bookkeepers and cat??? - The Book-keepers Forum (UK)

Keithm · Member

bookkeepers and cat???

RobH · Expert

Woof!

Keithm · Member

The wife has a woof keeps chasing my meow! lol

Shamus · Forum Moderator & Expert

It's no good Rob, we still think that it's a rabbit!

don't mind cats but personally I'm a dog person, families always had Golden Retrievers and Labradors... Oh yes, we also had a long haired Alsatian.

The cat pic is actually a play on me coming from the world of banking (so a pic of a fat cat!).

Shaun.

RobH · Expert

I can't make the sound of a rabbit! Keith a miaow always wins against a woof. We used to have two cats and they were definitely the bosses!

Shaun your true colours are showing, is he called 'bonus'??

Terri · Senior Member

I am greedy and have one of each - a dog and a cat

Marky65 · Guru

I have a cat too,

Shamus · Forum Moderator & Expert

Hi Rob,

Wish that I did get some of those bonuses!

I work with the banks on a freelance basis so basically develop the products and systems that result in permanent staff getting the bonuses.

Can't complain about the money when the works there but all told I would probably have made far more as a permie having steady regular income rather than the peaks and troughs of freelance work.

Shaun.

RobH · Expert

Hi Shaun,

my biggest client has a company that develops a lot of risk assessment software for banks, there's a mind boggling amount of money that swishes around!

Shamus · Forum Moderator & Expert

Hi Rob,

Your right, they are quite spectacular sums that you play with. Certainly if I typed it into my desk calculator the daily throughput there wouldn't be any room for any decimal places!... But after a while you don't think of it as money.

For instance, when you talk about foreign currency held at a branch you talk about stock! Which I suppose if your a bank then a prepacked bundle of Euro's is no different to a box of cans of beans for Heinz.

My area's of expertise are in Corporate and Branch accounting so in this world I quite often encounter products that I had a hand in designing and developing.

Unlike everyone else I actually came to accounting from banking and I got there from management consultancy with one of the mid tier firms (although I've also worked with two of the big four and also the one that got thrown out of the club for being naughty). Whereas it seems that many accountants are trying desperately to get into industry as they see that as where the real money is... It might be but it will cost you your soul and your family life!

Never thought that I would be one to go QOL (Quality of life) but bringing up a young son on my own sort of puts everything else into perspective a bit.

talk in a bit,

Shaun.

P.S. accidentally pressed submit before I had finished typing so apologies if you read the half finished version.

-- Edited by Shamus on Sunday 21st of February 2010 05:55:58 PM

RobH · Expert

Chose QOL every time if you can afford to!
So Shaun have I got this right, you still do the odd bit of freelancing for the banks when you get the chance and the rest of time you are building up your practice?

Shamus · Forum Moderator & Expert

Yep.

I echo what Lorraine was saying on another thread. There's just not enough money in the bookkeeping side at the moment to only do that.... Not least as I can make more in 7 weeks in banking than I can in a year as a bookkeeper!

In fact, I may actually be off to Edinburgh for a month at the end of March... Which at 276 miles each way is absolutely great for the 40p per mile!

The plan with the bookkeeping business is to try and build up a stable of enough clients to make me of interest to a qualified local accountancy practice and then exchange my clients for two years supervised training in order to get my ACCA practicing certificate.

The plan from there is to go ACA with the ICAEW after doing two years ACCA. The downside of that route to ACA if having to keep both memberships current and jump through the various hoops of both organisations.

But of course whilst it's good to have a plan you know what they say about the best laid plans of mice and men!

talk in a bit,

Shaun.

RobH · Expert

You know an alternative and possibly radical alternative would be to build your business up and not exchange for two years supervision (though with a smaller firm you may get in as a partner if you had enough business) but pass your ATT which would give you a certificate of eligibility to do CTA which is the Gold Standard for tax and then you can charge whatever you like! With CTA (and I think ATT) as long as you have had two years experience and you can get your form signed by a coupe of qualified accountants (including ATT) then you can practise and I would think you had the mind for tax. Just a thought!

Shamus · Forum Moderator & Expert

Cheers for that Rob.

sad as it might sound I do actually enjoy the various challenges of tax. (Its certainly always a great area for debate).

Even if I used my ACCA to get exemption from most of AAT I could very quickly set up as a MAAT MIP.

The problem is that no matter which route I take (AAT / ATT / CIOT etc.) unless I step down from the ACCA I am not allowed to do any more than Payroll, VAT and basic bookkeeping as the most Draconian of the regulations takes precedence over the others.

After six years hard labour trying to pass those exams (I've had to do it between work and childcare so taken a bit longer than I would have liked) I certainly could not take the decision to give the qualification up lightly.

But, qualifications are supposed to be there to help you, not to hold you back so nor would I disregard the idea of swapping allegiances if another proved more advantageous to me in the long term.

That's the problem with this profession isn't it. There are just so many roads to the same destination. All of them are difficult but some come with mines and pit traps!

Cheers for the advice though. Certainly it is one that I will be persuing for CPD anyway.

Shaun.

RobH · Expert

I appreciate what you are saying, but you know i think that your ACCA would also give you eligibility to do CTA which you could be doing whilst making your mind up...in my opinion I would rather be described as 'chartered tax advisor' than 'chartered accountant'...mind it is apparently a b**ger to pass! I guess I just hate the idea of you giving up your business just to join someone else's firm!

Shamus · Forum Moderator & Expert

Appreciated. And I will be doing ATT and CTA (well that's my CPD sorted).

Really can't imagine any paper more difficult than ACCA paper P2. You go into the exam knowing all of the various reporting standards, laws and regulations. You can quote important paragraphs word perfectly and do every calculation that you can think of from memory but then you are hit with trying to apply your knowledge on a timer in a complex group accounts situation...

Trust me. People come out the exam hall after that one with a look not dissimilar to the distant look in the eye's of American service personnel that you see in documentaries about Vietnam. Shell shocked just somehow doesn't quite sum it up.

If I did give up my clients (not my company, nobody gets there mits on that as it's been my baby since 1990) it would just be taking one step back to take two forwards... And whilst it is not ethically sound to poach clients if a client is happy with their accountant it is often the case that they will follow the accountant rather than firm so the clients may not be lost forever.

I should find out at 04:00 tomorrow morning whether I've got to face P2 again in June... Really, really don't want to sit that one again but I'm not confident at all as last Decembers sitting was a particularly bad one for a paper renowned for being an absolute pig of a paper.

talk soon,

Shaun.

RobH · Expert

Hope your early morning vigil of ACCA leaves you smiling Shaun. I'm glad I'm not studying at the moment! You are right about clients following the accountant, I know a fe wwho left their firms and were approached by previous clients.

lor · Guru

I have 2 cats, called Bert and Ernie! they each have their own character and are completely different to each other, and are crazy!

Flex Accounting Services · Senior Member

I like all animals but prefer dogs to cats (sorry !) but have a snake and a guinea pig as pets !
Snake called Wilson and Guinea pig called Timmy (childrens choices, honest !!)

Keithm · Member

Had Some guinea pig but they was too loud and had to go. lol

keith

lor · Guru

I do like cats and dogs, as I grew up with dogs, but currently both me and my boyf work fulltime and cats are more independent, so thats one of the reasons we chose cats, but couldn't live with out them I love them so much! they are gert lush!

semsley · Guru

I've had both cats and dogs but since the incident in December I'm now very wary of big dogs, particularly german shepherd/alsatians smile