Andyouneedtobeabletohavetough

conversationswithyourclients.

Q:Priortoconsulting,youranyourownpublicpracticeforalmost20years.Whatdowishyouknewwhenyoufirststarted?

A:Firstly,theimportanceofmentorshipandcoachingcannotbeoverstated.

Secondly,adaptability,agilityandinnovationarenotoptional;they’reanecessityinan

everchangingaccountinglandscape.

Lastly,theimportanceofwork-lifebalance.WhilethereasonIstartedmypracticewastoachievethisbalance,Ilostsightofitinmyquestforsuccess.Awell-balancedlifewasbeneficialforthosearoundme,anditwascrucialforthelong-termsuccessandhealthofmypractice.

Q:Whereshouldyoustartwhen

consideringrunningyourownpractice?

A:Myfirsttipisdon’tlookatyourPublicPracticecertificateassimplyatickand

flickexercise;it’savaluableopportunitytomakegreatconnectionsandbuildsolidfoundationsandasustainablepractice

model.

Q:Howcanpublicpractitionersformulatetheirvisionfortheirpractice?

A:ThisissomethingI’mpassionateabout.Ihadawonderfulpracticelife,andIwasabletocreatebeautifulrelationships,andIdid

thisbyfullyaligningmyvisionformylifeandmypractice.

WhenI’mcoachingpublicpractitioners,Iask:Whatdoesyouridealweeklooklike?Wherewouldyouliketobeinfiveyears’time?

Anyoneconsideringpublicpracticeshouldconsider:Howmanyhoursperweekdo

Iwanttowork?WheredoIwanttolive?

WhatsortofcardoIwanttodrive?Inshort,what’simportanttome?

Andrevisitthesequestionsperiodically.

Ensureyourpracticemodelandprofitabilitylevelshelpyouachievethisvision.

Q:Whatarethedownsidesofrunningapublicpractice?

A:Oneisthefactthatyoucan’twork

witheverybody.You’llsendyourselftoanearlygravetryingtodelivereverythingtoeverybody.Instead,identifywhatyouridealclientlookslike,andtryandsticktothat.

Findingbalanceinyourpractice

Listentoepisode1

oftheCAANZpodcast‘SmallFirm,BigImpact’tohearaninterviewAmandaGascoigne

FCAaboutfindingwork-lifebalanceinyourpractice.

(Ifyoudon’twanttoworkduringschool

holidays,forexample,thenweeklypayroll

isn’tforyou.)

Ratherthanspecialisinginanyoneindustry

asapublicpractitioner,mynichewassmall

businesses.ThiswaswhereIcoulddothe

mostgood;thosewereclientsIcouldrelate

toandmakeadifference.Smallbusiness

wasmyjam.

Runningabusinesswithothers

Duediligencequestions

Buyinga“blockoffees”

Spotlight

There’smorethanonewaytorunanaccounting

business.Beforeleapingin,pausetoconsiderwhat

structuremightbestsuityou:solepracticeormulti-

partner;newpracticeorpurchaseof(orbuy-into)

anexistingpractice.

Businessstructure

alternatives

NAVIGATION

Importantnote

Thissectionoftheguideconsiderssomeofthestructuresthroughwhichaccountingbusinessesaretypicallyestablished.Itdoesnotcoverbroaderbusinessdecisionsaroundsettingupasacompany,trust,etc.Membersshouldseekprofessionaladviceonthose

mattersafterdeterminingtheirpreferredtypeofaccountingbusinessstructure.

08Lookbeforeyouleap

Businessstructurealternatives

Potentialrisksandrewards

Financialadministration

Startinganewbusiness

Complianceandlegal

Work-lifebalance

Aboutthisguide

Peopleandskills

Technology

Businessstructurealternatives

Ifyouthinkrunninganaccountingbusinessmaybeforyou,thentherearearangeofstructuresyoumightconsider.Inthissection,weconsideryouroptions.

Runningabusinesswithothers

Insteadofstartingfromscratch,youmightconsiderjoining

anexistingbusinessaspartnerordirector.Onthenextpage,wetalkwithanaccountantwhojoinedanexistingpartnershipinTasmaniatohelpillustratesomeoftheprosandconsof

doingthis.

Throughoutthisguide,weexplainmanyofthepotentialrisksandrewardsofsettingupyourownsolepractice.However,forthoseconsideringrunningabusinessalongsideotherpeople–orjoininganexistingbusinessasapartnerordirector–belowisasummaryofprosandcons.

