I've decided to hand in my notice at work but have nothing lined up job wise. I know this sounds stupid of me but the situation at the minute means I just have to get out as agrreed by my college tutors.
I would like to start bookkeeping from home but have little confidence even though I have been managing the books of a large company by myself for almost 12 months. I just keep thinking is there something I might miss?
I have no idea on self assesment. Is this in the hands of the accountant or something I should look into? How do I present myself in the first meeting. What do I say? Do I ask for their accountants contact details and speak to them also?
Also, could you give me some idea what I would need to start up. Up to now I've thought of new computer (was going to do the accounts manually until I can afford sage), stationary, PII and MLR, advertising, office from home etc.
Do you have any professional accoutancy/bookkeeping qualifications? If not may be worth looking into that. Also dont think SAGE will let you use client manager (the package where you do a number of different companies books) unless you have a recognised qualification.
May be worth looking into cashflow manager as an alternative to SAGE. (especially if business is small).
Other things you need to think about are what services you are going to offer. Will it just be bookkeeping/management accounts/accounts to trial balance or will you take things further and offer accounts preparation, self assessment tax returns, VAT returns and payroll.
Other things to consider are
Website (probably further down the line - would recommend webcreationuk for a cheap professional looking website)
PII
MLR
Package to do year end accounts (VT final seems a good cheap one)
Package to do personal tax returns (taxcalc has been recommended on here)
Flyer design
Adverts
Timekeeping software (fourfourtime has been recommended on here)
Stationery
External computer back up facility
You may want to start of with the basics in which case you would need PII (cost of which depends of what qualifications you have) and MLR (which you can get from HMRC for £110 plus £50 one off set up).
Then you just need to get the most important thing which is some clients.
I could be wrong but for MLR I didn't think that bookkeepers suffered the £50 setup (assuming that's refering to the fit and proper test).
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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.
PII cover for BKN members, £78 for £100k cover on £15k turnover.
BKN membership £24.
You also get an entry on the BKN database of bookkeepers and access to additional resources although I don't know what the additional resources are.
(Steve, if you're reading this I'm doing your sales for you here!).
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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.
If you come across clients using excel or don't actually have an idea of their records and you want to run their books in one accounting package from home, have a look at Arithmo. (its online, so no need to fork out on new computer). If buying many licences up front is an issue on cashflow considering you have resigned from your job, send me an email.
Good idea of yours to visit the local chambers of commerce; they may be able to provide you with support in areas such as marketing your bookkeeping services (to trial balance).
Also, could you give me some idea what I would need to start up. Up to now I've thought of new computer (was going to do the accounts manually until I can afford sage), stationary, PII and MLR, advertising, office from home etc.
Thanks in advance!
Would echo Mark's recommendation about VT, but for bookkeeping as well as year end accounts.
We use Sage, but have one client who uses VT and I've found it really easy to pick up. Full ledgers, etc..
Oh, BTW, good luck. There will be lots of people screaming at you right now, many asking where you work so they can send their CV in, but sometimes you've got to go for it.
And get writing to all your local accountants, highlight the advantages to them of subcontracting their bookkeeping or being able to offer the flexibility of your services.
Better still, hand deliver your letter, perhaps take in a little basket of muffins?? Do something that will make an impact!
