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Accounting can be an incredibly lucrative businesses, as many people, businesses and trusts across the UK will look to professionals to help keep themselves financially compliant.

According to Indeed, the average salary for a Accountant is 拢37,235 per year in United Kingdom. However, owning an accounting business means your earnings are likely to be uncapped, depending on how many clients you can bring in.

Whilst the world of accounting, especially in the UK is dominated by the 鈥渂ig four鈥� consultancies. There is certainly demand for smaller businesses that can service SMEs and high-paid individuals.

Specialisms include:

• Tax
• Audit
• Corporate accounting
• Business recovery
• Forensic accounting

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Qualifications Needed

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If you are thinking about starting an accounting business, the first thing you will need to do is get the necessary qualifications.

In the UK, chartered accountants are professionals who are able to provide financial advice. To become one, you will need the right level of qualification.

The main accounting qualifications in the UK include:

• AAT (Association of Accounting Technicians), takes 12-18 months to complete all 4 levels, which are a combination of knowledge and real-work experience.
• ACCA (Association of Chartered Certified Accountants) 鈥� made up of a 鈥榝undamentals鈥� and 鈥榩rofessionals鈥� level.
• AIA (The Association of International Accountants), takes 24-30 months to complete all stages. This gives you international qualification once you complete their highest level.
• ICAEW (Institute of Chartered Accountants in England and Wales) 鈥� also known as the ACA. Includes 450 days of work experience and 15 exam modules. It usually takes 3-5 years to complete.

Before deciding which one to take, it鈥檚 worth looking into what you will need to do, and which one is the most relevant to your accounting business and the area you want to specialise in.

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Setting Up The Business

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In the UK, setting up a business is relatively straightforward.

You will need to register the business with Companies House, which costs 拢50, and will include information like your business type, shareholders and VAT registration.

Once complete, you will have to open a business bank account to make sure you yourself are financially compliant.

Some great options for opening business bank accounts include:

It鈥檚 worth noting that to open a business in the UK, you must either be a UK citizen or have the relevant Visa. Once the company is registered, you can officially be open for business.

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Getting Clients

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As any business owner will know, one of the hardest things about starting a business is getting your first clients.

You鈥檒l need to think about a marketing tactic that works for your business. Start by thinking about where your clients might be looking: is it online? In trade magazines? On social media?

Depending on what you decide, come up with a strategy to get out in front of them. Whether it鈥檚 starting a website and investing in SEO, or starting an informative Instagram channel, finding the right channel is incredibly important.

Top tip: Don鈥檛 be afraid to lean on your network 鈥� you never know what a post on Linkedin or a call to a friend can do!

Getting The Right Tech

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Next, you鈥檒l want to invest in the right tech. Some items include:

• A computer with high processing power to be able to handle multiple apps at once
• Printer for sending letters to clients
• A back up hard drive, to make sure you never lose anything important
• A phone, specifically for clients
• Good internet

Investing in good tech from the start is a good long-term strategy. Whilst this may be a large upfront expense, you鈥檒l soon offset it with client work.

Investing In Accounting Software

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Depending on what your business does, you鈥檒l want to invest in the right software.

You will want to invest in:

Accounting software:听Depending on what type of accounting you decide to do, you鈥檒l need the right software to process the accounts. These softwares can help keep a history of client accounts, manage tax returns and help automate certain tasks.

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Payroll software:听If you are helping manage a company鈥檚 accounts, you鈥檒l need payroll software for employees. Again, this depends on your business, but investing in the best tools is important.

CRM software (once you have multiple clients):听When your business grows, you鈥檒l likely have many clients with many needs. Keeping track of these conversations can be tough 鈥� enter CRMs. CRMs allow you to manage client needs in one platform, so you don鈥檛 need to remember the details every time.

Cybersecurity software:听As you will be privy to vast amounts of confidential data, you鈥檒l want to make sure your computer is protected from any cyber attacks. Investing in secure communications tools, antivirus, encryption, VPNs and doing regular data backups means you can keep yourself and your clients protected.

Payment processing software:听Of course, every business wants to be paid! You鈥檒l want to invest in a tool like Stripe, PayPal, Wise, Xero or similar to accept and keep track of business payments and invoices.

Starting Your Accounting Business

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Starting an accounting business can be a great venture, but it takes a lot of preparation and hard work.

Start by making sure you have the right qualifications, then register your business and market your services.

Whilst it might start slow, remember to lean on your network for help. Before you know it, you鈥檒l be juggling multiple clients and well on your way to hiring a big team.

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