I think I have a pretty unique situation. I am training at drama school and that is what I want to do with my life, however it is not a financially stable career. The majority of people need another source of income. Most people teach. I have tried. I am a really bad teacher. Abysmal.
At the moment, due to medical issues I am taking time out (probably a year) and I am looking into online courses with the goal of becoming a self-employed (part-time) bookkeeper (aimed at those in the entertainment industry) as a way of being able to support myself outside of theatre. I have absolutely no ambitions to further my career in this department. In fact the less bookkeeping I need to do the better because it will mean that I have ready/well paid employment elsewhere. But I do need a second job option and I have a good head for numbers so...
I am in a position now where I can study academically, I just cannot meet the physical requirements for my course, thus the need for time out. And I have a lot of time on my hands so I can really knuckle down. Obviously these qualifications will probably take more than a year but I see this a window of opportunity to get as much done as I can.
I am struggling with which examining body to study with. I do want to be able to do a good job and help people, but I do not want to spend a lot of energy, time and resources learning things that I do not need. AAT seems to be the one that everyone recommends and it looks solid. My only concern is that, from what I've gathered by reading other posts, you seem to be required to do a whole year of full time work experience? Have I got the wrong end of the stick here? I do think work experience is a good idea but I would be looking to do no more than a few months full time. Considering that I have no ambitions whatsoever to become an accountant would the ICB or the IBA be a better option for me? If you work in theatre you cannot be altogether sure of what you will be doing when. You can be contacted about an audition the evening before and be expected to show up. Auditions are usually held in the daytime. Shows take place in the evening. Rehearsals are generally 3 weeks of intensity. There are also lots of employment opportunities available overseas. For these reasons it would be useful to be able work from anywhere (a computer and internet access will be available) and choose my hours, which is why I highly doubt I could do anything that wouldn't be self-employed.
I know this topic has been covered but I feel like other answers have been aimed at people who were looking for different outcomes and opportunities.
Sorry this is such a long post and thank you for reading.
Sorry to put a downer on this but it's specialist tax advice (and accountants, not bookkeepers) that folk in the entertainment industry need, so the AAT alone wouldn't cut it on its own.
If you look at providing bookkeeping I would suggest limited companies up to trial balance is going to provide with a steadier income, especially if you are going to only do the work on a part time basis.
AAT every time for me. Gets you more in the of intros and work from Accountants as well as preparing you better for such a role, but like I say I would change your view of the ideal client.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Forgive me but you sound like you do not have the passion, nor the energy for this.
To be successful, and to be fair to your clients this has to be your priority, this has to be the thing you want.
The AAT qualification is great for sure - I totally agree. But the AAT is the tip of the iceberg and all of the knowledge is under the waterline, for you, for I, for anyone to succeed in this game you have to be able to swim hard.
As much as anything else, why waste your own time and your own money if your heart isn't totally in it?
If I've read your post wrong I am sorry.
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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.
The ICB gets my vote in your situation where they allow you more freedom to practice on your own. For example, if you complete their qualification up to level 3 you can complete final accounts (profit & loss a/c's & balance sheets) for sole traders, partnerships & not for profit organisations, and also up to trial balance for a Ltd Co. There are also specific add-ons for payroll or self-assessment taxation that you may find beneficial. The practical aspects of computerised accounting are covered far more comprehensively than that of AAT, which would certainly benefit you when practicing on your own.
Call and speak to them to see what they can do for you and in their website you'll also find a full list of suitable providers who will be able to provide the flexibility in your study that you need.
When I wrote the entertainment industry I was thinking more along the lines of doing other performers' taxes for them for a small fee (perhaps not the most profitable idea) and maybe working with small theatre companies, as opposed to big productions. Would this still require specialist tax knowledge? I honestly would not mind who I worked for, I just figured that my theatre knowledge might provide me with a USP; however I totally understand if any such work would be beyond the skillset of the qualifications I am looking into.
AAT does seem to be the one that is most suggested. After taking the AAT to level 4, would part-time work experience be deemed acceptable in order to acheive bookkeeper status?
It is performers at different levels and specialisms who use specialist tax consultants, regardless of the size of the productions. Doing anyone's tax return requires tax knowledge, but the industry you are looking into is prone to tax investigations (even for the lesser known performers) and tax complications.
