Setting up your Bookkeeping/Accounting Business with Teresa Clarke

Good evening everyone, and welcome to the latest ASN FREE Q & A session with Teresa Clarke. Tonight’s Q & A is on Setting up your bookkeeping/accounting business. If you have any questions, please post as a comment below. Please be aware, if any questions are left unanswered, then they will be answered at a later time. And thank you all for participating…..now over to you, who has the first question?

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Teresa Clarke
Teresa Clarke Good evening !
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James Gilleade-Smith
James Gilleade-Smith Good evening
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Wren Bull
Wren Bull Evening all
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Tamara Salter
Tamara Salter My question is how to decide when is the best time to start your own business and how to go about it! I have the AATQB qualification but have not yet applied for a licence. My intention is to complete my AAT L4 first including both tax modules. But once I have done that I am not sure where to start!
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Teresa Clarke
Teresa Clarke Yes, I would suggest that you get your Level 4 first, then get your MAAT registration then your practising license.
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Natasha Everard
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James Gilleade-Smith
James Gilleade-Smith Is there a tick list of some sorts that helps you with the things you will need to get started?
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Teresa Clarke
Teresa Clarke No, but it would be a good idea.
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Teresa Clarke
Teresa Clarke Perhaps we could devise one.
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James Gilleade-Smith
James Gilleade-Smith That would be nice if there was something. Last thing I want to be is not complient.
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Natasha Everard
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Tina Wright
Tina Wright Hi Teresa, I’m interested in doing my book-keeping on self employed basis where do I start?! Thanks
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Teresa Clarke
Teresa Clarke Get your qualification first and get registered with AAT or a similar professional body.
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Tina Wright
Tina Wright Ok I am member of IAB & studying AAT L4 and work in accts
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Natasha Everard
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Colin Paul
Colin Paul Good evening 😊

I am about to set up my own bookkeeping business in the next few weeks.…See more

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Teresa Clarke
Teresa Clarke I would suggest that you use free advertising, in the form of local shop windows. Also charity magazines and such like. Don’t go spending too much money initially. I have a Facebook page but not many clients come via that. Most will come via word of mouth once you get started.
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Colin Paul
Colin Paul Thanks Teresa. I will try that approach.

Oh, just another quick question.

Is a website vital for my business, or just take business cards/ flyers to local businesses, say within a 10 mile radius of where I am based?

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Natasha Everard
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Yulia Taylor
Yulia Taylor Hello. I also would like to know what preparation should be done for start bookkeeping business ( licenses, insurance etc) and how much could it cost for start (all legal costs plus insurance).
Thank you
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Teresa Clarke
Teresa Clarke You would need your AAT licence or from a similar professional body. They would also recommend an Professional Indemnity Insurance which should cost around £100 per year. There would be no legal costs to start up on your own.
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Yulia Taylor
Yulia Taylor Thank you Teresa, where better to look for insurance provider? And also what registration should be done before? As I guess it should be self employment registration and also with HMRC. But maybe anything else?
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Teresa Clarke
Teresa Clarke AAT have a recommended insurer, so check out their website and ask for their advice on this. Registration with HMRC when you start self-employment is really easy and you do this online.
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Yulia Taylor
Yulia Taylor Thank you very much. I will look at aat website for insurance provider.
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Natasha Everard
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Tamara Salter
Tamara Salter What software would you recommend to start with? Xero seems to be the preferred option for a lot of bookkeepers now
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Teresa Clarke
Teresa Clarke Whichever you prefer. I like Quickbooks. However, most clients may use only spreadsheets, so be familiar with those.
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Tamara Salter
Tamara Salter Teresa Clarke I am very good with spreadsheets!
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Natasha Everard
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Yulia Taylor
Yulia Taylor Also with registration as self employed without office would you use home address for business?
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Teresa Clarke
Teresa Clarke Yes. I have used my home address for 18 years – it keeps the costs down.
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Yulia Taylor
Yulia Taylor Thank you very much.
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Natasha Everard
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Nicole-Louise Inker
Nicole-Louise Inker Evening. In regards to setting up a bookkeeping/accounting business, are AAT qualifications sufficient in starting a business, or is it best to wait and build experience over a period of time beforehand?

Always dreamed of doing self employment once I finished my AAT qualifications but feel a bit like deep water is above my head and no idea where to start.

