Accountancy Self Employed Work

Marky Astra
Marky Astra Registered Posts: 45 ? ? ?
Hi everyone,

Im currently working at a small accountancy practice and thinking about getting a couple of my own clients to complete some work to earn some extra money. I have waited until now because i was given a wage review in February 2010 and it was very disapointing to say the least.

I was wondering if anyone in the same situation would be able to give me any advice on how to get started and whether it would be a good idea.

Im currently studying in my Level 4 Technician stage of AAT. Obviously the work i would undertake would not be too advanced for me, im looking to do a few hours bookkeeping for a few people each week/month etc. I wouldnt want to complete final accounts just yet as they would probably expect me to complete tax work and this is not something i would want to do yet as i feel it may be too advanced for me. I work on year end accounts at the practice i work for so i know what i would be doing and working towards if i was to do some work for a client.

Ive spoke to my employer about having a couple of my own clients and they said it would be fine as long as i obviously didnt use my work time to do my own personal work which i thought was very nice.

Any information would be greatly appreciated, hopefully im looking for information on the following:
Hourly rates i would be able to charge
How to start - advertising etc
Work i could complete (just bookkeeping or accounts preperation?)

Thanks for looking

Marcus

Comments

  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    Hi Marcus

    It sounds like you have the right approach.

    I'd suggest completing work to TB.

    Depending in your area bookkeepers charge £12-30 per hour; I would suggest £15-20 is about right.

    Remember professional indemnity insurance.

    Don't bother with Yellow Pages or similar. Paid adverts in local magazines (eg parish mags) and nice looking cards in newsagents/similar work well.

    Good luck.
  • Marky Astra
    Marky Astra Registered Posts: 45 ? ? ?
    Thanks for the response monsoon.

    in reply to your response is there many people sole traders/partnerships etc looking for work up to TB? Obviously working for an accountancy firm i get given the whole job itself up to the year end accounts so is there a big market for work up to TB?

    Thanks

    Marcus
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    Yes there is work available for bookkeepers. There seems to be a lot of startup bookkeeping businesses so some areas are saturated however there are others devoid of them!

    As you say, if they want year end accounts they will likely want tax too and if you're not comfortable with doing that then TB seems to be the best point to draw a line. An accountant will be very happy to receive an excellent TB from a bookkeeper, makes our lives much easier! :)
  • Marky Astra
    Marky Astra Registered Posts: 45 ? ? ?
    Thanks for your advice Monsoon, i think i will look into getting a bit of advertising done, any other suggestions will be greatly appreciated :)

    Marcus
  • Andypandy
    Andypandy Registered Posts: 526
    It might be worth charging a flat yearly rate, I know a couple of people who have switched accounts firms recently because of this.
  • deano_162
    deano_162 Registered Posts: 23 Dedicated contributor ? ? ?
    Just the thread I'v needed!

    Sorry I can't be of help but iv recently approached my boss asking if I can do the same sort of thing self employed in my own time. I need to give her a couple more facts to assure this, one of which is the insurance cover sort of thing. Id be looking to do around 15 hours a month maximum on a couple of clients charging between £12 and £15 so for example £3,000 turnover a year.

    Basically what levels of PI insurance must I consider and what level does the AAT cover you for?

    Cheers
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