Step One In Getting Your Practice Started

Jan 14th, 2009 | By | Category: Marketing Professional Services, Marketing With Speeches

So you want to be an independent bookkeeper and accountant? You’re tired of working for “Da Man” and you want to strike out on your own. Hooray for you!

First of all, congratulations! There is nothing more rewarding than being your own boss. Not being the top executive, the lead partner or the chairman of the partners executive committee of a big whatever the number is now firm.

Being on your own gives you all the risks and rewards you can handle, and all the adrenaline rushes that go along with that. Being at the top of an entity that is not yours has stress, but the adrenaline reward from good results is nowhere near the same.

Okay, enough about how great it is. It also has some downers, like “What do I do now? I’m all alone.”

Fear not, Uncle Kirk is here with all the answers. Or, if not all the answers, then a list of marketing guru’s who will have the answer somewhere in the middle of their files, and will be glad to help.

Anyway, on we go.

Step 1 …. Make a Business Plan. (Ever heard THAT before?)

Well, if you’re like most business owners sitting down to create their first business plan, you’re going to be lost. It doesn’t matter if you’ve been doing them for clients for fifteen years. This one is for yourself, and if you’re normal, you haven’t got the faintest idea where to start.

I don’t either, so let’s bumble through this thing together. We’ll add stuff as we think of it, and see where it all leads us.

In this post, let’s stay simple. (That way I don’t have to write too much.) To make it simple, let’s think about practice financials. Here’s a link to a simple worksheet that may help you with some goal setting … Sample Accounting Fee and Income Projections (Okay, I’m not known for my humor, but I said it was a link.)

Go ahead, download the worksheet and play with it.

The first sheet is based on industry averages gleaned from ratios found in public records. It’s pretty straightforward. The second sheet is based on statistics for an average firm in a chain of accounting franchises. I was able to glean that information from their operations manual. The layout of the statement is a bit different, but that’s the way each of them was laid it out.

There are two sets of formulas on each worksheet. Find the yellow highlighted cells and enter either your revenue goal or your income goal, and the formulas should calculate a result for the rest of the income statements.

Here’s the link again … have fun.

Sample Accounting Fee and Income Projections

Tags: , , ,

Leave a comment »

  1. The “link” does not work… imagine that huh ?

  2. Hi Jason …

    It worked for me. If you follow that link, you will be taken to the download page where you can click the link and download. Maybe my explanation wasn’t the best, or did you miss it? Or did you not register as a subscriber when you posted? May need to do that. Let me know.


  3. So I’m a victim of my own dumbidity.

    My browser keeps me logged in, and I got not subscribe here button for folks before they download.

    Testing to find out why Jason couldn’t get the link to work, I discovered that I had protected the page so folks had to click on the link to get to it. Or so I thought. Unfortunately, they also have to be registered and they don’t do that until they make a comment.

    Come back Jason, come back! It should work now. Maybe.

  4. I searched high and low and the WordPress regiser system is just plain dumb, so the above post has been edited to include the link directly. Hope it works. If it doesn’t, post me another note.


  5. Hi Kirk,
    I am back and was trying it – I did not realize I had to WIN ZIP it.
    Now I am trying to register my WIN ZIP – it is a pain. I actually
    do not have the patience right now for it as I have been at the
    office all night (again) and I am super tired. So, I will look at
    it later on today some more. Eventually, I will get it !
    Thanks and take care

  6. You’re trying to install and learn new software during tax season?

    Jeez. Get some rest! New software can wait.

    I never could make it past 10PM.

Leave Comment