Do You Need to Be an Expert to Start a Virtual Accounting Biz?

Introduction:

If you've been contemplating making the leap from your 9-5 corporate job to the exciting world of digital accounting, you might be wondering if you need to be an expert in every accounting field to get started.

Well, let me tell you—you don't! In this guide, we'll explore why having a diverse skill set can be valuable, but also why it’s not necessary to be an expert in every accounting field to start your own remote practice.

1. Specializing vs. Being a Jack-of-All-Trades

When starting a remote accounting practice, it’s essential to strike the right balance between specializing in a particular niche and having a broad range of skills. Specialization can help you stand out in the crowded digital marketplace, but it’s not always necessary to be an expert in every accounting field.

Think of it this way: if you were starting a traditional brick-and-mortar accounting firm, you wouldn’t be expected to handle every aspect of accounting on your own. The same principle applies to your remote practice.

The truth is, you can’t be an expert in every field—just like doctors or lawyers who focus on specific specialties. You choose your area of expertise, and if you need advice in other fields, such as taxation, you do your research or consult another expert.

2. Capitalize on Your Existing Expertise

One of the greatest advantages of running your own remote accounting practice is the ability to leverage your existing expertise. If you have years of experience in a specific accounting field, such as taxation or management accounting, you can position yourself as a specialist in that area.

Focus on marketing your strengths and highlighting the value you bring to clients within your niche. By doing so, you can attract clients who specifically need your expertise and are willing to pay a premium for it.

For instance, I specialize in eCommerce accounting. My in-depth knowledge of platforms like Shopify and Amazon allows me to assist online businesses with inventory management, sales tax compliance, and detailed financial reporting. For complex tax matters, I partner with a tax attorney to provide the best advice for my clients.

3. Collaborate and Network

Remember, you don’t need to be an expert in every accounting field to serve your clients effectively. Instead, build a network of professionals with complementary skills. Collaborating with other accountants or bookkeepers who specialize in areas outside your expertise can be a win-win situation.

You can refer clients to them, and they can do the same for you, creating a mutually beneficial relationship. This collaboration allows you to provide your clients with comprehensive services while focusing on your core competencies.

For example, I hold a practicing license in financial accounting and reporting, but I don’t specialize in auditing. When my clients require audit services, I team up with an independent external auditor. This collaboration ensures my clients receive top-notch service without me stretching myself too thin.

4. Expand Your Skill Set Gradually

While you don’t need to be an expert in every accounting field from day one, it’s always beneficial to expand your skill set gradually. As you grow your remote accounting practice, consider investing in professional development opportunities, online courses, or certifications to enhance your knowledge in areas of interest or demand.

By doing so, you can broaden the range of services you offer and cater to a wider client base. This ongoing learning process will also keep you engaged and motivated in your digital practice.

Conclusion:

Starting a remote accounting practice doesn’t require you to be an expert in every accounting field. While having a diverse skill set can be beneficial, success often comes from capitalizing on your existing expertise, collaborating with other professionals, and gradually expanding your knowledge.

Your unique skills and the ability to provide exceptional service to your clients are what will set you apart. So, seize the opportunity to work remotely, reclaim your freedom, and build the online accounting practice of your dreams!