Accountancy Practice

[Lucky Phil]

Hi guys

I am a fully qualified ACCA member and hold a degree in Applied Accountancy. Although I have worked in practice throughout my career, my experience has mostly been in industry. I am thinking of starting an accountancy practice, to start with on a part time basis. Can anyone give any tips on how to start or any good books I can look at to help me. Any useful contacts would be appreciated too

Thanks
Phil

 

[kevin.doran]

http://www.accountingweb.co.uk/

Sorry to be brief...

 

[john1989]

Before you start anything, you will need to apply for a practising certificate from ACCA.

 

[Philip Hoyle]

How are your working skills in VAT, payroll and small business tax? I presume your target client would be the small family business or self employed freelancer, so they're the type of clients who aren't so bothered about their accounts (as they know how they're doing because they ARE the business so don't need management accounts etc), but will need advice on VAT, payroll and their tax/nic bills, so you end up doing accounts as a means to an end, i.e. the tax return, rather than for evaluation/interpretation of the business. You'll need to either learn or update your skills and knowledge as such clients expect their accountant to advise them when needed and aren't impressed if you can't answer such questions or refer you somewhere else.

 

[TimCaprica]

You can definitely start planning before you get a practising certificate!

I was in a similar-ish position in 2011. I'd been working as an accountant, it was in public practice but it was in a specialised area (acquisition due diligence). At the time I didn't have a clue how to go about the practicalities of submitting a tax return or set of accounts.

I found accountingweb to be absolutely invaluable during that first year (still do!).

 

[john1989]

The reason I said apply for a PC before starting anything is because their experience is predominantly in industry. Therefore, they might encounter difficulties obtaining one.

If their employment dictated that they must be an ACCA member, they might not be willing to give it up to start a practice!

 

[@aiteoconsulting]

Also get yourself booked in to Accountex in May 2016. An invaluable free 2 day jamboree for all things accounting, with lots of useful talks from industry & sector leaders.

 

[MyAccountantOnline]

Personally I'd be looking at spending some time working in a small/medium practice first - one where you can obtain your practising certificate assuming you want to maintain your ACCA membership.

You probably have a huge amount to learn when it comes to dealing with the type of work you'll be dealing with.

You may also find the ATT a useful qualification and a great way of getting some relevant tax knowledge.

Have you also considered giving the ACCA a call for some help and advice?

 

[Energise Accounting]

@john1989 is correct you will need a practicing cert off ACCA