Accounting Firm Business Plan and SWOT Analysis

Accounting Firm Business Plan, Marketing Plan, How To Guide, and Funding Directory

The Accounting Firm Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Accounting Firm business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.

Your Business Planning Package will be immediately emailed to you after you make your purchase.

Product Specifications (please see images below):

  • Bank/Investor Ready
  • Complete Industry Research for the Industry
  • 3 Year Excel Financial Model
  • Business Plan (26 to 30 pages)
  • Marketing Plan (24 to 28 pages)
  • 425+ Page Funding Directory
  • PowerPoint Presentation
  • Loan Amortization and ROI Tools
  • Three SWOT Analysis Templates
  • How to Start a Business Guide
  • Easy to Use Instructions
  • All Documents Delivered in Word, Excel, and PowerPoint Format
  • Meets SBA Requirements

One of the best aspects to operating an accounting firm (especially among those that carry the CPA designation) is that these services are in demand in any economic climate. This is one of the primary strengths of these businesses given that many people cannot do their own taxes. This is especially true among small businesses that need ongoing tax and consulting support from their accountants. It is imperative to have a well developed business plan prior to launching a new accounting firm. The startup costs for a new accounting firm are usually in the $20,000 to $50,000 range depending on the location, staffing requirements, and the type of work provided by the accountant. There are many opportunities for an accountant to grow their business including by offering financial planning advice and wealth management services. Banks and financial institutions generally are very receptive to providing startup loans and lines of credit to accounting firms given the highly predictable and highly recurring streams of revenue generated by these businesses. In regards to generating recurring streams of revenue, many accounting firms provide payroll and bookkeeping services. For newer accounting firms, these revenues are extremely important as they ensure profitability very quickly.

A marketing plan should also be developed when a person is developing a new accounting firm or CPA firm. Given that there is a substantial amount of competition among local accountants, it is imperative that a marketing plan that differentiates the firm from other companies is provided.  Many accountants differ their firms by, again, providing financial advice, offering audit insurance, and providing small business consulting services. By offering more services, individuals and small business owners can view the firm as a one-stop-shop for all of their accounting and financial planning needs.

Once a business plan and marketing plan is developed, it is important to develop a SWOT analysis as well in order to determine all of the issues that the business will face as it progresses through its operations.

The gross margins achieved from accounting services is extremely high. As this is a service business, the primary costs incurred are related to collecting payment (via credit card). Bad debt expense is also one of the primary considerations that must be dealt with when developing an accounting firm business plan. As acceptance of credit/debit cards has become ubiquitous, there is a need for all businesses to accept this form of payment. This can substantially reduce bad debt issues that are common with professional service businesses.

The demand for accounting services will remain strong moving forward. Given the complexities of the tax code, it is unlikely that automation will have a substantial impact on an accounting firm’s ability to operate. While simpler tasks such as bookkeeping may become automated over time, interpretation of the tax code needs a person.

As it relates to growth, many accounting firms expand by hiring associates that can render services on behalf of the business. Another methodology of growth is to acquire existing firm that are already in profitable operation. It is very easy to acquire the capital necessary to acquire an in operation business.