I'm thinking about starting my own bookkeeping practice and wondered from peoples experience what's the realistic number of clients a one-man bookkeeping business can handle at a time. I realise it depends on the complexity of each client but just wanted a general feel of what your experiences are. Thanks in advance.
can you fill us all in on a bit of history about you first?
which supervisory body are you with? Where are you in the exam process etc?
Just helps to know the level that someone's at before giving specific advice.
cheers,
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
thankfully beautiful morning as we just had to bike the school run!
The car key wouldn't turn off the alarm so couldn't get in the damn car this morning.
Just googled BMW key batteries and seems that even if you can get into the key (which I can't without a chisel) and even if you could if you change the battery it loses it's encryption.
Really bad news is that one poster states that it cost them almost £500 for a new key! Makes the £108 it cost me for a new one for the Rover seem cheap.
Good news is that I picked up a tip on there about heating the key to get the last little bit of charge out of it. Just did that and it's popped the locks so I've got a car but no alarm system.
Methinks these things always come in three's second was that the up and over door on the garage jammed semi up last night and ended up with no choice but to cut both wires making it unusable... With the other BMW now stuck in the garage.
If the postman comes anywhere near my house today with a brown envelope I'm going to be appearing on the six o clock news!!!!
In Cannock nobody can hear you scream!
Hope you have a better one than me Rob,
Shaun. (Life's little control experiment!)
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Oh dear Shaun thimgs have gone a tad awry. Those keys are a rip off but there are independents out there who can program them for a fraction of the cost, in fact I have a client who does just that, I'm not sure if he can do BMW or whether the car needs to be with him in order to synchronise alarm and key but I can certainly ask the question for you.
Must admit though that the idea of getting a full nights sleep when I've forgotten to close off an air vent and there's a minor breeze is beginning to appeal to me.
I think that I know what's actually gone wrong. On Sunday I brought the other one out of the garage, polished her and put her back again whilst this one didn't even get a sponge down... So I figure that she's sulking.
Oh well, must make a call to the revenue. Talk in a bit,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Hi guys - Basically I'm currently in full time employment with a local footwear company as Finance / Admin manager and I am a member of the AAT having qualified around 5 or 6 years ago. At present it's just an idea and I haven't done any business plans etc yet. Ideally I would start on a part-time basis and build from there. I guess I would be targetting small local businesses and possibly approaching local accountancy firms to see if they need help with any work.
as Rob touched upon its one of those how long is a piece of string type questions.
for example, if you only chased very small clients you would probably be looking at around £300 per year each. Assuming that you have overheads of around £3000 and you want to make an income of £15,000 then you need to have 60 clients. Assuming that each takes just a couple of hours of your time each month that's a rate of £12.50 per hour based on around 120 hours per month.
Finding 60 clients though would be a major achievement. Most bookkeepers have a few small clients mixed in with regular larger gigs such as one day per week doing the bookkeeping for a medium sized enterprise or special arrangements such as those that Rob has in outsourced telephony services.
Doing it only part time is likely to restrict access to some bigger clients who expect you to work on their premises. However, I think that you are doing it the right way in not giving up the day job for work that may never materialise.
£12.50 per hour would not be considered a bad rate and many work for considerably less than that as there's a lot of competition for the work and price is the only real bargaining tool to win work.
For all the grief that you face for the money you get, if you have AAT you may find it more profitable to go for actual employment with a practice than self employment. Just a thinking outside the box suggestion there but as I say worth considering.
Good luck with whatever you do but don't forget MLR as it's a two year jail sentence and unlimited fine if you don't have it.
kind regards,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
I studied AAT a few years ago and have since set up self employed, I work Full Time for a manufacturing comp as the "Accounts Dept", I started my Part Time business for extra money and am finding it was a good idea and pretty easy money really.
Shamus has got a point, but then I am hoping that one day I can build up my business and work more at home and less at work, but then it's still quite a way off from that.
I think you need to think about whether you would like to work for your self and be your own boss, or if you want to only do it on a part time basis, I would definitely say you need to build it up gradually and it does take some time.
Good luck with what you decide, regret what you haven't done not what you have tried, I think it's better to regret something you have done, than think I wonder what would have happened if ....???
On the other hand you need to give it some serious thought on which direction you want your career to go, just my thoughts on the matter!
-- Edited by lor on Thursday 22nd of April 2010 06:35:13 PM
I to am looking to start part time but am wondering how im going to find the time. I do a forty hour week in credit control and two nights a week at college. Think im only going to have a few hours in the week and the weekends to concentrate on my gaining new clients but hopefully over time I will be able to sustain a full time income and give up my full time job.
Hi Michelle, it is hard, how much longer do you have at college, what course are you doing?
When you have finished your course you will have more time, for your business.
