WORKING AS SOLE PRACTITIONER

Working as Sole practitioner under own name or Surname followed by & Co ?

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Dear Members,
I have a few questions some of which may be very basic but would appreciate help by fellow members in similar situation who can provide guidance and share their views. 

Having recently gained the practicing certificate from ACCA, I plan to start practising shortly and set up all the branding like letter heads, stationery, engagement letters etc. 

I intend to do practise along side my job as a sole practitioner rather than through setting up a limited company. Can anyone who is already working as sole practitoner provide some guidance on following. 

1. If one is working as sole practitioner, should the name of the accountant be the Full name of the person or can it be Surname followed by & Co e.g. XYZ & Co . For professional and marketing reasons, does it make any difference or which one would be better? Surname followed by & Co or person own full name in the accounts and business stationery? 

2. If I decide to market by self as my surname & Co rather than my own full name, I believe the engagement letters should be under business name not personal name ? 

3. Initially for 2-3 years I intend to do practise along side with my full time job so I dont plan to arrange my seperate office to meet clients. However, occassionally you do have to meet your potential new clients or existing clients. What is the best solution in this case ? What could be a good place to meet a client? Professionally, is it ok to meet the client in your own home serve them tea/coffee and discuss all matters in living room ? Or may be a bar/cafe outside? This is the point I am most confused about. What could be the best solution in these circumstances to meet a client ? 

Eagerly awaiting to hear from fellow members. 

Kind Regards

Replies (23)

Comments for this post are now closed.

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By andy.partridge
21st May 2018 17:34

Avoid inviting clients to your home. Go to them or meet on neutral ground such as a coffee shop. Some will like informality whereas others will crave privacy. Check with them.

Inviting them to you may result in your ability as an accountant or the size of your fee beinge judged on the basis of how impressive your home is.

Furthermore, you will get them turning up at your home at any time on any day because they will assume you keep the same working hours as your local newsagent.

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Replying to andy.partridge:
By Moonbeam
21st May 2018 18:06

Well I invite clients to my home, where I work. Because I only work for people I like they always ring beforehand if they want to pop in and would never come unannounced.
My sort of clients don't want someone superior to them, which is just as well

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Replying to Moonbeam:
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By andy.partridge
21st May 2018 18:34

I wasn't referring to being 'superior'.

It would be natural for clients to react to the OP's home in one of two ways. If they have a big house it might give the impression that they are successful and inspire confidence. To others it might worry them that fees will be high and put them off. Depends on the type of client the OP wants to attract.

I used to work from home and being expected to be 'open all hours' was my experience. I've had an office for many years. Some clients still turn up without an appointment. I like them, but that's just how they are.

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Replying to andy.partridge:
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By accountant90
22nd May 2018 09:18

I agree that client might judge the fees being charged on the place of living. Not sure what could be the best solution. I have some very nice cafe's with privacy as well near my home.

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ALISK
By atleastisoundknowledgable...
21st May 2018 18:03

Your branding, stationery and LoE should all be in your business name, whatever format you decide that takes.
Personally I think that (your name isn’t a great example, but...) “90 & Co” sounds more professional than “Accountant 90”. Personal choice though. When I set up on my own I went in as “X Accounting”, then shortly incorporated.

I agree with Andy - don’t meet at your home. Each client will have their own preference; coffee shop, bar, their home/office, or may want you to hire a room (eg Bruntwood).

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Replying to atleastisoundknowledgable...:
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By accountant90
22nd May 2018 09:20

Accountant90 is just a username created to sign up for accountingweb website. Have no plan to keep it as business name :-)

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By Sheepy306
21st May 2018 22:29

I occasionally meet at coffee shops but often find the tables too close together, far too busy on occasions, acoustics awful, people too nosey and no privacy when you’re talking about quite sensitive matters. I much prefer a hotel lounge if there’s one suitable where you are, personally I find it much more professional and relaxing.
But.....it depends on the type of clients you meet.

Oh, and I also personally found that 90% of my clients don’t give two hoots what my firm is named as all they care about is that I look after them (i’m a sole practitioner with no staff and no marketing spend in 6 years, and doing ok).

All the very best, and try not to get too bogged down with the little things.

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Replying to Sheepy306:
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By accountant90
22nd May 2018 09:15

Thanks alot for valuable feedback. Much informative.

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By Manchester_man
22nd May 2018 09:09

Is it just me, or are such names as 'Abc & Co.' now a bit dated?

