Discussion:Starting a CPA firm
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Revision as of 18:19, 30 October 2009 TexCPA (Talk | contribs) (Monica, good lu) Next diff → |
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| {{ForumReplyPost|UserID=Kevinh5|Date=30 October 2009|Text=of course, that whole Bialystock and Bloom CPA firm thing has been done from prison before.}} | {{ForumReplyPost|UserID=Kevinh5|Date=30 October 2009|Text=of course, that whole Bialystock and Bloom CPA firm thing has been done from prison before.}} | ||
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| + | {{ForumReplyPost|UserID=TexCPA|Date=30 October 2009|Text=Monica, | ||
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| + | good luck starting your own practice in this great state, please register your frim, it's only $50/ year, review all the rules and coses @ [[http://www.tsbpa.state.tx.us/ TSBPA]]. | ||
| + | 1) yes 2)yes , but maybe use a PMB for business 3)No 4)No , but could be a good idea, gives your clients someone to sue 5) many resources for CPE classes 6) webstie could get some traffice, along with SWBYP's, however after 10 years I do neither, | ||
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| + | Another note, please follow, read, and understand the Peer Review requirements for CPA's in Texas, create engagement letters, set your price and don't sell yourself short. Respond quickly to your clients either by email or phone calls, if you take on an engagement that is more than X, don't hesitate to ask and get a retainer | ||
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| + | that's my nickel (wooden) | ||
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| + | [[User:TexCPA|TexCPA]] 13:19, 30 October 2009 (CDT) | ||
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| + | }} | ||
Revision as of 18:19, 30 October 2009
Discussion Forum Index --> Business Growth Community --> Starting a CPA firm
| 29 October 2009 | |
| Hi,
I am a CPA and have been in accounting for 5 years. I passed my CPA exam a year ago and was in public accounting for 2 years. I want to start my own firm. But I'm not sure if I know enough to be able to do this. I like the idea to work for myself and feel that I can venture into this right now since my husband has a stable job. I would like to start with providing bookkeeping, tax planning and tax return preparations for individuals and small businesses. 1) Is it a good idea to jump into one's own practice with few years of experience in public accounting? 2) Can I run my practice from my home office? 3) Do I have to set up an entity (I'm thinking - professional LLC) before I accept any kind of work? 4) Do I need to have professional liability insurance before I start? 5) I have been out of public accounting for a year now. Does anyone know where I can take any courses on current tax rules for individuals and small businesses? 6) How important is it to have a website before I start? Sorry - my question list got too long. I would appreciate any responses and advice. Thank you. | |
| 29 October 2009 | |
| you should read all of the discussions in the Business Growth forum.
Then do a search (in the yellow box) on 'CPE' to find our favorite course providers.
| |
FloridaTaxes (talk|edits) said: | 29 October 2009 |
| You can run your practice from home, but I think it hinders your ability to grow in some ways. I did it for three years and am glad I rented an office now. Some potential clients will go away when you tell them your office is at home. Also make sure where you live there aren't restrictions that prevent you from doing that. You might want to consider renting an office suite. They're $400 a month or so around here and include all utilities, access to conference rooms and copiers, etc.
Yes, you should get liability insurance. The AICPA has discounts with some companies. Landy Insurance is also well priced. Do a search for tax CPE courses. There should be some refresher/update courses you can find. I recommend a website, but it's not absolutely necessary. I did get quite a few clients that googled for an accountant, found my website, and called. There are low cost options you can use to create your own, like Fatcow.com, or you can get a nicer one from CPA Site Solutions, ClientWhys, etc. Best of luck. | |
Floridacpa (talk|edits) said: | October 30, 2009 |
| I know in my state you need to register the firm with the Board of Accountancy.
Also, why would you set up an LLC? Do you have a partner? If it is one person you then have a disregarded entity and it goes on the Sch C, or you can elect to file as a Corp. If it is just you, set up a S Corp. Office: I see a lot of virtual offices out there, you might want to try that just to meet clients. Otherwise depending what city you live in??? you can get a suite from 250-450 per month. Lack of an office will give the perception of lack of professionalism - also it is harder to charge decent fees if you work from home, again appearance. A website is good because it gives again, a good appearance. Also, it allows you to show your knowledge and give information. Liability insurance - the insurance will cover you from the date you enroll onwards - before that date, you are not covered. Try the AICPA value plan. CPE: I really like Accountants Education Group, I dislike Surgent McCoy. Good luck! | |
| 30 October 2009 | |
| Thank you Kevinh5, Floridataxes and Floridacpa. Thank you all for your inputs.
Kevinh5: Thanks for the advice. I will look at all the CPE options. Floridacpa: I live in Texas and the rent around here would be around that much. You are right - it is just me and S corp would be a better option. A friend wants me to help him with his books right now. Since setting up my practice, filing papers etc will take time - can I accept that work or should I ask him to wait till all this is taken care of? Floridataxes: Any books that you recommend as a refresher for bookkeeping and taxes (individual and small businesses)? | |
| 30 October 2009 | |
| CPA297 - In Texas you have to register a firm with the Board before you can use the CPA designation. You can still help your friend with his books and taxes, but make sure he fully understands that you do not have a registered CPA firm, I guess you could just say you are his bookkeeper. | |
FloridaTaxes (talk|edits) said: | 30 October 2009 |
| Try Quickfinder. They have books for individual taxation, business taxation, and bookkeeping. If you call them and say you want all of those they will probably offer you a bundle price and save you some money. | |
| 30 October 2009 | |
| Cpa 297, make sure to read my advice on weinnie roasts to draw crowds, and also my idea of buying a junk car, having it painted, and giving it away in a new client raffle. This stuff should work even better in a depression, or recovery, depending on who you believe.
Of course, giving out candy to strangers at this time of year is a no brainer, but I mention it anyway. | |
| 30 October 2009 | |
| but giving out candy to little boys and girls other times of the year will get you 20 years in prison. word to your mother.
or was it the whole van and trenchcoat thing? I don't remember. | |
| 30 October 2009 | |
| of course, that whole Bialystock and Bloom CPA firm thing has been done from prison before. | |
| 30 October 2009 | |
| Monica,
good luck starting your own practice in this great state, please register your frim, it's only $50/ year, review all the rules and coses @ [TSBPA]. 1) yes 2)yes , but maybe use a PMB for business 3)No 4)No , but could be a good idea, gives your clients someone to sue 5) many resources for CPE classes 6) webstie could get some traffice, along with SWBYP's, however after 10 years I do neither, Another note, please follow, read, and understand the Peer Review requirements for CPA's in Texas, create engagement letters, set your price and don't sell yourself short. Respond quickly to your clients either by email or phone calls, if you take on an engagement that is more than X, don't hesitate to ask and get a retainer that's my nickel (wooden) TexCPA 13:19, 30 October 2009 (CDT) | |
