In desperate need of advise onwhere to start with book-keeping. I'm currently a part time debt rec manager with a 19 month old and I want a change of career so I can work from home. I would really like to get into book-keeping and have seen the course on Ideal Schools for courses 1,2 and 3. I am more than happy to stick with the book-keeping rather than branching into accountantcy. I dont have a lot of time to study as my 19 month old is very very energetic so need a course where i can study as and when (as in - as and when Im awake in the evening!)
I would really really appreciate any advise you can give me.
Can't really give advice - it might be better if you asked a few questions and then after the answers it may prompt more questions.
You say course 1, 2 & 3 with Ideal Schools - is this ICB or IAB? I assume it is also manual bookkeeping and computerised bookkeeping. Myself - I went with Ideal Schools for ICB Manual and Computerised Level I, II & III. I also went with them to do the Payroll Diploma. I did the Self Assessment Diploma on my own as it was new - but Ideal Schools I think do this now as well. There are other learning providers that do distance learning courses, Training Link for instance. One of their tutors is on this forum (as is one from Ideal Schools).
There are other things you will need to be aware of as well if you are offering bookkeeping as self-employed. For instance - you will need to be aware of the Money laundering Regulations. If you are going with either the ICB or IAB they will supervise you - otherwise you will need to register with HMRC for MLR. (This is different from registering with them for Self Assessment).
Professional Indemnity Insurance - this is a requirement for membership of ICB or IAB.
Can't think of anything else just now. Hopefully someone will come along and translate the above into decent English.
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Never buy black socks from a normal shop. They shaft you every time.
Will you continue working while you study and do you have the time to do it?
I have 2 kids and I have definite times in the week that I know I can study, in the last few weeks this has increased a lot as my youngest has started nursery, but even before then I knew I could get an hour in every evening and although this isn't a lot it was enough to get me started.
I would speak to the training providers and I found they were pretty good at telling how long the course would take given the hours you have to study.
I say good luck, I'm ploughing through my studies and I know it was the best decision for me and my family.
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Please correct me if I'm wrong... I am only human sucking up knowledge... Sometimes bits leak out!
Thank you for your replies.
Peasie yes it's the ICB I was looking at. Would I need the insurance whilst studying, sounds a stupid question but you never know.
Nikkij, unfortunately I do need to continue to work so will be able to study in the evening and at weekends during little ones nap (once the ironings done ha ha).
How did you/are you both finding the courses. I'm very scared to be honest but feel I need to do this.
Think I definitely need to speak to the course providers. Do I need the payroll??????????
EEEEEK so scary, so many decisions!!!!!
Many thanks for the advise (and for replying lol)
Xxxxxxxx
You would only need the insurance when you took on clients - in case they made a claim against you. If there are no clients then there an no claims to be made.
I found the course and provider great. I could work at my own pace and there was no time limit for completing the course - which was just as well as I simply couldn't be bothered doing anything for four months in the middle of the course. Some course providers want you to work to a set schedule but the two mentioned previously, it's up to you how to you how long you take.
Payroll - I didn't do this course as I wanted to provide it as a standalone service. I did it because there may be clients that want the bookkeeping and payroll done and don't want it done by two different people they'd rather everything was done at the same time. You may miss out on clients. It's entirely up to you but considering the cost of the course I thought it worthwhile to do it anyway.
-- Edited by Peasie on Thursday 20th of October 2011 11:20:42 AM
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Never buy black socks from a normal shop. They shaft you every time.
Should you be looking at joining the ICB as a member then you will need to decide what type of member you wish to become. AICB or MICB both are structered and the qualifications required have to be ahered to. It can be complicated with so many questions, I can provide you with a free trial of our basic bookkeeping course this will show you how training is structured, happy to give you advice on all rules and regulations and software options. For one to one advice just give me a call through the training link website or by calling me direct www.training-link.co.uk 0800 594 2822
If you don't have clients then you don't need insurance (professional indemnity anyway). If you do have clients call the ICB as you will need MLR cover and can get advice on that.
