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Sole Practitioner

Hi,

I am currently working at a accounts practice and am keen on finding my own clients and working from home (aswell as keeping my current job).  As well as my full time job, I am am also studying towards the ACCA qualifcation.  Do i need a practicing certificate to work from? Will this conflict in anyway with ACCA? Where do I start? (Apologise for the stupid questions). I would greatly appreciate all advice!

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20th Sep 2012 11:48

Ask ACCA

Why don't you ask ACCA?

Generally you will only be able to provide bookkeeping services (under ACCA rules) if you do not have a practicing certificate.

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First question, or thought,

does the boss know your intentions?

If not, then I suggest you think very carefully, as to how you approach your ambitions.

Over 30 years ago now but, been there, got the T shirt, even starred in the movie. Thought I knew everything and not a pleasant experience. With hindsight and some wool on my back I would have done things differently. That doesn't mean to say that I wouldn't have done them, though.

 

 

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20th Sep 2012 12:00

 

 

No, he doesn't know. How would it affect him? I admit I have alot to learn, it just very difficult finding another job! My current job pays peanuts..

 

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Bookkeeping only

As far as Im aware you can only offer bookkeeping services while you train towards your ACCA qualification.  Once you have passed all the exams you will then need to undertake one years experience before you can apply for a practicing certificate.

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By marks
20th Sep 2012 13:19

check your contract of employment

It may be a condition of your contract of employment that you cant take on any work without your employer's knowledge and approval.  Even it there isnt such a condition then it is probably best to let them know as they may not be too happy afterwards if they find out.

In a previous employment it was a condition of my employment that i couldnt do any additional work without their approval.  In my current employment there is no such condition and my employers dont have any issue with me having my own portfolio of clients.

Regards

MarkS

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We've all been in your shoes

living on peanuts. It's always gone with the territory. Even in practice, you sometimes have to exist, due to low work levels.

The main admission you've made, which shows maturity, is "I admit, I have  a lot to learn".

A word of advice, why not set out to prove to your employers that you're ambitious and you're not afraid of hard work. Make yourself available for overtime, whether paid or not.

Work hard at your qualification and, in good time, you will see rewards. I'm guessing your age to be mid twenties?

If you embark on working on your own account, it could be looked upon as a conflict of interest. All in all, this is an honest profession and you need to demonstrate that throughout your career.

 

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20th Sep 2012 15:20

I'm currently working at a practice which is very unprofessional, job is very insecure as there is not enough work.  Most firms use accounting packages but we are still using T accounts..

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.

Qualify and leave, or transfer and finish with another firm and get your prac cert.

Dont dive out now. You dont know enough to know what you dont know.

 

Edited to add, I did a T-account today. And we have computers, packages and efiling coming out of our ears. Its a very useful skill.

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21st Sep 2012 22:48

It's difficult finding a job at the moment. Thank you for your advice people, very beneficial. Thank you once again :)

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By Flash Gordon
22nd Sep 2012 09:31

T-accounts

I started off with t-accounts (in a practice with no IT, albeit a far time ago) and I still use them in my head to make sure I'm putting journals and the like in the software the right way round. Software is all well and good but the mess some people can get into......

And to the OP - it may be difficult getting another job but it's your best bet. If you try and start a practice now with relatively little knowledge you'll regret it. Far better to get more knowledge on the job, get your qualification and the experience you need for a practicing certificate and then go for it.

 

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