Forum

topBanner
First Previous - Page 1 of 1 - Next Last

ACCA v ICB - should I make the switch?

  • 3 posts
  • # 85994

Dear all

I need some advice on the best way forward... I have decided to set up on my own and have 10 years post ACCA qualification experience in practice.

I would like to offer bookkeeping services/management accts prep/ personal tax returns and financial accounts to a draft stage (with the idea of then passing on to a firm of accountants to put through their systems/do the corporation tax as although I could do this I dont want the hassle of having to keep up to date with corporate tax issues and disclosure in the accounts).

But I need to know whether to apply for my practicing cert through ACCA or whether to qualify under the Institute of Certified Bookkeepers? I feel as though I could do the ICB qualification pretty quickly and it would offer me the support and training I will need but would then cease to be ACCA qualified.

Its such a big step deciding to switch from one to the other and I dont want to shoot myself in the foot doing the ICB qualification when I could have stuck with the ACCA and maybe commanded higher fees from clients?

I seem to have hit a brick wall and am looking for help and advice from anyone who may have made the switch or whether its better to obtain my practising cert through ACCA??

Any advice most appreciated,

Chicka
BKNShamus
  • 10 posts
  • # 85995

Chickasaid:

I need some advice on the best way forward... I have decided to set up on my own and have 10 years post ACCA qualification experience in practice.


hope that I'm not upsetting any applecarts by mentioning other bodies here but considering the magnitude of what you would be giving up here at least before jumping to one ship consider all of the others that are in the harbour.

I can fully understand the issue over your ACCA membership (especially regulation 8) placing retrictions on you but if you have full ACCA membership remember that there are other accountancy qualifications that one could consider as well as the bookkeeping ones.

Try plugging this search into google which will take you to lots of posts from people who have had similar cunundrums.

site:www.book-keepers.org.uk ACCA bookkeeper

If you feel that you would like to post the same question over there I will answer it properly there rather than mentioning other bodies here.

kind regards,

Shaun.

p.s. hope that posting that search doesn't get me banned.

  • Answers given are for outline only and formal advice should be sought from a suitably qualified Accountant.

  • Quote
BKNShamus
  • 10 posts
  • # 86003

James @ ICBsaid:

You could always keep up your ACCA registration so that if you decide to go back into an accountant role you can continue, or you could join one of the alternate accounting bodies that Shuan will probably mention.


Hi James,

seems strange chatting to you on this side of the fence.

only ended up here by accident due to reference to my "convince me that I don't need Sage" post on the BKN site and I promise not to try stealing any of your posters (really not my intent at all and we've got plenty of our own without trying to poach anyone elses). Anyway, I will promise to retreat back to my BKN lair imminently.

I didn't want to talk about all the other options over here as it doesn't seem the right portal for it (lets be honest, it's a bit cheeky coming to an ICB site and saying but you don't want that you want this).

On the keeping up the ACCA registration there is always the regulation 8 issue that sits as an elephant in the corner of the room.

Provided that Chika keeps within the remit of bookkeeping to trial balance, VAT and Payroll work with no advice, tax work (self assessment excepted now I believe), final accounts or filing then you could run ACCA and ICB side by side but as we've discussed before, I hit real problems trying to restrict my own services on that path and ended up having to reinvent my practice  basically working under a chartered accountant until I am able to hold an ACCA practicing certificate myself.

kind regards,

Shaun.

p.s. don't know if there is an issue with this site or something that I am doing wrong but I can only post if I quote from a previous thread. I'm using Firefox V16.0.1.

  • Answers given are for outline only and formal advice should be sought from a suitably qualified Accountant.

  • Quote
BKNShamus
  • 10 posts
  • # 86004

James @ ICBsaid:

“Hi Shaun,

Welcome back Smile

You wont get in trouble, as I say everywhere the ICB is about representing the industry and recognises that obviously the ICB is not the only option, and is not always the best option (mostly, but not always Wink) ”
Agreed.

The thing about this one particular case was that the poster holds the ACCA qualification and I just worry that if they give it up could prove a very expensive mistake if later they want to get it back.

If Chika can work within the remit of regulation 8 and maintain dual memberships then ICB would be a good option.

My experience however from client facing situations is that all too often one is put in a situation where it would be so easy to cross the line as to what is allowed by the ACCA and what is not.

One major issue that I found was that clients make serious mistakes and you cant to tell them that they are doing it all wrong and costing their company money as to open one's mouth in that scenario is giving advice and would lose one their heard earned ACCA qualification.... And to not open one's mouth is against our ethical duty to the client....

Self employment and dual membership can be a complete minefield. But, as you indicate, if you can get the balance right and not be put in a position of conflicting duties to the client then it could prove beneficial espechially in opening up additional networking opportunities.

At the end of the day Chika faces a real cunundrum that only Chika will ultimately be able to decide what route to take. All that we can do is try to ensure that the best information is abvailable for the making of that decision which I know is a very difficult one.

Anyway, I should be wading through some accounts at the mo. Talk later James,

kind regards,

Shaun.

  • Answers given are for outline only and formal advice should be sought from a suitably qualified Accountant.

  • Quote
  • 3 posts
  • # 86038

Many thanks to everyone for your advice-it is most appreciated.

I have decided to stick with ACCA and obtain my practising certificate as based on the work I want to do and advice I want to give it appears more relevance,

Chicka
First Previous - Page 1 of 1 - Next Last
bottomBanner
loading