Running an accounting firm is not easy. You have to deal with…
- Disrespectful clients.
- Making yourself available.
- Hourly billing and client follow-up.
- Locating clients.
- Inconsistent income.
You may be thinking……
“This is not what I signed up for.”
Sure, Accounting is a remarkable and sometimes lucrative career. To succeed, it takes tremendous sacrifice and hard work.
As alluring as a professional accountant’s paycheck may seem, the road to start running your own accounting firm requires blood, sweat, and tears.
Besides having to deal with the problems mentioned above, working in accounting also requires profound knowledge. Accounting is a dynamic subject because of the ever-changing nature of the financial reporting standards.
These standards are issued by the International Accounting Standards Board (IASB) and they regulate the needs and requirements of businesses.
Keeping track of accounting standards while constantly having to perform at a high level is difficult. Add this to the current stress you are dealing with, and starting your accounting firm might seem impossible.
In this era of internet and technology, small businesses install accounting software like Quickbooks to deal with basic accounting functions instead of hiring an accountant.
This has led to a decreased demand for accountants and an increase in competition.
Competition is a good thing and should be applauded. However, you are probably running your accounting firm with a scarcity mindset instead of an abundance mindset.
How do I know you are running your accounting firm with a scarcity mindset?
Because chances are, you just cannot afford to…
- Part with difficult clients.
- Part with clients who do not respect your time and expertise.
- Part with clients who monopolize your availability.
- Part with clients who pay late or fail to pay at all.
- Lack self-promotion that would otherwise allow you to obtain new clients.
- Have inconsistent income due to seasonality.
How do you bypass most of these problems? First, you should ask yourself if you are running your Accounting firm with a Scarcity or Abundance mindset.