I currently completed part 1 of my ACCA qualifications, I am finding it difficult to get employment at the moment. I know a few friends who are sole traders, own ltd companies who want their bookeeping done which is why I am thinking of becoming self employed and start my own bookeeping practice as i have enough contacts, i know under ACCA i will be limited to what i can do, unless i am supervised which i can circumvent as i know a chartered accountant who will get my work supervised, for a return.
I just want to know what body should i join ICB or IAB? And will the self employed work experience count towards the practical requirement of ACCA if supervised. Do I have to get the practice license before i fully embark on doing the bookeeping for the business, would becoming a full member of either ICB or IAB be adequate to branch out on own.
I believe that both the IAB and ICB give exemptions for ACCA part 1. ICB give you partial exemptions if you have completed papers f1 f2 f3. You would have to take another assessment (home based scenario) to cover the basic bookkeeping elements. You could then become an MICB Certified Bookkeeper.
I am not sure if the experience will count towards ACCA, you should ask them as it is not technically within their syllabus what you would be covered for.
You would need a practice license with either the ICB or IAB before you could set up.
Benefits of ICB practice license include: the usual letters after your name, certificate, use of crest etc Free listing on the members directory Free MLR supervision Free MLR support including manuals, checklists, phone/email support Discounted insurance Free legal support (unlimited phone/email) Free technical support (unlimited phone/email) Members meetings etc
You don't have to join either ICB or IAB or any other body in order to carry out self-empoyed book-keeping for clients. What you do need to do is ensure you are supervised for Anti-money laundering regulations and you can do this by paying around £120 to HMRC.
