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Bookkeeping versus accounting assignmet

I'm a chartered accountant trying to build a small accountancy practice.

I have this opportunity to work as a bookkeeper one day per week.

I can work only 3 days per week only. And these 3 days only 3/4 of the time. 

Should I use the day of finding new clients and growing my practice and learning new accountancy skills or should I accept the assignment as a bookkeeper?

Many thanks

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By Jimess
19th Nov 2010 12:48

Bookkeeping vs Accountancy

My advice would be don't look a gift horse in the mouth - until your client list grows sufficiently to produce a steady flow of income to the practice you may find that the one day per week bookkeeping will provide some stability to your income stream.  The bookkeeping work I took on in the early days of my business provided a good deal of word of mouth publicity and you just never know what opportunities might spring up from the assignment.  My only word of warning would be to make sure you set your ground rules firmly - bookkeeping assignments have a knack of growing like Topsy so decide on the amount of time you want/need to give to it and be prepared to find a suitable alternative for the client, or sub-contract the work to a trusted colleague if it begins to exceed the time boundaries you are comfortable with.  Good luck for the future.

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19th Nov 2010 13:33

Thanks you very much for your reply

Thank you very much for your reply

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By Luke
19th Nov 2010 13:40

I'd agree

If you need some stability, it is guaranteed money coming in which eases some pressure.

You will also find as you sign clients up that not all of them need anything doing in the next few months so you may have a growing client list and actually not any momey coming in from them for a long time.  (Unless of course you operate standing orders which is very popular but personally I don't like.)

If however you don't need the money, perhaps have other household income, then consider what you can do to market yourself in that time instead.

Good Luck

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19th Nov 2010 16:31

do sub contract work instead

You are unlikely to learn very much as a b/k that will help you in your CA practice. My recommendation is that in order to make ends meet AND get valuable experience, offer yourself to CA firms as a freelance, working as and when they need an extra pair of hands. They should be especially in need now with the tax return season in full swing. Working in a small firm of CAs will directly help you in your own practice. It helps if you target CA firms slighltly outside your local area so that there is no fear of poaching. Good luck.

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