Unsure if I should do bookkeeping?

Bookkeeper101

Hello everyone!

Just joined the forum as I wanted to get a little advise before I make any decisions.

I’m currently thinking about dropping my hours at work so I am able to do 1-2 days of self employed work (maybe build up in the future). Or Work for an accountancy firm doing some bookkeeping part time.

I currently work for a £33m company. Of which I’ve done all the purchase ledger, then moved onto sales lever & I’m currently doing some management accounts/ credit control. I’ve worked for this company for 2 years now and feel like my workload is light enough to do in 3-4 days.

I think my main issue is just confidence? I’m nervous that if I take on someone’s books I won’t be able to answer their question(s).

If it helps with my question - I’m currently registered AATQB and half way through my level 4.

Thanks guys!! Any feedback will be valued :-)

reader

If you can prepare management accounts for a £30M company you will be able to do most bookkeeping and most VAT returns and most accounts work for small businesses.

Once you finish level 4, and maybe do ATT too, you will feel more confident on most tax and payroll issues.

Would definitely be a good idea to get a P/T job in a small practice. The reason I say small practice is you will get a lot of exposure to lots of things like sole trader accounts, partnership accounts, partnership tax returns, LLP's, ltd companies, corporation tax, personal tax, cloud software, practice management, HMRC investigations, payroll, etc.

I think you are going to be successful.

You are not just trying to blindly/over confidently go into practice.

Might be worth applying for part-time roles first, get the job, and then negotiate 3-4 days at your current place. That way you won't lose any income.

Most practices use Xero so this is something that is worth learning in your spare time via their free trial. Also, pay attention in the limited company exam, personal tax exam, and business tax exam at level 4 as these 3 areas will come in very useful in practice.

reader

One other comment, when you go for job interviews for P/T practice roles don't tell them you are looking to go self employed and work on your own personal clients. They may get worried that you are trying to steal their clients.