working from home doing bookkeeping

[frauke]

I took this off the HMRC Website:

"If you are an Accountancy Service Provider then the Money Laundering Regulations 2007 will affect you. The new Regulations come into force on 15 December this year.
What is an Accountancy Service Provider?

Accountancy Service Providers (ASPs) is the term used by HMRC for auditors(a), external accountants(b) and tax advisers(c) who are not already supervised by the FSA or one of the professional bodies listed in the Regulations.

1. An auditor is any person eligible for appointment as a company auditor under section 25 of the Companies Act 1989(a) or article 28 of the Companies (Northern Ireland) Order 1991(b) who by way of business provides audit services.
2. An accountant is any person who by way of business provides accountancy services.
3. A tax adviser is any person who by way of business provides advice about the tax affairs of another person.

If you provide bookkeeping services you come under b - (I got told by a bookkeeper that they weren't an accountant - but b, classes bookkeepers as accountants as they provide accountancy services as accountancy services includes bookkeeping!)"

If you provide bookkeeping services after 15 December 2007, and are not regulated under this act by one of the professional bodies (IAB is just one of the many), then you have to register (and pay a fee) with the HMRC to be regulated by them. There will be a transitional period of a couple of months, because I don't think the HMRC is ready yet to accept direct registration!

 

[hafeez]

thanks for that frauke,
i will also look into this further, and become registered before the deadline.
thanks again

 

[JenMAAT(hopefullysoon)]

I am in the process of becoming a member of the IAB and getting a compliance certificate. Would I be breaking any rules if I started trading now obviously by the sound of things I would have to be registered by the 15th December but from whats being said it doesn't mean that I can start now or does it? Also can I offer tax return services I am quite confident in completing them and I am sitting the personal tax AAT Exam in December is there any reason why I shouldn't:|

Regards

 

[geoff fatkin]

Hi all,
I have just been made redundant and am going to do a sage course and/or another bookkeeping course. Then because of my home circumstances I want to work from home, is there work out there in the real world for self employed bookkeepers. I live in a large village with a lot of small businesses and self employed builders etc. Any advice would be gratefully accepted.
Thanks Geoff

 

[Fernhurst Solutions Ltd]

in a word - YES, how you go about getting that business is a whole different can of worms ..... plenty of threads on here about it.

good luck

 

[DavidT]

Geoff

As Andy said, there is a lot already on here and it can big a big 'can of worms'.

The work is certainly out there, experience will count a lot and make a difference so you may need to ensure you do understand practical bookkeeping as your clients will rely on you for it.

Best of luck.

 

[Jenni384]

I am in the process of becoming a member of the IAB and getting a compliance certificate. Would I be breaking any rules if I started trading now obviously by the sound of things I would have to be registered by the 15th December but from whats being said it doesn't mean that I can start now or does it? Also can I offer tax return services I am quite confident in completing them and I am sitting the personal tax AAT Exam in December is there any reason why I shouldn't:|

Regards

AAt student member rules say you can practice within your capabilites as long as you get help and advice when you need it.

Also as I understand it, HMRC are formally registering people later this year, so you can trade as an accountancy service provider, you have to comply with the new MLR, but there is not compulsory registration just yet.

 

[JenMAAT(hopefullysoon)]

Thanks for that Jenni

I am looking at accounts software packages at the moment can anyone make any recommendations?

Regards

 

[DFL]

What is your criteria?

 

[DavidT]

Working with several & varied clients, being able to recommend general accounting software for them that you can easily work with we would highly recommend e-conomic.

Apart from power & flexibility of online software, there are no charges to bookkeepers/accountants... only to clients if & when they choose it, so it is an easy solution to consider without needing to fork out hard earned money.

 

[LOUBELOUUK1]

Hi

Im using some software called Money Manager 6 Business Edition by Moneysoft and it is really good, I am very impressed. Still learning lots of things on it but it seems to do what i want at the moment.
I also use sage instant accounts, abit pricer but i suppose it depends on what you are used to and what your client sometimes requires.

 

[KidsBeeHappy]

HI

If you are offering services online, and gain clients who are not local to you, then we can arrange for a parcel service to pick up from them, and deliver to you, a box weighing up to 20kg, for £11.50. If you think this could help you, please let me know.

Kind regards
Sandra

 

[dhawall]

Hi Clarence

Can you elaborate on the charging part: based on transactions?

