Bookkeeping Services

Bookkeeping Services

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Hi All

Hope you can help - I Qualified last as an ACCA last June and have always had the inclination to start up an Accountancy Service of some degree.

I have worked in Industry for over 6 Years in a variety of positions which has given me a good broad understanding of the Full Accountancy spectrum - such as Bookkeeping, Credit control etc....

Now the only issue that I do have is I dont as a result of working in industry is that I dont hold a practice certificate which means that I can offer the following:

Bookkeeping
VAT
Payroll
Credit Control
Management Accounts

Based on these has anyone been in a similar situation and have made a good business from just these services alone.

Tax advice etc requires a practice certificate and to be honest I dont really want to get involved in this area.

If anyone has had experience in this then I would be very grateful.

Arnold

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By AnonymousUser
26th Aug 2008 12:22

Think strategically
Be careful what service range and client profile you base your business on.

The beauty of simple services is that it is easy to build a business without you doing the operational work. This is the difference between a job and a business.

After working closely with over 200 firms we've established an opportunity for bookkeeping services. Call if you'd like to know what our experience and research told us and whatever you do read the E-Myth.

Bob Harper
CRUNCHERS

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By mipper
26th Aug 2008 12:10

Practice without Tax!
As a CIMA member - I'm sympathetic with the sense of feeling not properly prepared for a life in general practice despite qualifications and years of business experience when finally taking that bold step away from employment.

I would agree with the other posters on here that it would be worth going the 'extra mile' to be able put yourself in a position to offer tax services as I really think it is so difficult to leave that great hole in the list if you are handling compliance work . Your clients will certainly not want to go elsewhere for tax work and the words 'tax' and 'accountant' are so inextricably linked in the mind of the general public that you will be fighting an uphill battle all the time.

I give talks to CIMA members thinking of entering practice and 80% of the questions raised are on getting properly trained in delivering tax services so they can obtain their practicing certificates on this basis.

As I tell them, 'don't worry that you haven't covered much of this stuff in your CIMA exams - if you have qualified then you will be able to pick it up and apply it'

I hope that you go for it.

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By User deleted
26th Aug 2008 11:57

No problem!
I don't think that you need any qualification to practise tax. I have 2 friends who have done so for many years, and have made a good living. A third friend was a practising chartered accountant, making a decent living. He then lent some money to a client. The client let my friend down, and he had to declare bankruptcy. Following bankruptcy, my friend continued to practise although no longer a member of any Institute. His turnover went through the roof! He told potential clients that he had been bankrupt, and knew all the problems which this brings, and he told them that, in consequence, he was now a much better adviser than qualified practitioners.

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By nilesh_m
26th Aug 2008 11:52

ACCA Practising certificate
I would go along with previous poster NH. As you are qualified and have 6 years of experience, why not work another two years and gain required experice with ACCA Approved employer. If your employer is not one of the approved, ask your employer to register as ACCA approved employer. After two years of experience you could apply for Global Pracitsing Certificate, which would allow you to practice any where in the world with some exceptions.

If you were to start as book keeping business, I do not think that you can offer services of Management Account. As per the ACCA's rule, you can offer very basic services such as Bookeeping (upto Trial Balance), VAT and Payroll Services. You will not be able to prepare a cash flow forecast or any management accounts on which external entity relies upon.

Regards


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By User deleted
26th Aug 2008 11:37

Advice
You could set up a business on this basis but in my opinion you could do much better.

You have become a qualified accountant so why not get a couple of years practice experience, get a practising certificate and then set up an accountancy practice? Otherwise you would really waste all those studies.

Your potential earnings from practice will well exceed a bookkeeping business.

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