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Help Please - Exiting the safe world of employment and going it alone!

  • 8 posts
  • # 115208

Hi Everyone

I'm after a bit of advice please. I have worked for a Veterinary Group as their bookkeeper/Financial Controller for the last 20 years. Recently they got taken over by a Corporate and Corporate Life just isn't for me.

During my time there I have been responsible for all aspect of the Company's financial business including preparing monthly management accounts. Accountants were only used for the Annual accounts.

Qualifation wise I gained my AICB a few years ago and I'm now picking my studies up gain.

On hearing that I was thinking of setting up on my own the accountants have been in touch with a potential client. The trouble is the company is Limited.

So I was after advise on:

1.  whether or not I can take this on yet

2. Can I get a Practice Licence when I'm only AICB

3. What the hell do I charge!?

Sorry there are so many questions but it's all happening so fast.

 

Many thanks in advance

Nikki

  • Member PM.Dip
  • Practice Licence
  • 40 posts
  • # 115235

Hi Nikki, 

Congratulations on setting up on your own.

Regarding your points I'll answer no. 2 first - check with ICB as the qualifications changed a little while ago, think there was a merge between the old level 2 and 3 before qualified as AICB but worth checking if you can still gain your practice licence or will need further exams.

No. 1 - if you have your practice licence as AICB you can take limiteds to trial balance and if they have an accountant this is possibly what they want?  

No. 3 - no easy answer to what you should charge.  Some are going with fixed fees but quite difficult to start with if you don't know how much work is involved. Also where would the work be carried out - on site or remotely, what software are they using.  I still use hourly rates for most of my clients, just make sure you don't underprice yourself!

Hope that helps a little

Jackie

  • Associate
  • Practice Licence
  • 38 posts
  • # 115370

Hi Nicky

 

I'm also going it alone. I'm due to launch my practice on 1st August. Good luck. I'm here if you want to link up as it's good to have buddies in the same situation. 

 

Best wishes, Naomi. 

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