 

[Tori Howarth]

Hello everyone. New to this forum. But me too. Im very new at the Bookkeeping field and yes me too, i am working from home doing books. I am a mum of three and really wanted to be based at home. I'm looking for help and advice also so i will read all your stuff for help. I've got two potential clients but ive been doing some local advertising and some stuff on the net too.
Now i don't feel on my own knowing there are you guys out there looking for help and advice too!!!

I'm 33 and this field is a real corner turner for me. I really want a business of my own that's actually going to pay me a salary. We need to move home as my family is growing up fast so we need to be a big success with this venture.

 

[cevans34]

Wow you certainly got a lot of replies ! Back to Donnas original post,
hello I too am just starting out a bookkeeping business. Like many others wanted to work from home (which I see isn't too far from yourself). As this is a new career path for me I decided to get some qualifications under my belt. I went the ICB route and now hold a ICB practising certificate.

Good luck

 

[joined up thinking]

When I quit my last job I decided I wanted to create a business where I could work from home or anywhere I chose. I have a technology and business background and I turned to the Internet for ideas. There are a lot of “work from home” and “get rid of your day job” schemes and opportunities out there. A lot of them are empty promises and even the genuine and responsible ones carry “earnings disclaimers” (We could discuss this all day).

Anyway, I have three kids, a house and a home to support. And like most folks I need a regular, reliable and honest income. Working for yourself has a few gotcha’s, the obvious one being if you take time off you don’t get paid, unless of course you are on some form of retainer. Another is just finding the right clients and type of work.

So what’s my point? My business has just started trading and I have worked out I need some help from reliable bookkeepers (or accountants) who want to work from home and earn a regular and reliable income or even grow their existing earnings with the same.

I have spent quite a bit of time over the past few months thinking about this. I have some conclusions. The first is that it’s ethical and pretty conventional. Secondly it’s a win, win for everyone involved, third the numbers are modest, fourth it’s entirely possible that it would work and finally it’s not a lot of extra effort.

I will be honest with you it’s a very straightforward idea but I just don’t know enough bookkeepers (or accountants) to use as a sounding board and confirm my assumptions.

So here is the bottom line, I need to sound out my idea. In an ideal world I would do it on these pages, but I have had a few bad experiences with being very open in forums like these.

So please contact me with a private message. This is absolutely not me trying to sell you something. In fact thinking about it for a moment, there is nothing for you to buy. I will give you my phone number or you can give me yours and we can hook up. I will just tell and show you my idea and get your feedback and suggestions. This should take about ten minutes. I want to talk to as many folk as I can over the next few days to determine the next step. I will share the feedback with everyone who has been kind enough to help.

If you help me, like the idea and I make it happen. You get first look at the proposition before I offer it to a wider audience.

One more thing, I am ready to talk to anyone but I am especially interested in talking to folks who have clients that employ five or more people. If the employers are in the services business, even better. But don't let this put you off as its not essential.

That’s it! Thank you for reading and I really look forward to talking to you

Cheers

Nick

 

[JagNut]

Most of the book-keepers I know, don't just do the books. Many also do the invoicing, a bit of credit control, pay the bills ....... Even if they don't they usually update the client records at least once a month (or once a week).... They fit their work load around the client, rather than the client around them..... I think that why sometime it looks like they are more expensive.... I know as an accountant, if I provided the same work in the same way it would cost a lot more.

Absolutely, an accountancy firm will only provide what you ask them for (and many don't know what to ask for). A bookkeeper will tell you what they need (what you need to do) and help you administer the business going forward.
I make a very comfortable living sweeping up after "so called" qualified accountants. Many are just theoreticians and have no clue how to run a business and what accounts are required to help you make sensible decisions. They love audit - because they only need theory - they work for HMRC but bill you - it also gives them a get out clause -just read the Auditor's statement on any set of audited accounts

 

[02118218]

Hi Guys, this forum is GREAT! i am starting out bookeeping part-time as i need sum extra income. i have a full-time job as a trainee accountant (i am part-qulified ACCA).
reading this forum has determined me more to start the part time bookkeeping thing!
i am in the process of creating a flyer and will be distributing them locally soon.

good luck to all of you who are thinking of and are starting bookkeeping!

