Two Success Stories for Starting Your Own CPA Firm

From the Thomson Reuters blog.

Now that tax season is in full swing for many practitioners, you may find yourself questioning if this is the right time to break off and explore starting your own CPA firm.

In this next chapter of Small Talk with Heather Walker, I am once again joined by Linda Forde, CPA and owner of The Forde Firm, and Nina Tross, Executive Director of the National Society of Tax Professionals (NSTP). Together, we discuss career paths and the best advice for those looking to rise to individual success within the tax and accounting profession.

Starting your own CPA Firm: Don’t be afraid of a niche

From French class to Firm Owner, or a coupon to Executive Director – the path you take in the tax and accounting profession isn’t always common.

Linde Forde was sitting in high school French class when she realized her calling was in accounting. Learning the language was complex, but numbers came easy. She joined the military to pay for her education, started in a low-level accounts payable job, and worked her way up.

From there, Linda purchased an unique book of business to launch her own firm.

“I really wanted to get back into public accounting,” notes Linda. “I’d been at a large regional CPA firm for most of a decade. We moved for my husband’s job, and I horribly missed my clients. It’s so important to have a connection with them, and I really missed that.”

The Forde Firm now has 7 employees, and about 75% of their business is working with non-profits.

“We’ve got a real special niche between the non-profits and Homeowner Associations in Florida, which are also a type of non-profit,” says Linda. “We specialize in their needs because they do have very special financial statements. It gives us a competitive advantage because other people just dabble in it.”

Although her firm is a full-service CPA firm, Linda encourages new firms looking to build their practice not to shy away from becoming “boutique”.

“There is a lot of CARES Act money out there now, and my clients have no clue what they need to do,” adds Linda. “I do, and I can help them with that. So, my advice to you would be, if you are good at something or passionate about something, focus on it. It’s okay to have a niche. You don’t have to please everybody every day, because there are plenty of people that are going to pick up the tax returns. There’s plenty of work to go around.”

Referrals are your best tools

Nina Tross got her start in accounting thanks to a $50 off coupon for a H&R Block class. After taking the class and working for a CPA for a couple of years, she started her own practice.

Article Continues. Keep reading at: https://tax.thomsonreuters.com/blog/starting-your-own-cpa-firm-tips-from-2-success-stories/

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Heather Walker is the General Manager of Emerging Accounts within the Tax & Accounting Professionals segment, focused specifically on firms who prepare fewer than 250 tax returns per year.You may be starting your own small firm, but you are not alone. Add Thomson Reuters to your staff with solutions tailored specifically to the small firm. View some of these solutions now and check in for more tips, guidance, and small firm stories in the Small Talk with Heather Walker blog series.