Starting p/t in practice

Starting p/t in practice

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I am currenlty working in industry and thinking about switching to practice. My plan is to start working in pratcice in my spare time and gradually build up my client base and then say goodbye to the daily drudgery of working for some one else.

The problem is I just don't know where to start. Who should I approach. I think once I get going I will be very efficent in utlising my time to give the best service possible.But right now talking to people and promoting myself doesn't seem to be my speciality.

Any advice would be appreciated. I live in Oxford and I am a member of CIMA
Waseem Iqbal

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By User deleted
11th Feb 2008 12:12

See thread "I hate being in practice"
https://www.accountingweb.co.uk/cgi-bin/item.cgi?id=179008&d=1031&h=1028&f=1026

Wasseem, the above link is well worth a read and I'd be interested to know if you decide to go ahead.

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By User deleted
08th Feb 2008 16:28

100% agree
with the last post.
Without experience of all taxes affecting sole/partnership and limited company
Also payroll/vat/company law/employment issues/money laundering and general practice experience you will sadly not survive
No-one in their right mind would start up a practice without having at least 5 years front-end experience of dealing with all issues affecting small business
Working in employment has its pressures - believe me working through the night and arguing for a fee ( and yes money was up front also) still becomes issues even after 10 years
In this day and age with practice regulations and monitoring only a fool would jump direct from industry to practice
Sorry to be so blunt - its meant to give you the other side - the real world - and yes I have been threatened twice by clients where I refused to carry out work

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By User deleted
11th Feb 2008 10:09

Not as easy as it seems
I agree with the previous posts that experience is ideally the way forward but getting that experience in practice isn't that easy when you are Cima qualified and you've only worked in industry. I went from working in the public sector at a senior level to practice. I applied of numerous jobs in practice, got interviews and received feedback saying things like best candidate at interview but no experience using Access. I received a phonecall from a partner at the biggest accountancy firm in my area to say my CV was excellent but that I couldn't be interviewed for a job paying just short of £8.00 an hour because I had got the right skills. I signed on with an accountancy agency and was told they could only offer me "general" office work with a 40 mile round trip from home paying just over the minimum wage because I had no experience in a practice.

I had expected to take a pay cut of around 50% and hadn't deluded myself about the long hours and difficult customers but what I wasn't prepared for was no one giving me a chance to gain experience.

In the end I took 9 months out and spent my time studying, attending courses, linking up with other MiPs for support until I felt ready to start working on my own. This really was the hardest way to move to practice but it was something I really wanted to do.

It may not be the same in all areas of the UK but I receive at least one letters or email a month from people wanting to a job that will give them experience in a practice. I do contact them and explain that I'm a small practice etc and suggest they contact larger practices - usually the answers the same "I have but I've no experience"


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By User deleted
07th Feb 2008 20:28

Experience
I've got too be honest here - you are not being realistic expecting to run a practice with no experience. It unprofessional to say the least - you cant offer a service to a client you have no experience of. As for asking HMRC for advice on issues - MADNESS.

If you really feel practice is for you do the sensible thing and go and work in one for a while to see what its REALLY like.

I suspect its a case of the grass is greener...

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By User deleted
07th Feb 2008 14:27

Research & network, network, network
I also moved from industry into practice last year, and am also ACMA.

My first port of call was other ACMA's who had done the same thing in my area. I basically got there details from the CIMA MIP website and called a few. Their advice was invaluable and gave me the confidence that there was a demand.

Second I went to a few local networking groups. These were useful not just an introduction to potential clients but many of the people were also working on their own, so you can develop a good support network.

Third - I joined www.helpaccountants.co.uk, which has been invaluable.

Fourth - before taking the plunge and resigning I got my first two clients. Then I had the confidence to make the move.

Fifth - Signed up to lots of tax update courses. As you will know ACMA don't tend to do many tax courses, so I go to lots of ACCA CPD courses and also started studying for my ATT exams. If you are taking on small clients, tax knowledge is essential for them and you don't wan t to make early mistakes and ruin your reputation before you get one. So get swotting!

I was lucky to be able to go part time in full time job at full pay for 3 months, so was able to get alot of clients lined up before salary ran out, since November I've full time in my practice and love it. However, you do have to be prepared to work extremely hard, taking on new clients is extremely time consuming, so be prepared for very late nights and weekend work.

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By User deleted
07th Feb 2008 14:07

Good luck Waseem
I am in the same boat - started my p/t time practice 10 months ago.

It's a hard slog, and you will be working 6 days per week and some evenings.

You will struggle if your prime work is management accounts-based as people will want tax advice and someone who can negotiate with HMRC, lenders, creditors etc.

I have actually found Accountingweb a useful source of information when posed with a difficult situation, or when I just needed a second opinion on something!

Best of luck

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By User deleted
07th Feb 2008 12:22

incomplete records
experience would be invaluable in this area and yet you are correct there are procedures that can be learned. A good place to start would be obtaining the Business Economic Notes for a trade you were unfamiliar with or has poor records.

http://www.hmrc.gov.uk/bens/index.htm

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By User deleted
06th Feb 2008 15:39

Dangerous territory
Clients will come to you for tax advice, incomplete records, sole trader accounts, partnership accounts, etc, etc.

How would you be able to look after these clients without the relevant experience? If you cannot look after them then you would be doing a disservice. When you don't know the answers it's not simply a question of looking up google but often requires practical experience.

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By User deleted
06th Feb 2008 15:31

Cima Mip
Wassem,

You need to look on the Mip part of the Cima site, read the newsletters and look for Mip training courses. They run a course for people starting out. I would also check out if your area has a Mip regional group - you will get lots of support from them they will understand what you are going through. It might be worth checking if your chamber of commerce have courses for people setting up business. It is useful for your own benefit but you can also network with people setting up a business and they could be looking for an accountant. i don't know what you are currently doing but booking appropriate courses at your nearest HMRC might be useful as a refresher.

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By User deleted
06th Feb 2008 14:45

What work will you carry out?
Waseem,

What type of work will you be carrying out?

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By User deleted
06th Feb 2008 14:34

AccWeb
Search this site, this kind of question is asked quite regularly.

NB, if you are an ACMA, you will be a 'member in practice', I suggest you contact CIMA who will outline your requirements (PII, internal complaints procedure, etc..).

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By [email protected]
29th Jul 2010 08:26

From practice to CPD Courses

Watch out!  Our CPD courses business is staffed by former practitioners who are great at training and have fabulous experience.  I am sure you are a great accountant, and in any business you have to be an expert technician to succeed - be it training or accounting.  Unfortunately that's not enough though.  What we've learned is that you have to be a fantastic marketeer and business developer and, basically, a top notch sales person.  You can't afford just to think about how your technical offering matches up with your client base (although that's important).  You have to think about how you can obtain and implement the business building skills your new company needs to succeed.  As your business grows you'll probably find the accounting work devolved to other employees you becoming the business development director.  Unless you're completely up for that challenge don't start out on the journey.  Stick to being a great technical accountant in someone else's business.

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