Hello! My name is Tom and I'm coming up to completing the ICB level 3 Computerised Bookkeeping exam. I have completed Level 1, Level 2 in Manual and Level 2 in Computerised Bookkeeping. My practical experience is limited (12 months worth, 5 years ago).
I want to start up my own Bookkeeping business, within the next year or so, but I know the value of practical experience. So, I am going to look for voluntary Bookkeeping work in my area, working it around my current job - approaching accountants, charities etc.
What I was hoping to find out is whether it's a case of starting up merely when you feel confident, or is there a recommended amount of time you should practice for? Also, do you think accountants would be prepared to be rung up if you encounter something you're unsure of, when completing voluntary work for them? I'm not ready to work alone yet as my limited experience runs to 5 years ago, and I don't want to become unstuck very quickly and have no one to turn to when encountering a problem!!
Any advice and suggestions would be greatly appreciated, thank you (even if it's to tell me I'm on the right track or that I'm completely mad!)
I think it's to do with confidence. I think in terms of skills, you probably have most of them. I can understand why you're thinking about volunteering.
If you started your business now and restricted yourself to a few small businesses as clients I think you could probably build the same confidence and still be earning, rather than working for free for someone else.
Remember there are a few forums like this one where we are all pretty much in the same boat and happy to help each other out too.
When it comes down to it, it's all about you and how you feel.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Would say that it is best to gain some experience before starting up on your own.
Would say that if your circumstances allow to have at least 1 years experience working for an accountant or in a large accounts department (where there are experienced bookkeepers who will be able to advise you of things you are unsure, rather where a small firm where you have to do everything so no one to advise you.
Would say you have to be confident to go it alone so there is nothing wrong in staying in a bookkeeping/accounting position for an accountants or in large accounts department until you feel confident.
I worked for 14 years before I started on my own (it would have been 10 as was out of work at the time, living with parents and at that time think it was either Business Link or Chamber of Commerce run a course for persons wanting to become self employed, went on the course but did not feel confident not so much in the actual bookkeeping as very experienced in that more the networking, marketing and selling myself part of being self employed, I was quite shy and just did not have the confidence to do that. I did only go self employed in 2006 because got made redundant just before my wedding, and my husband who was confident in me (even though I was not myself confident), he got me a contact who passed on my contact details to clients wanting bookkeeper, my husband in IT so he built me a website. For me I needed that push from my husband, maybe in time if he had not I might have eventually got around to doing it for myself.
Thank you both for your very helpful responses - useful advice there.
The problem I have at the moment is that I am not in a financial position to work solely in a bookkeeping role for an accountant - I need to sustain my current job (which is outside of accountancy) at the moment for financial reasons. This is why I thought that if I volunteered to do some free work for an accountant, he / she might be more willing to help out if I got stuck. Do you think an accountant might be prepared to do this?
Hope it's not a silly question, thanks ever so much for your replies.
I think like all professions some will and some wont give you the time of day. It's just going to be a case of getting past the rejections to find someone who is willing.
I suppose since you'll be offering this for free more may be willing to take you up on the offer. Of course the pro for this is when you do start up you'll already have built a relationship with at least one accountant, which is handy for gaining clients.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
You and I seem to be in a similar position re exam progress, experience gap, ambitions, concerns. My own experiences to date might give you some ideas:
I spoke to one accountant local to me a while back when I was starting on the road to practice, she was very helpful (eg made me aware of MLR and need to join ICB to get PL, etc). While not able to offer me work directly, she is happy to help me get basic b/k work (eg by handing out my business cards) on basis I will refer client's more serious work to her. This is a pretty good arrangement I think and one you might suggest as a way in.
At her suggestion, I'm also going to join the local business association (she is treasurer) to get exposure, but will wait until I am qualified to Level 3 (soon hopefully) as don't want embarrassment of turning work away because I'm not qualified or licenced. Every one says networking is key, especially early on, so I reckon is worth taking the plunge.
I've also responded to an ad in local paper, a bigger local accountancy firm is looking to recruit bookkeepers/accounts assistants (work must be burgeoning in my area). I'm really gunning for that, as they say will offer training (perfect b/k finishing school!), so don't mind if rate of pay is a bit lower than if I got the work directly. Also. if they were to take me on as an employee within next few weeks, it would save me costs of having to set up as self-employed. If they want me as self-employed, well ok I was going down that route anyway.
Hope this gives you some ideas. You are NOT alone. Good luck
