Opening a financial firm in Davao City or even in a different site requires careful planning. It isn’t something you can just dive into without bearing in mind all of the advantages and disadvantages. Many accountants push their naive desire of putting up a business and instantly get fortune. The truth is it doesn’t always work out that easy. If you try to ask many successful businessmen, most of them will say that the road to success is often long and slim.
Setting goals for your business should be realistic. You need to focus on important points like accounting services you should sell. You would not want to sow fretfulness at the beginning of your business or else, you will reap trouble at the end and how you present yourself to potential clients will not be that great. These goals should grant you a podium of where to start and should include information such as:
• What Accounting Services to Offer
• What Will Be Your Niche
• Who Are Your Clients
• What Should Be Your Rates
There are literally many strategies to open an accounting firm. However, keep in mind that what works for others many not work for you. That is exactly the reason why you are listing such goals above. When you see your strengths, you will be able to focus on them and hitting success will not be impossible
Accounting Services to Offer
The following list gives you idea what accounting services most CPA firms in Davao offer. These are the most important ones that you would like put together. You can absolutely modify them and if you need some time to stop and think of ways in making them better, feel free to do so.
1.) Tax preparation – The rising number of small businesses feel the increasing need for tax preparation. While business owners get technically capacitated, they aren’t getting any better in handling their money. Tax preparation is one thing they find very daunting. The reality that many business owners do not like to prepare their income tax contributes to your opportunity of providing such accounting service.
2.) Bookkeeping – Bookkeeping is found in almost any business. It is keeping a record of all business transactions. However, a number of business owners fail to do this simple job. Your responsibility as an accounting services provider is to do this accurately. You also have to be aware that methods for bookkeeping may change over time but they are used for the same purpose and are importantly needed in the business world.
3.) Creating Financial Statements – Many business owners suffer from the fear of financial reporting. They think of it as a very tedious job because it’s repetitive and requires basic understanding of accounting. As a specialist, this task will just be a piece of cake. You just have to assure your clients that creating a financial statement is never horror.
4.) Auditing Services – Every business need these. By auditing, a business owner will identify whether there’s fraud happening or not. Auditing provides value to a business by ensuring the financial statement and other information are legal.
5.) Succession Planning – Seldom do business owners anticipate illness or death. Of course, you are not telling them that they are going to die. But you can let them prepare for business succession in case events like incapacity or death happen. With succession planning, you will be helping clients to identify who is next suited to handle the business. Whether it be a family member or a friend, careful succession planning is necessary to keep the business alive.
What Will Be Your Niche and Who Are Your Clients
What type of accounting services are you great at? What are you known for? Are you good at tax planning? Is preparing financial statements your strong point? Are you great at bookkeeping? What else do you know? As you determine your niche, give them attention. Be innovative and brand yourself base on your strengths.
The type of your clients would normally be the ones who are always patronizing your specialty service. To find potential clients, you can make up a survey or check out the local phone book. Check out business directories and find out what business you can target. You may also make friends with other professionals like doctors, lawyers and real estate agents. For sure, these people have a scoop on business conditions.