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This sucks

aattraineeaattrainee Just JoinedRegistered Posts: 3
Im doing intermediate and preparing accounts start to finish for my company. When Im doing it, the fee for the preparation of the accounts is usually £1000. Each company takes around 2-3 days. Id say I make my boss around 2k a week. From this I get £220. Absolute bollocks.

Comments

  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    That's life!!!

    I would guess your boss also pays the overheads and takes responsibility for the final result? I take it he will also pay you even if there isn't any work on.

    It's all about risks and rewards.
  • speegsspeegs Experienced Mentor Registered Posts: 854
    Hi Aattrainee.

    I think that sucks to, but there is a bright side. Once you qualify you can become a member in practice and then all that money is yours for the making.

    Try to keep smiling in the mean time and then go freelance once you qualify and tell your boss to screw his job. You are worth far more than £220!

    Best of luck

    Speegs
  • blobbyhblobbyh Font Of All Knowledge Registered Posts: 2,415
    ... you need to calm down mate!

    When you say you're at Intermediate, can we assume you're otherwise QBE - qualified by experience - to produce a set of complete accounts? I only ask, since at that level, it's unlikely you could produce a set of final accounts, beyond those of maybe an uncomplicated sole trader, without prior knowledge of what's beyond the simplified P&L and Balance Sheet that's taught at Intermediate.

    £220 per week gross or net? If the latter then as Annette says, apart from your guaranteed wages your boss also has to cover your PAYE, NI and other business payables such as other non-COS staff, rent, lighting, taxes etc as well as trying to make a reasonable return from the business.

    Most of us work for fractions of what our companies take in revenues but that doesn't necessarily mean we're paid peanuts.
  • sarahwilsonsarahwilson Experienced Mentor Registered Posts: 567
    I hear this a lot from the people who work for my partner, they moan on about how much he must be making in relation to what they earn. They don't see the bigger picture like when he doesn't draw a wage at all because his materials bill are high, or the van has needed repairing or a piece of machinery has broken.

    On the face of it it may seem a bum deal, but think about all the costs your boss has to cover out of the money for that job and the risk as well he takes, its not easy to run a profitable business if it was everyone would do it.Its not as straightforward as saying that job was billed at £1000.00 and I should get more of it. If you feel your wage is low and you have a valid reason to ask for a raise do so. If you are merely griping that your boss is earning more than you, welcome to the real world.
  • atlanatlan Settling In Nicely Registered Posts: 21
    aattrainee wrote: »
    Im doing intermediate and preparing accounts start to finish for my company. When Im doing it, the fee for the preparation of the accounts is usually £1000. Each company takes around 2-3 days. Id say I make my boss around 2k a week. From this I get £220. Absolute bollocks.

    When we start out I think sometimes we have to be patient - of course we do not make as much money as the practice earns from us but then they are taking all the risk.

    Would you prefer to go out and find your own clients, set up your own insurances, perform all the work and if you are busy enough take on the financial responsibility of permanent staff and everything that goes with that (training, work management, benefit, sickness, etc), as well as trying to maintain and grow your existing client list?

    Probably most of us will say no - we would rather someone else did all the hard set-up and maintenance work and took all the risks - that is why we are employees and not running our own business!!

    Give them a break - they are providing you with an amazing amount of expertise and experience - maybe one day when you are ready you can set up your own business?! :thumbup1:
  • deano_162deano_162 Settling In Nicely Registered Posts: 23
    You should feel lucky!

    I do the same sort of thing as you week in week out, I almost solely run the payroll of around twenty companies monthly or weekly with up to 25 employees in each of them and also do VAT returns for six companies from the begining to the stage of review aswell as filing shredding faxing and taking calls and receive £670.00 a month after tax!

    But at the end of the day i'm a trainee and so can't do alot about the salary but ill appreciate the experiences and when i'm ready pay my own wages!

    :thumbup:
  • AdamAdam New Member Registered Posts: 13
    As someone famous once said, you're either a Shepard or a Sheep.

    I think, that works quite well here - the people that are complaining will more than likely make a success of their lives, may that included self employment and earning a fortune only time will tell but at least you know what your worth!

    Personally, stick with the practice, become qualified, become friendly with as many clients as you can, become the face of the practice for those clients. Then in time (once qualified) in conversation tell them your leaving and want to offer a more personal service than the practice will allow, you've been working with them for an age - so hopefully they'll follow!!
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