 

[colleenb]

Hi All, I'm Colleen and have been in the accounts industry for around 3 years now. Started at college with the manual bookkeeping level 1 & 2 and then went on to do the AAT Intermediate level 3 but have only completed and passed half the course as have had to work full time with family to support. I am now Assistant Accountant because of my business attitude of this industry for a medium size company but feel as though I'm missing to much of my son's growing up. My partner also works full time on night shifts so we don't really have any time together. I have (Although had to leave it aside at the moment) paid on a monthly basis for the ICB Sage computerised bookkeepers course as I'd to like work from home by next year. This would give me the flexibility to be more with my family and my partner to do better hours during the day. I love this type of job as many call me weired but I also like the investigation side of it. Anyway if there is anyone who is doing or has completed this ICB Sage computerised bookkeepers course please advise me if I have made the right choice. I know my job role is a good one but not feel as though I'm helping enough as I like to also problem solve and give good advise. I also probably do many job roles not in my title!

With the online accountancy this does sound a great idea. May be many of us here could make something like this happen even if we live on the other side of the country!! This would be a great new opportunity for business for costing also. Let me know if you need an extra hand and I also have websites that I could have set up!!

Anyway I'm probably starting to bore you all now as you have probably heard all this before. Good luck everyone!! =0)

 

[Solutions]

Hello everyone. New to this forum. But me too. Im very new at the Bookkeeping field and yes me too, i am working from home doing books. I am a mum of three and really wanted to be based at home. I'm looking for help and advice also so i will read all your stuff for help. I've got two potential clients but ive been doing some local advertising and some stuff on the net too.
Now i don't feel on my own knowing there are you guys out there looking for help and advice too!!!

I'm 33 and this field is a real corner turner for me. I really want a business of my own that's actually going to pay me a salary. We need to move home as my family is growing up fast so we need to be a big success with this venture.

Hi to everyone. I'm new to this business form and would really appreciate some advise as to how to go about setting up my own business working from home as a bookkeeper.

My background is in accountancy both academically and practically. I have a bachelors degree in accountancy and finance (going back some time now) and have part of the qualifications from ACCA. However due to family commitments my career never took off ( I have four wonderful children). I want to have something to do for myself and bookkeeping is an area that has always caught my interest. I have recently gained my ICB computerised bookkeeping certificate level 3 and I am also studying for the ACCA qualifications.

Please can someone give me some advise as to how I start my own business from scratch? Your help would be most appreciated.

Thanks to all.

 

[Alison Jones]

[
Please can someone give me some advise as to how I start my own business from scratch? Your help would be most appreciated.

I set up my business in August 2006 from scratch when I got made redundant 3 or 4 weeks before my wedding, I got a website, before wedding I replied to an ad in local newspaper wanting bookkeeper 3 hours a week, got that client, found an accountant contact who passed clients my way. I would say it has not been easy and with client base it has ups and downs, you gain clients who have backlog of work so get lots of hours but when caught up on the backlog hours lessen, some clients retire, other clients become bad payers, others get inhouse bookkeepers. For nearly a year a had part time job 3 days a week, then at the time I got my ICB qualifications my client base grew and grew to the point I am getting business premises and shortly staff so been worthwhile but lot of hard work.

Good luck

Alison

 

[DavidT]

As you can see from this thread... there's a lot to starting up a bookkeeping business, or most other types of businesses.

I'm sure we could help in quite a few ways, from our new start-up business package to partner offers such as a free subscription to e-conomic online software along with some great discounts.

If you have specific questions, areas you don't feel you already have covered it can certainly help with understanding what answers you might need.

Feel free to email me too if you have any queries you feel we might be able to help with.

Best of luck!

David Toohey
The Accountants Circle
Accountancy & Bookkeeping Forums | Accountant & Bookkeeper Blogs | Company Formations from £21! | Business Start-Up Package

 

[himanigangani]

Hello

I Himani Gangani would like to say u that I am gonna be part qualified this july and have very good experience working in accounts field , I knew many softwares like payroll, Quickbooks. I have done VAT, Payroll , Bookkeeping for 2 years for many clients. Now I am thinking to start my own. But the only lacking is that I have done upto trial bal, I dont have much idea on closing of year end. Well I know It is very easy but I can get clients by adverrtisement and we both can do it. I can purchase softwares of payroll , Payroll is really good income. Well let me know if u r interested to work togather and email me on himaniranderia yahoo.co.uk as I dont regularly visist this forum.Thanks Byee

