Self-employed help!
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Hi all,
I have been a member for a couple of years and am currently working full-time in industry, and am considering applying for MIP and starting off part-time around my current job.
The problem is i have no practice experience and am lacking in confidence to go it alone, is there any members out there with a few words of wisdom or maybe any MIP members from Newcastle or the surrounding areas looking for a few hours a week voluntary help.
many thanks in advance!!
Micky
I have been a member for a couple of years and am currently working full-time in industry, and am considering applying for MIP and starting off part-time around my current job.
The problem is i have no practice experience and am lacking in confidence to go it alone, is there any members out there with a few words of wisdom or maybe any MIP members from Newcastle or the surrounding areas looking for a few hours a week voluntary help.
many thanks in advance!!
Micky
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Comments
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Re:Self-employed help!
You are a qualified accounting technician. Be confident in your abilities. Take it slowly. You will be fine.0 -
Re:Self-employed help!
TC is correct that you should have confidence in your technical knowledge.
But looking back over my career, I was very 'wet behind the ears' after only 2 years post-qualification and I had already been in practice for my entire training period.
I think going from an industry background straight into self-employed practice where the buck stops with you is risky.
I would recommend at least a couple of years in practice before going solo. It will avoid sleepless nights in the long run!
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Re:Self-employed help!
Appreciate the advice guys!
I have been looking for practice employment, but it seems most practices look for experience before qualifications.
I think TC has the right idea, as long as i dont take on more than i can handle i will be fine.
Thanks for advice, really appreciate it!!!!0 -
Re:Self-employed help!
As a final comment from someone recently gone part-time self employed without practice experience but from corporate finance, it has been a very tough learning curve, the potential clients sometimes require work that is more technical than I would have liked in the first year of trading and it is advisable sometimes to say so, especially if the ideal software requirements to complete the work are expensive. The forum is an excellent source of help and advice. As a return - I am making progress on charity independent examination and have amassed a wealth of information, weblinks for this type of work, which although I am doing voluntarily until I apply for full membership of ACIE, does get contact and visibility going out there - if anyone requires a summary of information I can supply it on email request, but give me until the end of February to reply.0 -
Re:Self-employed help!
Start small - within your capabilities and experience, and take it from there.
The learning continues however much experience you have got
Claudia
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Re:Self-employed help!
i would say - start small & build your own experience to work up to things.
Continue trying to get practice experience, employed or volunteer. That way you will learn, & also have people you can ask for advice when you are doing your own private work. HMRC provide a lot of advice as well to assist, & try to find a few contacts of people who are doing similar to you, but with more experience that can advise you. The internet has a lot of info (not all believable) & forums such as this can aid & confirm what you are thinking. Often you will have the right answer, but its just nice to be reassured.
I am a beginner in practice too - good luck0 -
Re:Self-employed help!
Thanks Tim & Claudia!
Its nice to know that there are people out there willing to offer advice and support to other fellow members!
Thats exactly what im gonna do, start small around current job to build up experience.
Many thanks for the advice!!!0 -
Re:Self-employed help!
A good way to start is to see if you sub some work from local accountants - then you get practice and see how other people do things.
Claudia
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Re:Self-employed help!
Message for Claudia
Hi, I have just completed the intermediate level and Im interest in doing some bookkeeping as an addition to my full time job.
I know you are based in Norfolk, is there any advise you could give me? ie where/how to get potential clients?
Your help is much appreciated.
Steve0 -
Re:Self-employed help!
Hi Steve
In a rush as got to go and see a client, but trawl back through the MIP forum - the middle of last year (perhaps?!) there were a couple of threads about your exact same question.
Lots and lots of people gave really good advice on how to go about getting clients - including what advertising works and what doesn't.
Sorry not to give you the answer in a nutshell - 30 January not a particularly good day for MIPs
Claudia
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Re:Self-employed help!
