How to Grow Your Accounting Business and Bring in More Employees

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When you first decided to pursue a career in accounting, it was probably very difficult to imagine where you’d be a few years into the job. After obtaining your masters in accounting you were most likely faced with the difficult decision of going to work for an accounting firm or opening up your own business. For those who chose to open their own business, the road has probably offered a lot of surprises.

After struggling through your first few years, you are likely at the point where you have a solid number of clients, steady business, and you’ve created a name and reputation in the field. What this means is that you’re at a crossroads.  Do you stay as you are or do you bring in employees and start to grow the business? If you have decided that you want to grow the business, here are some tips you can use to make the process as smooth as possible.

Determine What You Want in an Employee

First things first, you need to determine what you want and need in an employee. It’s pretty difficult to hire people if you don’t know what you need. For those who have never hired employees before, it can be helpful to research job classifieds and job descriptions. You’ll start to learn the language and the typical skills to be looking for.

Besides skills and experience, it’s also important to look for those candidates that have the proper formal training. You will want employees that have obtained either an online accounting degree from a popular school like UAB Collat School of Business or have attended a school in-person to obtain their degree.

Once you have figured out what you’re looking for, you can create a job ad. These days, it’s best to place job ads online in popular job search networks and boards. This is usually the best way to get them noticed.

Start with a Bookkeeper Rather than a CPA

Now maybe you don’t need a CPA right away, and in theory, many experts say that is actually the wrong way to go about hiring your first employee. Instead, think about bringing on a bookkeeper to start with. They will be able to help with the workload, but their salary will be less than a CPA. You can also start them off with part-time hours if you’re unsure if there is a need for full-time hours.

As your business continues to grow, you can increase their hours to full-time, and then you will probably reach the point where the need exists for another CPA.

Offer Incentives to Help Make Your Offer More Appealing

As a small business owner, you won’t be able to compete with the large firms when it comes to salary, so it’s best to offer incentives instead. This can include such things as flex hours, extra vacation time, a more relaxed atmosphere, etc.

Keep the Growth as Slow and Steady

When it comes to hiring employees, it’s always best to keep things slow and steady, taking small steps at a time.