Regarding payroll, if you are thinking of going self employed you will have more flexibility on what services you offer. So a lot of members either offer a service because they enjoy it, or because existing clients are asking for it.
So to begin with do at least the Level 1 and 2. The material will usually touch on things like Payroll, Level 3, Self Assesments etc. You can then start up with the Level 1 and 2 (sole traders), and maybe train further into other areas later on.
If you do register with the ICB then it is a very good idea to attend seminars (maybe the summit next month http://www.bookkeeperssummit.com) and talk to members about what services they offer and if it sounds interesting.
Edit: typo
-- Edited by ICBUK on Friday 21st of October 2011 11:48:25 AM
I studied when I had a 18mth old and was about to have another. For me the important thing about chosing a training provider was the turn around time on emails. I have used 2 training providers one dreadful and infact I wasted my money on that course, the other fantastic responses to email within hours even late at night and weekends, I used training link and it has been worth every penny. It was my tutor who encouraged me to start up and 9mths later I have 14 clients! .
Thank you for your replies. Im now thinking I definitely need to take the payroll course too.
ES - 14 clients in 9 months is extremely good! How did you find the studying with small children. im finding the prospect quite daunting ha ha. I was also wondering if you would be able to advise me if you think Idea Schools are a good provider, i would hate to waste my time and money in my course and obviously would hate to join with them if they were the ones you found unhelpful. James at ICBUk - thank you for your advise i will look into the summit and also look at just starting with the first two levels.
Unfortunately it was!! Still have the course manuals and still don't understand them, also it took a while for them to come back to me. I can only comment on my experience.
I used training link and I can't fault them, email responses always with in hours even at weekends! I had a call from the owner one Friday night (5.45pm and he was on the phone for 45 mins, time wasn't an issue for him) and that call changed my life!
I enjoyed the studying and the girls weren't too bad, I would do alot of studying at nights weekends and during those few precious nursery hours!! Hardest part for me was getting a slot at a test centre, I don't have any childcare and have exhausted favours with friends!!
Home Study after reading your posts will be certain to suit. Try not to despair with regards finding time to study as distance learning is designed for people with busy lifestyles.
Our ICB Diploma in Payroll Management course for example has a duration time of around 40 to 45 hours, so even if you studied only 1 hour a day you would have it completed within 2 months, thats how flexible this training is, and not only that because you are not subjected to pre selected time frames you actually intake information better as you study when you want to. Pass rates for home study is usually higher than that of the classroom, and not only that you get to keep your course materials. Also the Payroll exam is sat at home.
Hi - I can't help you but am interested in peoples thoughts that have been posted.
I have been in finance / banking for 20 years and I too, after having twins are looknig for flexible work I can do from home. As I have a financial background I wouild love to get involved in book keeping and then onto Accounting
I am interested in knowing potential earnings from book keeping. I have an excellent salary at present and it is a big thing to give up .... but I'm trying to think long term and so any advice you can give would be appreciated
big welcome to a fellow banker (don't know what area your in, I'm from back office operations design and development).
there are strong links between banking and accountancy and you will find getting your head around the concepts easier than many who go down this route.
You will find management accountancy easier than financial as it's a direct link back to the day job.
Bookkeeping and accountancy is however very different and will take a lot of study time out of your life.
Take a look at the CIMA or ACCA qualifications if your thinking of moving into accountancy.
For bookkeeping look at ICB and IAB.
AAT falls somewhere between the two.
I would advise you to start your studies as early as possible as even though your from a financial background this isn't a five minute conversion.
If your looking at just the bookkeeping side then a couple of years study should see you up and running.
Accountancy takes somewhat longer.
Every supervisory body has it's own quirks and before you sign up with anyone best you post your decision and reasoning on here and we'll tell you what's right and wrong about them (this is a truly independant site with people from all of the major bodies on here).
