Overhead view of accountant and client meeting and shaking hands

...Plus suggestions from our Secret Accountant on how to find clients, and the issues to be aware of if you are considering buying a practice.

Where do clients come from?

Our Secret Accountant (an accountant working in the heart of England) gives advice on how to build your client list, from the ground up.

Buying a practice

Our Secret Accountant looks into an alternative to starting from the ground up - buying an establised practice. Find out about the benefits (and pitfalls).

Financing

Buying a practice is likely to involve a need for financing (unless you have substantial savings). Options include:

  • Bank loan
  • Private investors such as Business Angels
  • Business finance specialists that act as brokers (not all brokers are alike with some charging you commission and others charging the lender)
  • Crowd funding through providers such as Funding Circle.

Many accountancy practice sales agents will signpost funding sources on their websites.

In his guidance on buying a practice, the Secret Accountant mentions accountancy practice sales agent Jeremy Kitchin whose website includes a list of funding sources that it signposts buyers to.

Whatever funding source you decide to use, make sure you do your research and due diligence and read the fine print. 

Ethics and conduct

The ACCA Rulebook has a code of ethics and conduct covering specific areas in which we regulate our members. It includes various sections that are relevant to a new practice seeking additional business from new and existing clients. Download the facthsheet 'Obtaining professional work' for guidance.