bookkeeping

bookkeeping

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I would like to start my own bookkeeping business, but I am lacking on experience. I do have my AAT qualification which covers my academic side but I never really have worked anywhere to gain the valuable experience which could have had help me to understand how things works in real world. please advice me on things I have to do before I can launch my business, for example, do I need an accountant, the legal requirements, do I have to register as a company etc. PLEASE HELP !!!!!!!!!!!!!!!!!!!!   

Replies (12)

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By Moonbeam
06th Nov 2014 14:01

You don't sound ready yet

Sorry, but because you don't have any practical experience I would strongly advise you to get some as an employee first.

Otherwise you will get into difficulties with new clients quite fast and they won't pay the bill.

Companies expect you to know what you are doing.

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By shakir
06th Nov 2014 14:39

thank you, any other suggestions please.

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Replying to lionofludesch:
By mrme89
06th Nov 2014 14:59

Hm

shakir wrote:

thank you, any other suggestions please.

 

I agree with the other responses.

 

It doesn't sound like this will be sufficient for you though until you get the answer you'd like to hear.

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By andy.partridge
06th Nov 2014 15:03

Agree with Moonbeam

Books have been written on the subject so your question is too big for anyone to be able to help you very much.

You need to get some practical experience with a general employer or preferably a firm of accountants before you think about starting your own bookkeeping business or it will all go horribly wrong.

Edit, sorry Moonbeam!

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By ShirleyM
06th Nov 2014 14:48

I agree with Moonbeam

Real life is very different to classroom training. You need experience under the guidance of an accountant, as you would still be out of your depth if you took employment with a normal business, as there wouldn't be anyone with sufficient knowledge to help you.

Have you thought of asking around some accountancy practices to give you experience, or maybe do some free subcontracting in exchange for training?

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By buttinski
06th Nov 2014 15:07

A bit catch 22

How can you get the work without any experience?

How can you gain experience if you can't get any work?

I think the answer is (as suggested above) to find a small firm of accountants who are willing to take you on in some capacity.

I would look in the sits vac columns of local newspapers, or phone around to see if there are any vacancies.

It is unlikely that you will succeed in your own business without doing it somewhere else, first. 

 

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Replying to JDBENJAMIN:
Stepurhan
By stepurhan
13th Nov 2014 11:58

Supported experience

buttinski wrote:
How can you get the work without any experience?

How can you gain experience if you can't get any work?

This is about working independently without the experience to do so. You gain experience by working with someone who will review your work and assist you in the transition from academic to real-world book-keeping. Only when you have gained confidence and knowledge from supported work are you ready to go it alone.

Describing the situation in Catch 22 terms implies either no-one will employ someone solely academically qualified, or relevant experience can only be gained by operating alone. Neither of those is true.

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Replying to David Heaton:
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By buttinski
13th Nov 2014 12:51

Which

is what I went on to say (effectively)!

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By Kelly1234
06th Nov 2014 15:51

Sorry to say I do agree with the Moonbeam et al.  It is difficult with taking the exam knowledge into the real world without experience, it's almost 2 completely different things and AAT doesn't train you in book-keeping. 

I googled book keeping training and got this page which came up may be of some help: http://www.accountingcoach.com/bookkeeping-training

If you are going to do it you should register for self assessment with HMRC as a soletrader, I wouldn't go into setting up a company more hassle than it's worth unless you have high turnover and profit.

 

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By BigBadWolf
06th Nov 2014 15:57

Get some experience

Try and find a bokkeeeping job or internship at a firm of accountants - gain some experience first - the launch yourself into business

 

 

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By The Innkeeper
06th Nov 2014 17:01

PLEASE

follow the advice given . It is absolutely spot on.

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By shakir
13th Nov 2014 11:27

thank you very much for above advise, I would definitely take them on board and work toward sit.

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