The progression from big audit, to running own practice

Hanley

Call this a 10 year plan or whatever, but I can only see myself running my own business 10-12 years down the road. I honestly can't see myself working for someone for the rest of my life.

I'm about to start an audit training contract with a large Dublin based firm who mostly focuses on entrepreneurial and growing owner-managed companies, tho they also do alot of multi-national work from what I've read and been told.

Now, my questions....

-How viable is it to expect to run your own accounting practice, and are you likely do comparably better income wise than by staying in big co. FS, or at least match it? (in all likelihood I can see it being a case of myself and one or two colleagues becoming partners in the business)

-What sort of qualifications should I be looking towards attaining now? (Obivoiusly ACA, tho I'm considering going on to do professional tax qualification afterwards)

-For anyone who did start their own practice, was it worth it? My dad started his own business and now works for himself, my uncles have opened several hotels and restaurants, many of their sons have gone on to run their own successful businesses too... They're all doing quite well for themselves as a result, but one of the biggest benefits that I see from this is that 15-20 years down the road when I'm liekly to be married w/ children is that it'll give me greater freedom to enjoy time with them. Is that a likely expectation?

I know all of this probably sounds quite hypothecial and very forward looking, but I'd like to start to get some information on it together now!!

Many thanks,
Hanley

mkdon05

When you finishing your training contract i would be looking to go into a company in industry for maybe a year or two, to see the general running of a company and the issues that arise and are important. Then I would move back into practice, preferably a small to medium size one and get involved in all aspects of the practice. This should give you a good grounding for starting your own practice, and you never know, if you get on well in the small one, you could be made partner, which eliminates the need to build up a client base.

I have the industry and small practice experience, but the audit is where i fall down. Plenty of time yet though!!:pac:

crapmanjoe

Just saw this thread and its something im very intrested in myself

(need to see an exit point from audit )

Does any one else have any personal experience of how to get from big 4 audit to your own practice?

Accountant

I have my own practice, but i came a different route. I'm CIMA qualified and trained in industry. I'm 5 years in business and now have a staff of 10 and growing.
When i started i took a serious cut in pay, but that fixes itself over a few years. If i don't have a qualification I employ somebody with it. It depends on your vision, if you are planning a tiny practice (you and maybe some admin help), you'll need all the qualifications.
My industry experience was invaluable in getting clients as in order to win business, you need to be instantly able to identify and understand the issues.

Finally, and this goes for all business, if you want quality of life and good working hours, you should start this from day one.

Hanley

Accountant wrote: »

I have my own practice, but i came a different route. I'm CIMA qualified and trained in industry. I'm 5 years in business and now have a staff of 10 and growing.
When i started i took a serious cut in pay, but that fixes itself over a few years. If i don't have a qualification I employ somebody with it. It depends on your vision, if you are planning a tiny practice (you and maybe some admin help), you'll need all the qualifications.
My industry experience was invaluable in getting clients as in order to win business, you need to be instantly able to identify and understand the issues.

Finally, and this goes for all business, if you want quality of life and good working hours, you should start this from day one.

I'm glad to see this thread got off it's feet!! Thanks for the reply...

Just to clarify, you think that if you were planning on running your own practice you either need to have a broad spectrum of qualifications yourself, or employ people that do?

Did you go out on your own? Or did you go into partnership with a few others?

DUBACC

Hanley,

I am currently in the process of setting up practice myself. As regards the drop in income, it depends how much time you have before you leave your full-time job to do your own work. If you have been able to build up some sort of a client base on the side, the drop should not be too dramatic. I'm glad i took this option - although the wife might not agree!!!

I did the ACCA and then the AITI exams. No difference in the ACA and ACCA course really, apart from the training contracts despite what people may say. I feel that training in a mid-tier firm really helped as i saw both sides - ie the large audits and also the small 'corner-shop' businesses, which will be your client base as a small practice - at the start anyway.

Stick with it - it's well worth it!