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Teresa Clarke
Teresa Clarke Yes. I am FMAAT and have been in business for over 18 years!
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Nicole-Louise Inker
Nicole-Louise Inker Oh wow. Thank yoi for answering. Feels like a long road ahead! How did you find was best to start up? Simply approaching clientele or offering discounted prices to build a portfolio or? I worry that I would be too inexperienced for clientele to start up immediately after finishing AAT levels. X
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Teresa Clarke
Teresa Clarke Nicole-Louise Inker Don’t under-sell yourself. Go out there with confidence and don’t offer too many discounts. You don’t want to be seen as the cheap option.
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Nicole-Louise Inker
Nicole-Louise Inker Thank you very much Teresa for answering! Has been a huge help and a great insight. 🙂
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Natasha Everard
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Wren Bull
Wren Bull Hi Teresa, I was wondering what’s the most common mistake that new start up bookkeepers make?
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Teresa Clarke
Teresa Clarke Spend too much on advertising and imagine that clients will come in quickly. It takes time to grow your business.
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Natasha Everard
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Alma Vaitkute
Alma Vaitkute Evening, my question would be, once you set up, how do you know what to charge? They say charge per job and not per hour but how do you know how much?
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Teresa Clarke
Teresa Clarke You need to research the prices in your area, but bookkeeping is usually around £15-£20 per hour, whereas end of year accounts are usually per job.
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Natasha Everard
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Yulia Taylor
Yulia Taylor Also how to get first clients? Where better to advertise your business?
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Teresa Clarke
Teresa Clarke Free or cheap advertising is the best and it is also where other small business will advertise and look. Local shops, local magazines, maybe a Facebook page, Linkedin page and local charity magazines.
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Yulia Taylor
Yulia Taylor Thank you very much.
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Natasha Everard
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Tamara Salter
Tamara Salter Would you recommend concentrating on sole traders to start with?
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Teresa Clarke
Teresa Clarke Most definitely. Sole traders and small partnerships is a good place to start. Don’t over-stretch yourself. Your confidence will build when you have completed some smaller jobs.
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Natasha Everard
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Teresa Clarke
Teresa Clarke Don’t give up any ‘day-job’ in the anticipation of a quick growing business – it takes time and is alot of hard work. Be prepared to work odd hours, weekends etc. Your small business clients will appreciate these and won’t get this service from a larger accountancy firm.
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Tamara Salter
Tamara Salter How did you get your first client?
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Teresa Clarke
Teresa Clarke Mine came because friends knew I was studying and were self-employed. Then came their colleagues and friends and the word spread.
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Natasha Everard
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Tina Wright
Tina Wright I’ve heard the way to go is Cloud accounting software which I’ve never used; do you think its worthwhile doing bit of crash course in this? I use Sage at the moment
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Teresa Clarke
Teresa Clarke If you use Sage you will be able to use Sage cloud-based very easily. It is the way forward if you are intending to help with book-keeping. If you know Sage, you won’t need to learn more, just get a free demo and have a go.
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Natasha Everard
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Yulia Taylor
Yulia Taylor Did you set up your own website or just use Face book?
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Teresa Clarke
Teresa Clarke They came later. I do have a Facebook page, and just a webpage. However, my clients come from local advertising generally.
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Yulia Taylor
Yulia Taylor Thank you, Teresa. You mention charity magazines, where usually you can find them?
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Teresa Clarke
Teresa Clarke Yulia Taylor I have contact with local animal charity magazines who put out newsletters. I am sure local scout and football clubs, plus church groups must do the same.
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Yulia Taylor
Yulia Taylor Oh it is a great idea. Thank you very much
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Natasha Everard
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Anita Cooper
Anita Cooper Hi. How many clients do you need to attract to make a business successful, if you are concentrating on sole traders? I know it would depend on how big their business is, but are you able to say roughly?
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Teresa Clarke
Teresa Clarke How long is a piece of string really. It depends on how much you want to earn. I stayed working part-time for many years, working approximately 2 days a week and earning just over £10,000 as I had other jobs/businesses. However, I have now expanded because my son has joined me as an accountant, so we need to get quite a few more clients to support us both !
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Natasha Everard
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Alma Vaitkute
Alma Vaitkute Teresa, do you just ask your clients whether they want their services done via let’s say sage or on the spreadsheets, or do you just say, I work on sage and that’s it?
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Teresa Clarke
Teresa Clarke If you are doing bookkeeping for them, it depends on the facilities where you are going to work. If you are going to work at their premises you will need cloud-based or whatever they have available. However, many prefer spreadsheets because they can take some responsibility in understanding their business activities with those.
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Natasha Everard

