If you’re planning to start an accounting firm, I believe you already have great business idea. And now you’re going to take next step as well. That’s where you think of starting your accounting firm. But how to start an accounting firm? What steps you need to take to commence your accounting firm? Do you have any idea about it? If no, then here I’m going to talk about the steps, you need to follow to start an accounting firm. So stick with this article and read the given steps.
Let’s now dive in below.
Follow the given steps to start your accounting firm
The given steps are good for you to start your accounting firm. Just follow them below-
Step 1: Start planning your business
The first step is to plan your business. What things you will need to consider planning your business? This is the main question here. Some of the things which you need to consider include:
- – Who is your target market?
- – What would be the name of your business?
- – Startup and ongoing cost
- – How much your product cost will be?
Once you consider these things, you will have a complete plan for your business with you.
Step 2: Register your accounting business
Once you’re decided with the name and everything of your business, second step is to get your business register with a legal entity. If your business has more than one owner then you need Limited Liability Partnership (LLP) structure. Once you’re done with an informed decision about legal entity you want for your business, Kayabooks can assist you for sure.
Step 3: Now apply for employer identification number
In the third step, you need Employer Identification Number (EIN) which identifies your business for tax filing and reporting purposes. If your business has employees then you must obtain an EIN. As a business, you must have EIN before even opening a business bank account for the company.
Step 4: Get business license and permit
To mark the authenticity of your business, you need to obtain your business license and permit as well. Every state has their own set of rules and regulation so whatever state you’re going to start your business, make sure to check every detail about it at first. Moreover, Kayabooks can help you identify your business license and business permit requirements. In fact, you must check with your local government office.
Step 5: Open a business bank account
Since you have planned to start your business, you have to get a separate business account opened. Once the company is registered and has obtained its EIN, it should have all the required information to open a business bank account and credit account as well. Don’t forget to keep your business accounts secure with bookkeeping services in Los Angeles at most reasonable price. The bookkeeping services will secure your accounting books from threats and malware.
Step 6: Get your business insured
Business protection is necessary so that you can secure it from any kind of threats and spam. Accounting is related to money management and business finance that’s why it’s important to get insurance policy for additional protection and finally deliver peace of mind. Make sure to take help of financial service industry that will help you in this type of policy that may be good fit for your business. The best policies you can go with include:
- – Data Breach Coverage
- – Professional Liability Insurance
- – Business Owner’s Policy (BOP)
You can choose the one, which you think is good fit for your business. Additionally, you can go with virtual accounting services in Phoenix for protecting your business in real-time.
Final wordings
These are some of the relevant steps you need to follow and implement to start your accounting firm. If you didn’t understand the steps, then here we’re, just consult us. We at Kayabooks help clients start their accounting firm. If you’re one such client looking to commence accounting firm, make sure to follow above-mentioned steps and if you face any kind of difficulty, feel free to contact us right away.