I've been thinking for some time now of changing the name of my business to something more appropriate for the area I live. 111 came about when I saw the letters on the side of a van about 8 years ago when I was doing part time web design and kept it with a slight name change when I went into bookkeeping.
I've already decided on the first part of the name, but I'm undecided as to whether it should end bookkeeping or accounting. I do self assessments for the majority of my clients, (who are mainly small sole traders) as they are fairly straightforward. I also do a couple of very straightforward corporation tax returns for people that I know personally, but wouldn't want to offer this generally until I've achieved level 4 AAT, which will hopefully be in 2-3 years.
Accounting and Bookkeeping both involve the process of recording the financial transactions, more specifically deal with the finance of a business, but both are really different. I think you should include accounting in your business name which is a more broader term than bookkeeping.
I think that it's one of those things that you need to be careful with as there are arguements both ways.
The terms accountant and accountancy are not protected terms (unlike audit and insolvency) so anyone can use them (I know, go figure. The term is protected in other countries such as France but European legislation which seems largely driven by France will not allow us to have it changed!).
Whether by ignorance or choice the general public and the professional bookkeeping bodies don't (or choose not to) understand the difference so clients are forgiven in expecting bookkeepers to be able to do anything that an accountant can do but cheaper so that would indicate a move towards inclusion of the word accountancy.
Conversely many accountants take umbridge at bookkeepers (as much as unqualifieds) using the term to describe their practices as you have to appreciate how much it has cost and how much time it took for them to be able to describe themselves as such. Considering this, the use of the term may alienate some practices from working with you so if you expect to gain much of your work from that source then the words accountant and accountancy should be avoided.
A key in making your decision is to imagine yourself at a networking event talking with a chartered and then to imagine yourself saying to their face your business name. Would you feel embarrassed saying that you provided accountancy services to a Chartered Accountant?
That said, not all accountants are chartered or chartered certified and of those that are not all are touchy feely about it... Although reading a three page spread in the ACCA magazine a couple of months back (where I got the fact from about why the term is not currently protected) you might be forgiven for thinking that the accountancy bodies were looking for a minimum sentence of crucifiction for anyone caught using the term when they were not perceived by the accountancy bodies as accountants.
However, Even if we left the EU tomorrow changes such as that would take time and I reccon that you will be MAAT long before you need to be in order to keep the name and the services that such represents.
Think that gives a good balanced appraisal both ways around which may or may not help you in your decision. Whichever way that you go there is currently nothing to stop you so it's really very much down to how you are looking to appear and to what market (i.e. geared towards finding work directly or geared towards finding work via networking with accountants).
good luck with the decision John, and wishing your business every success no matter which way you go with the name.
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.
I think that it's one of those things that you need to be careful with as there are arguements both ways.
The terms accountant and accountancy are not protected terms (unlike audit and insolvency) so anyone can use them (I know, go figure. The term is protected in other countries such as France but European legislation which seems largely driven by France will not allow us to have it changed!).
Whether by ignorance or choice the general public and the professional bookkeeping bodies don't (or choose not to) understand the difference so clients are forgiven in expecting bookkeepers to be able to do anything that an accountant can do but cheaper so that would indicate a move towards inclusion of the word accountancy.
Conversely many accountants take umbridge at bookkeepers (as much as unqualifieds) using the term to describe their practices as you have to appreciate how much it has cost and how much time it took for them to be able to describe themselves as such. Considering this, the use of the term may alienate some practices from working with you so if you expect to gain much of your work from that source then the words accountant and accountancy should be avoided.
Thanks Shaun. I purposely said accounting rather than accountancy so as to avoid the impression that I was claiming to be an accountant, looks like it didn't work The idea was to say I was more than just a bookkeeper but given that clients expect a bookkeeper to be an all dancing, all singing "accountant" anyway, maybe that doesn't matter.
You raise a very valid point regarding the time and expense on becoming a qualified accountant and I was already mindful of that, which is why I'm canvassing opinion. Your comments are very much appreciated.
Why do you want to change your name? If you change it to the area where you live, then if you ever moved you would have to chance it again. If you have had success with the name you have them why chance it? As regards whether you use accounting or bookkeeping, I think it depends on whether you see yourself as an accountant or has a bookkeeper. Again depends on your clients but if you are dealing mainly with sole traders and self assessments, then to them you are their accountant. Just my opinion for what its worth.
Whenever I see the name appearing, it rather strikes me as one of those dodgy businesses that choose a name to appear at the top of alphabetic directory listings!!!! He wouldn't be here if he wasn't genuine, but if I was searching for a new book-keeper or accountant I might not risk contacting him.
John, that's very interesting. I've had reasonable success through word of mouth, but hardly any success with normal advertising. I've never considered the name might be a hindrance, and isn't the reason behind the change, but you make a valid point.
Why do you want to change your name? If you change it to the area where you live, then if you ever moved you would have to chance it again. If you have had success with the name you have them why chance it?
I was thinking that a more geographical name will generate more new business. It also ties in with how I want to develop the business over the next few years.
Whenever I see the name appearing, it rather strikes me as one of those dodgy businesses that choose a name to appear at the top of alphabetic directory listings!!!! He wouldn't be here if he wasn't genuine, but if I was searching for a new book-keeper or accountant I might not risk contacting him.
So you don't think that John's new name of Aardvark Accounting Services is the way for him to go then! (lol)
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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 always associate Aardvarks with quantity surveying rather than accountancy, but maybe that's something to do with the bookshop sketch on Monty Python's Contractual Obligation Album!
-- Edited by EPF_Solutions on Tuesday 6th of January 2015 10:43:20 PM
Whenever I see the name appearing, it rather strikes me as one of those dodgy businesses that choose a name to appear at the top of alphabetic directory listings!!!! He wouldn't be here if he wasn't genuine, but if I was searching for a new book-keeper or accountant I might not risk contacting him.
So you don't think that John's new name of Aardvark Accounting Services is the way for him to go then! (lol)
I could always have A-A-A-Arkwrights A-A-A-Accounting S-S-S-Services
Bet you've come accross all unneccessary with thoughts of nurse Gladys Emmanuel now haven't you!
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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.
The idea was to say I was more than just a bookkeeper but given that clients expect a bookkeeper to be an all dancing, all singing "accountant" anyway, maybe that doesn't matter.
