setting up small bookkeeping business

setting up small bookkeeping business

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I am currently working in a non-accountong environment but retraining with the AAT, certificate level. My intention is to complete the full 3 years AAT part time whilst continuing with my job. My ultimate aim is to set up my own book-keeping business for small firms. What i want to know is, do i need to get some experience working in practice before setting up on my own?
I'm guessing this may be advisable but my problem is that i need to carry on working in my existing job which is quite well paid for the 3 days that i do so i can pay the bills! I wanted to run my business in tandem with my existing job whilst i got a good client base.
I would appreciate your opinions
sarah duell

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By User deleted
06th Mar 2008 10:40

.
One benefit I forgot to mention that you might get from practice is an understanding of how to manage clients - e.g. engagement letters, billing, time management etc.

I'd say if you want to volunteer do so for a charity. Otherwise make them pay a proper fee. Because clients will expect the same level of service and you have the same responsibilities regardless.

Plus charging properly helps set up the right relationship. Don't, for example, go in cheap because of what is a lack of confidence about the value of your work.

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By sassyduell
05th Mar 2008 21:09

thanks
thank you for your comments, they were helpful. Do you think it is something i could do on a part time/working from home basis. I wondered about the possibility of offering bookkeeping services for no charge in order to get some experience.

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By User deleted
05th Mar 2008 11:26

not necessarily ...
I would say you don't need experience of working in a practice before being able to start up by yourself as a bookkeeper - but you would fair much better if you've had some practical experience. I'd probably say that's a must.

If you are considering offering a broader range of 'accounting services' then practice experience becomes more essential.

Once you've worked in a few different settings you get a good sense of what is likely to be thrown at you. Often you will encounter clients whos 'books' are in a real state - or non existent. There's a gap between what they teach at college and the real world. Although AAT is vocational - it still doesn't fill the gap.

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