The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Thinking of starting out on my own...........
Post Info TOPIC: Thinking of starting out on my own...........
hampshiremum


Veteran Member

Status: Offline
Posts: 29
Date:
Thinking of starting out on my own...........
Permalink Closed

Hi Everyone, I am new to this forum and I am thinking of setting up my own boookkeeping company. I am FCCA qualified and have spent the last 30 years working in the Finance Dept of Barclays Bank Plc. I am now looking to earn an income, where I can enjoy flexible working hours that fits in around school runs etc. I am particuarly interested to learn what sort of income I could earn particularly as I will not have a practising certificate. Also how difficult is it to attract new clients. I am conscious that whilst I have a lot of senior experience within a large company, I do not have any hands on bookkeeping experience. Would you recommend that I take a basic bookkeeping course first and if so, which one? Also what bookkeeping software would you recommend. Thank you in advance for any help, guidance and tips that you can give.

__________________
BobHarper


Guru

Status: Offline
Posts: 534
Date:
Permalink Closed

As I see it there are broadly three options:

  • Position yourself as a traditional bookkeeper who processes paperwork for people
  • Offer Financial Director support (this could include managing the client who does their own books or a bookkeeper)
  • Postion yourself as an accountant and complete year-end accounts and tax for clients

Our experience is that the way to maximise profit and win clients is to position yourself as an accountant.

I would recommend AAT and in particular their ABC (Award in Bookkeeping Certificate).

Lots of businesses use Sage but I'd recommend looking at online software.

Good luck.



__________________

Bob Harper
Crunchers - The fixed fee accounting franchise for bookkeepers and accountants
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink Closed

May be wrong here but as you are FCCA qualified would you not need to get a practicing certificate before you were able to offer any services.

Being FCCA qualified may restrict you in the type and level of services you can offer.

Others may be able to better advise of the ins and outs of what you can/cant do.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
hampshiremum


Veteran Member

Status: Offline
Posts: 29
Date:
Permalink Closed

Thank you for your reply. It's really appreciated. What I don't currently know is what services I can offer without a practising certificate if any. I also don't know how difficult it is to get a certificate. I need to do a lot more research into this. I was hoping the ACCA would allow me to offer bookkeeping services only in the first instance. Thank you again.

__________________
BobHarper


Guru

Status: Offline
Posts: 534
Date:
Permalink Closed

You do not need a practising certificate to operate; the terms "bookkeeper" and "accountant" are not protected. You will need to be registered for Money Laundering but you can do that with HMRC.

__________________

Bob Harper
Crunchers - The fixed fee accounting franchise for bookkeepers and accountants
ICBUK


Guru

Status: Offline
Posts: 833
Date:
Permalink Closed

Hello Dawn,

Welcome to the forum!

I disagree with Bob, bookkeepers can make a profit and win clients too. Bookkeeping is a growing industry and profession, which is why you see more and more accountants advertising bookkeeping services and replying to bookkeeping contracts.

You could buy a text book to learn bookkeeping, rather than starting a course. It depends on your time restrictions I guess.

Did you start at ACCA or did you originally do AAT or CAT?

 

I believe ACCA will allow you to do basic bookkeeping work without a licence:

"Basic book-keeping services are defined as:

(i) The recording of basic accounting data up to and including the preparation of accounting records to trial balance stage

(aa) bank accounts
(bb) cash
(cc) sales ledger and purchase ledger

(ii) Payroll

(aa) wages
(bb) PAYE, National Insurance deductions

(iii) VAT or its equivalent."

The Above is from ACCA website. 

Why do you want to set up without a practice licence? Alternatively you could join a bookkeeping body and take out a licence with them. Your ACCA should get you some exemptions.



__________________

Kind regards

Anna

Best International Association Winner

Institute of Certified Bookkeepers 
0845 060 2345
www.bookkeepers.org.uk

Facebook 
Twitter
YouTube
LinkedIn
Google Plus

 

 

 
hampshiremum


Veteran Member

Status: Offline
Posts: 29
Date:
Permalink Closed

Hi James,

Thank you for your reply. I would much prefer to set up with a proper practice licence (would obviously look far more professional), however I don't know what the criteria is to get one. I need to research with the ACCA.

I started with ACCA and did not study AAT or CAT.

Kind regards

__________________
BobHarper


Guru

Status: Offline
Posts: 534
Date:
Permalink Closed

@James - I said the way to "maximise" profit and attract clients is to offer accounts/tax.

__________________

Bob Harper
Crunchers - The fixed fee accounting franchise for bookkeepers and accountants
hampshiremum


Veteran Member

Status: Offline
Posts: 29
Date:
Permalink Closed

I have had a look at the ACCA website re practising certificates and it looks as if I need to find out whether Barclays Bank Plc is an approved employer for PCD purposes. I know they are an approved employer for training purposes, but not sure about PCD purposes. I have sent them an email and await their reply. I'm hoping after 30 years of extensive accountancy experience that the answer is positive!

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Thinking of starting out on my own...........
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About