The Often Overlooked Benefits Of Starting An Accountancy Business

January 13, 2024
2 mins read

The Often Overlooked Benefits Of Starting An Accountancy Business

By Business Desk

Thursday, October 26, 2017.

If you’re looking for a new business venture that could provide you with lots of opportunities for earning a fortune, you shouldn’t overlook the idea of accountancy. Sure, you’ll need to head off to college or university to get some qualifications, but you could vastly improve your quality of life and earning potential if you play your cards right. With that in mind, consider some of the often overlooked advantages of operating an accountancy company below before making your decision and taking a step towards achieving your goal.

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You can earn a fortune!

The best thing about accounting is that professionals tend to earn high wages every single year. That is because you either charge clients a flat fee or take a commission from their profits, and it’s true regardless of whether the person starts a company or works on a self-employed basis. Either way, you stand ready to make some serious money. In the UK, accountancy packages start from around £400 per year. However, some companies pay as much as £10,000 depending on the nature of their operation and the inner workings. So, you won’t struggle for cash if you choose to join the industry and register a new accountancy brand.

You can provide many other services

Accountants do far more than just submitting tax returns for clients to HMRC. In most instances, successful firms will offer a massive range of different services alongside basic accounting. For example, many companies might:

Offer business advice

Deal with the registration of limited companies

Review contracts and deals

Handle PAYE payments

Provide insurance advice

Most people don’t know how to set up a limited company or make the right moves in the business world, and so you could double or even triple your takings by providing those services.

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You will network with lots of other business owners

Lastly, accountants get to spend a lot of time around successful entrepreneurs. They also get to learn about the inner workings of their companies and how they make profits. So, it stands to reason that you will learn about lots of different opportunities for making money during your career. You might even manage to use some of the contacts you meet to start other businesses in the future. Some of your top clients could try to headhunt you and ask you to work for their firm directly. Of course, you don’t have to accept such offers, but it’s an excellent feeling when they’re on the table.

Now you know about the often overlooked benefits of starting an accountancy business, you should find yourself in a better position to make the right decisions. It’s not for everyone, but those with a decent understanding of mathematics and the tax system could turn their lives around and fill their bank accounts with cash. The hardest part of the process is attracting clients during the early stages of the venture. However, you can do that by undercutting the competition and using savvy digital marketing strategies. So, you have nothing to lose and everything to gain. Start the ball rolling today, and in a couple of years, you might have everything you always wanted.

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