The Sole Practitioner – Level 1 – Practice Management Essentials

Course Outline

Are you struggling to manage your sole practitioner firm?

New sole practitioners in accounting grapple with challenges like establishing their business, workflow management and client acquisition in a competitive market.

They must manage finances carefully, balancing costs with client-based revenue, and constantly update their knowledge of changing accounting and tax laws.

The workload, encompassing both client service and administrative duties, can be overwhelming, often affecting work-life balance

How will this course help you?

Practice management training is crucial for sole practitioners, providing essential skills for efficient practice operation, client relations, and adopting industry best practices.

This eLearning course is designed to equip new Sole Practitioner accountants with the foundational knowledge and skills necessary to establish and manage a successful public accounting practice.

From understanding workflow management to client management and business development, you will learn to navigate the challenges and plan strategically for the growth of your business.

What’s this course all about ?

In this course, learners will learn how to navigate the challenges of setting up and running a practice, develop essential business plans, manage client relationships effectively, and establish efficient workflows, all of which are crucial for laying the groundwork for a successful accounting practice.

Who should enrol

New Sole Practitioners: Individuals who have recently set up their own accounting practice and are keen to put more formal systems and procedures in place.

Transitioning Professionals: Accountants and managers moving from employment in a firm to establishing their own practice.

Practice Managers: Administrators who manager a practice and would like to adopt a more formal approach to internal systems and procedures

TO VIEW AND DOWNLOAD THE COURSE BROCHURE, CLICK ‘BROCHURE – DOWNLOAD’ UNDER NAVIGATION OPTIONS TO THE RIGHT. YOU CAN ALSO VIEW THE COURSE LEARNING OBJECTIVES.

Contact us directly to discuss package discounts if you have multiple learners registering for this course 

Click here to learn about the Sole Practitioner – Level 2 – Advanced Practice Management Course

Course Content

Course outline:

1. The Sole Practitioner

• Understanding the business landscape of public practice
• Identifying key challenges and solutions for sole practitioners
• Crafting a unique value proposition for your services
• Building a solid foundation for practice management

2. Strategic Planning

• Defining firm services and creating ideal client profiles
• Developing a comprehensive business plan
• Conducting strategic planning sessions and review processes
• Setting measurable goals and objectives

3. Business Growth

• Strategies for finding and retaining the right clients
• Getting prospects and client over the line with services
• How to add value to existing clients with new services
• Establishing a referral system and network building

4. Client Management

• Determining the scope of work and setting fees
• Enhancing client relationship management
• Implementing effective communication channels
• Managing expectations and delivering value

5. Workflow Management

• Automating routine tasks and processes
• Streamlining workflow management and reporting
• Identifying software solutions to enhance efficiency
• Ensuring quality control in workflow systems

6. Team Development

• Understanding the role of capacity and leverage in practice growth
• Setting up a team structure that works for you and your firm
• Putting in place a training and coaching program for your team
• Dealing effectively with performance management issues

7. Financial Management

• Establishing key performance indicators (KPIs) for the firm
• Managing cashflow as operational costs increase
• Managing work in progress (WIP) and debtor control
• Developing financial policies for profit and growth

8. Quality Control and Risk Management

• Ensuring adherence to professional standards
• Implementing comprehensive risk management policies
• Developing a quality control framework
• Preparing for external audits and compliance checks

Course Structure

• Learners can complete courses at a place that suits them, within and outside work hours
• Each learner will have a dedicated login to give them personal access to their course
• Module material includes online presentations, workbooks, PowerPoint Slides, templates, scripts and articles
• All modules also incorporate formal qualitative assessment tasks that encourage learners to develop practical actions demonstrating understanding of the concepts
• All assessment tasks are scored, with directed feedback to learners on their response
• As the learner progresses, they develop their personal SMART action list to drive change
• Managers are able to see at a glance how their staff are progressing
• All learners have access to course content for 12 months following their enrolment

Learning Process

Our self-paced eLearning courses follow a 4-step process in relation to learning objectives:

All modules are structured with specific learning objectives and assessment tasks. Learners are expected to demonstrate that they understand learning objectives and can apply concepts through completion of the assessment tasks. A SMART action planning template is used to consolidate specific actions and to ensure that a timeframe for completion is established and followed. Regular review of progress is ensured through commitment to completing the course.