CONSULTANCY NETWORK - LEASE ACCOUNTING
FRS 102 Section 20 Leases:
Your Opportunity to Become a High-Value Consultant
The changes to FRS 102 Section 20 leases could have an impact similar to that of Sarbanes-Oxley in the mid-2000s and the Millennium Bug before 2000, affecting thousands of UK businesses.
Demand will be fuelled by SME businesses seeking assistance, accountancy firms needing technical support, and software providers looking for technical expertise.
Don’t Miss Out on this Unique Opportunity
Start preparing now to deliver your consultancy services.
With confidence in your skills and the right specialist software, enhance your expertise and position yourself to meet the high demand for expert consultants. If you already have extensive experience in lease accounting under IFRS 16 or similar standards, you’re in an ideal position to take advantage of this unique opportunity.
Explore our Knowledge Hub for our comprehensive resources on lease accounting standards, essential project management tools, FAQs and more. Sign up with one of our trusted providers found under Solutions+ for specialist software solutions.
Key Factors to Consider When Becoming a Specialist:
Research
Conduct your own research into the standard and how it applies to businesses. There is an abundance of information available on the technical aspect of the standard, since IFRS 16 in 2019 and the standards are closely aligned.
Business Case and Plan
What is the plan - services to accountancy practice, working with software providers, consultancy services to businesses.
Generalist or Specialist
Determine whether you have a technical skill in a particular area that provides a competitive advantage, or if you possess a broader range of skills and experiences.
Target Market
Do you have a target market in mind based on your experience.
Make the Decision
Consider if this path aligns with your career aspirations and personal situation. Are you risk-averse? Do you prefer security? Do you have sufficient finances to handle potential downtime? Will this be a side project alongside your main employment (and do you need to notify your employer)?
Setup a Limited Company
We advise on setting up a limited and trading as limited company.
Operating as a limited company offers several benefits, including limited liability, which protects your personal assets from business debts, and potential tax advantages, as you can structure your income in a more tax-efficient way. It can also enhance your company’s professional credibility and make it easier to secure contracts or investment.
Marketing Strategies to Reach Potential Clients
Consider your marketing options to reach potential clients:
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Personal professional networks, forums, colleagues, and ex-colleagues.
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Digital presence and marketing through platforms like LinkedIn and Facebook.
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Publishing thought leadership content.
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Collaborating with software providers.
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Creating a forum specialising in FRS 102 Section 20 Leases.
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Attending industry conferences, and local accountancy meeting and events.
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Partnering with professional associations
Website
Consider whether a website is a key requirement for your solution. A website requires thorough planning, so take a look at how others have been set up.
Do you want to set it up yourself? There are many products available that can save money, but it may be time-consuming. Alternatively, do you want to engage a professional web designer? This can be more costly.
Additionally, data security and privacy must be considered, depending on how your website operates and your target audience.
