Self-employed Bookkeeper

sroffner

Hi everyone

Sorry to disturb you with this question.

I have completed Association of Accounting Technician exams one year ago. I currently work for a limited company where I complete the Year-end accounts, Monthly accounts, Payroll and VAT return. I have been working there for over one year.

Do you think that this is enough experience to work on a self employed basis. If so can you give me any help on how to get started off.

Thanks

PGM

sroffner wrote: »

Sorry to disturb you with this question.

How very dare you!

I would say not enough experience. Its very different going from working with one company to be suddenly hit with all sorts of different companies.

I think tax returns will be the big thing you lack experience in?

sroffner

Thanks you very much for your reply

T.C.

I disagree. I say go for it, albeit it in a simply and small way. Take on a few small jobs first, ie sole proprietors etc. Make sure you are fully licensed and insured first though.

Monsoon

If you were looking to set up as an accountant, I'd say you need more experience. As a bookkeeper, I'm with TC - go for it!

There are only so many ways you can get experience as a bookkeeper, and what you've done at work is about as good a grounding as you're going to get in day-to-day stuff without getting a full time job as a bookkeeper in an accountancy practice which, lets face it, most people aren't going to get.

Being a self employed bookkeeper is a great way of getting into running your own business - good luck!

And don't apologise for disturbing us - we are here to be disturbed, our days at work would be dull without forums to otherwise occupy our time, and if we didn't want to answer your questions, we wouldn't be on here If you have any more questions, no matter how silly you think they are, ask anyway and I'm sure someone will be able to help :-)

gregory

sroffner wrote: »

Hi everyone

Sorry to disturb you with this question.

I have completed Association of Accounting Technician exams one year ago. I currently work for a limited company where I complete the Year-end accounts, Monthly accounts, Payroll and VAT return. I have been working there for over one year.

Do you think that this is enough experience to work on a self employed basis. If so can you give me any help on how to get started off.

Thanks

I think You should do it. I have just started my self employed bookkeeping business. It is very hard to find a job as assistant accounts or bookkeeper with businesses as I can't produce enough experience. I finished AAT Technician Level last august. I did help out my friend to run his Ltd company for about 2,5 years.
I want work with self employed people, plus I have a small advantage that I speak Polish as well so I can do my services for Polish community in UK

gregory

sroffner wrote: »

Hi everyone

Sorry to disturb you with this question.

I have completed Association of Accounting Technician exams one year ago. I currently work for a limited company where I complete the Year-end accounts, Monthly accounts, Payroll and VAT return. I have been working there for over one year.

Do you think that this is enough experience to work on a self employed basis. If so can you give me any help on how to get started off.

Thanks

To start obviously need to register with HMRC, therefore with Money Laundering Regulation, with Information Commisioner's Office(Data Protection Act). Buy Indemnity insurance. And advertise your services to the public

sroffner

Hi Gregory

I see that you have started working as a self employed bookkeeper. Please could you give me any tips on how to get started.

PGM

Monsoon wrote: »

If you were looking to set up as an accountant, I'd say you need more experience. As a bookkeeper, I'm with TC - go for it!

I applogise if what I said was wrong. I had in my mind giving up work and launching a new business. Taking on bits of bookkeeping will definitely build up your experience fast, and we're here to help!

sroffner

I think I will first apply for my MAAT and meanwhile look for unpaid experience with freelance bookkeepers so that I can gain more experience.

Newbie

I personally think you need more experience, I have worked in practice for years and its very easy to make a material mistake without even realising if you don't have the skills to ask the right questions

gregory

sroffner wrote: »

Hi Gregory

I see that you have started working as a self employed bookkeeper. Please could you give me any tips on how to get started.

As I have mentioned in the post above you need those basics, where You must comply with settled regulations.

I focus on self employed people more likely. For Limited I will do bookkeeping up to TB. I will do CIS returns

Myself, I am very struggle to find a job in accounting environment, so thought I will make myself a job
I think it is very hard to start, to get THAT kick off. But once You have started it will work. I have already few self employed clients.

I may suggest You can advertise yourself in your local paper, even ebay. Wherever is the possibility to advertise, espacially for FREE, do not hesitate to you use it.

sroffner

Thanks Gregory Nice one

MoneySavingBank

Start from your comfort zone.

You can gradually go to the next level.

If you get a job you are not expert on then hire a freelancer and ask him/her to do the job in your office and you learn that too.

Regarding the Accounting Practice Business, as many expert said here before (monsoon, ian and others) it takes time to get the first client. Once you established a process in place, you will see the client list can only grow.

And finally, please focus on marketing.

Good luck,

MSB

gregory

MoneySavingBank wrote: »

Start from your comfort zone.

You can gradually go to the next level.

If you get a job you are not expert on then hire a freelancer and ask him/her to do the job in your office and you learn that too.

Regarding the Accounting Practice Business, as many expert said here before (monsoon, ian and others) it takes time to get the first client. Once you established a process in place, you will see the client list can only grow.

And finally, please focus on marketing.

Good luck,

MSB

thank you, that is a very good advices to me as well

tjayne

Hi All,
on the same topic - please could someone let me know what I would need to start up a bookkeeping business? I've finished AAT Level 3, going to start 4 early next year, been working in finance for 2 and a bit years now and am keen to find some extra practice and some extra money!
I had a look online and can see as is mentioned above about HMRC and indemnity insurance. Is there anything else that I would be legally required to have?
Thanks!!

Neillaw

You could consider doing both at the same time, as well as the financial aspect you could broaden your skills within the company. Not mentioned if your company is service or manufacturing as margin analysis would give you that little bit more of a selling point for your bookkeeping.
You shouldn't rule out contract work to supplement your practice as it's a good way of both getting experience and boosting the bank balance for the quiet periods.
It may also be worth you getting a mentor who could review your work or be at the end of a phone when you have a query and everyone has these at some time.

StefHo

Hello Sroffner,

Dont let people put you off, I have started my own business, it will take time and got my licence last month. You will need to gain further experience but it all counts even finding a parttime accounts assistant post as well as setting up.

If you need to further chat.

Stef Ho
HoKa Accountancy Services