I qualified in practice back in 2001 but have worked in industry since 2005. I always enoyed working in practice and always assumed that one day I would return to practice, or more likely (I thought) going it alone.
However, despite carrying out the necessary CPD requirements year on year, I'd be hugely out of my depth on even the most basic practice compliance work. Ok, maybe most basic compliance but I wouldnt let myself loose on anything else!
I thnk I am right in saying that many regular posters on here go it alone as it were, maybe work from home or with a couple staff at most. The level of technical knowledge on here never ceases to amaze me and at the same time gives me the reality check that as far as practice is concerned, I'm done!!!
It's really pretty amazing how 9/10 years in industry completely ruins you!
I won't mention names (well usernames) as the list would go on and on, but I'll just continue to follow any answers and admire from afar.......
I can of course do that quite easily from work..... no timesheets since 2005.
Replies (20)
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There are some very good members on this site in terms of technical ability.
However, what I think makes Any Answers work, is that you have many members each with their own ability and experience to offer.
Although said in jest, I'm not sure transferring from practice to industry ruins you. It's just a different working environment and you need to learn or adopt a different skillset.
I've recently made the switch the other away. Although I felt like it the other day, I'm not drowning just yet!
Knowledge level
I think whether or not you could handle going it alone really depends on your target market. Do you want to run with the big boys or would you be happy starting with some SA's and micro's?
If the later, as much as the technical ability on here at times is outstanding, you'd find no need for it in reality. And if that extra complicated case were to ever turn up, you could either get rid or come on here for help!
Food for thought at least...
Missing office colleagues
The fact is no-one can know everything. If you are working in a big office, then you have colleagues with different areas of expertise you can speak to about queries. Even if you think you know the answer, it is also often useful to run things by someone else to check you haven't forgotten something. I think Any Answers can serve as those missing office colleagues for those who are going it alone. Filling in the gaps and acting as a sounding-board for those tricky issues, plus the occasional bit of banter to lighten the day..
Super-practice
In my imagination I see AnyAnswers as a super-practice, an entity.
I can't think why some elite members have not already banded together to supply paid-for expertise.
Most important role in practice
That would be no good. If everyone was elite, then everyone would think they were too important to make the tea. In my imagination I see AnyAnswers as a super-practice, an entity.I can't think why some elite members have not already banded together to supply paid-for expertise.
That is one function that Any Answers cannot yet fulfill. I am now tempted to post a question asking for a cup of tea to see what responses I get. :-D
Wait until AI develops a bit more
That would be no good. If everyone was elite, then everyone would think they were too important to make the tea. In my imagination I see AnyAnswers as a super-practice, an entity.I can't think why some elite members have not already banded together to supply paid-for expertise.
That is one function that Any Answers cannot yet fulfill. I am now tempted to post a question asking for a cup of tea to see what responses I get. :-D
Jumping around
I have managed to switch roles from industry to practice over the years, I do not think it ruins you I think it broadens and enhances your experience.
I must admit I tend to work in industry for private companies and work in practice with smaller clients (OMB), so as Howard Marks suggests ready switching may be easier depending on type of target market.
To illustrate:
1985-1990 Practice
1990-1994 Industry
1994-1999 Practice
1999-Date Industry plus 2007-Date practice (now do both at same time)
Whilst my Practice activities are pretty low key, evenings and weekends at present, I do see myself possibly moving towards a three day week with my current employers in industry whilst running private clients on the other two days in the hope that I can regain my weekends from work and/or take more long weekend breaks once my wife gives up work.
I think the secret for me has been to keep in touch with taxation whilst not working in practice and to keep reading on a regular basis about accountancy/tax issues that are outwith my normal role.
I do however appreciate my knowledge is nowhere near as good as someone who stayed in practice all career and I do target smaller clients or those in property where I do have industry experience; in the words of Clint, "A mans got to know his limitations." (or woman, of course)
washing up
But who's going to wash up the dirty cups? I think we should all make our own tea.
Posh
But who's going to wash up the dirty cups?
No washing up here.
I have to drink out of a rolled up newspaper
Paper Bag
But who's going to wash up the dirty cups?
No washing up here.I have to drink out of a rolled up newspaper
Lot of paper bag or cardboard box work, then.
MIlk first, no sugar ta.
Also I drink it a pint at a time. I have pint mugs for both work and home.
Practice and industry have some notably different knowledge requirements. This forum tends more to be people in practice. When a question that needs it comes up, being that rarer person with industry knowledge could be invaluable.
Ah, but...
It's more important that they are ISO 18001 compliantI'm sure we've just been told that our paper cups are not ISO9001 compliant!!
It does depend on clients
I'm sure we've just been told that our paper cups are not ISO9001 compliant!!
Some good points on here, horses for courses I guess.
As DJKL points out its the tax side that I would I'd feel most vunerable with. All very well keeping up to date with articles and courses, but there is no substitue for expereience.
oh and one sugar and milk if the kettle is still on.
Craigie Bhoy
A large amount of tax has in the main remained constant over the years, yes rates etc change, capital allowances change and CGT has bounced all over the place from indexation to taper to current lower tax rates , but really none of that has been a problem, most main principles have remained constant. Subscribe to say Taxation, pop in to this site to read, and for smaller clients most changes that have occurred can be dealt with.
The main areas I body swerve are IHT,(never understood it beyond the "I think we need to consult someone" level of advice), more nuanced NI issues (with my clients not really an issue) and re, IR35, personal service companies. ( something that came in whilst I was a bit out of the loop.)
I have always believed the secret is not requiring to know everything about tax but more to recognise the bear pits as you approach them and never take on anything you are not comfortable dealing with; if in doubt, throw it out.(or phone a friend) Giving up work/ not taking on work is maybe easier for myself than those who need to earn a living from their practice, mine really pays for holidays, luxuries etc, it is not my bread and butter so I can be very careful what work I agree to undertake to avoid departing from my comfort zone.
I can tell, from some of the posts/ questions ask on Accounting Web, that there are a fair number of people selling accountancy and taxation advice who are well outside their comfort zones!
I have always found that consulting with other professionals has not led to a loss of clients, in fact sometimes work comes back from that direction. Clients have not minded and being open and honest with them is, I believe ,respected by most.
With your user name you don't by any chance support that side with the green and white hoops; not doing so well, if you do. (Don't often get the chance to taunt The Bhoys) My team are top of their league, just the wrong league!
DJKL
Edinburgh
I think you all need
In all seriousness though thank you for your constructive and kind comments about Any Answers!
Thanks Rachael
That's my wife's birthday present sorted. £20 discount too for web orders (naturally).