Switching from Industry to Small Practice

GandhiwasfromBallyfermot

Hi, ACA qualified accountant here, about 4 years post qualification. I've gone the usual route of straight out of college going into a 3.5 year training contract in big4 in Cork then straight out of that into a Financial Accountant role in one of the MNCs after I finished the training contract.

I've always done accounts and bookkeeping on the side as a nixer for a few mates with their own businesses and I've actually enjoyed this element of accounting way more than when I was in big4 audit or in my current job. Because of this I've had an itch for the last while to make the move to a small practice to see if I'd enjoy the work and get a chance to do sole trader, farm, small LTD accounts etc. I'm willing to take the pay cut but I'm wondering would I be crazy to give up what is a good, well paying job that I'm in at the moment with good opportunity for promotion.

Just looking for anyone else's experience who have made a similar move and to see how it worked out for them?

Jim2007

Well I think you are pretty crazy to admit on a public forum that you are in breech of of professional standards and guidelines to start with! Offering your services to the public, signing and submitting documents etc... could land you in serious trouble. I'm telling you this because I have seen it happen, they mates were very happy with the cheap services, until they weren't when an expensive mistake was made, suddenly the mates were clients with a good solicitor behind them and it cost they guy I know almost 30k in compensation and with no insurance it came out of his own pocket.

There are plenty of members who make a very good living in practice, so it is not as if you are committing yourself to a live of poverty or something. Now is the time for you to gain experience and find you niche, so give it a try and may be a couple of other things as well before you decide to settle down into one area. You've got about 30+ years a head of you and it is going to be far easier to go through these years if you are doing something that really interests you than if you are bored out of your brain.

GandhiwasfromBallyfermot

https://www.boards.ie/discussion/comment/119271380#Comment_119271380

Cheers for the advice, I've only done a bit of bookkeeping and the odd management accounts, I make sure not to sign anything or submit any returns or filings. They use someone else for that.

Appreciate the advice anyway, might make the move and see what its like, especially with the way the jobs market is at the moment plenty of opportunities in the industry.

Jim2007

https://www.boards.ie/discussion/comment/119271580#Comment_119271580

As they say: No good deed goes unpunished.

helping mates and doing business with relatives, often blows up in your face. They are your mate when they are getting something from you and your client if things go wrong.