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Steph Reynolds
Steph Reynolds Would you recommend starting a new business as as sole trader or limited company?
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Teresa Clarke
Teresa Clarke Definitely a sole trader. There is no tax benefit to being a limited company and it will put off some smaller clients. The costs for your would significantly rise too.
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Natasha Everard
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Teresa Clarke
Teresa Clarke Be prepared to visit your clients in the evenings and at weekends, or to invite them to your home office. This will give you a unique selling point over other local accountants/bookkeepers.
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Steph Reynolds
Steph Reynolds Do you have to have special home insurance to have visitors come to your home?
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Teresa Clarke
Teresa Clarke You need to check your home insurance policy. Most will cover occasional visitors to your home, but be careful to have cover just in case someone slips over on the floor you just mopped.
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James Gilleade-Smith
James Gilleade-Smith What if I have my home as my work, but don’t have an office room because it’s a one bedroom house. Would that matter at all?
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Teresa Clarke
Teresa Clarke James Gilleade-Smith No, but it just makes it difficult if you want clients to visit you. You could perhaps set up an area at your kitchen table, or you would need to visit clients at their premises only.
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Natasha Everard
Natasha Everard I only visit the couple i have…then bring their work home.
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James Gilleade-Smith
James Gilleade-Smith The house is so small Theres no room for a kitchen table. The main room is the front room really.
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Natasha Everard
Natasha Everard I have my macbook i do mine on so minimal room 🙂
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Tamara Salter
Tamara Salter We do have a small spare bedroom that is used as a study but my husband has set that up for himself (he is a teacher and does a lot of work in the evenings & weekends). Not sure if he is ready to share!
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Teresa Clarke
Teresa Clarke Tamara Salter Go on, persuade him !
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Tamara Salter
Tamara Salter Teresa Clarke I usually have to bribe him with food to get him to do anything so I may have to brush up on my baking skills!
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Natasha Everard

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Teresa Clarke
Teresa Clarke Make yourself an office at home. If you don’t have a special room, make this an area of your dining room or similar. You will need a workspace.
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Alma Vaitkute
Alma Vaitkute Is there some blogs, websites, groups you follow to keep up to date and get advise from other bookkeepers?
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Natasha Everard
Natasha Everard Watch this space….we have some exciting updates to announce very soon 🙂
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Teresa Clarke
Teresa Clarke Natasha Everard Thanks for that !
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Yulia Taylor
Yulia Taylor Great!
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Tamara Salter
Tamara Salter Sounds exciting 🙂
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Natasha Everard
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Tamara Salter
Tamara Salter What about when you go on holiday or will be unavailable for any reason, do you advise your clients in advance?
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Teresa Clarke
Teresa Clarke Yes. If you are going to be unavailable for a long time due to illness, your AAT licence required you to have cover from another accountant. This is easy to sort via AAT. Otherwise your clients will wait for your return.
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Natasha Everard
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Yulia Taylor
Yulia Taylor How to deal with clients who wants have more service and advice than they pay for.
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Teresa Clarke
Teresa Clarke Basically some clients do need more hand-holding. You do what you can, but if it gets excessive then I would suggest charging them. However, most people expect to pay for what they get, they are in business too.
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Yulia Taylor
Yulia Taylor Thank you
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Natasha Everard
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Tina Wright
Tina Wright Do you find there is still a demand for purely book-keeping or do majority prefer you to do accts too?
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Teresa Clarke
Teresa Clarke Both. But start with the bookkeeping and then progress to end of year accounts when you feel ready. If you are studying to Level 4, you will be able to do full accounts and tax return too !
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Natasha Everard
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Steph Reynolds
Steph Reynolds Do you find running your business particularly stressful compared with working for someone else?
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Teresa Clarke
Teresa Clarke I have always run businesses and yes, sometimes it is stressful, but you are in control. It is your business and the pressures are yours. If you work for someone they can cause you stress and you can’t control it. Working for yourself give you more freedom and more control.
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Steph Reynolds
Steph Reynolds I like the sound of that! I have also wondered, is it quite lonely working for yourself at home as opposed to having office colleagues, or does interacting with clients help?
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Teresa Clarke
Teresa Clarke Steph Reynolds I love working on my own some of the time, but then you get to meet all sorts of interesting people from all sorts of business. Loneliness doesn’t really come into it for me.
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James Gilleade-Smith
James Gilleade-Smith Teresa Clarke when you first started, were you already in the business working for a company or did you get qualified and jump straight in?
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Tamara Salter
Tamara Salter Steph Reynolds I work at home a few days a week in my current role & I actually like it as you avoid office politics and the constant background noise you get in open plan offices.
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Teresa Clarke
Teresa Clarke You certainly do. Peaceful office space until you visit a client or they come to you, and that is always on your terms and at a time to suit you.
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Natasha Everard
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Yulia Taylor
Yulia Taylor What expenses should we consider as bookkeepers?
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Teresa Clarke
Teresa Clarke If you are working from home – motor expenses to travel to your clients, your computer, printing, AAT or similar membership, insurance etc. However, if you are visiting clients, your costs are minimal. As accountants, we don’t really have loads of expenses.
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Yulia Taylor
Yulia Taylor Thank you
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Natasha Everard
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Alma Vaitkute
Alma Vaitkute Teresa, do you just send invoices to clients specifying the services given and the hours worked?
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Teresa Clarke
Teresa Clarke No. First of all I send a letter of engagement. If you have studied Professional Ethics, think about the Client Due Diligence procedure. We check the identify of the people involved, send out a letter of engagement specifying the services and the co…See more
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Alma Vaitkute
Alma Vaitkute thank you Teresa. I will have a look
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Yulia Taylor
Yulia Taylor Teresa Clarke brilliant advice. Thank you
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James Gilleade-Smith
James Gilleade-Smith I will definately be looking at the template engagement letter.
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Yulia Taylor
Yulia Taylor If somebody find it, please share link with all of us.
Cannot find it still
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Alma Vaitkute
Alma Vaitkute See, we all learnt ethics etc but when it comes to remembering it takes time lol
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Teresa Clarke
Teresa Clarke Yes, but when you start putting it into practice, it starts to make sense.
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Natasha Everard