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Replying to Manchester_man:
By ireallyshouldknowthisbut
22nd May 2018 09:16

I would agree, it always sounds like some old boy about to retire to me.

The only "co" should be in your domain name IMO.

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Replying to Manchester_man:
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By andy.partridge
22nd May 2018 09:43

I think these days you are meant to combine your pet's name with your favourite fruit or something like that.

Kind regards
Andy Partridge
Lemon [***] Accountants Ltd

Thanks (2)
Replying to Manchester_man:
paddle steamer
By DJKL
22nd May 2018 14:24

Mea Culpa.

I have always traded as an & Co, first as a sole trader and subsequently as & Co Limited.

I do not have an issue being dated, dated, conservative, traditional, trustworthy , long term accountant to the family etc can all sell.

In say banking we all want online access but we may also all want that Coutts, Adam & Co, Hampden Bank service level, direct contact with a named manager, staff continuity, soft leather cheque book cover and with a banking hall with sofas and a copy of Field & Stream and surrounded by some oil paintings.

Maybe, like vinyl, retro accountancy firms will start to make a comeback, branded on tradition, trust, continuity, reliability etc.

I better away now to rework my fee charging structure into guineas.

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By johnjenkins
22nd May 2018 11:15

And you want to give advice to other business?????????????

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By SXGuy
22nd May 2018 13:51

I now run a firm which for over 40 years has had clients come to our home. They have always been kept private in another room and have never felt uneasy about it.

All of them have liked the idea of a home friendly accountant and are intimidated by corporate style offices. They wouldn't go anywhere else.

We did in the past travel to some clients but this has since been reduced to only a few. It's whatever suits the client.

Our fees are pretty competitive and has never suffered as a result.

I personally would avoid & Co names since its just you and no Co. Why start off giving a false impression?

I see no reason why you can not trade as a sole practitioner with a trading as name.

It's worked quite well for us for a very long time.

Keep your name for your clients and your business name for everything else.

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Replying to SXGuy:
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By accountant90
22nd May 2018 14:10

Hi SXGuy,
Thanks for your informative comment. Looks calling clients to your home has worked well as evidenced by you working well for decades.
After reading your comment, I am likely to go ahead with using my own full name as business name as well.
Didnt understood your last few words 'business name for everything else' ?

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Red Leader
By Red Leader
22nd May 2018 18:19

Name & Co: as a sole trader, I think this does give a little distance between the individual and the business, and so could be useful for that purpose. It's how I trade.

Working/meeting at home: I have done this for >20 years. I don't get clients dropping in.

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7om
By Tom 7000
25th May 2018 11:33

1. It doesn't matter... I am called treetops... ( name of our house)
2. Ask the professional body you are a member of ( and also tell them and get PII and follow their rules )
3. Go to their house. ( It will make it easier for you ... blah blah...) You can immediately assess their wealth and pitch the fees accordingly.....

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By Malcolm McFarlin
25th May 2018 11:47

I prefer to travel to meet up with clients. I advise them that I need to see them at their business premises in order to comply with HMRC AML regulations. I charge for my travel time and that is incorporated within my engagement letter.

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By coolmanwithbeard
25th May 2018 12:18

I've worked from home for nearly 20 years now. Rarely is there an issue but then we have a busy house with people popping in and out anyway. I have a separate downstairs meeting room away from any other clients paperwork which is all in the office - clients do not go in there.
I am always happy to go to them (most clients love showing off their business to you and you can pick up useful information just by looking) I will meet somewhere else if they prefer, and I have some clients I have never met in person.

It works for me and my clients and that is fine. If clients don't like it there are plenty of accountants with a variety of office styles in my town!

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By dmmarler
25th May 2018 12:21

You must be male as no woman would invite a client to her home as she would be judged on her housekeeping (and perhaps gardening) as well as her accounting/tax ability.

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By dmmarler
25th May 2018 12:21

You must be male as no woman would invite a client to her home as she would be judged on her housekeeping (and perhaps gardening) as well as her accounting/tax ability.

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Replying to dmmarler:
By Moonbeam
25th May 2018 13:58

That remark could not possibly have been written by a woman.

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Pile of Stones
By Beach Accountancy
25th May 2018 14:22

I am a sole practitioner and I have some (not all) clients that come to my house, but always on an appointments basis. I meet them downstairs (but stress that I have another room set up as an office so they don't think I am doing their accounting on the sofa in front of the TV).

I decided not to use my own name as the name of my practice and ICAEW were fine with it.

Good luck with your practice

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