Is It A Good Idea To Set Up An Accountancy Practice

fraggle79

Folks,
Am currently employed in Industry and doing CPA Formation 2 at the moment. My long term goal would be to set up my own accountancy practice. Although I work in industry which is all number crunching-forecastst, budgets etc. etc. how different is a practice to industry?
Also, there seems to be alot of firms where I live-how do they find clients.

Also, the CPA states that I need a Practicing Certificate when I complete all my exams-am I better staying where I am and then moving to a practice when all my exams are done?or am I better jumping ship now?

Many thanks,
Wayne

censuspro

I would suggest getting some practice experience as early as possible.

JennyQ4496

Have you ever worked in practice?
I have worked in both and they are worlds apart - the only similarity is debits and credits!

You will also need a practice cert which can only be gained when you have completed all levels of exams and 5 years post exam practice experience! You have a long road ahead of you, I wish you luck!

fraggle79

Thanks Jenny.
I have never worked in a practice-in what ways are they different? I have worked for big banks and large multinational companies in the past but I no longer pocess the buzz. I like the fact that we can actually help businesses grow and develop.
Are their any specific skills I need? any help would be greatly apprecaited
Many thanks!!

JennyQ4496

Fraggle,
I work in industry at the moment but began my training with 2 years in practice
There is a world of difference between compiliing budgets, forecasting, consolidating P&L's and B/S for large multi nationals and a farmer arriving in with a biscuit tin and you coming up with a set of viable accounts at year end.
In my opinion, Industry is more challenging and less people orientated. In practice you are dealing with clients on a daily whose only goal in life is to pay as little tax as possible! In my experience of a smallish accountancy practice (3 qualified and 6 trainees) there is very little helping business's grow and develop. But maybe thats what you are looking for and what you would enjoy.
Practice also pays a lot less than industry especially at the trainee stage.
You could expect to earn €18,000 a year down the country and approx €22,000pa in the larger cities. Trainee accountant vacancies are also hard to come by at the moment. But if you have your heart set on opening a practice I would advise getting into one as quickly as you can. You know yourself that there is nothing like the practical experience of working in this profession. The books and what you study are very different to the reality!