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Accounting services set up - ACCA accountant

  • 31-03-2017 11:20am
    #1
    manatoo
    Registered Users, Registered Users 2 Posts: 406 ✭✭


    Hi all

    I've been increasingly interested in the idea of setting up some kind of an accounting services business. Just the low end stuff - sole traders, individual financial statements prep, VAT returns, payroll services, CT/sole trader annual revenue returns, loan applications etc.
    Initially I would plan on working at it part time from home until the revenue stream was sufficient to leave my job and work at this full time.
    I am fully ACCA qualified and my membership is current however I work in financial markets and for that reason I'm not familiar with the processes involved in this kind of work. While I fully understand double entry accounting and financial statement components etc I wouldn't be familiar with the packaging of a set of financials for a sole trader, what his regulatory deadlines would be, the setting up of ROS to file returns on his behalf etc etc.

    Would anyone have any advice or ideas about how best to go about this? If I was to purchase Sage, CollSoft, etc would it be something I could learn quickly? Maybe someone in the same boat or a bit further down the line of making it a success? I'd much appreciate any advice and obviously it goes without saying that I wouldn't tread on anyone's toes business-wise!

    Thanks


Comments

  • #2
    ebbsy
    Registered Users, Registered Users 2 Posts: 7,071 ✭✭✭ebbsy


    There is no such accounts that are low level.

    Bud everybody will have different vat returns approach and period date wise. Some are on a cash receipts basis and some on an invoice basis.

    Whatever you produce cheques will be written to pay liabilties. Your work will be handed over to auditors. Will it be correct?

    I've been in practice for 20 years and have seen a lot of first time bookkeepers make a hames out of it.

    Look for some experience in practie perhaps, it will give you a fantastic grounding, or get a lot of training first.

    And good luck.


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