This may sound silly. I am AAT qualified and CIMA part qualified. I work as an assistant management accountant. I am looking to do some bookkeping outside of my regular job to earn extra cash and gain experience in different areas. I have just called in a sandwich shop to ask who does the bookkeeping. The owner has told me he does it himself but doesn't really like doing it. I left him my number and email and said to contact me if he wants help doing it.
As I have never done bookkeeping like this before I don't know where to start. It sounds as though he keeps a book and totals his receipts and also totals up his takings. He then hands it over to the accountant.
Where would I start and how much should I charge.
I want to build up a small bookkeeping business and think that a small sandwich shop is probably a good place to start.
I do my newphews self assessment for him and also my mums for her pension.
A helping hand needed! It's more a confidence thing that anything.
-- Edited by Elaine R on Wednesday 18th of July 2012 01:53:41 PM
First things first, you need the relevent Insurance and practicing certificates. Otherwise you open a up a BIG can of worms if things go wrong. Membership to AAT will need to be MAAT (correct me if im wrong everyone) to get your practicing cert. and Money Laundering cover.
As for the client, you would have to see his books, see what he does and if you can work round it. Everyone has 'ideas' on how they 'think' they can do the books it just means checking them and making sure they are correct and nothing looks 'awary'.
Just to echo Gary, you need to register with HMRC to cover yourself regards MLR but it is also advisable to get some professional indemnity insurance. A practice License is always the best route, how far are you off MAAT?
Elaine, you can do self assessments now... but to have yourself covered i would recommend the following: 1. A governing body membership (like AAT, ICB, IAB) (a note on this; they normally provide MLR as part of they're membership fee's so you dont have to register with HMRC (HMRC cost around 30 IIRC)) 2. PI Insurance 3. Practising Cert (normally unable to get till you have number 2.) (as i said in my first post)
The accountant of your 'client to be' will probably do his SATR yes, and maybe show your 'CTB' how much money he has made/lost in the year in the form of reports. But that depends what the CTB wants. If he doesn't understand it, then why make them?? Of course you could show him what the are all about and how they work, it might show that you care about thier business as much as they do. This is something i do as i believe if you run a business you should at least know what its doing! :D , but there are some out there who just dont care and are in it to make as much money as they can.
Hi, Thanks for the advice. I have some ideas already. I have some cost saving ideas for the shop. I work in a cash and carry on Sundays that is apparently the cheapest one around. He could get some of his supplies through me. More profits for the owner.
For now I will target very small businesses until i get a bit more experience and build my confidence.
Just hope it all comes off now.
I am finding this forum very helpful and I have only joined today.
I'd be careful about suggesting cost savings for the business before you even have a grasp of their finances. You don't know at this point where he gets his goods or how much he pays. Even with an understanding of this it's not really a road I would choose to go down.
Always ask any new client's to inform the accountant and write to them direct to introduce yourself. They may have worked hard to establish record keeping routines and as your reputation grows, local accountancy practices may be a source of work for you. Where there isn't an accountant at all, you will probably find that the more services you offer, the better the business model will be: VAT, PAYE, Accounts, Tax Returns etc.
