Bookkeeping & Work...

M

Michael8

Guest
Hi,
I have been thinking of providing a bookkeeping service for small businesses or sole traders for the last few weeks and if somebody could offer advice or answer any of my queries that would be super.
A brief summary of where I'm at in my career:
2000-2003: Diploma in Financial Management
2003 - 2006: Trainee Accountant in practice
2006-2008: Assistant accountant in industry bringing accounts to trial balance, AP, AR, payroll (30) etc etc
2008 - present: Management Accountant in industry, only CFO over me. Responsible for monthly Mgmt accounts, AP, AR, payroll (30), revenue returns, cashflow etc etc.
I am not fully qualified but have about 7 exemptions in both ACCA & CIMA although I have no great need to complete them yet.

I would ideally like to get 4 or 5 small clients to work on in the evenings and weekends as I work 9-5 Mon - Fri.

My questions/queries:
1. If I start advertising or sending letters out to local businesses do I need to register with the revenue?
2. If I plan to put aside 3 evenings and 1 day on the weekend how many clients could I be expected to manage?
3. Since I am in full time employment and would not be able to go out to clients premises during the day, would I be better off buying an accountancy package or a payroll package or would they be expected to supply that?
4. What sort of fees would I charge considering I would create a big saving in accountant fees as I used to bring accounts to TB when I worked in practice and seen at first hand some of the "records" clients handed in completed by their "bookkeeper" !

I have more questions but I'll wait for some feedback first before I go any further.

Thanks in advance,

Michael
 
1. Yes
2. Depends on the level of work required by the clients
3. Again it depends, I run an accounting/auditing practice, some of my clients use their own package and others use mine.
4. Play it by ear, but rates of between 15 - 20 seem popular, others charge more, some charge less, decide what YOUR time is worth.

Best of luck, its not as easy as you think and if you decide to go on and do professional exams, you will see time disappear.
 
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i am in the process of looking for a book keeper / accountant that does'nt charge an arm and a leg....

will be starting off at a very low level of work required...
 
prices.

i have been querying the prices for basic accounting services, and prices varied from €950 to €2200, which are very expensive considering the level of work required.

am i correct in thinking, that as a small ltd company with a low turnover, and availing of audit exemption that i could look after things myself, in terms of cro filing, etc, tax returns, etc ?

thanks
 
If accountancy and tax compliance fees are likely to bother you, don't form a limited company. If you're a sole trader, your compliance burden is a lot less and if you make mistakes, they are generally a lot easier to resolve. On the other hand, with a company, if you mess up your CRO filing obligations, you are likely to end up with significant additional hassle and expense.

If company accounts preparation, CRO compliance, tax planning and corporate, employer and personal tax returns were so easy and straightforward, everybody would be doing these tasks themselves.
 
Michael8 said:
2. If I plan to put aside 3 evenings and 1 day on the weekend how many clients could I be expected to manage?
3. Since I am in full time employment and would not be able to go out to clients premises during the day, would I be better off buying an accountancy package or a payroll package or would they be expected to supply that?
Click to expand...

Don't be under any illusions, clients will expect you to be available to contact them, and take calls from them, during the working day. Many clients will not appreciate taking business-related calls in the evenings or at weekends. Clients will also expect you to be able to contact Revenue on their behalf with various queries that arise from time to time. You normally won't get through to Revenue offices early in the morning or after 5.00 or 5.30 in the evenings, particularly if your query is a general one.
 
Thanks T.Gibney

I have my own office at work and could easily set aside an hour or two a day if needs must (without my employer knowing!) so that wouldn't be a problem.
It's just getting started and getting some clients would be the difficult part IMO
 
Getting your first client will be the hardest. I think that personal contacts are the best way of sourcing work, at least until you're well set up. Advertising can be expensive and I'm not sure if it is best option for a brand-new startup. If it is effective, you could end up being snowed under with work before you find your feet. If your adverts lack credibility, or give an impression of desperation on your part, this can hurt your reputation in the long term.

You will need to be able to convince prospective clients that your employment circumstances will not impact on your capability to provide them with a service, on a consistent and sustainable basis.

In addition, if I were you, I would be very, very hesitant to do any of this work on your employer's premises, or on their time, or using their facilities.

Otherwise, good luck with your plans.
 
Update us with progress as to how you're getting on. Everyone is looking for more competitive quotations these days.
 
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