Well just wondering what everyone is thinking about whether the market has changed or not? Are you all getting busier, I know it varies depending what part of the country you live in.
I'm not so sure if the market has changed much recently or whether we bookkeepers are becoming a bit more diverse in our offerings. One of the things I notice locally is less accountants outsourcing to bookkeepers and keeping the work in house, but also more bookkeepers offering more of what was traditionally accountants services. Seems we're both after the same people so something had to change.
I have recently made a change in my practice so I only deal with sole traders or individuals, no limited companies. The feedback I've been getting from new clients is that they felt too small for their previous accountants, almost that they didn't matter. I know a few thought I was foolish when I started thinking about this a year or so ago, but it's really boosted my client numbers and income. Given that most felt so unloved by their accountant, it wont take a lot of time to keep them happy. They're also not as demanding as new businesses.
How are you finding it yourself Amanda? I know you were hit hard recently, have things turned around?
Yes things have turned around and I am back up where I was back end of last year, so only a few months of hardship.
I've seen a change, I agree there is more competition in the market there's a couple of new ones near me, but to be honest I'm not phased by them we all need to earn a living. I am just about to have a marketing month (been saying it for a while but been too busy to do one), so I will see what it gets me if anything?
I do think things are on the up and there are alot of people that need their hand holding, which I think is where the self-employed bookkeeper comes in, we hopefully can give a good service and smile!
Many thanks,
PS Mark, no wonder you need to outsource bookkeeping how do you find the time to do all of them, you must be incredibly organised! Do you do a lot of marketing?
I think that there could be a link between those two elements Kris in that accountants are seeing bookkeepers poaching their smaller clients making them less appreciative of what bookkeepers can do for them.
Also I'm hearing a lot of complaints about the deluge of letters and emails that they receive asking for the crumbs off their table. (and espechially that the correspondence is so often a mail shot rather than directed to them in particular).
I should move close to you as personally I'm no big fan of self employment and I'm now back to all of mine being limited. We could just slice up the businesses between us and both be quite happy (what we spoke about off line did go as I suspected but that was a premises issue rather than a reflection on the market).
Its not great around here but that I feel is down to too many bookkeepers for the number of businesses to service.
People in my area which has high long term unemployment are signing up to train as bookkeepers (often paid for for by the Government) without actually looking first at the market that they intend to service.
I will say though that no matter how bad things at times seem it is nowhere near as dire as the dying days of the labour administration when there was absolutely nothing out there.
My area has issues but I do not think that is a reflection of the market generally as I am pulling in clients from outside the area (2 more limited's last week ) who seem somewhat more upbeat about the market place.
As Amanda says, it's very much a market depending on location at the moment.
kind regards,
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.
PS Mark, no wonder you need to outsource bookkeeping how do you find the time to do all of them, you must be incredibly organised! Do you do a lot of marketing?
Yes do a bit of marketing each month but will be able to scale this right back in about 6 months and save myself some money.
For me things have improved over the last couple of months. Like Amanda, I got hit hard last year when a lot of businesses decided enough is enough and retired/found employment etc. However, I've recently become busy (although some of these new clients haven't been straight forward!)
I've been doing more marketing on the internet etc which has created some interest, but I need to try and target those who are not online! Where I am, competition is quite high, from both accountants and bookkeepers, but I am in talks with a small accountancy practice to see if we can exchange referrals etc. Fingers crossed it will pass work my way.
I personally feel like nobody wants to pay anymore. I have been using a site called peopleperhour to top up my work, while I market locally. The buyer can advertise what they are willing to pay - £6 per hour, £12 for a tax return, £100 for Ltd accounts and CT600... one can only wonder what they think they are going to get for that fee! I have had some great work from it, don't get me wrong, but when I think about what my boss used to charge, and I am trying to charge half that, and getting moaned at... !
I do believe whats been said above. There has to be a relationship with the client, and some practices don't take the time to make the client feel personally valued. But that's just my cue to schmooze them over to me! I would never poach a client if given the trust to work alongside a local practice, that's just not me... but anyone else is fair game! ;0)
) who seem somewhat more upbeat about the market place.
