Starting up in practice - what factors to consider?

I'm in the process of setting up a practice and have identified the following factors that need to be considered. Please can you take a look and see if there is anything obvious that I have missed? Also, in terms of accounting software, do I need to buy this at the outset, as my initial client base will mainly be sole traders and small start up companies? If so, can you recommend any good accounts production and tax returns software for a limited budget? Also, in terms of engagement letters, I know that ICAEW has some templates, but are these good to start with, or do you have recommendations as to where I can find/buy these templates?

The factors that I have identified, in no particular order, are as follows:

  • Practising certificate
  • Indemnity insurance
  • Data protection registration
  • Engagement letter
  • Professional clearance letter
  • Accounting and bookkeeping software
  • Practice assurance (a whole topic in itself, I suspect)
  • Impact of cloud computing and IXBRL
  • Practice management software (is this necessary from the outset, or perhaps only needed when the client base expands?)
  • Invoicing, billing and collections (although I plan to do monthly fees)
  • Pricing
  • Client monies
  • New client checklist
  • Anti-money laundering regulations
  • Encryption of computer, back-ups etc
  • Alternative (how do I go about arranging this?)

Thanks in advance for your help and advice.

 

Comments
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Starting up

Jason Dormer |
Jason Dormer's picture

check out

neutru |

You missed one

Bob Harper |
Bob Harper's picture

You've thought of most things

Luke |
Luke's picture

Keep it simple

cymraeg_draig |
cymraeg_draig's picture

Thanks Everyone

AnneM09 |

Make sure you get paid.

hallsi |

Things to consider

Albert Camus |
Albert Camus's picture

Agent registrations

sparkey999 |
sparkey999's picture

are you a loner?

Red Leader |
Red Leader's picture

A few pointers

asillahi |

Keep It Simple, but

MarionMorrison |
MarionMorrison's picture

Software

andypartridge |

Thanks Again

AnneM09 |

Starting up

scohen |
scohen's picture

Anti Money Laundering Compliance

IanBurgess |
IanBurgess's picture

Eh?

Jason Dormer |
Jason Dormer's picture