Many accounting students dream of having their own firm. Regardless of your choice of practice either as an auditor, tax agent, bookkeeper or other major accounting roles, there are a number things to be prepared for before starting your small and medium practice.
First of all, start-ups need to obtain the licensing. To be a licensed practitioner, you are required to gain experience in relevant sectors before applying for your own license. In this regard, Cheng & Co Group offers the Professional Entrepreneur Program (PEP) to train start-ups and fresh graduates via practical and real world experiences.
Our employees too have the opportunity to participate in the PEP. This with high potential will then be selected to join our Leadership Program to hone their management skills. Upon completion of these stages, they can choose to become either a professional practitioner or entrepreneur.
After getting licensed, start-ups will need to identify the right location, do renovation, marketing, etc. as business gets underway.
This could be a daunting task especially for a practice that’s just starting out as there is only so much a founder or two can handle. This is where Cheng & Co Group’s Member Firm program comes into play.
The program provides members with the opportunity to offer their full range of services, which makes a huge difference for those tied for time and are forced to choose between audit, tax or company secretary services. In other accounting areas where members are unable to serve their clients, they will be fully supported by the Cheng & Co Group.
One of our successful examples is a youngster from a small town in Pahang. There was no suitable position for him to pursue his career because traditional accounting firms in the town are mostly family owned and the highest position one can achieve is as a salaried partner. Thus, he started his own practice as a bookkeeper and tax agent supported by Cheng & Co Group’s diverse range of services.
From starting his own practice, we helped him conduct seminars and talks to create awareness of his new firm’s existence. Eventually, he successfully built his firm to one that is generating a considerable amount of income which has also helped support his family.
Next week, we will feature part two of the article, touching on practitioners in the Developing Stage, and the issues that can be addressed.
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