Thinking About Starting Your Own Accounting Practice? Here’s What 43 Years in Public Practice Has Taught Me
After more than four decades running a successful public accounting practice, Peter Vickers has seen countless new accountants take the leap into self-employment. Starting your own firm is exciting, rewarding, and—if done thoughtfully—an opportunity to shape the kind of business you want to run.
Here are some of the key things Peter suggests every accountant should consider before hanging out their own shingle.
1. Choose Your Professional Body Wisely
Your first step is to decide which accounting body you’ll be joining—CPA Australia, CA ANZ, or IPA. Each has different requirements and advantages, so research which aligns best with your goals and clients. Membership isn’t just about letters after your name; it’s about community, credibility, and compliance.
2. Getting Your Practising Certificate
Before you can call yourself a public accountant, you’ll need a practising certificate from your chosen body. They’ll want to see your Professional Indemnity (PI) insurance, proof of experience, and details of your planned practice setup.
You can get the right insurance for your application—and ensure ongoing compliance—at www.abacusaustralia.com.
3. Set Up Your Professional Identity
Your letterhead and stationery might be digital these days, but they’re still a reflection of your professionalism. Design a clean, compliant letterhead that meets your accounting body’s standards.
Choose your business name carefully—it should be memorable, searchable, and credible. Once you’ve decided, register your domain name and create a business email address (Gmail just doesn’t look the part).
4. Get Your Registrations in Order
Depending on your services, you may need one or more of the following registrations:
Tax Practitioners Board (TPB) for tax agent registration
ASIC if you plan to be a company auditor
SMSF auditor registration
AFSL if you’ll offer financial services advice
Each has different requirements, so plan your timeline accordingly.
5. Choose the Right Software Tools
The right technology can make or break your efficiency. Think about:
Accounting software: What do your clients use? (Xero, MYOB, QuickBooks—choose what fits your niche.)
Practice management and timesheets: These will help you manage workflow, billing, and productivity.
Set things up properly at the start—it’ll save you headaches later.
6. Stay Sharp With CPD and Mentors
Continuous Professional Development (CPD) isn’t just a checkbox—it’s how you stay relevant.
Join an accounting discussion group, subscribe to newsletters from mentors and thought leaders, and schedule your learning just like client work. The best practitioners are always learning.
7. Market Yourself Professionally
Even the best accountant needs clients. A few essential steps:
Create a simple, professional website.
Build your LinkedIn profile to showcase your experience.
Consider a Facebook page for community engagement.
Join your local Chamber of Commerce and introduce yourself to nearby businesses.
Stay connected through your personal networks—schools, clubs, or community organisations. They’re often your best source of referrals.
8. Don’t Forget the Fun Stuff
Running your own practice can be all-consuming, so make sure you plan for the things that recharge you. Whether it’s a regular family weekend, your local tennis club, or a skiing holiday—build fun into your calendar from the beginning.
After all, longevity in business comes from balance, not burnout.
Ready to Start Your Practice?
Starting a public accounting practice is both a professional milestone and a personal journey. Take time to plan each step, seek advice, and surround yourself with trusted partners who can help you protect and grow your business.
For more information about starting in public practice—or to get a quote for your Professional Indemnity insurance—contact Abacus Australia or email us at info@abacusaustralia.com.
