Advice for a CIMA accountant starting a practice

Advice for a CIMA accountant starting a practice

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Hi All, 

I am a CIMA accountant (newly qualified) who intends on becoming MIP by the end of the year. 

I work in industry and have done for four years. Prior to that I worked as a bookkeeper for a few years. I have the technical ability and experience working with clients (not selling anything here). I intend to work part time in practice.

I was hoping someone could help me with a few questions:

1. What is the best approach to get subcontracting work from other practices? What do they expect to see or what do they expect the person to have? 

2. For subcontracting work, do I required to have insurance and money laundering? 

Thank you. 

Kevin 

Replies (8)

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By Mick Milne
03rd Jun 2014 21:36

PII and AML; yes

Hi Kevin

I'm new to practice myself; I'm fairly confident that to get MIP status with CIMA you will need PI insurance and AML.  You'll find the details/requirements on cimaglobal under mip section.

not sure about subcontracting though

 

cheers

Mick

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By occca
04th Jun 2014 08:37

Subcontracting

If I was employing a subcontractor they would need to have extensive experience in practise

Personally, I wouldn't be willing to take on a subbie that I needed to train to do a set of accounts

Bookkeeping and industry will not equip you for practise

 

Thanks (1)
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By Kevinize
30th Jun 2014 17:30

Subcontracting

Hi Occca,

I think you misunderstand. My technical ability is not an issue. While in industry sets of accounts, bookkeeping, VAT etc. are all still managed inhouse by Financial accountants (Me). 

My question relates to the best approach to obtining subcontracting work rather than technical training. 

Thanks you Mick

Kevin 

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Replying to Cloudcounter:
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By occca
01st Jul 2014 19:07

I didn't misunderstand

Kevinize wrote:

Hi Occca,

I think you misunderstand. My technical ability is not an issue. While in industry sets of accounts, bookkeeping, VAT etc. are all still managed inhouse by Financial accountants (Me). 

My question relates to the best approach to obtining subcontracting work rather than technical training. 

Thanks you Mick

Kevin 

I didn't misunderstand at all

Your feelings on your technical ability and the reality are 2 different things

You might be able to put together a set of statutory accounts from a very well prepared TB, but what about incomplete records, tax advice for small businesses, etc

The subcontract market is very competitive and I personally would want someone with a strong practise background, not someone who had prepared the odd set of accounts in industry

I don't mean any disrespect I'm just giving you my opinion

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By tom123
30th Jun 2014 21:12

Some thoughts:

Hi Kevinize,

Firstly - good luck with your venture.

I am commenting from the perspective of a CIMA member, with extensive transactional and board level experience - in one company at a time.

I had aspirations to do what you are thinking about myself, whilst working in industry for a 'failing' company. I decided to undertake ATT - which was no mean feat (for me). Bear in mind that most of the small business work that you could get involved in is basically tax etc.

Now - in my 'day job' I am used to working on our own systems - with staff working for me who understand what they are trying to achieve.

I have three 'clients' in addition - and it is a whole different work aspect. The clients mean well - but usually forget to send everything they need to - such as 11 bank statements out of 12 etc. These are things that can be very frustrating.

If you are working for anyone on a basis other than PAYE then you will need to comply with the CIMA bylaws as above - including ML registration and insurance.

Having seen the accounts prep world I have no desire to expand beyond what I currently do - unless I really have to.

Incomplete records from other people's workings are actually quite stressful - I find.

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Replying to SUEBEN2003:
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By Kevinize
01st Jul 2014 19:33

Thanks

tom123 wrote:

Hi Kevinize,

Firstly - good luck with your venture.

I am commenting from the perspective of a CIMA member, with extensive transactional and board level experience - in one company at a time.

I had aspirations to do what you are thinking about myself, whilst working in industry for a 'failing' company. I decided to undertake ATT - which was no mean feat (for me). Bear in mind that most of the small business work that you could get involved in is basically tax etc.

Now - in my 'day job' I am used to working on our own systems - with staff working for me who understand what they are trying to achieve.

I have three 'clients' in addition - and it is a whole different work aspect. The clients mean well - but usually forget to send everything they need to - such as 11 bank statements out of 12 etc. These are things that can be very frustrating.

If you are working for anyone on a basis other than PAYE then you will need to comply with the CIMA bylaws as above - including ML registration and insurance.

Having seen the accounts prep world I have no desire to expand beyond what I currently do - unless I really have to.

Incomplete records from other people's workings are actually quite stressful - I find.

Hi Tom123,

Thank you for your input. 

Could you expand on 'no desire to expand beyond what I currently do'? 

Would like to ask you a few more questions - are you happy for me to PM you?

 

Kevin

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Replying to rsergeant:
Routemaster image
By tom123
01st Jul 2014 20:12

Go ahead

Kevinize wrote:

tom123 wrote:

Hi Kevinize,

Firstly - good luck with your venture.

I am commenting from the perspective of a CIMA member, with extensive transactional and board level experience - in one company at a time.

I had aspirations to do what you are thinking about myself, whilst working in industry for a 'failing' company. I decided to undertake ATT - which was no mean feat (for me). Bear in mind that most of the small business work that you could get involved in is basically tax etc.

Now - in my 'day job' I am used to working on our own systems - with staff working for me who understand what they are trying to achieve.

I have three 'clients' in addition - and it is a whole different work aspect. The clients mean well - but usually forget to send everything they need to - such as 11 bank statements out of 12 etc. These are things that can be very frustrating.

If you are working for anyone on a basis other than PAYE then you will need to comply with the CIMA bylaws as above - including ML registration and insurance.

Having seen the accounts prep world I have no desire to expand beyond what I currently do - unless I really have to.

Incomplete records from other people's workings are actually quite stressful - I find.

Hi Tom123,

Thank you for your input. 

Could you expand on 'no desire to expand beyond what I currently do'? 

Would like to ask you a few more questions - are you happy for me to PM you?

 

Kevin

By all means - 

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By Kevinize
01st Jul 2014 19:22

...

You have disrespected me because you don't know me or my experience. My current clients needs are met fine thanks.

Thank you for your input but because you know nothing about the reality you are referring too (or whether my experience reaches further than an 'odd set') I will choose to ignore you.

Kevin

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