I'm really hoping for some advice. I've spent the last two months searching for work that would fit around family life. I have three primary aged children and I've done the juggling full time work and balancing childcare thing for several years in the past. I don't have access to free grandparent care and after a disaster with the last childminder, I've promised the kids I'll work only when they're at school. I left my last role three years ago (mainly due to childminder disaster) where I was head of finance for a SME and sat on the board. I'm ACCA qualified and gained the vast majority of my experience in commerce.
Searching through job sites and accounting recruitment agencies has left me deflated. It seems good quality part time roles are very rare indeed, I've found nothing where I could work school hours ( max 5 hours a day) in two months of searching. Three different accountancy recruitment agents couldn't get me off the phone fast enough. It seems there's little or no demand for part time roles at my level and locality. Instead, all I could find were either minimum wage roles or I did find many where local businesses are advertising for what seems a pretty high level role for just £11 an hour.
I wondered if I should go freelance. The only thing is, whilst I can do management accounts, reconciliations, audit packs etc, I've never touched tax (with the exception of VAT). When you say "accountant" to a non-finance person, they immediately think "tax" and this is an area I'm not in any way confident to deal with. My father-in-law, a retiring practice accountant thinks anyone with half a brain can do basic tax, is he right or am I right to be wary?
Are there any practicalities I would have to consider if I do go freelance? I'm guessing I'd need some sort of insurance and some sort of legal business agreement. Do businesses want freelance management accountants or if outsourcing would they prefer just to use one firm who offers everything including tax and audit? Or should I forget freelancing and approach local audit firms, do they typically offer management accounting services to their clients? Am I employable as a school hours employee?
Apologies for the long winded waffle. I'm losing my confidence and am really worried that if I don't return to some sort of quality role soon that I'll effectively be ending my career that I worked so hard for. Who'd employ me to run a finance function in the future if by then I've been out of the game for 10 years? Going back into the workforce full time just isn't an option right now.
If you've managed to read all that, thank you.
Replies (15)
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Limitations
Assuming you mean "freelance" to mean general practice for SMEs, I would say that the two limitations you have identified, time & lack of tax knowledge, would be fatal. Your lack of time likely means you would not be able to undertake any programme of study either.
I believe there are accountants who have managed to get the outsourced FD function to SMEs to work although I generally struggle with the perceived benefit.
Is working more hours but from home an option?
In all honesty I think you would struggle without tax knowledge and I find that people prefer to have access to management accountants all in one place rather than having one firm do their accounts and tax and another doing their management accounts.
I think you would be employable in a firm offering management accounts services (and payroll etc) and should be able work work flexibly but this is likely to involve a pay cut which you don't seem prepared to do.
I think you may be best holding on and trying to find the part-time role in a SME.
Out of interest where are you based?
Good idea
I am pleased to hear that I may be employable! Hopefully some speculative letters to local firms may be a good idea? I based in Kent.
This sounds like a very good idea. Best of luck!
Specialist recruitment agency
We have a recruitment agency here in Kent which specialises in professionals trying to work in the middle of the day outside the school run. Although not specific to accounting, it may be worth a shot and if you want to PM me I can pass on the details.
NHS Positions
Whilst I do not know their website link whilst I was looking recently I was bombarded with NHS positions available.
I am sure that they have positions that would fit your criteria
A point
You will need an ACCA practicing certificate before you go freelance.
Good luck part time work is difficult to obtain. It might be worth studying ATT even if you do not do the exams it will give you a good basic tax knowledge.
I have worked as a part time FD
I was able to work my choice of days but I'm not sure that I could have worked in a five hour window.
I also worked as a freelance journalist which was very flexible, but you have to find your niche. Also did some technical authoriship writing user guides for specialist software.
Pretty poorly paid, but.....
A number of years ago my wife had the same issue, at the time she was a Quant analyst and could find no employment that married with school and the children; she wanted to be around after school and in the holidays.
After a redundancy, and a couple of abortive other career change steps, she ended up landing a job as a Classroom Assistant in a couple of local schools.
Whilst the rate of pay is frankly pathetic the role ,I understand, is enjoyable, mainly stress free and she is on holiday during virtually all the childrens' school holidays (odd in service days excepted)
May not be something you would consider but at least it matched her working hours pretty closely with the childrens' school hours.
