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Setting up bookkeeping business advice

  • 05-01-2015 6:47pm
    #1
    FC1
    Registered Users, Registered Users 2 Posts: 8 ✭


    I am looking for some advice on setting up an accounting services/bookkeeping business in the northeast area. I am a qualified accountant (ACCA) with over 14 years experience who has worked both in accountancy practice and in Finance Manager roles. I have always wanted to set up my own business and feel now is the right time to do so.

    I have no interest at this point in time in setting up a practice (although I may in the future) therefore the services I would like to offer are a full bookkeeping service, prepare full management accounts, full payroll service, prepare budgets and cashflow reports, Monitor KPI’s etc. (services as I understand allowed by ACCA to be carried out by members who do not hold a practice cert). I want to provide a quality outsourced Financial controller service to companies who maybe cannot afford (or need ) a full time person. From working in practice I know there is a shortage out there of good bookkeepers. In the practice I worked in we repeatedly got accounts in from bookkeepers (who were charging high rates or on a large salary) who were far from complete or accurate. They provide a very basic service and do not add any value to the business.

    The questions I am hoping you can help me with are as follows:

    • Would accountancy practices be willing to refer their clients to me (clients who need this service) or outsource some of their work to me?
    • Are there any pitfalls that I should try to avoid?
    • Do you have any other advice on how to get quality clients?
    • Software – I think I am going to use sage 50 ( still undecided on this )as its easy to use for clients and myself - although reports on this package are quite poor. Do you have any other software recommendations?
    • Do you have any other relevant advice

    Thank you for your help.


Comments

  • #2
    Immy
    Registered Users, Registered Users 2 Posts: 260 ✭✭Immy


    My advice would be to get a practice cert. I have a small one women practice and I find the profit is in the year ends.


  • #3
    FC1
    Registered Users, Registered Users 2 Posts: 8 ✭FC1


    Immy. Thank you for the advice. I really appreciate your reply.


  • #4
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    It's doubtful practices would refer to you unless you know them. Why would they?

    Secondly, get insurance. As a sole trader you are liable for the information you supply.

    Obviously you should get a practice cert, it will increase what you can supply.

    ACCA offer to approve prior learning if you can get a previous company to verify you. They would have to become ACCA approved though.


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