Entrepreneurship brings benefits like total control and unlimited growth potential. But making the first leap into owning your own accounting firm isn’t an easy decision. Can accountants have their own firm? Are you qualified and prepared to succeed as a firm owner? What are the benefits of owning your own accounting firm?
Consider the variables that influence this decision and understand the benefits that you can experience as a firm owner to be ready to dive into accounting entrepreneurship.
First things first: Can accountants have their own firm?
You hear about the Big 4 and medium-sized firms, and corporations that seek these internationally recognized names in accounting; so, can individual accountants have their own firm?
The short answer is, yes, absolutely! All firms that have achieved success also began with an individual or small group of accountants who jumped into entrepreneurship. That said, your ability to acquire and maintain clients relies immensely on your preparedness, credentials, and quality of services provided.
For example, if you plan on owning your own accounting firm, you should be a licensed Certified Public Accountant (CPA). Likewise, if you want to open your own tax firm, you should be either a CPA or Enrolled Agent (EA).
- You have to have an EA credential or CPA license to certify financial statements, represent clients in front of the IRS, and offer more comprehensive services.
- Earning these credentials will ensure that you’ve gained the advanced level of expertise that you need in public accounting and/or tax to provide the quality and variety of services your clients need.
- These credentials instill added confidence in clients and potential clients, making it much easier to attract and retain business so you can stay competitive with other small firms.
But understanding how you can start a firm doesn’t answer the question of why you’d want to. It’s important to weigh both the benefits and drawbacks of owning your own accounting firm to decide if this is the best move for you.
6 benefits of owning your own accounting firm
1. You’re your own boss.
When you’re an entrepreneur—in accounting or any other industry—you become the decision-maker. You no longer have to report to your manager or follow others’ instructions (that you may or may not agree with).
This freedom is ideal for those who are self-motivated go-getters, who believe in following through on ideas that are perhaps unconventional and risky but can pay off with hard work and determination.
Owning your own firm will require that you put in the extra work and make hard decisions, but you’ll be the one to decide; and for some, that makes all the difference.
2. You avoid red tape.
Owning your own accounting firm means that you start small and can be very agile in your processes as you build. Whereas bigger firms require more established procedures, more people to sign off on ideas, and more reports to create, starting firms can skip much of the red tape because you’re the one deciding, leading, and executing on all fronts.
This also gives you the ability to streamline the timeline for your services.
3. You reap the biggest gains.
Being the boss and owning your own accounting firm also comes with the biggest rewards. Your financial planning, management, and reporting skills give you the advantage to be profitable—and when the business is profitable, so are you!
4. You have lots of flexibility.
You give yourself full flexibility over your schedule by owning your own accounting firm. Often, at the beginning, you’ll work even longer hours than in a 9am-5pm position; but as you grow the business, you’ll likely gain more free time and have the chance to create a schedule that balances your professional and personal priorities.
5. The sky’s the limit.
Owning your own accounting firm means that you have unlimited growth potential. If you continue to improve your skills and services, you can attract more clients, hire more team members, and grow a very successful accounting or tax firm.
6. You can build a legacy.
You can build an accounting firm that makes a global impact and leaves a legacy through generations. Either by maintaining and growing your firm or by creating a valuable entity to be sold, owning your own accounting firm can turn into an enduring career-long accomplishment.
3 downsides to owning your own accounting firm
1. You have to build a client base.
When owning your own accounting firm, you’re responsible for acquiring and maintaining clients. Much of your efforts, especially at the beginning, will be dedicated to growing your network and getting new projects.
This aspect of entrepreneurship can be stressful and time-consuming, but it will get easier as you grow a base of loyal clients and have a steady stream of revenue.
2. You risk loss.
Whenever you venture into owning your own accounting firm, you take on the risk of loss. And just as you have the potential to gain the most as the owner, you also have the most to lose if things go south.
3. You need to invest.
There’s no easy path to owning your own accounting firm. To be successful, you must be willing to invest your time, effort, and money.
Especially during the first crucial years of growth, you’ll likely work well more than the typical 40-hour week in order to stabilize the business. You may also invest financially in the company and, above all, you’ll feel the stress of building and running a firm from the ground-up.
Be ready to own your own accounting firm
If owning your own firm is part of your career plan, prepare for the challenge (and its rewards!) by building your skillsets with continuing professional education (CPE) courses.
Becker offers CPE courses across specialties, with expert instructors who bring decades of teaching and industry experience.
- If your firm is going to specialize in tax services, consider this course on the 2025 update: Tax Update for Individuals Q3 2025
- For stronger accounting skills, consider taking: Financial Reporting Challenges Q3 2025
- And if you want to expand your audit services, you can learn more through: Evaluating Internal Controls
Becker’s Prime CPE subscription is the best way to access endless learning and earn the knowledge and skills that will set you up for success when owning you own accounting firm. Gain strength in services offered, business management, team leadership, and more—setting up your accounting or tax firm for great success.
Unlock unlimited CPE with a Prime Subscription
Becker makes it easy to meet your CPE requirements, gain new skills, and stay aware of critical updates and changes in the industry!
With Prime, you can access over 1,700 courses for a full year and earn unlimited CPE credits.
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