ACCAs and Entrepreneurism

pog it

Hi all,

I'm not sure if this has been asked before. I'm setting up my own business and brand and expect it to be successful.
I had considered doing the ACCAs a few years ago as a useful qualification to have but didn't do them as I didn't and don't intend on a career in accounting or finance.
For the first while of my new set up I'm happy to do the books myself and just wondered if the ACCAs would be a help to me?
Has anyone done this before for the same reasons?

jimmii

I was in the same position and have done the books for the last year and a bit but plan on handing it over to an accountant at some point as we expand. I don't think there is really any need to go and get any sort of qualification in it unless you plan on doing the accountants full time when the company takes off instead of actually running the company! Maybe do a course at your LEO in bookkeeping as that will cover the basics and as long as you are reasonable at math you will find it relatively straight forward. Once things take off you let someone else do the accounts so you can focus on growing the company further.

pog it

Are any of those local Enterprise Board accounting for business courses any good?

jimmii

In general the feedback across the board seems to be pretty good it is of course going to vary from one to the next some what but they do seem to get decent people in to run the courses.

pedroeibar1

pog it wrote: »

Hi all,
..........For the first while of my new set up I'm happy to do the books myself and just wondered if the ACCAs would be a help to me?
Has anyone done this before for the same reasons?

I'd actually question the logic of that. The mindsets of an entrepreneur and that of an accountant (of any description) are different. Also, in a start-up, you should be developing your business, not studying for exams.

All entrepreneurs should be able to understand a BS, P&L and most importantly a CASH FLOW statement. After that, concentrate on building running your business, leave the accounting to a back-room guy, and then, when it is BIG you can talk to and discuss finance with the accountants and understand what they are talking about and not be deterred by mumbo-jumbo.

I'm sure you could get a much better return on your time and money elsewhere.

You don't have to be an accountant to put a bit of order on your basic accounts or to understand the principles of cash flow.