I am currently thinking of setting up my own bookkeeping business and had the following questions:
I have an ACCA qualification but not a practising certificate and no experience in bookkepping whatsoever. I have predominantly investment banking risk management experience (2 years) and investment management audit experience (2 years). I do some voluntary record-keeping for a charity. Now does that mean:
(a) I will be unable to start a bookkeeping business on my own given my lack of experience. Would the book cert qualification be useful in helping me do this regardless of my qualification? (b) Would it be wise to train in sage and payroll to get my skills up to scratch? (c) Would I need to register with HMRC for MLR as despite being an ACCA member I do not have a practising certificate? (d) Also how will I be able to market to clients given my lack of experience in bookkeeping?
Sorry for so many questions but if anyone can shed some light on any of these that would be extremely useful!
It's my understanding that if you don't have an ACCA practising certificate then you will need to register with HMRC for money laundering. You need to do this before you can start trading.
It would be worth finding out more from ACCA on what you can do as a member. From what I understand you can have a business but can not using the ACCA name at all, though I could be wrong and you might require a practice certificate from them as a member to operate.
As you mention... it's experience you may need so with holding an ACCA qualification I doubt other qualifications will give you much benefit though it may be well worthwhile brushing up on bookkeeping.
With the software, I don't think this matters a great deal if you know the ins and outs of bookkeeping and journals. Do you use Sage for your voluntary work or another package?
As Sarah mentions, if you don't have the practice certificate you would need to register with HMRC.
Marketing is a big area and plenty of things you could do. I think you would be able to focus on your personal qualifications (as an individual) instead of experience. Experience isn't something you can learn or buy... you just have to gain it by 'doing'.
I'd probably consider either working for someone else until you are confident, or focussing on smaller and less demanding clients - being upfront that you are ACCA qualified (more than enough for bookkeeping) and are offering something like a special 1st year service where they get the services of a fully qualified accountant at the rate of a bookkeeper.
I'd also recommend keeping part-time/full-time employment whilst you get started unless you can afford not to have an income for a little while as you get started.
Hope it helps - just my thoughts and opinions from what you've said.
Thanks for that - I found that extremely useful and informative - I am going to try and see if I can do both - work for someone and also maybe try and establish a few clients on my own.
I spoke to ACCA yesterday and you are right - I will need to register with HMRC. However I can still use the ACCA name behind my name as bookkeeping falls under the remit of the qualification. I cannot, however, advertise being an auditor etc. with the authority to sign off on financial statements.
