Getting Started

Hello Everyone,

I've just joined with a view to gaining some wise words of advice! Having recently qualified ACCA and with a view to starting a practice with a fellow ACCA qualified, I wonder if someone has come across our particular situation, as follows:

As I do not currently have but I am working towards, my Practicing Certificate (PC) and with my fellow ACCA just waiting on the final sign offs before she should receive hers, then it means that instead of being an equal partner/principal in the company we wish to start I will for around 18 months to 2 years have to be listed as a manager with no more than a 5% interest in the company and I have no right to the profits earned from fee income. I know as a salaried member we can of course work it so that all is even (relative to my 'partner' bearing all the risk for the initial period) but I just wondered if anyone else has had to do this and if so did they find it worked out ok? It has been nigh on impossible to gain any actual practice experience, even on a 1 day a week basis, so more difficult to obtain the PC.

We're starting this together as having qualified in Commerce and Industry we want to be able to get more diverse experience, enjoy working for ourselves (yes, albeit incredibly hard work!) and see the bigger picture by completing a job from start to finish for clients. We want to get this 'right' taking into account that everyone experiences set backs/the unexpected and provide an excellent service and be proud of that service and our qualification.

I'd appreciate any words of advice/suggestions.

Many Thanks,

Yvonne.

 

 

 

Comments
dbowleracca's picture

Are you sure you are ready?

dbowleracca | | Permalink

Without sounding too critical, are you sure that moving into practice without practical experience of this type of work is a good idea?

There are so many things you need to know, that you cannot learn on the job in your own practice. I can't even count the number of times I have seen a new client who has come to us from a former industry accountant where the tax calculations aren't correct, let alone the number of clients from other firms of practising accountants who have also not had the work performed accurately.

My recommendation would be to take some time, get a job in practice, and build up some experience before doing this. You will appreciate this later.

Alternatively, you could take on a further partner/senior person who does have lots of experience and make sure that they review all work before it leaves the office.

I'm sorry if this wasn't the answer you wanted, but I hope it has helped.

Add comment
Log in or register to post comments
Group: Practice management tips
Tips and tools to improve your practice management skills