Business Ideas for Tax Practitioner in Malaysia

Be a Tax Practitioner in Malaysia and Make a Decent Living

Being an accountant can sometimes be difficult. This is because you need to keep track of all the client services you have to fulfill. Yet, it is rewarding after all the work you put in. The good thing is that you can run this business from home. Besides, you can be part of the home-based tax deduction too. Although, if you are a tax practitioner in Malaysia, you can be successful in your tax practice as long as you are disciplined and you know where to find clients.

The Right Market

Your clients can be both individuals and businesses. You can find business clients by placing ads in publications like newspapers, yellow pages, online, and build a network. You can also talk to CPAs and attorneys because they may have clients to refer to you. In addition, you can send your brochures by mailing them directly to individuals or businesses who are new in your area.

Have a Standard Process

Aside from setting the right goals for your business so you will know where you are headed to, you need to have a standard process. Think about the last time you sat down and checked the processes of your business. If you have not done this, you might hold back your process but here are a couple of examples:

  • If a prospect client contacts you, what is your selling strategy and onboarding, 1st year of work and additional details? This is important because they will ask you this.
  • When you have a walk-in client, does your staff have a routine they should follow? You need to make sure the staff is familiar with the flow because this is going to help the client feel safer to get your services. In addition, it will show them that your office is systematic.
  • Whenever a tax return is being prepared, is it consistent for all clients? Is there a way for you to make it standard? This is another important consideration you need to make because if a certain process gets standardized, you will avoid confusion and your staff can easily learn the steps.
READ ALSO:  Business Idea for Purchasing a Profitable Website in Malaysia

You should analyze the methods and workflows of your business each year. Do not be scared of change and you can do them as often as you like. Always improving them and make it standard.

Equipment

You do not need to have a license or certification. Yet, you might want to get a certification to become an enrolled agent. This includes training, an exam, and the completion which serves as a bonus. This is because it will definitely add to your credentials and credibility. You will be able to approach the IRS instead of your client to do the audit. In addition, by being certified, you have the freedom to charge more than a tax practitioner who is not certified. Regardless if you get certified as an agent or not, you are going to need a fax machine, laser printer, copier, office software, and tax preparation software. You will also need materials for reference like a tax guide, and updates on everything.

Invest in Your People

You might think that hiring staff should be inexpensive. Yet, this is an idea that will only work for a few years. Actually, after you have expanded your business and you are going to hire staff. You hire for their skills, ability to serve clients, and enthusiasm. Hence, your payroll is going to increase but your profit will go up to. Actually, hiring good people is what will make your firm successful. With a good staff, you can afford to sometimes take time away from the office.

While you are gone, your staff is able to make your business function successfully. When you hire people, you also have to make an investment. You should train them, give your support, be a firm leader but you should always be kind to them. Similar to an excellent client, investing in your people only makes the better and you will gain more profit in the long run.

READ ALSO:  Business Idea for Consumer Goods & Services Startups in Malaysia

Tap Your Professional Network

You should have an account online that connects you to other professionals because they can give you referrals. Look for a great online tool to expand your network to have more exposure and keep you connected to other professionals. In addition, you can also reach out by sending an e-mail to other professionals to let them know about your practice.

Exceed the Expectations of Clients

Business Ideas for Tax Practitioner in MalaysiaYou should make clients smile and it might be hard to achieve in a tax business because clients are not excited about paying taxes. You need to discover how to put a smile on their faces and hire your services again in the future. Client satisfaction is very important and you should think about how you are presenting tax returns, how you do information gathering, what happens when a client calls your office, and your availability. These factors add to client expectations then later on, how satisfied are they with the service and work you did for them.

Happy clients are going to refer you to others because you no longer have to market yourself to this client because they have already heard great things about you. When you internalize on what can make clients smile, and how they will be impressed by your service, it makes the rest of the work easy. You only have to do exactly the same thing hundreds of times and you are ready. This is key to having a reputable firm that people are going to trust and hire again.

READ ALSO:  Space Tourism In Malaysia And Its Increasing Scope

If you want to be a tax practitioner in Malaysia, follow these ideas and make sure that your clients are always happy because they rely on you to help the with taxes.

Also, you may learn more by reading taxation services in Malaysia and overview of Malaysian taxation.


5/53 ratings