As for earning potential, well that's all down to whether you can get the clients.
The general advice that I give is to think of the smallest turnover that you believe that you could make in your first years trading and then divide it by your shoe size!
Rates vary from area to area but I think that an average seems to be appearing of around £15 per hour. Some are on more, many are on less but that's the often quoted rate.
Bookkeeping is not going to pay banking level returns until you start employing people, having premises and moving more towards incorporating accountancy services such as final accounts and tax advice into your services.
That said, self employment reduces childcare overheads and you get more time with your family which to me is something that it's difficult to put a price on.
General advice would be, study this with the hope of developing a second income stream but don't give up the day job until your fully qualified and have a few good clients.
HTH,
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.
Welcome to the forum and thank you for your call last night, I appreciate that with your budding Cozy Powell (shows my age) it was difficult to talk and hope you have managed to read through the information I sent you.
I can see you've being doing your home work and that you have received some invaluable advice in this post. I hope that, whoever you select for your study, that you are successful and acheive your goals.
With regard to the situation with ES, I have previously expressed our regret at his/her situation, but if a student does not contact us when they need assistance with their study, then there is not a lot we can do. We have a tutorial team who are available to all students whenever required, either by telephone or email. Also, The study materials we use for the Payroll Management Diploma have yeilded only one single exam failure in over 5 years, which gives a more accurate indication of the quality of the course. Indeed, our pass rates covering all levels cannot be bettered, and this is a statistic we are very proud of.
Again, Steptoe, I wish you well in your new adventure.
Kind regards
Brian McVean
Ideal Schools - BKN Training Provider of the Year 2011
if a student does not contact us when they need assistance with their study, then there is not a lot we can do. We have a tutorial team who are available to all students whenever required, either by telephone or email. Also, The study materials we use for the Payroll Management Diploma have yeilded only one single exam failure in over 5 years, which gives a more accurate indication of the quality of the course. Indeed, our pass rates covering all levels cannot be bettered, and this is a statistic we are very proud of.
Again, Steptoe, I wish you well in your new adventure.
Kind regards
Brian McVean
Ideal Schools - BKN Training Provider of the Year 2011
Brian
I did contact Ideal schools and was told to go over the training material again and redo the work which I did and got the same answers so asked to speak to the tutor and this was refused. I have since done a couple of questions again and still get the same answers!
With regards to your comment "only one single exam failure in over 5 years, which gives a more accurate indication of the quality of the course", what are you suggesting I'm incompentent? I assume that you have changed your course materials but I can only comment on my experience.
FYI when I used other training matierals it only took me about 8hrs to study! The minium duration I could find on other training providers websites is 50hrs!! If I hadn't got a clue then I wouldn't of done it in 8hrs and passed the exam first time.
Having worked for Ideal Schools for 20 years, I can categorically state that no student has ever been refused tutorial assistance. Indeed, even when students have completed their study and contacted us for information or guidance, we always help where we can. If we operated in the way you have suggested then our reputation would not be as it is today.
My comment regarding the exam successes was merely a defence of the quality of our study materials, which have a proven track record. This was not meant as a negative comment on your own capabilities. If you managed to complete a comprehensive payroll course in 8hrs, then that is admirable indeed.
In our situation, where many students plan on offering a payroll service, we ensure students are given a full understanding on the underpinning principles of the payroll procedures, before learning to operate the Sage Payroll software. Our own estimated study time for this particular qualification is 80hrs.
I wish, but I can see that what I posted earlier could be misconstrued. Currently our overall pass rates are running at just short of 97%, so these stats could, indeed, be bettered. If they are, then credit where credit is due.
Didn't mean to mislead!!
Kind regards
Brian
Ideal Schools - BKN Training Provider of the Year 2011
) and talk to members about what services they offer and if it sounds interesting.
