I'm new here and so happy to have found this forum as you seem a really helpful bunch and I could use a reality check. To give you some background I have been working for many years in finance roles for big corporates. I have never done any bookkeeping for small businesses. I completed my CIMA exams but my membership has now lapsed (a bit daft on my part I know but I stopped work for a while to have kids and have been living overseas etc) - I will contact CIMA to try to get this sorted but for now lets assume I have no CIMA membership.
Anyway, I have been thinking for a while about setting up as a self employed bookkeeper/accountant but I have really been thinking its a few years away when all the kids are in school so not done anything about it yet. But I saw a job advert for a bookkeeper/finance role which was 1 day a week and local to me so I applied assuming they were looking for an employee rather than a self employed person. Anyway they called me and the role sounds great. Bookkeeping (which I would need to get up to speed on) plus some profit analysis/ management accounting which would be pretty familiar to me. There will be a months handover with the existing bookkeeper. The only thing is they are looking for a self employed freelancer.
From surfing the web and reading up on here I now realise that being self employed in this field is a whole different ball game. Am I correct in assuming I would need the following - register as self employed, register for money laundering with HMRC, get PII, data protection stuff, anything else??
Also what is scaring me is the thought of having to put a contract together (is that the letter of engagement?) and I have heard client packs etc. And I guess I might need a business laptop and my own software (they use Sage)
Anyway, I would be really interested in your views on how much effort this would be and how complicated it is. I am terrified I would miss something and leave myself exposed. Or get in a muddle over the system set up (I'm used to huge IT support departments!!)
The role would be great experience. The fact I have never done small business bookkeeping is scary too but my accounting background is solid and I'm a fast learner so I think I could work that out especially with the hand over. I have a meeting with them in a weeks time so I have until then to get my head around it all.
Any thoughts and advice would be greatly appreciated!
-- Edited by Eleanor on Wednesday 17th of February 2016 10:05:53 PM
Yes you have pretty much nailed what you need to have in place. May I suggest you think of joining the AAT, with CIMA you'd have no problems getting in. You'd get them to be your MLR body also as a member in practice there is also a strong network between AAT MIPS. I know CIMA also offer MIP status, I'm not a member so I can't really make comment. Regarding your letter of engagement, there are various templates around to be found. I would always suggest to somebody who asks me this question to get a lawyer to draw you one up. This forum is full of helpful souls who are always happy to help, it's more of a virtual office environment imo.
Also to add, do a search for ACCA X online, I think you may find this useful, I believe the first three modules are free.
One last edit lol, in regards to technology, the whole industry appears to be going through, or will be soon in any case, a massive technological overhaul, make of that what you will. Therefore most of us will need to retrain and regroup in that sense.
-- Edited by abacus12345 on Wednesday 17th of February 2016 10:17:39 PM
-- Edited by abacus12345 on Wednesday 17th of February 2016 10:19:27 PM
-- Edited by abacus12345 on Wednesday 17th of February 2016 10:23:35 PM
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