How To Build A Profitable Accountancy Business (From An Accountant Who Did Just That)When you're an entrepreneur, running a business is your first job, and you'll probably do very little actual accounting as you grow. So, if you love the front-line work, you might need to think again.

If you're an experienced accountant considering starting your own business, the UAE and the wider GCC represent a major opportunity right now- and they have been for some time.

When I moved from London to Dubai to expand my firm,Alpha Pro Partners, in 2017, value-added tax (VAT) was just being introduced in the UAE, which sent demand for financial support soaring. Now, we have the introduction of corporation tax, which is prompting another influx of accountancy professionals.

As well as developing its tax landscape, theUAE has cemented its position as a global business hubby expanding its economic substance framework, and introducing new regulations in areas such as employee protection. As a result, more businesses are making the Emirates their home.

According to the Government of Dubai Media Office,Dubai is the world's top destination for foreign direct investment (FDI), attracting nearly US$14 billion in the first half of 2022. The UAE was also ranked first globally by Global Entrepreneurship Monitor's 2022 report as the best ecosystem for startups and entrepreneurs.

In such a landscape, if accountants are what Steven Kachelmeier, Chair of the Accounting Department at the University of Texas, calls "the referees of business," with business booming and regulations increasing,the outlook is indeed bright.

That said, just because the region needs more accountants doesn't mean going alone is easy. One of my biggest worries was the setup, which actually proved relatively straightforward. Plus, the process andincentives are getting better all the time. Most of it can now be done without needing an expensive set-up agent, and there are lots of good low-cost public relations officer (PRO) service providers who can support.

As such, it was other more unexpected aspects that caused headaches in the early days. One of those was finding enough of therightclients. Even though it's a difficult call to make, the customer isn't always right, and working with the wrong ones costs money. We had our fair share of clients who tried to impose unfeasible expectations, paid late, and behaved in other unprofessional ways, before we were confident enough to be selective. If you want to stay profitable,it pays to choose your clients wiselyfrom the start.

同时,确保你正确定义你的听众,rather than trying to target different types of industries and business sizes.Choose the types which suit your interests and expertise. Having that focus will help you carve a niche, develop a strong value proposition, and reach out to them effectively. Our focus has always been on supporting SMEs to reach their business goals. As we've grown geographically and diversified into other areas, we've kept that mission in mind.

Another thing that can be tough to monitor is managing your scope. Watch out for clients whofrequently want additional reporting you haven't agreed on, or provide you with information in a different format to what you ask for. The same goes if their transactions suddenly increase without prior notice– all of that takes valuable time to handle.Be clear about what's inside and outside the scope, and ensure they understand what will be charged extra. Delivering good customer service isn't about doing work you're not getting paid for.

All these challenges are part of running your own business, and that's an important point to make. When you're an entrepreneur,running a business is your first job, and you'll probably do very little actual accounting as you grow. So, if you love the front-line work, you might need to think again. As you start to expand though, consider the following points as well:

• Digitalization has simplified data-driven tasks enabling accountants to be more efficient. Choose a trusted, easy-to-use accounting software (I found Xero to be the most simple and effective), and use the time you save to add value for clients in other areas.
• Accounting is a people business.Make sure you hire and nurture the best people tostand out from the competition. It can make sense to hire interns and juniors, but they should be at most 5% of your workforce.
• If it's time to enter new markets, explore the possibility of merging with another firm, or look for suitable partners. In a good business partnership, 1+1 equals more than 2. Together, you should be able to achieve more than you could if your separate efforts were combined.
• 考虑咨询。This is a key growth area for accountants, and clients value firms that can provide a deeper level of insight. Number crunching is useful, but it's what you do with the data that really matters.
• Treat your client's business as if it's your own,especially if you're working with other SME owners- your work impacts their livelihood.

Low-cost to run and requiring very little capital to get started, accounting is one of the mostpopular and profitable small business industries. If you get the ingredients right, now is the time to capitalize on the advantages offered by theregion's rapidly maturing and fast-growingeconomies.

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