Could you suggest client does the bookkeeping themselves to bring the fee down? That way it explains why the first quote was higher and you still win the fee.
When I had A quote from a builder I was given an option to do some of the ground work myself which would have reduced the fee.
Then when they realise they don’t have the time and or/can’t keep it up to date properly, they see the value in paying you to do it instead.
Just a thought. What’s the difference between CTA and ATT if targeting small business owners?
Thanks Tomazaan! Good to know I'm not alone...
Funnily enough I was looking into ATT over the weekend. Right now I'm thinking this plan:
1) Request to reduce my hours at work from 37.5 to 20 over 5 days. Whether or not this will be accepted will depend on lots of variables which I wont list here.
2) Obtain AAT practicing license, insurances and contact local accountants to offer bookkeeping, VAT and payroll services. I anticipate there to be work about with MTD around the corner.
3) Study ATT at home. Once completed I might get offered accounts prep/tax work from the accountants I will have been working with, thus building up my knowledge and experience.
4) A couple of years of this and I'll be in a better position to know whether a career in practice is right for me.
Do not expect to make a fortune to start with, it will be hard work. But the work is out there, especially at bookkeeping/compliance level. When AE came in I gained payroll clients who could no longer do it all themselves, I imagine MTD in all its guises will present opportunities as well.
Had a good chat today with the local accountant, from which the possibility for some work might arise. They seem a good fit for me, just hope it’s reciprocated! I get the feeling though that to secure work like this I need to able to offer myself on a more flexible basis. The idea of me only being available to work on Fridays, for example, would not make me as attractive a somebody to partner with than If I were able to offer my service at short notice, with quick and efficient completion times.
I’m now thinking should I just obtain the MAAT practice license - which I’d be very proud of having been a student member, full member, and even Lecturer (Level 2 last year) - and target my market at accountants who need payroll, vat and bookkeeping support in busy times on a job by job basis.
I have extensive payroll experience with different payroll and AE systems, p11d and PSA reports and filing. I have sound VAT knowledge and I am proud and passionate about what I do for a living. So much so that I maintain my personal and household finances in full double entry format! I should (and I believe will) be able to deliver a successful, value for money service and still turn a profit.
If anyone can add anything further to the advice already given, please do as any feedback whatsoever would be appreciated. I really am grateful for the input so far and glad I’m in a supportive forum for us to “sound it out”.
Do you mean as a pre trading expense you wish to deduct from your income?
If so I believe study/training costs incurred before the commencement of trade are not allowable, but I don't have any hard evidence at hand to back this up I'm afraid.
Thank you Chris, very much appreciate the encouragement!
Last week I sent my CV to a local firm who are advertising for part-time bookkeepers/payroll clerks.
Had an email back this morning from the director, wishing to arrange an initial telephone call. Won't get my hopes up too much just yet as I might not be what they are looking for but fingers crossed this develops into something!
Thank you taking the time to respond.
It's reassuring to hear that I would be employable for a small practice and I would love the opportunity to put in 3-5 years in that kind of role - I'm not expecting any shortcuts.
Thank you both, sound advice.
I had thought the same thing about MTD presenting opportunities to help an accountant offload in terms of bookkeeping/VAT/Payroll.
I suppose (but would appreciate feedback on this) that there might even be practitioners out there who don't offer payroll and AE services and would be able to with me in house?
Thank you also for taking the time to answer