Just thought I should add, as you dont know my background, that Im involved in this arena.
The work as I say, is beyond AAT level 4!!
AAT is much more recognised. You could in fact undertake certain bookkeeper roles, which include sole trader accounts (but not tax), VAT and companies up to trial balance (for an Accountant to take over) on completion of level three by way of their Bookkeeping certificate/licence - the AATQB.
But once you have done level 4 AAT you can of course get the experience to get their licence on a part time or full time basis. You can of course just pass all of their exams so you are suitably qualified (not for your target market, Im afraid) and then just join eg IAB and use their memebership as a badge of convenience for their licence, or self licence through HMRC.
Please do not mention 'small fees' - we are all here to make money!!! Plus once qualified never ever undersell yourself.
I must admit to wondering exactly what Johnny has wondered about. if you are away for example - how would this work with your clients - they are not the most patient bunch, many have lots of paperwork and whilst we all try to work based on a paperless office this in practice is not so easy. Most clients are pretty demanding as to when they want they management accounts or you are driven by the VAT/self assessment etc type deadlines. In future there is also a massive change afoot with Making Tax Digital when much more reporting needs to be undertaken and even those with staff are wondering about the impact it will have on their time. Being self employed means you will be working 16 hours days sometimes in this sector - can you really do that whilst doing the drama school/production bit?
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I think I may have over-emphasised how much I do not want to advance the bookkeeping side of things because I know people give advice on the best qualifications to take based on career advancement. I do actually think that I would find bookkeeping very interesting and satisfying.
I suppose I have jumped the gun a bit by enquiring into qualifications. Is there a book that you can recommend that I could read to gain some foundation knowledge and assess whether this is something that I could, and would want to, do?
I appreciate that every job requires passion and hard work to do it well, which is especially important when you are providing a service. Although I would argue that most people would put their loved ones above their careers in their list of priorities. I think that if I learn everything that is required, manage my time effectively and don't take on more than I can handle then it will be possible to do both of these jobs well. And, if not, at least I'll be good at managing my own finances!
-- Edited by Bobby Anna on Monday 20th of February 2017 07:28:29 PM
Bookkeeping alone can be/is a very interesting job (with the right clients). I think you did right by asking about qualifications but one other thing must add that Johnny alluded to (and as I say it ALL the time to students) is that you never stop learning in this job and indeed most of your learning will actually happen once you have done your studies. Every client is very different (what makes it interesting!) and can through the biggest curve ball at you which requires more knowledge.
There are a few books that have been recommended on the site a few times - I would have to have a dig to find the posts. Try business accounts by David Cox, Bookkeeping for Dummies and if I have time I will dig around to get the links for the other books on here.
Other option is to try a completely free course called ACCA-X. BUT whatever you do, dont sign up as a student to the ACCA or try to take the exams at the end of it, as then you will NOT be able to do anything beyond trial balance under their very strict regulation 8 rule - sanctions for breaking their rules are very stringent and can involve fines and expulsion. But that said, its a cracking course to see if you take to the study and subject matter. If you finish the two courses within ACCA-X you mgiht even be able to leapfrog past level 2 of the AAT.
By the way - AAT can be done in full in as little as 4months with the apptitude and time. Yes it has been done in that timescale, although I would suggest anyone without any background might find that hard going.
Good luck with whatever you decide to do.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Roger that. The entertainment industry is a big no-no for me vis-a-vis bookkeeping.
I admit that I do have to look further into the possibilities of being able to juggle both requirements. You can choose not to apply for auditions for jobs overseas, although this is obviously minimising the chances of getting a performance job.
I suppose working 16 hour days would depend on the day in question, which I also suppose is not acceptable as I'm guessing you do not get to pick and choose. What if I only had one client? Would that be feasible? My mum has said she'll speak with some accountants at work but advised me to look into it myself too. When I talked to her about it she seemed to think that it was a good idea, but her line of work is economics and not bookkeeping ... I will wait to see what they tell her.
I really appreciate you taking time to give me this advice.
That's what my teachers say about theatre too! You never stop learning and you learn on the job. There is lot of technical information but it's useless if you cannot put it into practice.
I will definitely check those out. Even if I come to the conclusion that this not a good idea I will at least have learned something that I did not know before and that I can use for doing my own taxes.
