Obtain a Certificate of Public Practice

If you're ready to start your own Chartered Accounting practice, the first step is to apply for a Certificate of Public Practice (CPP).

To qualify, you’ll need to complete the Public Practice Program. This program equips you with the practical business management skills and provides a solid grounding in the regulatory framework required to successfully run a practice— both now and in the future. The Public Practice Program includes eLearning modules covering your ethical and regulatory obligations, followed by a two-day workshop focused on essential business management.

This skillset not only benefits those looking to start their own practice but also enhances the business acumen of any member, empowering you to grow and manage a successful operation.

Weigh the pros and cons of buying an existing practice, going solo, or entering a partnership

When considering whether to go solo, enter a partnership, or buy an existing practice, it's essential to weigh the benefits and challenges of each option.

Going solo allows for complete control over your decisions and direction, offering the flexibility to shape your practice according to your vision. However, this independence comes with the responsibility of managing all aspects of the business, including marketing, finances, and client management, which can be overwhelming.

Partnerships provide the advantage of collaboration, enabling you to share the workload and benefit from diverse skills and experiences. This can lead to a stronger, more resilient practice and increased credibility in the market. However, partnerships require compromise and open communication, as differing goals or motivations can lead to conflicts that may disrupt the practice's harmony.

Buying a practice offers a potentially quicker route to establishing your business, as you gain access to an existing client base and established operations. Thorough due diligence is crucial, involving a detailed examination of the firm's structure, partner roles, financial health, and any legal obligations. This ensures you make an informed decision that supports your long-term vision and sustainability of the business.

Taking time to consider your options will set a solid foundation for your accounting career.

Risk and Quality

Partnerships don't always last, and conflicts can arise. If entering a partnership, get legal advice and have a partnership agreement in place to protect both parties and your investment.

Establish quality control to ensure your services meet client expectations and implement a strong risk management system. This should cover not only work quality but also broader business risks like service interruptions or damage from severe weather. Local Chambers of Commerce or government small business advisory services can provide helpful resources.

Protect your business

As a CPP holder, your ongoing obligations require you to obtain and keep current professional indemnity insurance. This is a safety net that protects you if your practice’s risk management strategies fail.

As a business owner, you must also consider other essential coverages, such as public liability and business continuity insurance. If buying into a practice, include insurance in your due diligence. Additionally, be aware of regulatory and legal obligations as an employer, including workplace safety, resource management, and emergency planning. Local government agencies can assist with these requirements.