How often do you refer back to study texts to refresh certain subjects?
Do clients ever ask you questions you can't remember the answers to?
Or questions you don't have the answer to?
How do you get around this when put on the spot?
I would ask if anyone has made any drastic mistakes....
If a mistake is made, are they difficult to remedy?
In a technical sense, along with the aim of trying to save face.
I think I Just have the habit of trying to be either far too cautious or overly worried, not sure if either are good or bad!
When I completed AAT level 4 I thought I'd know more than I do, or at least feel more comfortable, however, the more I read, the less I seem to know! Apologies for the random post :)
Take care
-- Edited by Shamus on Wednesday 11th of June 2014 10:14:49 PM
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Johnny - Owner of an overly-active keyboard.
A man who can read, yet doesn't, is in no way wiser than a man who can't.
This is a how long is a piece of string type question. Regardless of the knowledge you have, it's always easy to think it's not enough. As long as you only take on work you are competent and qualified to complete you shouldn't have too many problems.
How often do you refer back to study texts to refresh certain subjects?
All the time.
Do clients ever ask you questions you can't remember the answers to? Or questions you don't have the answer to?
Yes to both, I have a bad memory sometimes so it doesn't help. But if it's something you're not dealing with day in day out it can sometimes be difficult to pull the answer out of the hat on the spot. I often know the answer but want to check other things before I say, so I'll sometimes not give them an answer I do know. Not sure if that makes sense.
How do you get around this when put on the spot?
I'm honest. I say that I want to check out their circumstances in line with the answer I'm going to give and will get back to them on such and such a day.
I would ask if anyone has made any drastic mistakes.... If a mistake is made, are they difficult to remedy?
I've made a couple. Nothing too big as yet although I did have a client who had an HMRC investigation which threw up a few silly things I didn't double check. Like whether he was taking stock for his own use.
Confidence comes with doing. I remember someone saying to me once "be confident, and until you are confident pretend that you are" That doesn't mean pretend to do things you can't, but know what you can do and your limitations. You only become a good bookkeeper by being a bookkeeper. You can't learn it from books, for a start they're to tidy.
Depends on the service that you are offering and the client base that you are serving.
Reading you other posts on here I'm getting the impression that you've got an excellent knowledge base already but to answer your question I would say that the main area of expertise that you need is to be confident with tax as that is what is at the forefront of most clients minds.
How often do you refer back to study texts to refresh certain subjects?
All the time. I also always carry a deck of index cards with me with all of the current accounting standards, main definitions, key ratios and important mnemonics on as one is never too clever to forget the basics.
I regularly read old study texts from my own professional body and from other peoples (I've got ICAEW, CIMA, ACCA and AAT texts and exam kits).
It always seems that the more that I learn the more that I realise what I don't know so am eternally trying to rectify that.
Do clients ever ask you questions you can't remember the answers to?
Yes but I always know exactly where to find the answer quickly.
Or questions you don't have the answer to?
Thats never happened. I may not have the answer but I will know where to find it.
How do you get around this when put on the spot?
Either move the conversation to a different subject making a mental note to look the question up or be totally up front about it and say that I'll have to get back to them with further detail on their question. And I always do.
One of my approaches (and you'll see here the reason for the index cards) if that I'll say something along the lines of thats in such and such a standard and rather than give only half an answer I'll check the exact wording of the standard and get back to you.
I would ask if anyone has made any drastic mistakes....
I could tell you but then I would have to kill you, lol.
If a mistake is made, are they difficult to remedy?
That one's a how long is a peice of string. It very much depends on what the mistake is.
In a technical sense, along with the aim of trying to save face.
Actually, thinking about it the worst mistake that I've made is realising that my engagement letter doesn't cover me adequately in certain situations and it can be embarrassing trying to prise the old engagement letter from the clients fingers when the ink was barely dry on it.
I think I Just have the habit of trying to be either far too cautious or overly worried, not sure if either are good or bad!
Thats not a bad thing. The last thing that anyone wants is someone with a cavalier attitude looking after their paperwork.
As said above, from your previous answers you give th impression that you've got a sound knowledge base and the right prior experience for this. I think that you are overthinking it and stopping yourself from progressing.
When I completed AAT level 4 I thought I'd know more than I do, or at least feel more comfortable, however, the more I read, the less I seem to know!
AAT gives you a sound technical knowledge base but the way that the questions are angled even at level IV perhaps isn't building the level of confidence that you need so you really have to hit learn on the job and gain confidence that way.
Apologies for the random post :)
No probs, we've all been there looking at starting out and feeling that we are staring into the abyss.
Take care
Hi John,
As you'll note I've sorted out the spacing.
My answers are embedded above in blue.
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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.
I'm definitely getting the impression that our brains came from the same batch at the accountants and bookkeepers factory Kris! There are even some phrases that are basically the same (although mostly used in different places).
__________________
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.
I would say you need to have at least 3 years post year qualifying experience before you can even consider going it alone. There is nothing better than actual hands on experience. I had about 13 years post qualifying experience before I went it alone. As you dont just need to have the knowledge but you also I think need to have the maturity that the client can be confident that you have the knowledge. Would a client have that confidence of someone in their mid 20s?
How often do you refer back to study texts to refresh certain subjects?
Dont refer to study texts but use tax helpline if there is a tax query that either I dont know or cant find the answer online myself.
Do clients ever ask you questions you can't remember the answers to?
Not really
Or questions you don't have the answer to?
Yes, all the time. You cant be expected to know everything about accounts and tax.
How do you get around this when put on the spot?
Be honest, say you dont know the answer off the top of your head but will look into it and come back to them. Better than saying something you are not sure off that gets relied upon that turns out to be wrong.
I would ask if anyone has made any drastic mistakes....
Not that I know off.
If a mistake is made, are they difficult to remedy?
Not if major. That is what PII is there for.
In a technical sense, along with the aim of trying to save face.
I think I Just have the habit of trying to be either far too cautious or overly worried, not sure if either are good or bad!
The main thing is just take on what you are capable off. Personally I dont do charities, farms, doctors/dentists, solicitors. I either didnt enjoy doing them when worked in practice for a firm or I dont have any practical experience of them. I have enough work doing the stuff that I enjoy to be worried about doing work I have no experience off or that I didnt enjoy before.
When I completed AAT level 4 I thought I'd know more than I do, or at least feel more comfortable, however, the more I read, the less I seem to know! Apologies for the random post :)
