The accountancy business is one the most profitable businesses in the service sector. The recent developments in IT has created thundering waves in this field and today the accountants job is less tedious than what it used to be.
However it is still challenging due to the ever increasing scrutiny of the regulatory bodies as a result of the emergence of the so called corporate scandals. Today the role of the accountant has become broader and they are expected to actively participate in decision making process.
While the companies emphasize on adopting best accounting systems to support their diversifying businesses the trend is to outsource in order to reduce costs. This is particularly popular with small and medium scale businesses which are simply sensitive to the significant costs involved in setting up the in-house accounting department. Therefore if you wish to set up your home accountancy business, your target customer segment should be these small and medium sized companies. Since the portion of these small and medium sized companies out of the total business ventures in the market is sizable, the market potential is massive and it’s up to you to unleash that potential.
The best part of being a freelance accountant is that there is very little establishment costs involved in the business. If you have a computer with necessary software installed along with internet access, you can start up your business right now. Obviously you need to have the background knowledge plus the work experience in order to execute the job. Provided you have the knowledge and experience but you are committed to your children at home then the flexibility of freelance opportunities ideally suits you. So if you are a bizymoms who wish to stay at home, work at your own pace and most importantly be your own boss, a home business in accountancy is best suited for you.
First you need to develop a clientele for your business. If you speak to other freelance accountants they would tell you that getting that first job is always challenging. Once you establish yourself you will find yourself overloaded with work. To start the proceedings you may search for small and medium scale businesses through various freelance websites. These websites provide ample opportunities for those who wish to step in to freelance accounting. Although the rewards may not be lucrative as you expect, the experience you obtain is vital in order to be successful in the future. There are certain other websites once you get registered will allow you to bid for freelance work. Generally the established freelancers bid here and therefore the contract prices are high comparatively.
In order to increase your revenues you may use online advertising. While you advertise your business do not ever forget to provide the service you boast in your advertisements. You need to remember that your quality of service will determine your future success since it is a proven fact that the cost of acquiring a new customer is ten times higher than retaining an existing one.
Once you establish the business you may expand, hiring less experienced freelancers to work for you. When the workload gets tough hire or contract few people who can assist you in managing the business such as a lawyer, advertising agent etc. Enjoy yourself developing your freelance accountancy business.