Hi there

im new to all of this, I have given up my job yesterday working for a housing association yesterday, I dont like the idea of other people telling me what to do, so i have decide to work for myself as a bookkeeper as i have studied as a certified accounting technican for 1 year , i have also passed computerised accounts course at college in 2004 , I have been thinking of this idea for some time but not really put it into action, i have done some bookkeeping for self employed people on the cheap. But as i know there is a lot of money to be potentially earnt i have decide to build up the courage and just go for it as my parnter has lots of savings he is willing to give me an amount to set me up and start earning up to £20,000 he is going to put in, i have thought about opening up a shop but i would like to give it a go working from home to see whether this is going to be a profitable business. As i know that these self employed people are paying on average 600-800 to get their accounts and self assestment sorted as my dad working a bricklayer has just paid his accountant 600 to sort out his accounts. He got just over £2000 back, he was happy paying this amount. So i thought to myself if he is paying that amount then there is loads to be earnt.

I m looking to work from home so has anyone out there got any ideas on what to charge im willing to undertake bookkeeping up to trial balance , balance sheet , profit and loss accounts, etc, and self assestment forms, I dont think that i want to go in to more detail of accounts.

Im thinking about applying for a partner to join me as soon as it becomes busy

Do you have any ideas on advertising,

I have also thought about doing peoples accounts for them online so there is no expenses on petrol for me what do you think?

Let me have as much ideas as you have please for me

If you know anyone that would like to have their bookkeeping done then let me know im here free to chat

 

[ddhillon]

hi donna,
your story gave me some courage to start my own business as well. as i am a qualified bookkeeper but i didnt start working yet , so i am little bit scared if i will do the accounts right for people. can u please advice me how did u do the accounts of your first client ? did you seek some help ?
i have an advice for you. you can publish your name in yellow pages to get more work

 

[deepspat18]

I wanted some advice; I am an ACCA qual accountant with 12 years experience working in both industry and banking (investment), but none in practice or book-keeping. As I am currently not working as I have a toddler to look after, I would like to take a book-keeping course so that I may in the future set up my own book-keeping business. I understand that ACCA do not require me to take any more quals before I do this other than a practicing licence, but I would like to do one as I have no practical experience and as a refresher. Does anyone have any advice as to which course I should do? I do not mind taking exams.............

 

[samanthaZ]

I have the same question...I am qualified accountant working in industry and commercial environment. Have done from petty cash to Balance Sheet etc. As time passing by, more and more I want to set up my own business. But one, I have no experience about tax return and payroll. for income tax, I know different industry has different expense claim policy. How could I sort this out? two, I am not going to resign before I have sufficient clients. Can I run my own business and working for a company at the same time? Will they find out by PAYE?

Could anyone give an advise? Thanks...

 

[frauke]

Can I remind everyone on this thread who is thinking about setting up as a book-keeper that you need to be registered under the Money Laundering Regulation before you start!

If you are a member of a professional body, that means getting a practice certificate and if you are not a member of a professional body, then you need to register with HM Revenue & Customs.

Gone are the days when you just found your first client and just started.

 

[Argus1961]

I am considering membership of the ICB and note from their website that I may be able to become a member by qualification. I passed my AAT Accountancy Level 3 in July 2008 and wondered if anyone could tell me where, if anywhere, this would place me on the ICB "ladder".

Thanks in advance.

 

[DavidT]

I am considering membership of the ICB and note from their website that I may be able to become a member by qualification. I passed my AAT Accountancy Level 3 in July 2008 and wondered if anyone could tell me where, if anywhere, this would place me on the ICB "ladder".

Thanks in advance.

This really is better as a whole new post.

If you mean AAT Technician level (unless it's changed), I'd expect this would effectively be at the top rung of any ICB "ladder"...

...but if you are talking about what's acceptable by them as a member by qualification really only they could tell you.

 

[Slidic]

Quick question!

If I wanted to study toward a book keeping qualification with a view to starting my own business, would I be better to do this through the I.C.B. or I.A.B.? And why?

Thanks!

A

Alice,

I don't know about the I.C.B. but do about the I.A.B. (as I have done their qualifications).

I choose IAB, because I had good access to tutors, and good local support. In my case it was a choice between IAB and AAT at the time, and I thought the IAB course was more relevant to the type of work I was already doing, and intending to do.

I don't know if that helps.

 

[Argus1961]

This really is better as a whole new post.

If you mean AAT Technician level (unless it's changed), I'd expect this would effectively be at the top rung of any ICB "ladder"...

