A question for all you bookkeepers

accountingbod

Hi everyone

I am meeting up with a client next week. My first bookkeeping client! :j
Everything is in place for all bookeeping services for account preparation up to trail balance.

My question is, did you go about sourcing accountants for preparation of your clients end of year accounts or did you leave this to them to find outside of your services?

The person i am preparing the books for is a sole trader with turnover of under 70k.
Moving forwards, I will try to adopt the process of doing business with Ltd companies that will hopefully already have a year end accountant in place.

Thanks

easy

If you already know an accountant who you can recommend, then you can introduce your client to them - then it's up to them whether they engage that accountant.

If you don't know any accountants already, then suggest your client asks around their friends to get recommendations. But I think it's important that you build a relationship with your clients' accountants too. Remember that accountancy firms can be a source of new business for you, if they come to see your work is good.

"Moving forwards, I will try to adopt the process of doing business with Ltd companies that will hopefully already have a year end accountant in place."

Lucky you, if you can afford to be that choosy !!

accountingbod

LOL easy. Reading that back makes me realise that there is some wishful thinking going on!
Of course i would never be choosy for clients regardless of their company set-up, more on the client themselves.

Thanks for your comments though, they are helpful and make a lot of sense

I have contacted one accountant who seems okay and who i think i could form a good realationship with. My only doubt is that several years ago she removed her affiliation with an accounting body for whatever reasons. She is a qualified accountant, just not affiliated with any bodies, so no practicing certificate (which i assume you only need to associate yourself with them? - not to run a practice?)
Any gut feelings on this if that's enough info?

easy

accountingbod wrote: »

LOL easy. Reading that back makes me realise that there is some wishful thinking going on!
Of course i would never be choosy for clients regardless of their company set-up, more on the client themselves.

Thanks for your comments though, they are helpful and make a lot of sense

I have contacted one accountant who seems okay and who i think i could form a good realationship with. My only doubt is that several years ago she removed her affiliation with an accounting body for whatever reasons. She is a qualified accountant, just not affiliated with any bodies, so no practicing certificate (which i assume you only need to associate yourself with them? - not to run a practice?)
Any gut feelings on this if that's enough info?

Ouch this would ring warning bells with me ! I would be quite concerned, why is she no longer a member of any of the accountancy bodies - are you sure she hasn't been 'struck off'. If she has no practicing certificate, it's quite possible she has no professional indemnity insurance either, in which case DON'T TOUCH her. There are plenty of firms out there, don't compromise standards, it will come to bite you later !!

I don't understand, how have you managed to get enough experience to start your own practice without knowing ANY accountants ??

heretolearn_2

Id' be wary of an accountant who has left their regulatory body. It doesn't cost much to keep up your membership and I can't see any benefits from leaving. It's more likely she was 'removed'?

Sometimes our new clients are referred to us by bookkeepers we know but more often the clients just come looking for themselves. What would your client prefer? The bookkeepers that recommend to us have worked with us in the past so they know that their recommendation is a good one. I'd hesitate to get involved in recommending someone you have no experience of at all - if anything goes wrong your client will blame you and there could even be a liability here. Wait until you've worked with a few accountants and then decide which one you are willing to recommend...

accountingbod

Hi Easy and here to learn

My thoughts exactly. I have now spoken to an accountant who is affiliated with ACA and sounds a lot better. He does the same thing with another local bookkeeper and even said they farm some work out so there could be a mutual relationship going forward which would be good. I will be meeting with him next week to get a feel for their practice.

Easy, I am part-qualified ACCA and currently an assistant FC and management accountant. Admittedly this is in industry rather than practice but i do have a great deal of knowledge in keeping books plus i also do a lot of extra curricular reading on tax and company formations etc.. (boring i know... i would rather be reading a good fiction novel!)
I have over 10 years experience in accounts but all industry so no exposure to accountants in a practice sense so it's quite easy not to meet accountants in my everyday work.

Here to learn, thanks for your comments again. I see you post on most of my threads and thanks for the continual feedback

WestonDave

The other point to watch if you are going for qualifications is whether ACCA status puts any restrictions on you regarding professional indemnity insurance and practicing certificates. You probably should have both - at least the former! I know ACA's aren't allowed to do work like this for profit unless they have a practicing certificate and insurance.

Apologies if I'm stating the obvious and you've already got it sorted.

accountingbod

Thanks WestonDave

This has been mentioned to me on here before and has given me the kick.
I have checked with ACCA. You are allowed to prepare up to trial balance without a practicing certificate so i am fine with that. I also now have insurance in place for the work that i would be carrying out.

This way, my studies will not be affected.

Pennywise

heretolearn wrote: »

Id' be wary of an accountant who has left their regulatory body. It doesn't cost much to keep up your membership and I can't see any benefits from leaving. It's more likely she was 'removed'?

I wouldn't be too sure about that.

I'm ACCA and have been seriously thinking about "leaving" the ACCA for a few years now, and it's now a case of planning the "when" rather than "whether". I know of quite a few other ACAs or ACCAs who've already given it up or are thinking about it. It's not just the cost, although that's high enough, it's the regulatory and bureaucratic stupditiy that comes with it. I've just suffered a compliance review - they didn't check any of the actual work I do for clients - it was all about dotting the i's and crossing the t's - the pedantic reviewer came up with all kinds of irrelevant nonsense, but couldn't find a single "breach" of any ACCA rules (much to her disappointment I could tell!) - result being a lot of wasted time. She never even looked at a single client file! I've already removed the "chartered certified" from my signage and stationery to see if anyone would notice/care and so far it's not been mentioned at all and no reduction in potential new clients, so I'm coming to the conclusion that no-one really cares.

So, all in all, I wouldn't necessary read anything bad into a sole practitioner accountant who "gives up" their membership of the ACA or ACCA. It could just be that they (like me) are starting to think of winding down and no longer see the point of paying several hundred pounds per year, and all the other costs/hassle the goes with regulation.

What's more important is reputation and PI insurance. A certificate doesn't mean they are good accountants - it merely means that they have passed the regulatory body's paper-chase.

paulwf

I'd want a £100 finders fee for each client I sourced for an accountant. Or at least a case of champagne at Christmas!

Alternatively you send work their way and they send clients your way. Around here it's quite a close knit community between the bank managers, accountants and commercial solicitors, I'm sure they all go to the same golf club

heretolearn_2

That is interesting Pennywise, ACCA compliance visits are sent to try us, agreed! We always end up with a list of stuff as long as your arm that are just minor quibbles over who opens the post and stuff like that!