![]() ![]() ![]() Obtain Employer Identification Number (EIN) and Tax ID number.Once you’ve selected a location and determined your goals, it’s time to consider the nuts and bolts of owning a business. This will influence many other decisions, including the function of the services you provide, whether you want a physical or virtual location, your target demographic, and the location of your business. Start by figuring out your purpose, goal, and market. And while there are accounting-specific requirements, it’s important to remember that you’re starting a business first. Starting an accounting firm is no different from starting any other small business. What are the requirements to open an accounting firm? What do I need? When a business is not incorporated, it becomes harder to draw that line and the entire enterprise becomes at risk. Assets become owned by your business and are distinguished from personal assets. However, there are certain liability protections by becoming an LLC, including limiting risk for your business. Should you start a legal entity? For some, a sole proprietorship won’t require incorporation – especially if the work is centered around less complex tasks such as basic tax preparation.From adopting new technology to discovering and implementing new software or other efficiency creating tools, running your own firm lets you make the decisions about what makes your business unique-and profitable. Do you want to be nimble and cutting edge? Small firms tend to be much more agile and have a greater ability to do new things.Knowing why you’re starting a firm can help you define your target market, whether it’s helping small businesses, real estate, or another service area. Why am I doing this? What’s my goal behind this? It’s not just a philosophical exercise. What’s my business purpose? While perhaps a bit esoteric, defining your business’s purpose is crucial.However, going out on your own comes with one significant benefit: you’re getting the profit from the firm, not just your wages. Do you want to be a cog in the machine or own a firm? Frankly, there isn’t a wrong answer to this question, but rather a preference.Here are a few questions to consider when starting a firm: However, industry and consulting firms list accounting firms as one of the single most profitable small businesses a person can start right now. Starting an accounting firm is like starting any small business – it requires a lot of work. Why would I want to start an accounting firm? It's not every day your accountant genuinely cares about your situation and what’s really in your best interest.Starting your own accounting business sounds like a lot of work. She makes you feel part of the team, not just a number! Kim and her team consistently look out for my best interest. Her personality is relaxed yet professional. Her prices are fair and affordable, her service is outstanding. If Kim does not know the answer to your question, she takes the time to research and provide you with the correct answer. ![]() Our expensive chartered accountant at the time basically. 4 years ago, CRA decided to do a net worth audit on our personal and businesses. My years of loyalty will definitely continue! It's not every day your accountant genuinely cares about your situation and what’s really in your best interest. She has assisted me with GST and PST audits, and everything in between! Since then Kim has taken over all my taxes, cleaned up and streamlined my bookkeeping. Kim worked with the auditors and put everything together meeting CRAs ridiculous timelines. She allowed me to work with them as much as possible to help lower costs. Kim and her team dropped everything and took over for me. I have always known Kim as smart and fearless, so I called her for advice. Our expensive chartered accountant at the time basically left us for dead. ![]()
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