09Lookbeforeyouleap

Positives

Collaboration:Drawingon

yourcollectiveknowledgeandjudgement.

Continuity:Helpscoverannualleaveandsickleave.

Companionship:Sharing

experiencesandsupportingoneanother.

Costs:Economiesofscalefromsharedresources.

Diversity:Tappingintodifferenttechnicalspecialisms,aswell

asrespectivestrengths.(e.g.,

businessdevelopment,clientandstaffmanagement,etc.)

Negatives

Compromise:Youarenotsimplyyourownboss;compromisewillberequired.

Negotiation:Sometimesyou’ll

needtonegotiatewithyourfellowbusinessowner(s)overobjectives,decisions,timeframes,etc.

Risk:Sharedresponsibilityof

jointlyrunningabusinessmeansyourpeers’actionsexposeyoutorisk.

Conflict:Somecollaborationsdon’tlastandmaynotendamicably.

Misalignment:Differinglevelsofcompetenceandmotivationcouldleadtofrustration.

“Aftergoingoutontheirown,somesole

practitionersstrugglewithstepchangesneededintheirfirmastheygrow.Whatgetsyour

businessstartedandfeedsyourfamilyforthefirst12,18,24monthsisn’tnecessarilygoingtobesustainableinthelongerterm.”

JohnScholFCA

Principal,MallochMcClean

Invercargill,NewZealand

Businessstructurealternatives

Potentialrisksandrewards

Financialadministration

Startinganewbusiness

Complianceandlegal

Work-lifebalance

Aboutthisguide

Peopleandskills

Technology

Businessstructurealternativescontinued

Duediligencequestions

Ifyou’reconsideringbuying(orbuyinginto)anexisting

accountingbusiness(i.e.notsimplybuyinga“blockoffees”)considerthesequestions:

•Isthereacurrentpartnershipagreement,company

constitutionand/orshareholderagreementwhichtakesmyentryintothebusinessintoaccount?

•Whatisthefirmstructure?Howdominantareindividualsandmanagementresponsibilitiesofvariouspartners/directors?

•Howcomfortableand/orcompetentamIwhenleadingandmanagingteamsofpeople?

•WhatstatusdoIwantwithinthebusiness;equityornon-equitypartnerorcontractor?

•Whatotherbusinessagreementsdoesthepractice

have(suchasfinancing,leases,etc.)?Howoldisexistingequipment?Howsoonwillitrequireupgradingand/ormaintenance?

•Whatistheageandconditionofthepremises?Whatarethepremises’runningcostsincludingutilitiesandmaintenance?

•Howisbusinessowners’performanceassessedandrewarded?

•Howhealthyarethefinancials?(Includingcash-flow/funding,workinprogress,debtors(anddisputes)andgoodwill.)

•Arethereanyexistingorlikelylegalandinsuranceclaims?

•Whatsuccessionplansareinplaceforwhenaco-ownerleaves?

Buyinga“blockoffees”

Likemanyaccountants,youmayconsiderbuyinga“blockof

fees”fromanexistingbusiness.Buyinga“blockoffees”comeswithitsownconsiderationsincludingundertakingduediligencetoensurethattheclientsareyour“targetclients”.

You’llalsoneedtodetermineanappropriatepurchaseprice;

includinga“purchasepriceadjustment”clauseinthecontract(notallclientswillwanttotransfer)andensuringthatusual

transferofclientprocessesandprocedures(includingconcludingnewtermsofengagementbeforetransferringrecords)are

undertaken.

Youshouldobtainprofessionalandlegaladvicebeforeproceedingdownthispath.

Consideringbuyingapractice?

OntheCAANZwebsite,youcanreadaguidetoHowtomaximisevaluewhenyousellyour

practice.Thisincludesachecklistforcommerciallawyers.Mostoftheissuesraisedarerelevanttobuyers,aswellassellers.(Andifyoudecidetobuyapractice,makesureyourduediligencecoversinsurance,too.)

“Ifyou’rethinkingofpartneringwithanother

accountantoraccountants,youneedto

understandtheirsystemsandprocesses.

Havingclarityonthatcanhelpyoudecidehowcompatibleyourwaysofworkingmightbe.”

