Single-owner firms : The thrill of thriving solo / Anita Dennis and Sarah Ovaska
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TextPublication details: Durham, NC : AICPA & CIMA , 2024-Description: Vol 238 (2) Pages 8-17 : illustrations ; 28 cmISSN: - 0021-8448
- Journal of Accountancy / August 2024
There are definite perks to being a sole owner of a CPA firm: You get to be your own boss, decide the direction of your practice, and grow at the pace you want. But flying solo also brings a lot of pressure. As the only owner, a sole proprietor carries all the responsibility for keeping the firm from crashing. For those owners who are also true sole practitioners, they shoulder the burden of the accounting work as well. The terms sole proprietor and sole practitioner are often used interchangeably, and their definitions can vary depending on what state, region, or industry you are in. For this article, sole practitioner refers to true solos, CPAs who run their firms with no other accountants on staff. Sole proprietor refers to CPAs who are the sole owners of their firm but have other accountants on staff who can help with the accounting work. The JofA talked to 10 sole proprietors, most of whom are also sole practitioners. Some have been on their own for years; others got started just before the pandemic hit. One has retired after 30 years as a solo, while another is working on earning her CPA. As a group, they shared their experiences and offered their perspectives on the ups and downs of flying solo (see the sidebar, "Pros and Cons of a Solo Practice"). Their stories showcase the diversity of purpose, services, and experiences of those who have dared to go it on their own.
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