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Opening a Practice after Qualifying. Good/Bad Idea?

danjswadedanjswade Registered, MAAT, AATQB Posts: 12
So I'm studying lvl 4 and starting to think of what to do once I qualify (hopeful I know!). So I'm going to head on and go to either CIMA or ACCA but I'm also pondering going it alone and starting up my own firm.

I know AAT require me to be licensed etc. but I was more looking for peoples experiences, views, pitfalls and any general advise really. I'll still be working my 9-5 so won't be my main source of income, but in future........

Look forward to hearing from you and your ideas/experiences.

Comments

  • NeillawNeillaw New Member RossendaleMAAT, AAT Licensed Accountant Posts: 277
    You don't mention if your in practice or industry?

    It's hard building a practice on-top of a 9-5 job, however your typical one man band sole traders only have available time at evenings or weekends.

    I find that contract work suits me as a 3 month contract will tie me over when I'm short of work and it brings in much needed funds.

    ACCA won't allow students to provide any type of invoiced work.
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    I'm currently working in industry (my 9-5). Yeah I can imagine dedicating enough time would be tricky, but something I hope would be beneficial and as you say, I'd be looking at the smaller clients to start with anyway so times would more likely be evening/weekend.

    Really? Do they state why? That seems a bit strange.
  • TreadStoneTreadStone Feels At Home AAT Licensed Accountant Posts: 280
    danjswade said:

    I'm also pondering going it alone and starting up my own firm.

    Am I correct in assuming this is still some way off then ? And also that this new firm will be offering bookkeeping, compliance, payroll, VAT, tax advice etc ?

    If so, and as you currently work in industry, I'd seriously look for a position within a practice and gain some experience there before you even consider going it alone.

    Just an opinion but I'd be surprised (and a bit worried) should anyone advise otherwise.
    MarieNoelle
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    The goal is to finish lvl 4 in July/August (possibly a bit later now with the announcement regarding MDCL assessment suspension) so some way off but not a million miles away.

    I'd be looking at book-keeping, VAT, tax advice, SA, management accounts. All things I've done before in my job.

    Why a bit worried? If these are task I do in my day to day job, albeit not practice, why should it be a concern? (genuine question)
  • TreadStoneTreadStone Feels At Home AAT Licensed Accountant Posts: 280
    danjswade said:


    albeit not practice, (genuine question)

    That's the concern. Again, it's only my opinion and not a dig at you personally.

    You may want to read this thread which has recently been started:-

    https://forums.aat.org.uk/discussion/444589/own-practice-practice-v-industry#latest
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    I'll have a read through this post you've linked to.
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    A very interesting post and it has made me question my near future aims (not overall goal though). It seems a tough situation to leave one for the other (industry for practice) as your experience might not count as much. But thanks for the help and pointers
    TreadStone
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    Limited I'll grant you. And as I said in my post above, after reading through the link shared by TreadStone, I am re-evaluating my plans. But thanks for helping
  • danjswadedanjswade Registered, MAAT, AATQB Posts: 12
    mrme89 said:

    You might have to take a lower salary, however.

    Yeah, thats my main concern!

    I do have a friend (ex colleague) who runs their own practice (has done for years) so I was going to approach him to see if he has any work I can help with to gain experience.
    BeccaLouJ9
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