working from home doing bookkeeping

[DFL]

Hi David

I like that the fact that you are looking at this from a business model viewpoint rather than setting up a business which depends on you personally.

If you have not already, try reading Michael Gerber's e-myth.

In answer to your questions:

1. The scope for a bookkeeping business is unlimited. If you develop it to the point that you mention then it will give you a good understanding of what being in business is all about, and how the operational side of a bookkeeping business works. You can then employ or subcontact as you build up the volume. There is certainly enough potential for sufficient profit to have 3 employees and yourself in an office though this will depend heavily on how you run the business. You will need the right people, the right systems, the right pricing and to work with the right clients. If you get the business model right then the sky is the limit - if you don't then you could end up being a busy fool with little or no profit and no workable or saleable business. From your initial post I would think that you would work hard on the model.

2. Ring around, try the bookkeepers forum site, go networking. There are plenty one man/women bands out there that would consider an alliance.

3. This could (and does) work, efficient use of technology, effcicient management of clients and their presentation and timing of records, location is no barrier at all these days. The more time visiting and seeing clients the more time is lost and non billable, fix your prices and stipulate to clients that the prices are based on telephone, post and online service.

Hope that helps - good luck with it.

Jason

 

[Edward Kingsley]

Hi all, I've read through many of the replies in this thread and some of the responses have been really informative.

With that said I'm involved in a company that has dveloped a solution that will work for the original poster Donna and many others. It's an online document management solution custom built for bookkeepers, accountants and their clients. Its enables people like Donna to work remotely (from home) allowing users to easily upload, file and retrieve documents to improve efficiency of workflow. Projects can be accessed by clients and bookkeepers/accounts through the internet anywhere anytime encouraging better collaboration overall.

This is just a brief overview of our online application which I think will certainly be a great asset for many people in here. It's FREE to use with no usage limitations while in beta so I thought I would mention it to you guys.

If interested check it out here: ledgersonline.com/services/document-management/what-is-it

Just copy and paste the url above in to your browser to get to our site or use the Online Document Management Link in my signature ...

Hope this helps,
Edward

 

[David Griffiths]

Question number 1 is always what it's going to cost.

There's a bit of a discrepancy between the statement that it's free in beta and the testimonial from someone who has apparently been using it for three years. That's one hell of a beta testing period!

 

[Edward Kingsley]

David

We haven't devised pricing for the application yet and this will be done in the months ahead. We will certainly use feedback from users to come up with a highly competitive pricing plan. With that said our aim is to have a free account also that will work for many bookkeepers/accountants with a small number of clients.

With regards to your discrepancy, we do have other services as clearly seen on our website which use cloud based technology coupled with a very basic document management that comes with both our hosting and bookkeeping packages thus the reason for our testimonials as mentioned by you.

PS: The online document management application is a significant upgrade and is 100% in Beta and has only been released to the public to try since August.

Also users signing up are not required to use a credit card or are they obliged to commit to any of our services. Users can stop using it when they want.

This should clarify questions you had David.

Edward,
Ledgersonline.com

 

[davidyates]

Hi Jason

Sorry, only just picked up your response to this thread. Just wanted to thank you for sparing the time to answer these questions. It's much appreciated.

All the best

David

 

[AndyMiles38]

I'm thinking of starting a book keeping service from home. What is the best way to start and get some clients. Any help would be appreciated as I'm new to this as for the past 18 years I've been working in accounts departments but mainly on credit control side but I do hold my AAT qualification

Many thanks in advance

 

[RedorDead]

Hi

I have been working in a finance setting of one guise or another for the past 8 years and to be quite honest did it all the wrong way round. I secured a job as a junior finance officer initially at a local University and very quickly saw an opportunity for development and stepped up to a more senior role. This meant taking on full responsibility for the accounts of an enterprise centre with a 4.8 Million turnover. Bearing in mind I had no previous financial experience.

After 5 years I stepped away from the role as the home life balance was wrong. Since then I have been trying to get back to a similar role and have really struggled. One thing I found was a huge lack of knowledge on my part in actually managing a set of accounts 'on paper'. From then I have completed an AAT Level 2 course and have just commenced a Level 3 which I am loving!!!

So, a long way round with this - apologies, but what I ultimately want to do is to work on my own or with another like minded individual. I have lots of experience and am starting to feel more confident in academic terms but I certainly don't feel ready to 'go it alone' yet.