JodySitters

CommunityRelationsManager,MYOB

Adelaide,SouthAustralia

10Lookbeforeyouleap

SPOTLIGHT

MaryellenSalterCA

In2019,MaryellenSalterCAbecameapartnerinWLFAccountingAdvisoryinHobart,Tasmania.Hereshereflectsonthejourneyandlessonslearned.

Q:Whataretheadvantagesofbecomingapartnerinanexistingpracticeversusbeingasolepractitioner?

A:Atastrategiclevel,theoverwhelming

benefitisthatyouhavealegacyofwisdomandexperiencetoleveragefrom.Ina

partnership,whichistrueformine,therangeofexperienceissignificantwheretheymayhavemanagedthroughhardertimesand

canensurethathistoryisnotrepeated.

Becomingapartnerinanexistingpracticealsohasbenefitsoperationallywhereyou

don’thavetosetthebusinessupfrom

scratch.Oneofthebigbenefits,therefore,isthatyou’vegoteconomiesofscalewhenitcomestoback-officesupport.Youdon’t

havetoreinventthewheelwhendeciding

themostefficientwaytobillaclient,orwhat

11Lookbeforeyouleap

levelofsupportyourequireintermsofstaffingstructure.

Also,themorepartnersyouhaveinyour

practice,themoreyou’reabletodiluteyourcosts.Insurancecosts,forinstance,have

risenrapidlyoverthepastfewyearsand

thesecostscanproveasignificantbarrier

toentryforsolepractitioners.Similarly,

survivalinafirmwouldonlybepossiblewithinvestmentinaccountingsoftware.Being

asolepractitionerandnavigatingthrough

selectionandset-upofclientswithout

appropriateITsupportcouldbeproblematic.

Q:Howdidyougoaboutbecomingapartner?

A:Ourfirmhasstagedentrytopartnership–fixedprofitshare(whereyoudon’tbuy

in),andthenyoumaybeaskedtoenterasanequitypartner.AtbothstagesItookonrisk;withequityyoualsoputmoneyintothepractice!Thefirststageiswhereyoucarryoutyourduediligenceofthepractice–

lookingattheearningsovertime,thereturnoninvestment,etc.Thisiswhereyou’vegottotaketheopportunitytoaskquestionsandtounderstandhowthebusinessoperates.

Evenifyoudon’tprogresstoequitypartner(andtherefore,getgiventheopportunitytobuyin),youwillstillcarryalltheassociated

risksofbeingapartner.Obviously

mortgagingyourhometoraiseequityisabigundertakingthatyouwouldn’tenterlightly.

Q:Whatadvicedoyouhaveforaccountantswhoareconsideringpartnershipinan

existingpractice?

A:Joiningapartnershipisbigadecision.It’slikeenteringamarriage.

Justasnooneentersamarriagethinkingaboutdivorce;nooneshouldentera

partnershipthinkingit’sasteppingstonetosomethingelse.(Especially,astheprocessforexitingapartnershipisn’teasy.)

Youneedtoviewyourpartnershipastheendgoal.

Servicedesign

Businessdevelopment

Beforedecidingtostartanaccounting

business,clarifywhoyourpotentialclientsare,

howmuchdemandthereisforyourservices,

andhowyou’dcontinuetoattractnewclients.

Startinganewbusiness:

clientsandmarketing

NAVIGATION

UsingtheCAandACCAbrand

12Lookbeforeyouleap

Aboutthisguide

Work-lifebalance

Startinganewbusiness

Peopleandskills

Technology

Complianceandlegal

Financialadministration

Potentialrisksandrewards

Startinganewbusiness:

clientsandmarketing

Whenweinterviewedaccountantsforthisguide,everysingleoneemphasisedthatnobodyshouldstartanaccountingpracticewithoutaclearideaofwhotheiridealclientsare,whatclientservicestheydo(anddon’t)offer,andhowtoproactivelymanagedemand.

“Facedwiththeprospectofoneortwopotentialclients,

it’stemptingforaccountantstolaunchstraightinandstarttheirownpractice–butthatdoesn’tmeanit’sgoingto

besustainable.Justlikeanyotherstart-upbusiness,newaccountingpracticesfirstneedacomprehensivebusinessstrategyandmodel,”saysAleksandraZaronina-Kirillova,HeadofSMEProfessionalInsights,ACCA.

Servicedesign

Servicedesignincludesdelivery,enablers(technology,people,etc)andback-officesupport.Ifyouhaven