Setting up accountancy business
Discussion
I am a qualified accountant who worked in industry for c9years then moved to banking and have been lending money to SME businesses and property developers/investors for c5 years.
I have excellent skills and experiences in cash flow analysis, management account production/analysis, forecasting/budgeting, strategy formulation and execution, acquisitions and disposals and succession etc. clearly not so hot on actual account perpetration - which is where I would need to develop my skillset.
I would like to set my own accountancy business up - initially focusing on property developers/investors but I would be keen to find a mentor who could provide me with some guidance/advice and who would potentially have the opportunity to earn some money from work I generate also.
I just wondered if anyone had any experience or advice? If I approach local accountants are they really going to be willing to help somebody new enter their market?
I have excellent skills and experiences in cash flow analysis, management account production/analysis, forecasting/budgeting, strategy formulation and execution, acquisitions and disposals and succession etc. clearly not so hot on actual account perpetration - which is where I would need to develop my skillset.
I would like to set my own accountancy business up - initially focusing on property developers/investors but I would be keen to find a mentor who could provide me with some guidance/advice and who would potentially have the opportunity to earn some money from work I generate also.
I just wondered if anyone had any experience or advice? If I approach local accountants are they really going to be willing to help somebody new enter their market?
Babber101 said:
I am a qualified accountant who worked in industry for c9years then moved to banking and have been lending money to SME businesses and property developers/investors for c5 years.
I have excellent skills and experiences in cash flow analysis, management account production/analysis, forecasting/budgeting, strategy formulation and execution, acquisitions and disposals and succession etc. clearly not so hot on actual account perpetration - which is where I would need to develop my skillset.
I would like to set my own accountancy business up - initially focusing on property developers/investors but I would be keen to find a mentor who could provide me with some guidance/advice and who would potentially have the opportunity to earn some money from work I generate also.
I just wondered if anyone had any experience or advice? If I approach local accountants are they really going to be willing to help somebody new enter their market?
Hi BabberI have excellent skills and experiences in cash flow analysis, management account production/analysis, forecasting/budgeting, strategy formulation and execution, acquisitions and disposals and succession etc. clearly not so hot on actual account perpetration - which is where I would need to develop my skillset.
I would like to set my own accountancy business up - initially focusing on property developers/investors but I would be keen to find a mentor who could provide me with some guidance/advice and who would potentially have the opportunity to earn some money from work I generate also.
I just wondered if anyone had any experience or advice? If I approach local accountants are they really going to be willing to help somebody new enter their market?
Your skills appear to be in management accounting rather than tax (which is what most one-man bands tend to offer). Are you ACA/ACCA qualified? Unless you have a certain amount of experience in preparing accounts I'm not sure how you're going to start up on your own.
Will you need a practising certificate?
What kind of services are you offering? People will likely want a one stop shop, so what's your tax knowledge like?
Do you plan to do statutory accounts? Always things changing and keeping up to date is not easy.
As noted above, small accounting businesses are generally tax biased or just processing/basic management accounting IME. Can't imagine the latter is a great earner due to competition these days.
I can't see mentoring really working. You may be better getting a job with a smaller firm and developing skills and experience initially.
What kind of services are you offering? People will likely want a one stop shop, so what's your tax knowledge like?
Do you plan to do statutory accounts? Always things changing and keeping up to date is not easy.
As noted above, small accounting businesses are generally tax biased or just processing/basic management accounting IME. Can't imagine the latter is a great earner due to competition these days.
I can't see mentoring really working. You may be better getting a job with a smaller firm and developing skills and experience initially.
My wife has a similarish business...she started on her own having worked in the legal sector for many years...it was very slow for a few years, five years down the line she is bombed out but most of her work comes as referrals from banks/legal contacts.
You will need PI insurance and have to subscribe to some money laundering stuff that you have to pay for.
Doing end of year/management accounts wouldnt be anything like the most lucrative work, I would imagine raising fianance in the SME sector would be more so??
There's this sort of thing http://www.aims.co.uk/
Not sure if anyone has had any contact with them? Franchise type arrangement?
Not sure if anyone has had any contact with them? Franchise type arrangement?
Thanks for all your replies - much appreciated.
I am a CIMA accountant - I accept my tax and stat accounts experience aren't upto scratch which is why I recognise the need to partner/buddy up with someone who does have that experience. I think my experience would complement a more traditional accountants very well and we would both learn from each other.
I do need pi and a practicing certificate - cima do issue the certs and there are plenty of cima accountants who have never worked in practice who have set up their own accountancy practice.
Appreciate this isn't going to be an overnight success so appreciate your comments as it helps shape my thoughts!
I am a CIMA accountant - I accept my tax and stat accounts experience aren't upto scratch which is why I recognise the need to partner/buddy up with someone who does have that experience. I think my experience would complement a more traditional accountants very well and we would both learn from each other.
I do need pi and a practicing certificate - cima do issue the certs and there are plenty of cima accountants who have never worked in practice who have set up their own accountancy practice.
Appreciate this isn't going to be an overnight success so appreciate your comments as it helps shape my thoughts!
Being brutal, if you aren't best friends with UK GAAP, IFRS, the companies act and ICTA, then you are not going to be good at compliance work. If you sell that, you risk taking time to do, or worse, making an error and costing you money.
If your skill set lies with cash-flow, Sox compliance, processes, pricing, commercials and legals then you should sell that to the right customer wanting that service. Set yourself up as consultant maybe, do some contracting, get your name around.
As noted, even with all the social networking in the world today, once you have someone saying in person to another, use person X, and they do a good job, you will never be short of work.
Good luck.
If your skill set lies with cash-flow, Sox compliance, processes, pricing, commercials and legals then you should sell that to the right customer wanting that service. Set yourself up as consultant maybe, do some contracting, get your name around.
As noted, even with all the social networking in the world today, once you have someone saying in person to another, use person X, and they do a good job, you will never be short of work.
Good luck.
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