Late edit; could you consider teacher training?
Teaching Assistant Roles
I do volunteer listening to children reading at a local school and really enjoy it. Only last night I spent all evening filling out an application for a teaching assistant at another school. I didn't send it as it lead to a fall out with my husband. He believes strongly that I need to keep a hand in accounting, it was this conflict of opinion that lead to my post here today. Yes, I agree the pay is shocking but there's no other job I can find that would fit so well around the kids. I'm so glad it's worked out for your wife. I may just send off the application and see what happens!
My wife has always appeared to enjoy the role and whilst the children are now no longer children, they have headed of to university and work, she has shown no signs of wanting to do anything else. As the initial reasoning behind her taking the position is no longer pertinent she must get enjoyment out of what she does; she certainly is not doing it for the money!!
As I mentioned as a postscript to my post above, a teaching position in a school whilst involving working slightly later in the day also has long school holidays to fit in with your own children; teaching business studies/ accounting etc might be an option, albeit juggling teacher training with a young family might be really tricky, but it would at least keep your hand in re accountancy. Lecturing at college or similar might also work, as again extended holidays appear to be on offer.
Let's start again
You've been messed about by the agencies. They can't make money out of you. But you aren't their target candidate. As an accountant potentially advising small companies, I'll bet you are the bees knees. So say Yah Boo to the agencies.
Let's think about how you are going to set up on your own account in business:
1. Major stumbling block to preparing final accounts and tax could be the ACCA practicing cert.
2. You may decide reluctantly that there is more to life than ACCA after your name as so many other bright sparks on AWEB did before you and ditch the qualification so you can do what you like.
3. Major stumbling block to doing tax is up to date knowledge. ATT exams are fantastic in this regard. You could get them done in a year, I would have thought. Then you will have the confidence to do tax. And you will have qualifications. If still not sure, ATT may be able to recommend a local accountant who would act as your mentor. I did ATT and then got a mentor, so I fully understand your concerns in this area.
4. Meanwhile there are plenty of small companies who need bookkeeping/management accounts work done, but they are difficult to find. Networking might be the answer here.
Particularly in your situation, flexibility is a key requirement. There are lots of mums in your situation who have done all the above things.
So do the ATT exams, and think about whether you want ACCA initials - most small companies have no interest in whether you are qualified - they just want the work done and be able to ask your advice. Start looking at taking on maybe self-employed tax returns - dead easy and then build up the ltd company side once you've done the ATT exams.
Then if you need help, there are lots of fantastic, brainy and helpful people on Aweb who will love to help you with any queries.
Of course you will find your customers amongst the parents at the school gate, apart from other areas, so you can build up gradually.
In 10 years time you will look back and wonder why you didn't do this a lot sooner!
Good luck - you are NOT on your own!
In my area there is a women's business group dedicated to this sort of thing. Networking is key.
Best of luck.
Slightly different tack
I'm in a similar position to where you were before you stopped work - with the difference that I have the most wonderful childminder which has made it possible for me to stay.
There have been a couple of occasions where I thought it might be easier to give up work and stay home with the children but I've hung in there, simply because I recognise how hard it would be to get back into work after a break.
I think the key is to accept that the kind of work you want to do HAS to be done full-time, at least at first. I had to change jobs earlier this year, and knew that, if I had any hope of getting anything worthwhile, I had to be prepared to work full-time. Six months later, established in my role, and having won the trust of my CEO and peers, I was able to negotiate a four-day week again. It's been wonderful to have that extra time with the children.
If you're going to have a career and a family, then you have to accept that they can't both be your main priority, all the time. If one needs more attention, then the other has to step back for a while. It sounds as though your children have had your focus for a few years - maybe, now it's time for your career?
Look into alternative childcare options - if they're all at school you can look at breakfast clubs and after school clubs, if you can't face a childminder again. Once you've got some options that COULD work, start to look at full time roles - your horizons will widen significantly. Once you get some job offers lined up, you can start to ask about part-time hours (my sell is always that you get 100% of an FD for 80% of the cost). It might take a few months of full time working before you gain the leverage to ask for part time.
You might find - if you get the childcare right - that working full time becomes the most practical and appealing option.
I hope that helps. I have massive sympathy and understanding for your position.