How to start?

[weweavewebs]

I have just completed AAT. Will be getting final result next month. Already applied for full membership. I'm finding it very hard to find a job in accounts so Im thinking of starting a practice on my own. I intend to just provide bookkeeping, year end accounts and self assessment services to sole traders.
I will be working from home or visiting clients at their homes or businesses.
Few people have already asked me if I can do their accounts even without me advertising but I told them not yet, so getting clients will not be a problem. I just want to be fully prepared and organised before I start.
I will be getting insurance.

Everything else I need help with, please.

Do i have to register as a mip with aat even if i dont use aat or maat wording?
What software will you recommend if any?
Do i have to register anywhere else?
Anything else that I have over looked?

Any advice will be very very welcome

Thanks in advance

Ash

 

[MyAccountantOnline]

Ash have you ever worked in practice?

 

[weweavewebs]

Ash have you ever worked in practice?

No, I havnt worked in a practice. Its very hard to get in, I have applied some places.

 

[Williams lester]

No, I havnt worked in a practice. Its very hard to get in, I have applied some places.

In which case, I can't see how you hope to be able to complete year end accounts and tax returns without any practice experience.

 

[elaine@cheapaccounting]

you have to be a mip before you can practice and (Jenni will verify this) I expect they need to see evidence of experience before you are able to get this.

You need to register for ML (done through AAT ?), register with ICO, PII (not compulsory), register at HMRC (by service) etc etc

A huge list of things to do

 

[MyAccountantOnline]

Ash please take this in the manner in which it is intended - but honestly, it is total madness to think you can set up and run an accountancy practice with absolutely no practical experience.

The very best thing you can do is go and work in a small practice for atleast 6 to 12 months and see some of the practical issues of working in and running a practice. It will be a eye-opener to you.

 

[weweavewebs]

Thanks for advice everyone. So the only option I have is to find a job in a practice. I think I will have to work free for few months. I can only afford to work one or two days a week. Will one or two days be enough for experience?
What is the best way to approach practices regarding this? Do practices normally allow this?

Thanks again everyone for valuable advice.

 

[MyAccountantOnline]

Thanks for advice everyone. So the only option I have is to find a job in a practice. I think I will have to work free for few months. I can only afford to work one or two days a week. Will one or two days be enough for experience?
What is the best way to approach practices regarding this? Do practices normally allow this?

Thanks again everyone for valuable advice.

Its not the only option, but in my opinion it's the best option and in the long term I do think you'll understand why.

Will 1-2 days per week be enough - that depends on how quickly you learn, how much actual experience you are going to get, and what practice you are working for.

You will without doubt find a practice that wants part time staff but be prepared to get a few knock-backs.

Good luck.

 

[AccountancyStudent]

Have you considered applying to non-practice jobs (Industry/Public Sector) - even if it isn't what you eventually want to do it helps to build up experience

Maybe try an agency such as Reed/Hays for some temp. work

 

[MyAccountantOnline]

Have you considered applying to non-practice jobs (Industry/Public Sector) - even if it isn't what you eventually want to do it helps to build up experience

Maybe try an agency such as Reed/Hays for some temp. work

The problem with that is you get no practice experience which is really what is needed for someone considering going into practice. Working in industry and or the public sector is a completely different ball game to working in a small practice.