The business aims at setting up a small accounting firm that will focus on the accounting needs (bookkeeping, tax filing and planning, financial analysis, financial advice and other specialty services) of individuals and small business organizations.
Tax filing and planning has become a necessity for every individual. However, every person is not an expert at it. An accounting firm can be of a great help in such circumstances.
Similarly, small businesses need to track their finance regularly to keep a record of their expenses. Hiring a private accountant can be expensive. Outsourcing the accounting service from an accounting firm can be a much smarter option.
The demand for accounting services is increasing, as it is mandatory for every individual or a business person to manage the finance effectively.
The business has good scope of profit.
The business can be easily grown if the demand increases.
Less capital is required to start the business.
The business needs to be registered.
The business also needs to be insured to cover up any loss that can happen by chance.
Smart marketing strategies are required to advertise the business, for eg. flyers, personal websites, blogs, presence on social networking sites and through word of mouth.
Smart accounting software should be bought to ease out the work.
The accounting business builds with the trust of the clients, so care should be taken to deliver quality service on time.
Any person who plans to start this business should not only be an expert at accounting, but also be a smart business person. He/she should know the needs of the clients, the marketing strategies, the competitors and the importance of delivering valuable service on time.
An accounting business deals with the finance of the people so more than anything else, it should work upon building a trustworthy environment. Good service and sufficient market research can help the business to succeed.
Financial management is not one of the easiest things to do. It requires great knowledge on handling currency to the fourth decimal unit. In other words, a lot of people find finance management and accounting tricky. Businesses in accounting and financing therefore, could be a lucrative field after all!
Finance and accounting is everywhere because this is one thing that would inevitably be a huge part of people and their properties. There are many financial services that are in demand, not just in financial firms but also by the local public. Some of them for example are as follows:
Auditing firms are bodies that help review financial status of companies. Without this review, companies cannot go public. This is why auditing remains one of the top choices in the list. If you are good with auditing, with the right kind of branding, market positioning, you can land yourself a good financial deal.
Financial coaching, believe it or not, is one of the strongest contender’s in this field. If you are someone who breathes and lives stocks and shares, or are familiar with concepts like capital markets and equity, then you should think of teaching the same to other enthusiasts. Professional people often look for financial courses such as these. They are audiences who can pay well for genuine content.
If you are someone who can bargain and negotiate at the big table for others, then you should be starting a debt-reduction or mortgage service. Your skills here will help companies and other organizations to review their older options again to get them a better deal.
Tax consultants – where you will have to understand laws and clauses that govern taxes and help employed people draft a better income tax return filing.
These are just some of the examples listed out from our experiences. There are plenty of others financial tools you can build that can actually contribute to profits on a business idea related to finance.