Share this content
11

Good Idea??

Good Idea??

Didn't find your answer?

I have 3 kids, and the best way forward for me is build my own practice. However I have failed to find a part time job in practice to gain experience. I resigned ACCA in January this year, (didn't want to get caught by regulation 8), joined another body instead and currently studying ATT to brush up my tax knowledge.

My plan is to find clients but have an experienced accountant review my work for a portion of the fees. Is this feasible or am I living in cloud cuckoo land?

Replies (11)

Please login or register to join the discussion.

avatar
By duncanedwards
14th Feb 2015 10:18

I suspect the latter. You either have to do the job or not, I would have thought. All other considerations aside, what's the contractual relationship between you, the client and the "experienced accountant"? Would the accountant not be largely re performing your work? Presumably the accountant has a higher charge out rate than you so would want a relatively large chunk of your fee to do their bit.

I'm not sure why your work would need reviewing.

Thanks (1)
avatar
By Yesican
14th Feb 2015 10:23

Relationship
I would engage the client, do the work and have the experienced accountant check it over just to make sure I haven't missed anything e.g disclosures, correct tax computations.

Thanks (0)
Replying to SXGuy:
avatar
By duncanedwards
14th Feb 2015 12:46

Not an arrangement I have heard of and, as I say, not sure what's in it for the experienced accountant who, presumably, has to make him/herself available as and when you need - probably taking time out of their practice.

Turn it on its head. I can see what you would get out of it. What does the experienced accountant get out of it?

Thanks (1)
Replying to frankfx:
avatar
By Yesican
14th Feb 2015 13:34

Fee
I am guessing the experienced accountant would be earning a fee for about an hour's work.

Thanks (0)
By Moonbeam
14th Feb 2015 17:12

But who would want to do the reviewing job?

Either you are reasonally capable or not. I would strongly suggest you finish off ATT first, then find a mentor and/or use Aweb advice when you hit a problem.

Anyone who is knowledgeable and good will have plenty of their own work to deal with. The idea that they will just need to spend an hour on your work and take on the liability of finding things you may or may not have done wrong is just not feasible.

And if you really don't feel confident start with much more pure bookkeeping to help you build up the knowledge.

 

Thanks (1)
avatar
By Sheepy306
14th Feb 2015 18:17

Why not?
So presumably you're comfortable with pretty much everything but want some reassurance in your early days that you've got all technical aspects correct? I don't see anything wrong with that and it seems very honest of you, nothing wrong with wanting to make sure your clients are getting a good service. Even big firms have external file reviews.

I'm sure there's an audit senior or audit manager out there who wouldn't mind a bit of extra evening cash to do a review of your files, or alternatively another sole practitioner that isn't yet working at 100% capacity. I think that's an entirely workable scenario, the downside is that it may cost you £100 a file and the reviewer may want to draft a fairly tight disclaimer into the agreement.

Personally I loathe reviewing other people's files so it wouldn't be of interest to me. Good luck though.

Thanks (1)
avatar
By Yesican
14th Feb 2015 18:31

Spot on
It is the reassurance I need as I don't want to get things wrong.

Finding a mentor would be great; not sure where to find one though.

Thanks (0)
By chewmac
15th Feb 2015 11:27

The problem I see...
...is that advice fails / succeeds from the outset, before work begins on the accounts.

Have you tried sub-contracting to secure part-time?

Thanks (1)
avatar
By Stuart.thomson
15th Feb 2015 22:03

Whilst I understand the logic, I think you will need to be clear on the basis of the arrangement. It sounds like you are planning to hide behind their PI which is no doubt doable (it happens all the time) but it will be expensive. You may need to sell a bulk deal to make it work I would have thought. But there are always people who want access to leads for further services (who doesn't) so that might be a way of compromising on the rate.

Thanks (1)
Replying to johnt27:
avatar
By Yesican
16th Feb 2015 06:48

PI
I have got my own PI and never intended to hide behind anyone else's. I would like to get things right as I am on my own. As suggested, a mentor is what I need.

Thanks (0)
By ireallyshouldknowthisbut
16th Feb 2015 13:17

Surely this is what a lot of managers do?

Ie review the work of the junior, make a list of questions for the client and feedback any improvements or changes until such a point they can go it alone.

Its pretty big part of what I do. 

When I started up I used to subcontract some tax work, and the 'head' accountant would read my notes and either let me know I was along the right lines, or steer me towards them.  It didnt go on very long, but he quite enjoyed it (I think!) and I did some work for him which he took a cut on. Everyone was a winner. 

The main issue is that this takes time, its not "an hour" unless the review is very superficial or its a simple personal tax return.  It could take a half day to review even a small limited company to ensure you get all the bits right and pull in all the wider interactions and issues. 

Thanks (0)
Share this content

Related posts