When you are starting up in practice it is important that you are aware of the options to consider. Often the first steps are the most difficult ones. Our Setting up in practice pages will help by pointing you in the direction of answers to some key questions.
The key to running both a successful accountancy practice and making it profitable is to run it as a business. Take business decisions throughout your professional career in practice. It is very easy if you are in practice, particularly if you are a sole practitioner, not to be business like.
Another key consideration is to manage your clients’ expectations of what, how and when you will deliver your service and when you reasonably expect to be paid for the work you have done. Clarification of these issues early on in a professional relationship will prevent misunderstandings later.
ICAEW provides members with a tremendous amount of support through the members’ website, in webinars and presentations and via faculties, the library, the Technical Advisory Service and Practice Support Services.