...but if you are talking about what's acceptable by them as a member by qualification really only they could tell you.

My qualification is Intermediate, one below Technician.

Thanks to you both for the feedback

 

[winfiea]

I left after 28 yrs of Being a Senior Business Manager for a major high street bank to set up on my own as a bookeeper, Most of my referrals have come from the Accountants i know and a local networking group, being a bookkeeper is rewarding and i enjoy the flexibility it brings., Thereis an awful lot more to providing a good service than people think and yet you get out of it what you put in... Consider what your overall travelling costs/overheads are and what you will supply ie stationary etc, I charge £15 per hr and have only had one person say its more than they expected., I am always busy and there are not always enough hours in the day.

 

[Argus1961]

Duplicate post sorry

 

[Argus1961]

Hello

I have not yet registered as self employed as I am waiting for membership confirmation from the IAB. I have bought some stationary and stuff in peparation for starting up. I cant seem to find any information about the timescale for allowable expenses prior to registering. What I mean is do I have to register as self employed within a certain length of time from when these goods were bought for them to be allowable.

Many thanks.

 

[Yogeeta]

hello there

I'm part qualified ACCA n a bookkeeper,basically i'm looking for some clients where i can start my small bookkeeping job from home which gonna b very convenient
But how to start n where to get those clients,basically how to do the first step..can someone help plzzzzzzzz.....Well its a brand new start 4me really..

thanks very much

 

[on_the_verge]

Hi,

I am considering starting up part time and working from home, I am CIMA quailified so I am right in thinking I need to get a practising certificate.

After that it is a case of getting some publicity up and running?

Thanks

 

[mrscoco]

Hi

I wondered if someone could tell me some info??

I have just taken on two clients who want me to to take over from there existing bookkeepers and i am studying the Pitman Diploma in Finance and the 2 clients understand that i do not have a great deal of experience but luckily i just have to take over from the existing bookkeeper.

Unfortunately my clients both have accountants that use Sage, do you think it wouldbe advisable to buy the Sage accountants' club package?

I am already self employed so do i still need to ring the HMRc to infrom them that i am now doing bookkeeping work?

I have recieved a quote from Towergate for the PII, but does anyone know of anywhere cheaper or that they have experience with. They are quoting me approx £26 a month for 100k cover.

Do i need to become part of a bookkeeping body??

Sorry for all the questions but i have been trawling through the web and am just getting very confused at all the info!!!

Thanks for any help or advice and thanks for your time, much appreciated

 

[Williams lester]

Hi

I wondered if someone could tell me some info??

I have just taken on two clients who want me to to take over from there existing bookkeepers and i am studying the Pitman Diploma in Finance and the 2 clients understand that i do not have a great deal of experience but luckily i just have to take over from the existing bookkeeper.

Unfortunately my clients both have accountants that use Sage, do you think it wouldbe advisable to buy the Sage accountants' club package?

I am already self employed so do i still need to ring the HMRc to infrom them that i am now doing bookkeeping work?

I have recieved a quote from Towergate for the PII, but does anyone know of anywhere cheaper or that they have experience with. They are quoting me approx £26 a month for 100k cover.

Do i need to become part of a bookkeeping body??

Sorry for all the questions but i have been trawling through the web and am just getting very confused at all the info!!!

Thanks for any help or advice and thanks for your time, much appreciated

You will still need to register with HMRC for MLR.

 

[Sonnu10]

Hello there, I tried to get in touch with you for further assistant but the phone is not working and the email bounced. Is there any other way where i can get further advice please?

 

[davidyates]

Hi everyone

I have a financial services background but am just doing my bookkeeping qualification with the intention of becoming self employed. I have three main questions if anyone can help :

1. What is the scope for a bookkeeping business? I prefer the idea of developing it to the point where if I become busy enough I can either employ or subcontract work but I'm not sure if the fixed fees and hourly rates carry enough margin to make this a feasible working model. For example myself and 3 employees based in an an office premisis. If anyone currently has this working model or feels they could give me some guidance please get in touch.

2. I like the idea of working with someone perhaps as a partnership. Does anyone know the best way to find like minded people in my area. This is Derbyshire by the way.

3. I ran a similar business previously where all work was completed either by telephone, post or online. Apart from occasional visits to client is this a business model that could work withing a bookkeeping business?

Sorry for all the question but if anyone can give me guidance on these that would be great.

Many thanks

David