I would love the opportunity to work with someone else, perhaps someone that is established and has more work than they can handle, initially for free, while I gain some more 'hands on' experience and build my confidence under the watchful eye of someone who is more knowledgeable and wants to share their experiences.

At the moment I am working for a local construction company and the area is facilities management, it's very corporate, very big and I am feeling very disillusioned with both the structure and the work I am employed to do, although I do it quite well, it's neither challenging or rewarding

Any comments, suggestions or interest in my proposal above would be so greatly appreciated and welcomed.

With kindest regards

RedorDead

 

[Damandblast]

In a similar situation myself tbh and I found this to be a really useful and informative thread thank you all.

Good luck with your venture

 

[raufi]

Hi my name is asad,
I am an ACCA Finalist and have been working as a management consultant in a small company for 2 years and Audit and Assurance experience at PwC Price Water House Coopers as a member of a team of Listed Company Audit client Now i have decided to make my own business at home.


Do post a comment if anybody is in need of solutions and problems and i will be more than happy to help.

Regards
Asad raufi

 

[raufi]

Hi Redor,

I am more than willing to be in a partnership with you, reply to my post or email me , we can make a positive start soon

Regards
Asad

 

[White River]

Hello, I am new to this site, in fact, I only joined because I saw this post and was keen to ask you about it. It was back in 2007 that you wrote it, so I can completely understand that this may not be the case anymore, but do you still organize meetings in Alton or Sailsbury?

I'm the District Secretary of the IAB (& IFA) in the "Mid-Southern" UK and organise 6-8 meetings a year. They are open to non-members too. Although they are arranged so members can receive training points towards annual their practice certificates (both IAB & IFA have a minimum amount of they have to do each year), they are a good oportunity to network, and talk to other students, book-keepers or accountants.

The meetings I hold are in Alton, Hants. Occassionally (if I have time) I will organise one in the Salisbury/Andover area.

Please ignore this if you don't have time, but you see, I am looking to "jump on the work from home as a bookkeeper bandwagon" as I have been made redundant 3 times in 3 years and I can only find short term temp work in between. For about 6 years I have worked in a finance or accounts capacity which came from doing administration. I have a long way to go I know I can't just call myself a bookkeeper right now and be 'open for business' I am not that naive. I am looking at completing levels 1-3 of the ICB, but I have just finished AAT level 2 and about to start level 3.

My reason for writing to you really is I would like to start going to meetings and events in this field of work before I launch myself into it - not to confirm if I want to do it or put me off if I don't, more to gain knowledge and information before I jump into the deep end.

If you no longer can help, my apologies, but if you can steer me in the right direction, I would be grateful.

Many thanks

 

[karentd]

I am just setting up a bookkeeping business from home. I have some bookkeeping experience and have one client at the moment. From reading this thread it seems that a lot of bookkeepers get work farmed out from accountancy practices. I am considering whether to sit the ICB professional exams in bookkeeping as I do not have any professional qualifications in bookkeeping at the moment, just experience? I was wondering if accountancy practices would be more likely to consider me for doing some farmed out work if I have membership of a professional body or if just having bookkeeping experience is enough? If I don't go down the ICB route I will register directly with HMRC for a money laundering licence.

 

[Alison Jones]

I did ICB qualifications probably a year after I first started working as a Self Employed Bookkeeper.

Many of the members of ICB switched to IAB, I switched with the intention of doing the next level of exams with them but never got round to is as had a baby and stopped bookkeeping altogether.

Would say if you think you will need employment alongside your bookkeeping business maybe something to consider is AAT. When I applied for jobs most of the ones wanted AAT (a lot of employers not even heard of ICB or IAB)

Do think you can increase your client base if you got some qualifications (my client base doubled) but would say don't rush into starting a qualification until you investigated all the different options to find the best one. I regretted rushing into it. Would say that ICB are the cheapest one so if you don't have much money then it an option but if money is not really an issue look into the best qualifications.

 

[becky7676]

Hi, I'm Rebeca. I am hoping to start up my own bookkeeping business working from home. I am studying the ICB course and have a working knowledge of accounts. I have 3 children now all at school and like the thought of the flexability of working from home.

I am a little unsure of how to get started and advertise, also what exactly would the average tradesperson expect from a bookkeeper? Going it alone is a little daunting, any help and advise would be very much appreciated!