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Practice Licence

  • Member
  • Practice Licence
  • 12 posts
  • # 117362

Hi all

Hoping for some advice Smile

 

My situation is: I have had a "practice" for about 5 years after qualifying as AICB and have had a practice licence continually since then. However, this has only ever been very part time, and not particulary fruitfull. I had 3 clients - one has stopped trading, one is my husband, and the other I am not doing much for and am considering stopping as it's not worth my time (very small company and quickbooks does everything for them). 

I am also an employed book keeper and love it, and I'm finding very little time to do anything else on the side. 

My query is, I have just paid for another year of my practice licence, but I'm not sure if it's worth doing any more. Lets say my husband does his own tax return, and I don't do any other bookkeeping, then I don't need one, right? Are there any implications to this if things pick up again in the future? Would I need to keep renewing my Associate Membership as well? 

Basically I'm paying over £300 a year in insurance, practice licence and associate membership but not getting much back....but don't want to just stop having these things if there are any future implications. 

Any advice appreciated. 

  • Member
  • Practice Licence
  • 6 posts
  • # 117364

karendenise81 said:

Hi all

Hoping for some advice Smile

 

My situation is: I have had a "practice" for about 5 years after qualifying as AICB and have had a practice licence continually since then. However, this has only ever been very part time, and not particulary fruitfull. I had 3 clients - one has stopped trading, one is my husband, and the other I am not doing much for and am considering stopping as it's not worth my time (very small company and quickbooks does everything for them). 

I am also an employed book keeper and love it, and I'm finding very little time to do anything else on the side. 

My query is, I have just paid for another year of my practice licence, but I'm not sure if it's worth doing any more. Lets say my husband does his own tax return, and I don't do any other bookkeeping, then I don't need one, right? Are there any implications to this if things pick up again in the future? Would I need to keep renewing my Associate Membership as well? 

Basically I'm paying over £300 a year in insurance, practice licence and associate membership but not getting much back....but don't want to just stop having these things if there are any future implications. 

Any advice appreciated. 


 Hi Karen

Two years ago I was in the same position as yourself, qualified but working through another Book Keeping practice rather than having my own clients. I enjoyed it, but wasn’t getting anything of my own (bar my husbands!) and couldn’t see how I ever would get any. Fate took control however and I was let go from the firm I was working at and I’ve never looked back!  Now I have many clients and I have had to turn some away. I didn’t even put any money to speak of into advertising- just a couple of free ads online, a Facebook page and a local ad in our village newsletter. I think the problem is when you have a comfortable job you don’t focus on getting your own up and running. Personally I would say leave and jump in at the deep end. Having said that, if you really are happy where you are then definitely give up the practice licence and keep just the membership - you can always re-set up a practice again in the future if needed......but have faith, your business will succeed if you jump in fully committed! Good luck with whatever you do x Louise 

  • Member
  • Practice Licence
  • 6 posts
  • # 117365

Louise Ward said:

karendenise81 said:

Hi all

Hoping for some advice Smile

 

My situation is: I have had a "practice" for about 5 years after qualifying as AICB and have had a practice licence continually since then. However, this has only ever been very part time, and not particulary fruitfull. I had 3 clients - one has stopped trading, one is my husband, and the other I am not doing much for and am considering stopping as it's not worth my time (very small company and quickbooks does everything for them). 

I am also an employed book keeper and love it, and I'm finding very little time to do anything else on the side. 

My query is, I have just paid for another year of my practice licence, but I'm not sure if it's worth doing any more. Lets say my husband does his own tax return, and I don't do any other bookkeeping, then I don't need one, right? Are there any implications to this if things pick up again in the future? Would I need to keep renewing my Associate Membership as well? 

Basically I'm paying over £300 a year in insurance, practice licence and associate membership but not getting much back....but don't want to just stop having these things if there are any future implications. 

Any advice appreciated. 


 Hi Karen

Two years ago I was in the same position as yourself, qualified but working through another Book Keeping practice rather than having my own clients. I enjoyed it, but wasn’t getting anything of my own (bar my husbands!) and couldn’t see how I ever would get any. Fate took control however and I was let go from the firm I was working at and I’ve never looked back!  Now I have many clients and I have had to turn some away. I didn’t even put any money to speak of into advertising- just a couple of free ads online, a Facebook page and a local ad in our village newsletter. I think the problem is when you have a comfortable job you don’t focus on getting your own up and running. Personally I would say leave and jump in at the deep end. Having said that, if you really are happy where you are then definitely give up the practice licence and keep just the membership - you can always re-set up a practice again in the future if needed......but have faith, your business will succeed if you jump in fully committed! Good luck with whatever you do x Louise 


 

  • Member
  • Practice Licence
  • 12 posts
  • # 117368

Hi Louise

Thanks for your reply! I absolutely love my job and the people I work with so that's not an option. I don't really want to have more clients of my own right now as I'm loving my employment and the totally flexible hours. 

 

Was just wondering about the practice licence but I think you've answered my question.....that I can just get it again later should I want to. Wasn't sure if I'd have to resit any exams etc 

 

Thanks! 

 

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