So I am 4 months into running my own Bookkeeping business. I am a qualified ACCA without a practising certificate. I have built the business to about £1900 worth of work per month, which I am really pleased with, but I want to be able to do accounts and tax.
I have just paid my annual subscription for the ACCA but am considering resigning as I can't get a practising certificate with them and believe there to be a better way to run a business. It irritates me to have to do this as it was three years of hard work to qualify.
My question is, what advice would people give as to the best route for me to take to get to a position in which I can do final accounts and tax work as well as bookkeeping. AAT MIP looks good to me, any thoughts?
Since gaining IFAC accreditation its now creaking at the seams with ACCA people who cannot get practicing certificates under the brand they trained under.
That so many IFA bods are ex ACCA is really helping move the brand forwards.
Fingers crossed if it continues like this the ACCA will notice and do something about the seriously outdated regulation 8 which is seeing many good people who are ACCA though and through moving to practice under other bodies banners.
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.
Im half way through my ACCA and have now decided to call it a day with ACCA and work towards gaining my MIP with AAT (potentially do ATT while running my own practice)
You say your running your own bookkeeping practice now, how long have you been doing it to build it up to £1900 a month?
Just totally restricted by my ACCA, and fed up with seeing people less qualified and less able than I calling themselves accountants and providing services to clients that I would like to provide but can't. Fed up with having to tell potential clients I'm not actually allowed to do their accounts and tax returns or even give them the most basic of advice.
Hi David. I hear you as I am in the same boat. You could consider finding an ACCA accountant with a practising certificate to partner with. Anything outside bookkeeping will be in his name and you would work out how to share the fees. In 36 months you will have your own practising certificate if they are willing to sign your training record.
Funnily enough, I have had just that offer today, so am not quite so unhappy anymore! I am still a little unsure what to call myself. I assume I can call myself an associate of the firm in question. The partner there will allow me to do the books and get paid as a bookkeeper, allow me to use his software to enter data to produce tax returns and accounts, he will do all the signing off, take the PI risk and split the fees for the final accounts and any returns. Sounds good to me. And yes I can work on my training record with him. Just wish I had done it nearly 10 years ago when I had recently qualified. Just didn't realise I would one day want to run my own practice.
Congratulations! The time will fly by. I am in a similar arrangement only that I have to find clients to build "our" business. As long as you have a good relationship and terms are clear you will be fine. You are officially a chartered accountant working through Firm X
