How to launch a micro accounting firm

Miroslav Špaček

Bachelor's thesis

Abstract:

The objective of this thesis is to demonstrate the most effective method of launching an accounting firm. It shows how to create the business plan, ways of minimizing costs, increasing revenue, creating a permanent clientele, expanding the business and making enough money to invest in other fields. This thesis will involve a theoretical and practical part. The theoretical part will be carried out through a literature-based analysis of the most effective uses of market research, financial planning, costing and other tools to create the best business plan. The practical part of the thesis will demonstrate, through a descriptive analysis, how these different elements were used in the launching of a particular micro accounting firm. In his conclusion conclude, the author highlighted the fact that opening a micro- accounting firm in 2022 or even in 2023 in the Czech Republic with the primary focus on foreigners legally living in the Czech Republic and conducting a given business activity is a good idea worth considering seriously. The conclusion is based on the serious of findings made by the author, such as: Short payback period of just a couple of months (depending on the success of the marketing strategy); Break-even point of 77 consultations per month; High net margin with 160 000 CZK of monthly revenues and just 70 000 CZK in monthly expenses, thus resulting in EBIT of 90 000 CZK, that might later on be used for further expansion and no competitors, as of now.

Keywords

Entrepreneurship, Competition, Business plan, SWOT, Customers, Tax Laws, Consulting, Financing, Acquirements, Advertising

Language used: English

Date on which the thesis was submitted / produced: 15. 3. 2023

Thesis defence

• Date of defence: 18. 5. 2023
• Supervisor: John McKeown
• Reader: Jared Daniel Jacques

Czech University of Life Sciences Prague

Faculty of Economics and Management

Bachelor programme:
Business Administration