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You’re starting a consulting practice in accounting. How do you make sure it’s successful?

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You’ve decided to take the leap and start your own consulting practice in accounting. Congratulations! You have the skills, the experience, and the passion to help your clients with their financial needs. But how do you make sure your practice is successful and sustainable? Here are some tips to help you plan, launch, and grow your accounting consulting business.

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Tayyab Saeed

Ex PwC | Retail | FMCG | FP&A | Business Partnering | Power BI | SAP | Oracle | Financial Reporting | IFRS |Corporate…

1 Define your niche

The first step to starting a consulting practice in accounting is to define your niche. What kind of accounting services do you offer, and who are your target clients? Do you specialize in a specific industry, sector, or region? Do you focus on a particular area of accounting, such as tax, audit, or bookkeeping? By narrowing down your niche, you can position yourself as an expert, differentiate yourself from the competition, and attract the right clients for your practice.

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Robert Mwendia

CPA/Accountant/ Finance Manager/
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Market research firms need to carefully allocate costs and overhead to ensure accurate financial reporting and effective decision-making. Here are some common methods and considerations for allocating costs and overhead in market research firms: 1. Direct Costs Allocation: ? Project-Based Allocation ? Client-Specific Allocation: 2. Indirect Costs Allocation: ? Overhead Allocation: ? Percentage of Direct Costs. ? Labor Hours or FTE Allocation: 3. Activity-Based Costing (ABC) 4. Technology and Infrastructure Costs: By considering the specific needs of the market research firm, businesses can ensure accurate financial reporting, fair billing practices, and effective management of costs and overhead.

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2 Set your rates

The next step to starting a consulting practice in accounting is to set your rates. How much will you charge for your services, and how will you bill your clients? Will you charge by the hour, by the project, or by the value? How will you handle expenses, discounts, and payment terms? Setting your rates is a crucial decision that affects your income, your profitability, and your client satisfaction. You need to consider your costs, your value proposition, and your market research to determine a fair and competitive pricing strategy.

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Tayyab Saeed

Ex PwC | Retail | FMCG | FP&A | Business Partnering | Power BI | SAP | Oracle | Financial Reporting | IFRS |Corporate Finance | Business Strategy | Data Visualization | Financial Modelling
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Research market rates for your niche, experience, and location. Don't undervalue yourself, but remember you're building trust. Consider value-based pricing: charge what you solve, not just your hours. Offer package deals or flexible options. Track your time and tweak rates as your practice grows. Remember, happy clients lead to higher rates in the long run.

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Cpa Marube James

National Government
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One of the bigger challenges in consulting services is setting rates that conform with the industry, law and best practices. It's important to see what regulations from governing bodies like ICPAK say on fees. Know the key determinants such as the scope of work, level of education and experience of your staff, tax provision and remuneration standards in the country operations. With this basics set rates that will enable have a competitive edge over the rest while giving quality services to your clients.

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3 Create your brand

The third step to starting a consulting practice in accounting is to create your brand. How will you present yourself and your practice to your potential and existing clients? What is your name, logo, slogan, and website? What is your mission, vision, and values? How will you communicate your expertise, credibility, and personality? Creating your brand is a key step to establish your identity, reputation, and trust in the accounting consulting market.

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Tayyab Saeed

Ex PwC | Retail | FMCG | FP&A | Business Partnering | Power BI | SAP | Oracle | Financial Reporting | IFRS |Corporate Finance | Business Strategy | Data Visualization | Financial Modelling
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Niche it! Carve expertise in a hot area like crypto or non-profits. Tell a story - showcase your passion for clients, not just numbers. Be their hero - exceed expectations with proactive service and clear reports. Embrace tech - build a user-friendly site and rock social media. Stay sharp - keep learning to keep your clients ahead. Boom. That's your consulting magic.

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4 Market your services

The fourth step to starting a consulting practice in accounting is to market your services. How will you reach out to your target clients and generate leads for your practice? What are the best channels, tools, and strategies to promote your services and showcase your value? How will you network, pitch, and follow up with your prospects and referrals? Marketing your services is an essential step to grow your client base, increase your visibility, and build your relationships in the accounting consulting industry.

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5 Manage your projects

The fifth step to starting a consulting practice in accounting is to manage your projects. How will you plan, execute, and deliver your accounting services to your clients? What are the scope, objectives, and deliverables of each project? How will you track your time, expenses, and progress? How will you communicate, collaborate, and report to your clients and stakeholders? Managing your projects is a vital step to ensure your quality, efficiency, and satisfaction in the accounting consulting field.

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6 Develop your skills

The sixth and final step to starting a consulting practice in accounting is to develop your skills. How will you keep up with the latest trends, regulations, and technologies in the accounting profession? What are the best resources, courses, and certifications to enhance your knowledge and skills? How will you solicit feedback, evaluate your performance, and identify your strengths and weaknesses? Developing your skills is an ongoing step to maintain your competence, confidence, and credibility in the accounting consulting domain.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You’re starting a consulting practice in accounting. How do you make sure it’s successful?

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1 Define your niche

2 Set your rates

3 Create your brand

4 Market your services

5 Manage your projects

6 Develop your skills

7 Here’s what else to consider

Accounting

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