As explained in previous blog posts, my business is currently a part-time accounting practice. I really enjoy the current set-up and I am able to make it work. My typical weekday consists of driving the kids to daycare and school,work from 8:30 am to 3:30 pm at Automaxx as their controller, pickup one of the kids and then head home to make dinner and enjoy family sometime. Once the kids are in bed (normally by 8:00 pm) I work on jobs for my practice. I normally take phone calls from clients during the day time as I want to be available to answer questions when they are available.
A common question that I have received is why just have a part time practice? Why not just do that full time? For me to go “all-in” at this point would be a little risky. My family has bills like most families and I think for me to do that would be irresponsible. The fact that I have been gaining more experience as a controller with day-to-day accounting versus just at year end is very important to me and I actually very much enjoy working in industry.
Another misconception that I have encountered is the expectation that I would not charge as much as larger practices since I do not have the overhead these practices have to incur. To some extent, I can charge a little less due to that fact, but I have also created efficiencies in my practice using cloud accounting that help with this as well. I still want to charge a price that is competitive and reflective of the industry and my experience.
Transparency, is something that I really believe in. I tell my potential clients about the type of relationship that they are entering with meas their accountant. A lot of them seem to appreciate the practice being a side practice as they have their own side endeavors. Sometimes, you just need to let your business grow before flipping the switch to make it a full-time experience.
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