Starting a Practice - Will I be at a disadvantage for being a management accountant?

So for the last 2 year's I have wanted to go out on my own. I worked in a large Billion £ group for 10 years. it was whilst working here I completed my AAT in 2016. I was a management accountant for most of this time, I worked in Logistics and their legal practices
in 2017 I left and joined a small Ltd company, here I manage everything, bookkeeping, accounts prep, payroll, VAT, CIS, bank Recs, management information, cashflow, Credit control, Budgets and forecasting and computerise accountancy systems. The only thing i do not do is the corporation Tax.

I highlighted the areas I was weak on (mainly Tax) so I'm currently studying ATT, with the view of taking Corporation Tax after the core exams.

It's getting to the point where I feel I'm almost ready to go at it. I've done everything i need to for the licence, Set up my website, Emails Etc whilst I'm currently doing my market research and business plan. My final thing is to research and come up with a sustainable pricing structure.

My only concern at the moment is, will I be at a disadvantage because I've never worked in an actual accountancy practise with multiple clients? As mentioned, I worked in a legal practice with different clients, billing and handling clients money in (accordance with SAR and AML) and I have the experience of doing everything I want to offer in my current role

I also currently help out (FOC) 1 sole trader, 1 partnership and 1 other Ltd company (friends and family)

Sorry for the long winded info, but id be keen to hear from other Commercial/ Management accountants who have started their own practices.

Thanks
SimonHarrisonSD

Answers

  • SimonHarrisonSD
    SimonHarrisonSD Registered Posts: 3
    Hi,

    Great to hear your story, and a lot of parallels with my own really

    I came from a management accounting (CIMA) background myself and reached very senior positions in both Wm Morrisons Supermarkets PLC and Sport Direct

    I always had an element of IT involved in my own career too which has served me well and given me an extra 'edge'

    I have since then set up an analytics division from scratch in an IT consultancy firm, and more recently moved on to setting up my own practice, combining the best of both worlds Management Accounting and Business Analytics

    I am three months in, and its started very well

    If you think my knowledge would be helpful for you feel free to get in touch, really happy to help

    Best of Luck

    Simon

    https://selectdistinct.co.uk/
  • Hi Simon, Many thanks for responding. i do appreciate it. I would be very keen to dive into your knowledge if that's ok. my email address is [email protected]
  • SimonHarrisonSD
    SimonHarrisonSD Registered Posts: 3
    Hi I tried to send you an email, but it has bounced

    Feel free to get in touch

    [email protected]
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