Book keeping start up

Discussion in 'Accounts & Finance' started by 2cool, Jul 17, 2021.

  1. 2cool

    2cool UKBF Newcomer

    17 0
    Hi,
    I am considering starting up my own book keeping business. I am aat and Acca qualified I am employed at a practice full time. My book keeping business to start with would be part time.
    The thing that is holding me back is the legal stuff such as letter of engagements, insurance etc.
    Basically if anyone can offer any helpful advice on how to get the ball rolling in the right direction I would be very grateful. Just don’t know where to start?What’s the best way getting clients and how much to charge? Thank you
     
    Posted: Jul 17, 2021 By: 2cool Member since: Aug 26, 2007
    #1
  2. KAC

    KAC Contributor

    1,521 364
    Do you have a practising certificate? If not, it greatly restricts the work that you can undertake. Have a look here if you have not already done so. Straying into public practice without a PC can result in disciplinary action being taken
    There is a lot of good advice on the ACCA website including this section
     
    Posted: Jul 17, 2021 By: KAC Member since: May 7, 2017
    #2
  3. 2cool

    2cool UKBF Newcomer

    17 0
    Thank you I will give them a call. I guess that and maybe public liability insurance is all I need? Do you know if it is best to have a company with expertise of writing up engagement letters and disengagement letters?
     
    Posted: Jul 18, 2021 By: 2cool Member since: Aug 26, 2007
    #3
  4. DWS

    DWS Contributor

    236 36
    As long as you get the PC that should cover you for MLR, you will also need to register your business with the ICO as you will be handling sensitive data, also worth checking your contract of employment as a lot of employers put a covenant in the contract that forbids you from carrying out self employed work within the same field.
     
    Posted: Jul 18, 2021 By: DWS Member since: Oct 26, 2018
    #4
  5. KAC

    KAC Contributor

    1,521 364
    We used to use a CD published by ACCA but not sure that it is still available
     
    Posted: Jul 18, 2021 By: KAC Member since: May 7, 2017
    #5
  6. MyAccountantOnline

    MyAccountantOnline Full Member
    Contributor

    13,593 2,579
    Why restrict yourself to Bookkeeping if you are AAT and ACCA qualified?

    AAT and ACCA provide guidance for members. Spend some time on the ACCA website you'll find the information you need.

    I found Simply Business good for insurance.
     
    Posted: Jul 19, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #6
  7. MyAccountantOnline

    MyAccountantOnline Full Member
    Contributor

    13,593 2,579
    No they dont do it anymore.
     
    Posted: Jul 19, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #7
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  8. KAC

    KAC Contributor

    1,521 364
    That's a shame. We found it quite useful
     
    Posted: Jul 19, 2021 By: KAC Member since: May 7, 2017
    #8
  9. KAC

    KAC Contributor

    1,521 364
    Provided he has a practising certificate
     
    Posted: Jul 19, 2021 By: KAC Member since: May 7, 2017
    #9
  10. Frank the Insurance guy

    Frank the Insurance guy Full Member
    Contributor

    488 146
    Hi @2cool - in response to your Insurance question, i suggest you speak to an independent insurance broker, who will be able to provide you with a quotation based on your specific circumstances.

    If you are only providing bookeeping services the premiums will be lower than full accountancy services.

    The premium will depend on your estimated income, and the limit you require, among other things.
     
    Posted: Jul 19, 2021 By: Frank the Insurance guy Member since: Oct 28, 2020
    #10
  11. 2cool

    2cool UKBF Newcomer

    17 0
    Only reason being was I thought it might be a good start the slowly branch out to other things or am I being too cautious?
     
    Posted: Jul 19, 2021 By: 2cool Member since: Aug 26, 2007
    #11
  12. MyAccountantOnline

    MyAccountantOnline Full Member
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    @2cool have you got an ACCA practising certificate?
     
    Posted: Jul 20, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #12
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  13. 2cool

    2cool UKBF Newcomer

    17 0
    No not yet
     
    Posted: Jul 21, 2021 By: 2cool Member since: Aug 26, 2007
    #13
  14. MyAccountantOnline

    MyAccountantOnline Full Member
    Contributor

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    I'd get that while you can before going into bookkeeping - it gives you so much more scope for the future assuming you wish to keep your ACCA membership.
     
    Posted: Jul 22, 2021 By: MyAccountantOnline Member since: Sep 24, 2008
    #14
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  15. Spur Support Services

    Spur Support Services Full Member
    Contributor

    326 68
    Once you get your practicing certificate, there are Insurance Companies that specialise in professional indemnity policies for accountants. If you google "ACCA Professional Indemnity Insurance" it will list the key players together with the links to the ACCA areas.

    If you don't get your practicing certificate, and are offering accounting services outside of the employment umbrella, then you will have to be very careful what services you provide. You should discuss this with the ACCA. Both Nicola and I operate under Regulated ACCA Practices.
     
    Posted: Jul 23, 2021 By: Spur Support Services Member since: Aug 21, 2020
    #15
  16. KAC

    KAC Contributor

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    .. and I used to be an ACCA disciplinary panel member where we would regularly exclude both students and members who were practising without a practising certificate :(
     
    Posted: Jul 23, 2021 By: KAC Member since: May 7, 2017
    #16
  17. 2cool

    2cool UKBF Newcomer

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    I believe you have to have an employer to sign off the application for a practice certificate in terms of years of experience?
     
    Posted: Jul 25, 2021 By: 2cool Member since: Aug 26, 2007
    #17
  18. KAC

    KAC Contributor

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    All the conditions for a PC are set out here and you need 3 years experience detailed on a PCEF and regularly signed off
     
    Posted: Jul 25, 2021 By: KAC Member since: May 7, 2017
    #18
  19. 2cool

    2cool UKBF Newcomer

    17 0
    Thank you all for your help, unfortunately I can’t get a practice certificate because you need an Acca approved employer. Very best wishes to you all!
     
    Posted: Jul 29, 2021 By: 2cool Member since: Aug 26, 2007
    #19
  20. NicoJ

    NicoJ Contributor

    379 72
    Have you looked at the AAT requirements? You would have to resign your membership of the ACCA but would still hold a recognised professional body certificate.

    Alternatively you could resign from both and open up a practice. It would restrict you in some ways, audit and mortgage certificates come to mind, but other than that you would just need MLR, insurance & ICO.
     
    Posted: Jul 29, 2021 By: NicoJ Member since: Mar 27, 2017
    #20
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