I am coming to the end of the ICB level 2 computerised course and hope to eventually start my own bookkeeping business.
The course has been good in that i am comfortable with the basics but am slightly concerned about taking on customers who may ask me i.e. tax related questions etc.. about which i would be unqualified to answer.
I intend to market myself as providing a service for sole traders and small businesses and only doing basic bookkeeping including tax returns and year end accounts but i'm sure i will be asked questions not covered in my course.
Has anybody been in this position? How did you deal with it? Any other issues which, from experience, you think may come up?
I was in the same boat when I started. I think the key is to only take on work you feel comfortable doing. If this is basic book-keeping work then just advertise based on this. You can always take on more complex tax work as your knowledge and confidence grow.
Also, if you get asked a question to which you don't know the answer, just explain to your client that you want to check first and will get back to them ASAP. Clients don't mind.
Hi Nigel I am in the same position, just passed ICB level 2 today! I too aim to start a business from home. My husband and many of our friends are self employed, and my initial fact-finding is that most want to pay one person for the whole package, so I intend to do the ICB Diploma in Self Assessment Tax Returns so I can offer this service. Karen
Congratulations Karen. I am newly registered but would like to introduce myself. I am employed as a finance manager at present but have been actively thinking for some time that 'if I can do the accounts for a £1m company, 70 employees, why can't I do it for myself. I am a member of the ICB (AICB. CB Cert) and have experience in all aspects of accounts including payroll. Due to the new money laundering regulations, and being regulated by the ICB, I have to have a practising cert. and prof. indemnity ins. before I can actively advertise my services as a self employed bookkeeper. Whilst I don't have a problem with this as i think if you have spent the time and money and achieved the credibility to call yourself a qualified bookkeeper this is right. I do have a problem however with the fact that due to these new regulations, I am unable to even advertise my services without obtaining those certficates. I don't want to spend money on these certificates as there is no guarantee that I would receive clients immediately. When I get my first client, 'no problem'. In the ICB defence, I also appreciate where they are coming from in sorting the 'men from the boys' as they are a professional body after all..
A bit long winded for my first post. but any comments welcome.
Hi Mrs L, Wanting to set up as a bk myself i looked into HMRC. The way I interpret the Money Laundering Regs is you can run as an accountant service provider as long as you apply by July 08. If you apply after this date you will not be able to legally trade as a bookkeeper until your application has been accepted. Definitely agree on the PI insurance, massive risk if you attempt to trade without. I think your situation is very similar to mine and many others what came first the chicken or the egg!!
Congratualations to those have qualified, I too have qualified as a compterised associate member (ICB) through open learning Level one and two in six months! I agree that the PI is neccessary, but I did realise that I had to all this before I had a client, so now I am needing that first client without paying too much! Though I will of course eventually advertise locally and write letters to accountants. I would like consider yellow pages or is this not the route to go? Paul
Hi Paul, once you obtain the practising cert. from the ICB, (£33) I am on the understanding that they will supply you with info such as, how and where to contact clients, how much to charge, draft letters to send to accountants, advertising and free tech support. You also have the right to use the institutes logo on all stationery which could be an asset in itself.
The yellow pages offers discounts to members of the ICB. I think the yearly cost is approx £75 and this is to advertise under the institutes section as a 'member in practice'.
I must say, what a great forum. I stumbled upon this site earlier today, as like all of you I would like to start-up myself and surfing the net for info - hey presto ! `The Book-keepers Forum` appeared.
I have just achieved my ICB Level II and I am now working towards the Level III Diploma. Working as an accounts manager in a very small company for the past 8 years, its time to break out. But how do I do this ? Is there a checklist of things to do to starting up on your own ?? Replies would be welcomed.
