Anyone thinking of starting up on their own?

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Are their any people on here who are thinking of setting up on their own after finishing AAT?

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    possibly
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    How do you mean setting up on your own? As an accountant offering services or your own 'industry' business?

    If it's offering accountancy services I'm not sure it'd be worthwhile, though I appreciate people have probably done it. The first question I'd ask if I was looking for an accountant to do my 'books' would be "Are you a chartered or certified accountant?". If they were not, I'd dismiss them straight away.

    Personally once I finish AAT, I'll probably be doing CIMA. But then I want to continue working in industry.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I mean setting up some sort of bookkeeping service to sole traders/partnerships small companies etc, in preparation for their accountant.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    i started up on my own about 6 months ago, i now have about 15 clients and i have found this very worthwhile as another source of income. if anyone would like any more informationplease do not hessitate to contact me,

    my e-mail address is on my website www.swiftaccounts.co.uk

    p.s. i am just sitting my final exams at the moment for my AAT so i may take a little longer to reply as im up in my eyes with revision
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    That would probably be OK, you're talking going in a part time basis to offer bookkeeping services. To be honest, for small companies you could probably do it all. Currently I'm acting as accountant for a small firm, turnover is about 6m. The only issues I generally have relate to the tax side of things which the auditors take care of anyway.

    Still I think for real small companies, the likes of sole traders, you could do everything from basic bookkeeping to monthly/annual accounts, tax returns etc. Probably help if you'd done the tax modules for AAT though.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hey Thats exactly what I would like to do. Will be e-mailing u soon


    Otsua
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi Rugbyswift - Just tried to look at your web site and it came up as a flash page ????? Not being IT minded in the slightest I just exited - do you know anything about this? or can anyone with half a technical brain (more than me) advise how I get round this?

    Ta
    planty
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Just click on the SKIP button to access the site. Hope this helps
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    if you just watch the page it goes onto the website or you can click on the skip button in the bottom right hand corner,

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Cheers guys - I'll give it a go.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    hi
    i set up on my own too.
    just a bookeeping sevice.. its quiet at the moment but hopefully will pick when i start advertising.. goodluck to all who do decide to go it in business. it takes guts and alot of enthusiasm..
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi I started bookkeeping 18 months ago and it has been tough but worth it.....

    give it a go if you are thinking about it and you will learn more than any one job will teach you, just be honest if you can't do something.

    The only nightmare I have had is losing clients, but hopefully gain more down the line
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?


    www.swiftaccounts.co.uk

    I can't find your web page! Help cos I would appreciate your advice as I do not know where to start!

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hopefully, the following link will take you straight to the homepage without the flash:

    http://www.swiftaccounts.co.uk/home.html
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I've been "on my own" for two years now and I would highly recommend it.
    I do regular books as well as tax returns, and once I qualify I might be brave enough to take on Company accounts!

    If anyone wants any advice or anything, feel free to email me at jenni@farrantfrost.co.uk


    :)
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi

    I could do with some advice that you have so kindly offered!

    Once I get my results in August and provided they are favourable, I'm going to look into the possibility of preparing the accounts for sole traders and partnerships - mainly to broaden my accounts experience and possibly earn some extra cash. The thing is I'm not that confident in being able to do it. Do you think that the AAT course has equiped you well enough to provide accountancy services or do you need help from other places fairly often?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi,
    i feel the same as gareth, i would love to start my own but dont feel confident enough - i am also waiting for results for final two exams.
    so Jenni i may be in touch with you too. :-o
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?
    matt17485 wrote:
    If it's offering accountancy services I'm not sure it'd be worthwhile, though I appreciate people have probably done it.

    I cant say that thats an accurate way to put it. Having considered it myself and emailing a few members in practice for advice, it seems that if youre prpeared to be patient, work hard to gain clients on a continual basis (probably the hardest part), you can actually make a good living from it. There is also the possibility that as you grow you could qualify further or devlop a partnership/company with a chartered accountant.
    matt17485 wrote:
    The first question I'd ask if I was looking for an accountant to do my 'books' would be "Are you a chartered or certified accountant?". If they were not, I'd dismiss them straight away.

    Thats judging a book by its cover. Id much rather have a small practice of experienced AAT qualifieds, than a chartered practice who pride theselves on size and qualification.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I agree with Neil.
    Having a chartered or certified qualification does not necessarily mean you are capable of doing a good job. I have had clients come to me because their chartered accountant has made a mess of things.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    So you already have some clients? If you or anybody else could give me a bit of help that would be great. I'm a bit concerned about attempting to prepare other peoples accounts and then getting a bit stuck. The last thing I want is accepting to help somebody out only to find that I need to return everything because I can't do it. How awkward would that be!! If I'm going to try and prepare accounts for sole traders etc how do I go about doing it?

    One other point. Somebody has put in a previous message that they would like to prepare the books ready for the accountant. If you've already prepared things what else would be left for the accountant to do? Forgive me if I'm being thick!!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Basically Gareth you could prepare a companies records up to trial balance stage ready for their accountant to prepare the final accounts. This might be a good way for you to start - you could ask your local accountants if they have any subcontact work.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi

    Like pne said, you can prepare accounts to tril balance, you can also do things such as management accounts, payroll and VAT etc.

    However, there is nothing to stop you preparing final accounts and tax returns assuming you know how.

    Neil
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?
    matt17485 wrote:
    Still I think for real small companies, the likes of sole traders, you could do everything from basic bookkeeping to monthly/annual accounts, tax returns etc. Probably help if you'd done the tax modules for AAT though.

    I do all that for a large company. Mind you, I do work for them so it's not like I'm doing it as an external body (god knows, if I was I'd be earning a lot more money), so I have their expertise to fall back on if I get stuck. I'd consider setting up on my own, but I don't know if I'd have the confidence. Also, if I'm gonna do it then it would have to give me enough income to be self-employed completely. None of this "go to work and then come home to work" stuff. I work too hard as it is!
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I work 2-3 days a week for a small practice, doing everything from accounts prep,VAT,Tax returns, payroll etc, on a subcontract basis. The rest of the time I work on my own clients books.
    This has given me the chance to build on my skills and grow in confidence as well as a regular income.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi Krispi,
    did you just go to the job centre to find a small job like that - its the way i would like to go. I work full time but would like to reduce my 5 days to 4 and spend 1 day a week with a small accountancy firm or charity and start that way.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi Villevalo,
    You might find a part time job through the job centre although you may be better sending your cv to local practices.
    I knew the person I do the work for and as I was starting out on my own I took on the sub-contract work to ensure I had enough money coming in on a regular basis, but without being tied to an employer.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I started up on my own last sept as a book-keeper initially have now got 6 or so clients but the main one is a small firm of chartered accountants & thru them have got another 40 or so clients. I do everything from Ptax, Ctax P11D's and final accounts.
    My friend started at the same time & she has about 20 clients so far. I say go for it what have u got 2 lose :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    I'm interested to know what you self employed folks do with regards to professional indemnity insurance?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Anyone thinking of starting up on their own?

    Hi Bobby,

    Depends on your gross income. I have gone for the block policy through AAT as my gross income is small at the moment but when my business takes off I will have to upgrade my policy as well as my MIP status.

    If you look in the members area there is a link for insurance, also if you look under publications you can download a list of companies who provide insurance.

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