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6 Profitable Accounting Niches to Specialize in for Your New Firm
Accounting Firms
6 Profitable Accounting Niches to Specialize in for Your New Firm
Starting a new accounting firm is a big dream come true, right? Well, let's be honest: after some time, it becomes overwhelming. The accounting service domain is highly competitive, and in US alone have over 86,000 accounting firms.
Working in this accounting segment you are competing with established players and giants like Deloitte, PwC, EY, and KPMG. You must differentiate yourself so that your fresh start does not get lost in the crowd. Do not scatter your resources. Choose your accounting niches and try to put your eggs in the same basket. Target your ideal client, recognize your expertise, and choose a more profitable accounting niche.
Here is a list of the top trending profitable accounting niches you can choose from.
1. Tech, Software/SaaS Startups
Standing in 2024, the current value of the global SaaS market was approximately $266.23 billion. With a projected CAGR of 20% in the years 2025 to 2030, SaaS is powering almost 85% of all business applications. It is more than just the whole eco-system evolving rapidly with the technological advancement of Artificial Intelligence (AI) and Machine Learning (ML), making services more effective.
Providing accounting services to these kinds of companies requires more than just bookkeeping. This includes complex accounting transactions, international transactions, foreign business compliance, and so on. They need advisory services for tax planning, CFO services, compliance management services, growth, and explanation plans.
Startups in SaaS look for specialized accounting firms in the domain that can clearly understand the complexity of business and provide guidance and strategic financial growth. So, choosing Tach, SaaS, as your accounting niche can be the most profitable option for your portfolio.
Dive into the horizons of AI and tech. Discover and integrate its true transformative power into every aspect of digital work and be ready for the coming decade.
E&T Planning is a growing accounting niche for your firm. The Global Estate Planning Service Market size in 2024 is 3.7 million, with consistent growth. Managing substantial assets and complex financial structures requires specialization in law/attorney, finance, and tax. Clients look for advisers who can manage their assets, optimize wealth, and successfully pass it on to the next generation.
So, what do you need to do? Focus on a lucrative and profitable niche like this.
Working with high-net-worth individuals (HNI) dominating the segment is a profitable trade.
Build a team of professionals in financial planning, asset management, insurance, investment, and tax planning.
Provide the best advice to your clients to meet their future wealth goals.
Things you must know before choosing E&T Panning as your firm's niche.
Managing digital assets and cryptocurrency is a burning segment. While the segment itself is complex, positioning your firm in the domain is also challenging. The global cryptocurrency market is valued at approx. $2.96 Trillion. This alone reason is enough to make this a valuable segment to establish your firm's niche.
The niche is complex to understand, and needs specialized expertise in tax preparation, valuation challenges, and regulatory compliances. Early specialization in the domain offers a unique opportunity for your firm to penetrate the market.
Stay ahead with the latest updates on digital assets and crypto market:
A strategic move to establish a dedicated division for Merger and Acquisition (M&A) Service can be the roadway for your firm to enter the high-stakes world of corporate transactions. This demands in-depth financial analysis skills, precise valuation, and robust due diligence. For this critical and complex service, you can charge a significant amount of fees as well.
Understand the complexity of M&A in a simplified way.
If you are a seasoned professional with expertise in M&A, finance, or related fields? Be partner with MYCPE ONE and become part of our exclusive M&A advisory network. Join Us Today >>
5. Risk Management
Risk management is crucial for every scale of business. Whether it be an old-school business or a fresh startup. No matter if you start a fresh business or a conglomerate, you need professional guidance to manage risk.
Organizations in this era are highly exposed to financial risk, market shifts, and cyber threats facing the tech and digital revolution. Specialize in risk management for your firm and offer proactive solutions. Identify the potential business threats, make strategies to mitigate the risk, safeguard your clients' interest and ensure compliance. In return, your firm will be paid off with a handsome fee.
6. Cannabis
Cannabis is strictly regulated by state and federal laws. Due to operating in a highly restricted and regulated environment, the complex rules, tax regulations, and compliance demand specialized skills in multiple Tax Codes (IRC 280E, IRC 471), GAAP, Software, ERP, and Accounting Tools.
The industry is exponentially growing across different jurisdictions, projected to reach $57 billion by 2026. To grow the business, what is highly demanded is a highly efficient tax filing expert who clearly understands the ins and outs of cannabis rules. Cannabis companies cannot afford to avoid having an industry expert take care of their accounting.
Become a CFO Firm of cannabis, master in budget setting, forecasting, inventory audit and tax deduction (280E and 471). Conduct niche accounting, optimize your firm's operation, and build the foundation of a successful CFO firm.
So, here we have solution, how you can integrate Cannabis into your firm's portfolio:
Choose a path of profitability and select the right niche for your new accounting firm. The above niches are not only profitable but also have longevity and specialization. Choose the niche that you love, but that must be your passion and existing expertise.
Develop your specialization, attract your ideal client, serve them with growth, and command a premium rate for expert consulting. So, take a closer look at the 6 niches that resonate most with your interest.
FAQs
Niche allows your firm to differentiate your firm from other competitors and stand out in the crowd. You specialize, tailor your services, choose your ideal client, and provide effective targeted service.
Growth is important, and expanding a niche is the opportunity to offer more. So, when choosing the niche, be sure to choose the industry that is unique and in which you have an interest and expertise. Choose a recession-proof, resilient industry for long-term growth and significant profit opportunities.
The above 6 niches are highly efficient and can be profitable for your firm. You can choose them according to your expertise and interest. But they are not limited to. There are other industries that have significant potential for growth and success as well. Such as:
Amrit has over six years of experience in continuing education, focusing on CPE for Accounting, Tax, Finance, HR, Payroll, and Technology in the US, Canada, and UK. Amrit simplifies compliance, creates easy-to-use solutions, and helps professionals stay updated while saving time on their education requirements
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