Points to consider when opening your accounting firm

September 10, 2024

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Hector Galicia

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Opening an accounting firm is an excellent option for accountants looking to offer professional services independently or as part of a team.

In addition to having the necessary technical skills, it is important to take into account certain legal, administrative and commercial aspects for the project to be successful.

 Below, I explain the key steps to opening your own accounting firm.

1. Define the Services You Will Offer

The first step in opening an accounting firm is to determine the services you will offer. Accounting firms typically include:

  • Financial accounting
  • Tax returns
  • Tax advice
  • Audit and accounting reviews
  • Consulting for small and medium-sized businesses
  • Procedures before the SAT and other institutions

It is advisable to specialize in one or more areas depending on your knowledge and the market you want to target.

2. Choose the Type of Company

Decide under which legal form you will operate.

 In Mexico, you have several options, such as the creation of a Legal Entity or pay taxes as Physical personBoth options have tax and legal advantages depending on the size of the business and whether you will have partners or not.

3. Register the Office with the Authorities

Once you have chosen the legal structure, you must follow these steps:

  • Registration with the SAT: Get the RFC of the company and the e.signature to be able to issue invoices and comply with tax obligations.
  • IMSS and INFONAVIT:If you plan to hire employees, you must register with the Mexican Social Security Institute (IMSS) and the National Workers' Housing Fund Institute (INFONAVIT).

4. Infrastructure and Technological Tools

Make sure you have the necessary infrastructure to operate. This includes adequate workspace, office furniture, computers and specialized software.

Nowadays, technology is key to streamlining processes, so investing in accounting software and tools to generate tax returns, bank reconciliations, and financial reports are essential.

5. Marketing and Customer Acquisition Strategies

One of the most important challenges will be attracting customers. To do this, you need to invest in appropriate marketing strategies. Some suggestions include:

  • Develop a website.
  • Presence on social networks.
  • Online advertising.
  • References and networking.

6. Constant Training and Updating

Accounting and tax issues are constantly changing. As the owner of an accounting firm, it is vital that you stay up to date on changes in tax, accounting and employment laws.

7. Establish a Pricing Structure

Finally, define how you will charge for your services. You can choose to charge hourly, per project, or on a monthly basis depending on the nature of your clients and services. It is important to offer competitive prices, but without devaluing the value of your work.

Conclusion

Opening your own accounting firm is a great way to grow professionally and have greater control over your career. By defining your services well, complying with legal and tax requirements, and applying effective marketing strategies, you will be on your way to building a strong and successful accounting firm.

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Written by Hector Galicia

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