So, after 6 years working in Accounts and gaining my AAT I was made redundant last month. I was in two minds about the redundancy as I have wanted to retrain in IT (software/database development) for a while. Hard to get jobs though without experience or relevent qualifications, so I have started studying and applying for voluntary work. But as I will need at least a small amount of income while I gain my certificates I have decided to subcontract Accounts prep and book keeping for local Accountants.
If anyone could advise me on the following I would be very grateful:
1. Is it worth registering as an AAT MIP?
2. What are the legal implications of subcontracting accounts work? MLR etc.
3. Those of you who use subbies, what do you look for in one? Do you expect them to work on your site or take work away?
4. I am planning to use a fixed fee system. Yet to determine a model - though this should almost guarentee a profit for the Accountant and is transparent compared to hourly rates.
5. As an initial 'push' to get established. I have thought about offering to complete one assignment per Accountant heavily discounted.
If anyone managed to get to the end of this thread and has anything helpful to say it would be much appreciated.
Firstly sorry to hear you were made redundant, it's never nice and I feel for you as I've been there myself.
Have you got any leads or contacts which will enable you to get subcontract work from accountants? I'm not sure it will be as easy as you hope if you don't. Based on my experience of working for several accountants for a decade we never used subcontract for accounts preparation, bookkeeping or anything else (just complex specialist tax/VAT consultancy), however I understand from other some accountants do, maybe it varies across the country? I don't mean to put you off just letting you know the situation as I've experienced it.
Note that you must register as an MIP if you are providing to the public or accountants unless you meet certain criteria. I would ring the AAT and check the situation before you go ahead and set up as it can be a disciplinary matter if you get this wrong.
I'd recommend you take a look at this page - http://www.aat.org.uk/content/item1769/
Please don't take my comments as negative or trying to put you off, if it seems like the right thing to do and there is a market in your area go for it! Might be worth approaching a few firms of Accountants with a preliminary proposal to see if there is likely to be any interest.
Hope it all goes well.
Ginny
P.S. I'd be interested to hear from any accountants who use subcontract or people who have done subcontract as to how this works out etc.
-- Edited by GinnyBee on Sunday 20th of February 2011 07:13:40 PM
-- Edited by GinnyBee on Sunday 20th of February 2011 07:14:22 PM
I've been in the position of both doing sub contract work and also using someone for sub contract, and in both cases, the work was taken away and the fee paid was a % of the fee charged to the client. Work was done to draft accounts stage i.e. draft accounts and a number of queries to resolve. What did I look for? I wanted someone to take a job away and bring it back in 1-2 weeks.
The main hurdle was software and using something compatible, which I guess points towards on site working.
Re your fixed fee model, the subbie I used aimed to earn @ £25 p/h, so if his fee was £100, he would expect the job to take him 4 hours. Obviously working on fixed fee means you take the risk - it could take 2 hours, it could take 6 hours.
I have more than three year Uk outsourcing firm experience and looking for Uk accounts work too. The problem is i am not in UK but i have very vast experience of Uk accouting & tax rules. I am ACCA member and looking for subcontract work. Please feel free to contact me at ayaz786amd@gmail.com. My hourly rate is very reasonable.
