starting up

starting up

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Hi

I am thinking of starting up on my own with bookeeping, accounting and taxes for self employed and small businesses in Surrey, working from home.

I have worked for many years in corporations and I really want to have a bit more flexibility and money, which I hope to achieve after getting my business on my feet.

I appreciate any advice on what to do from how to get clients, what to charge etc to what software to use (I have a very limited budget).

Thank you in advance
Luke.
LUKE DAVIDS

Replies (9)

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By SE_Confused
07th Oct 2008 19:57

starting up
Thanks Peter
of course, subcontracting is my first avenue. I will try subcontracting till I learn enough- it is not ethical to tell customers that you know something you don't know.

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By petersaxton
06th Oct 2008 12:25

I appreciate your situation, but ....
Would you like it if you needed a plumber and they were learning while doing a job for you?
You may know what is required in a set of statutory accounts but that's totally different to knowing how to deal with whatever small clients present to you!
Why don't you be freelance for the work you have experience of and subcontract for accountants for work you are still learning after warning them and agreeing an appropriate rate?
Don't try to set up on a small budget. You need a variety of software and plenty of advertising. You seem to be trying to do it with both hands tied behind your back!

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By User deleted
05th Oct 2008 19:36

What
does working in multi nationals have to do with working in practice? It's completely different.

You have to think what you would if, for instance, a plumber asked you to do his accounts. How much to charge? What expenses can he claim? What about when he asks you about incorporation? Would he save tax? Would you charge more?

If you are dealing with small businesses, you will learn, very quickly, that many, many small businesses wouldn't have accounts prepared if they didn't need to. They only need to so that they can complete their SATR.

Honestly, read a lot of the posts on this website. Ring up local sole practitioners and get their take. If you go ahead, you really will need to now what you want to offer and what you can (and should) offer.

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By SE_Confused
05th Oct 2008 09:36

thanks for your encouragements
I know I lack experience in a practice but i've spent years in multinationals in different positions and I've just become an ACCA member.

I am comfortable with statutory accounts and management/financial accounts, business analysis but haven't dealt with Taxes.

I hope to learn as I go and start small.

Which software package would you recommend for starters - my budget is really small. I would need CIS returns as well and it would be mainly for the self employed and samll businesses.

Also, any ideas, samples of fee structures. I will start some mistery shopping as well

Thanks again

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By AnonymousUser
04th Oct 2008 09:49

The X Factor
Luke,

It doesn't really matter what accounting software you use because having the best back-office system won't mean you're going to be successful. Some systems have more features than others but because you have a limited budget maybe you'll like VT accounts production.

Getting answers to the marketing and pricing questions is the first step. Understanding the answers and impelmenting afterwards is the key to your success. Remember, you can always pay people to do the work. That's what a business is, otherwise you just have a job.

Your lack knowledge here is probably why the other responders think you should give up before you start. I wouldn't say that until I've spoken with you. I'd like to get a feel for your "personal brand" and understand why you only have a limited budget. At the end of the day some people have the money but they are too scared to invest. Is your accountancy training and pudent nature going to hold you back?

If you take £50k out of your house and put it into a business you could quite easily end up creating an assest work £200k and earn twice what you are earning now. Sounds a good idea to me while house prices are falling and clients of other firms maybe more likely to change accountants looking for a better deal.

If you want to call me 0800 915 4225 I'm happy to have a quick chat. Based on working with over 200 firms (some successful and some not) I'll let you know what I think.

We've got some resources that you may find useful and I maybe able to point you in a few interesting directions. For example, we work with a telemarketing company that will sell you appointments/new clients for a fixed fee.

Bob
MORE
CRUNCHERS

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By petersaxton
03rd Oct 2008 21:56

Agreed ES
If you are working for a firm of accountant you can do a little bit of extra bookkeeping work on the side. This will keep you busy as well as ensure that you have a sensible budget to enable you to work efficiently with good hardware and software. When your accounts and tax experience is good and you have some clients then you can suggest to your employer that you only work part time. It may take several years to get where you want to be but it's better than doing it badly quickly!

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By User deleted
03rd Oct 2008 20:34

Don't do it!
Agree with Peter....it's a high risk industry these days and you really need to be on top of things to be offering a statutory accounts and tax service, so I'd recommend you use another firm via employment to get your experience up to date first. if you are a member of one of the institutes and need a practicing certificate it's also unlikely that this will be issued without you having recent experience, or it may be issued with restrictions and areas of training identified

....I started self employed with £40K worth of clients from day one and still needed 10K to set up.....software, insurance, stationery, practicing certificates all adds up, as well as having to fund the working capital until the clients start to pay!

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By User deleted
03rd Oct 2008 18:20

Make use of your existing skills
I say offer bookkeeping, payroll, VAT returns and management accounts perhaps. The latter is quite saleable and a good number of those accountants who possess the accounts and taxation experience you may lack - simply can't communicate. Make that your strength and you're on to a viable business.

Look at gaining experience of final accounts and tax if that work interests you. Not advisable to proceed without it.

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By petersaxton
03rd Oct 2008 17:20

Think again
I would recommend you get employment doing what you are planning to do on a self employed basis. It's wrong to hold yourself out as having sufficient experience when you don't.

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