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If you are a self-employed CPA, would you mind answering a few questions: 1) how did you get started, 2) would you do it again or recommend this path to younger CPAs, 3) did you make a sufficient living/accomplish your financial goals?
Solo CPA's are like sole electricians or most any other solo practitioner.
There's something wrong with them that prevents them from "playing well with others"
That's why they aren't part of some BIG firm or partnered up in an up and coming shop.
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Interesting perspectives so far. For clarification, I worked at a big four firm before so I know what the public accounting environment is all about. And as for the sole practitioners, aren't there tons of successful lawyers, accountants, dentists and other entrepreneurs who prefer not to work in a "BIG firm?" I never thought of them as not being able to play well with others. I've just thought of them as people who value their freedom.
I am not a solo CPA, so I don't have experience from a practice perspective. But from a client perspective I love my CPA. I specifically looked for a solo or someone in a tiny practice because I wantrd some one affordable for my family's personal finances. I will say that I suspect the big risk especially coming from a background of the Big Four is that you have to be able to develop your own client base. That is easy for some, not for others. I love my CPA, and he is definitely not someone doing it because he can't get on well with others. But he was born and raised in Tampa, and I was referred to him by my financial adviser, who went to high school with him. His father tis also a CPA and they share office space. So he has a sort of built in client base. So if you are considering going from Big Four to solo I would think the biggest question you need ot ask yourself is whether you have the network and constitution to develop your own clients. I am in a similar position but a difernet profession. I am an attorney who previously worked for a top Boston firm and now is inhouse for a public company. But I know myself and could never hang out my shingle as much as I would love to have that freedom. To me the slavery of having to develop cleints in a town where I did not gorw up and do not have much of a natural network is worse that the slavery of having an employer.
I am not a solo CPA, so I don't have experience from a practice perspective. But from a client perspective I love my CPA. I specifically looked for a solo or someone in a tiny practice because I wantrd some one affordable for my family's personal finances. I will say that I suspect the big risk especially coming from a background of the Big Four is that you have to be able to develop your own client base. That is easy for some, not for others. I love my CPA, and he is definitely not someone doing it because he can't get on well with others. But he was born and raised in Tampa, and I was referred to him by my financial adviser, who went to high school with him. His father tis also a CPA and they share office space. So he has a sort of built in client base. So if you are considering going from Big Four to solo I would think the biggest question you need ot ask yourself is whether you have the network and constitution to develop your own clients. I am in a similar position but a difernet profession. I am an attorney who previously worked for a top Boston firm and now is inhouse for a public company. But I know myself and could never hang out my shingle as much as I would love to have that freedom. To me the slavery of having to develop cleints in a town where I did not gorw up and do not have much of a natural network is worse that the slavery of having an employer.
Thanks for the response and I agree with your points. I work at a public company now as well and don't think I have the skills/network to go solo at this point. If I did this, I imagine I would start a small firm and then transition out of that. By the way, I love the Tampa area - gulf coast of Florida is where it is at!
...from a client perspective I love my CPA. I specifically looked for a solo or someone in a tiny practice
because I wantrd some one affordable for my family's personal finances.
This raises the question of how complicated a families finances could be to really require a CPA.
But if you're happy then good for you.
But it also points out how limited the range of professional capacity is available
when working with a solo anything... they really must specialize or stay very shallow.
Depth or breadth... you can't expect both from a solo.
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