Claudia,
Sorry for the timing, the reason for asking you is because i live in Norwich as was and wondered if you could direct me locally.
My email adress is stevengirling@tesco.net0 -
Re:Self-employed help!
I like Mickey have been a full member for two years now, and not done anything about it. I have often thought about becoming a self employed book keeper, but I don't know how you actually get started once you become a member in practice.
Do you get a PC, the software then advertise?
And once you get the clients, do you go to them on a regulary basis ie weekly or monthly, to collect the invoices etc. from them and then work from home. Saving the work on a USB pen so you transfer the work on to there computer?
Any advise would be appreicated. :oops:0 -
Re:Self-employed help!
Hi there
yes, yes and yes to your 3 questions.
Most of the clients that I do books for dont have computers!!!!!!! But the ones that do, then either email or stick it!
Different clients have different needs. VAT ones I normally do quarterly, some large companies monthly.
Tax returns for subbies and the like - I only see them once a year - on about the 20th January if I am lucky! and then stony silence for another 12 months.
Claudia
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Re:Self-employed help!
Thanks blonde and tired for taking the time to answer my question 0 -
Re:Self-employed help!
No probs - blonde and tired off to bed, and hopefully in the morning will be brunette and wide awake
Claudia
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Re:Self-employed help!
Just wanted to add my tupence worth!
I became MIP a year ago, I had great ambitions and expectations.... silly me! I had flyers printed up, local ads etc - and got very little, except a few people after some free advice!
I posted similar query to yours last year on this site and followed someones advice to approach local accountants for sub work. Best thing I ever did, I now receive contacts from a small local accountant and my client list is now (slowly but surely) growing.
Its an old cliche, but there is no doubt about it "word of mouth" works best!
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Re:Self-employed help!
Just a quick post from the Members in Practice team to remind you of the additional support while starting-up and throughout your business's lifetime that is gained through being licensed on the scheme for members in practice.
As you probably know, it is a mandatory requirement that all full members of the AAT who are engaged in public practice apply for and maintain a practising licence. Through the scheme we regulate our membersΓ’β¬β’ practices to maintaining a strong base-level of professionalism across our membersΓ’β¬β’ businesses.
However, alongside these regulatory aspects, the scheme offers some significant support benefits too, especially for businesses just in the process of starting-up. While this forum is an invaluable resource for finding information from other accountants who have been in the same situation that you now find yourself in, as a licensed member you will also have access to free taxation, legal, PAYE, and health and safety advice, along with our technical and ethical query helplines. You will also be entitled to attend our members in practice conferences, have access to the members in practice toolkit which contains several useful legal documents, cheap rates of professional indemnity insurance, and be entitled to make use of the AAT logo on your business stationary and website.
The AAT is always eager to help its members who are moving into practice work, and if you are reading this thread and contemplating starting in practice, then please feel free to contact me at the details below so we can discuss the ways in which the scheme can assist you in the difficult, but highly rewarding, process of starting-up your own business.
Timothy Secret
Members in Practice Team
Association of Accounting Technicians
t: + 44 (0) 20 7415 7572
f: + 44 (0) 20 7430 7790
e: tim.secret@aat.org.uk0 -
Re:Self-employed help!
Go for it, I say. But start small.
I got to MIP in August/September, after finishing Technician in June.
I started with book-keeping for one client under the direction of his accountant. A friend took my cv to her boss who offered me subcontract work and, subsequently, a job in practice, where I have been for 18 months.
While practice experience is valuable, you have to start getting it in small doses. You're right that practices tend to look for experience, first, which is a pain because you see the mess so-called "experienced" people make of the work.
Yet, I found it beneficial to work on another accountant's clients' book-keeping. That way, you have contact with someone in practice who is usually willing to guide you, and, often, to be your professional cover, which an MIP also needs if he's going to be serious about the job.
Start small.
Don't be afraid to approach a practice for help with things you're not comfortable doing.
But above all, do something. You'll always regret not trying.
Michael0