Self-Employed Bookkeeping

[shaunyates]

Hi everyone.

This is the first time I have visited this site and having had a look around, it looks as though there are some very knowledgable people on here!

Basically, my name is Shaun and I'm 21 yrs old. I am currently studying AAT Technician stage and take my final exams in two months. When I complete the course I would like to become self-employed but am unsure of a few things:

How easy is it to set up on a part-time basis whilst continuing with my current job, at least until I build up a decent client base?

What services do I need to be able to offer in order to make a decent income?

What software can I use to keep my clients records; in my current job I use sage and have experience of a few others. However I don't know whether it might be easier to keep everything in Excel? :?:

I was thinking of contacting a local bookkeeper to see if I could get some sort of work experience with them ie. see how they do it. Is this a good idea?

I have dealt with all aspects of book-keeping with companies I have worked for and I am seen as being very reliable but am just a bit unsure how to get up-and-running so to speak.

All feedback / advice would be very welcome.

 

[Antoinette]

To be honest I have tried to do it and I have found it quite difficult myself.

I think perserverance is the only way!

 

[Colin L]

Hi Shaun,

This is my first time here too.

I have done some freelance bookkeeping and a bit of research. It is said that good bookkepers are worth their weight in gold so, depending the area you live, it should be a viable proposition.

Given it's popularity you're very likely to encounter clients with Sage - it's far more widely used than other packages. Many accountants prefer Sage too (they can be a conservative lot and the audit trails good!). Personally, I like QuickBooks and there's other good options too. Using Excel is a problematic for all but the simplest bookkeeping. Once you get into VAT and management accounts it's easy to run into problems. That said, I've seen some ready-made spreadsheets for sale quite cheaply, some based on the old Simplex D books.

Do work with another bookkeeper if you get the chance. Although you have experience from your current role, you'll learn what it means to work freelance with several clients and how to manage them. Also what they want/expect from you. It might be a shock!

Perhaps have a look at some bookeepers websites and see what they offer in addition to basic bookkeeping. Certainly you'll neeed payroll.

You'll need to familiarise yourself with Letters of Engagement, Money Laundering Regs and Professional Indemnity Insurance to do it all properly. As an AAT student you're goverened by their rules. Fortunately they're more generous to their self-employed students than the CCAB bodies!

Colin

 

[datahound]

Hello Shaun,

I started off as a bookkeeper, first I got a job two days a week with a firm of solicitors, then another three days a week with a computer company. This gave me stability and guaranteed income but I kept the independence of being self employed.

As for what to keep accounts with if they use Sage use Sage. If they turn up with box of receipts use a calculator and collect the subtotals on a piece of paper.

I went on to become finance director full time at the computer company and now have my own business. Good thing I found about being a bookkeeper is seeing the possibilities by seeing how different businesses run. Put a few sales skills with it and you are away.

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