Before I started my business, I wondered how I was going to find the energy after working 36.25hrs a week in accounts. But you will make it work, and have as many clients as you can manage.
Thats Bobby Ewing Lor, He was a hunk in Dallas, everybodies favourite.
Not everybodies Amanda , depends on your perspective. I quite liked the poison dwarf, she did have bad taste in cars though, a Triumph TR7, probably the worst British built car ever
Thank you ladies, I am thinking about investing in a stetson for real now....my favourite cowboy is really Clint Eastwood so may have another change soon!
Lori, Im doing AAT I finish in June but then start the next year in Sept still plenty of studying still to do. Waiting at the moment for my MLR to come through then I will start to promote myself and see what happens. Im determine to do it even if its only very part time lol.
We used to do this game...watch Dallas when they have a drink on the screen we have a drink as well. you can get very drunk just watching one episode..
just catching up on my reading of the posts and noticed your comment about the triumph TR7 being the worst made British car ever...
Whilst I agree on the styling front, from a design flaw perspective you've forgotten the Morris Marina. If you went around a corner too sharply at the wrong speed the windscreen would pop out.
Oh the golden days of British car manufacturing!
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
A lot of the TR7 ancillary bits and pieces were Marina parts
You've probably read in other posts, my background. When I left school I did an apprenticeship (A real five year indentured one, not the pretend ones they give away with breakfast cereal today). It was in a British Leyland garage, oh joy. Morris Marina's had Morris Minor running gear and if you opened the doors of an Austin Allegro when it was on a two post ramp, it would fold in half (they also had to go on backwards, or they would fall off). What was it with square steering wheels?
Was it not the Allegro that had better airflow going backwards!
I have been missing in action for a few weeks and I really cannot keep up with the changing avatars, I had to endure years of Dallas on DVD from Mrs P.
The Avatars seemed to go from Cats to Muppet's to Only fools and Horses to Dallas.
The link is always some off the cuff remark in a less than serious thread.
Muppet's was after referring to Bill and myself as Stadtler and Waldorf (the two old professional hecklers).
Only Fools and horses was after rushing to the rescue of someone and stating that we amigo's wear our undies on the outside, so I found the Dell boy pic in a batman suit (Which had a pic of Rodney as the boy wonder in it that was an absolute dead ringer for Rob).
The Dallas theme was because in a complaint about the current incumbent government I let slip that I had worked in Texas and it grew from there.
We would have gone with Bills Deliverance theme but there just weren't enough characters.
Seems to be a different theme every month at the moment... As Bill states though, he always get the handsome character!
Anyway, welcome home and talk later,
Shaun.
__________________
Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Yes found a job in credit control really enjoying it, still got the craving to start on my own though. Ive sent off my fee to HMRC so just waiting for that to come through now.
I hear things are going well for you too, glad its all going well.
Lori, Im doing AAT I finish in June but then start the next year in Sept still plenty of studying still to do. Waiting at the moment for my MLR to come through then I will start to promote myself and see what happens. Im determine to do it even if its only very part time lol.
Are you starting Intermediate or Technician Level in September, I did AAT a couple of years ago, I find it is a good stepping stone to having your own practice.
Im starting intermediate in Sept, im really looking forward to it. Have decided whether to go on after and do Technician yet but ive got a year to decide. Id also like to do payroll but not really sure which route to take might do it as a home study.
I would say to do technician would be definitely a benefit as you can then be a Member In Practise and this means that you can get all the relevant licenses etc to have your own practice from home, obviously if this is someone you want to do then it will be worth it. Also I feel for employment having the AAT full qualification looks pretty inpressive, to prospective employers also.
Yes I see what you mean, will probably do it Ive been going two college for two years now so whats another two lol. Any ideas on what payroll course to do I definitely what to do that as a home study course.
Michelle, at my college I did technician in 1 year, it was hard but I thought better to get it out of the way sooner!, worth the pain lol. If your college offers tech in 1 year and you are able to knuckle down and study hard then it would be better to do it in 1 year.
But if you think it would be too much then do it over 2 years!
I wasn't sure if you knew that you can do it in 1 year.
I'm not too sure about payroll courses, I think aat do one. I work in payroll as well as accountancy, but I am qualified by experience when it comes to payroll. It is a good idea to know where all the figures have come from though and to have all the back ground knowledge. But I don't see enough reason in my situation to study payroll, I don't think it would benefit me.
Ive done 1yr OCR bookkeeping and then level 2 AAT, im thinking if I carry on with the AAT im looking at another two years a year for each level.
I have a sage payroll course that I was practicing with but my computer had to go in for repairs and now it wont work, long story lol.
So really need to get a new training CD then ill be back to studying it again, I have the training manuals. Was thinking I could get a training manual to learn the manual side?