Running a practice part time

stuartt

hi

I am currently awaiting my my last level 4 result so i can become MAAT and have been looking at starting my own practice. i work full time as a management accountant so would be looking at doing it part time, so was wondering how other members have found running a practice whilst also working full time.

Thanks

Stuart

Neillaw

It's hard!
I'm currently at the stage of doing about an hour a night which includes client meetings, you can't really get you website up and running incase your boss stumbles on it. Everything has to be word and mouth.
One thing I've found useful is the Saturday morning surgery, you can get alot done while still being fresh, they worst time is when you've been looking at some gross margin analysis all day and have to come home to an hour of client book-keeping.

stuartt

Thanks for the reply Neil

i wasn't expecting it to be easy but as I'm going on to ACCA or CIMA (undecided which to take yet) i may wait until I've done that as I think ill struggle to have the time to juggle everything

burg

You will not be able to run a practice that does anything other than bookkeeping if you go on to study ACCA. They will anly allow you to practice fully when they have issued you with a practicing licence. Not sure on CIMA's rules.

south59

I'd add, although you've not asked.

If you intent to offer tax to your clients, it is wiser to study ATT.

ACCA + TAX - Practice licence = Regulation 8.

CIMA is allowable. You aren't allowed to mention your affiliation to the aforementioned mind.

AMS_Accountants

I agree. I am a CIMA finalist and hold an AAT licence. ACCA would not allow me to be a student member and practice so I chose CIMA.

south59

Hi

How have you found CIMA?

Now you are running your own business (I assume?) how much of what you have learned whilst studying CIMA is transferable?

Any regrets?

Thanks

AMS_Accountants

Not much to be honest. Most of what I use is from AAT.