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David Ballantyne
David Ballantyne Are most clients easy to work with?
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Teresa Clarke
Teresa Clarke Yes, mostly they are. They are running businesses so are busy people who need a professional job undertaken for them. Occasionally there is that dodgy character and you simply say NO to working for them. You are in control remember.
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Natasha Everard
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Tamara Salter
Tamara Salter Have you had to “disengage” any clients and how easy is that to do?
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Teresa Clarke
Teresa Clarke Yes I have and it is very easy. There is a template for a disengagement letter on the AAT website. I have had to do this more than once. On one occasion because I really didn’t like them and on another because they were asking for dodgy accounts. It is not worth getting involved.
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Tamara Salter
Tamara Salter Is it easy to spot something dodgy?
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Teresa Clarke
Teresa Clarke Oh yes. Dodgy people are generally quite stupid and proud of what they are trying to do. Once got asked if I would draw up two sets of accounts, one for the mortgage company and one for HMRC. He thought I would if he paid double.
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Natasha Everard
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Paula Rutter
Paula Rutter if I continue to ACCA is it true I can’t have a practice licence or my own business so I should wait ?
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Yulia Taylor
Yulia Taylor Natasha Everard! He could answer this on next q&a if needed
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Teresa Clarke
Teresa Clarke Thanks Natasha Everard. I don’t have the answer to that question.
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Natasha Everard
Natasha Everard Yes that is another announcement i have shortly for you 🙂
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Tamara Salter
Tamara Salter Natasha Everard Lots happening at the moment 🙂
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Natasha Everard
Natasha Everard I have lots planned for you guys 🙂
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Paula Rutter
Paula Rutter dodgy signal
can’t read replies 😔
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Natasha Everard
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David Ballantyne
David Ballantyne How many clients do you need to have a sustainable business?
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Teresa Clarke
Teresa Clarke It depends how much you want or need to earn.
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Teresa Clarke
Teresa Clarke And how big the clients’ business is.
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Natasha Everard
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Paula Rutter
Paula Rutter if I wanted to help out friends with running their business, just for experience and moral support how do I protect myself do we need a formal agreement ?
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Teresa Clarke
Teresa Clarke No, you can help them, but you can’t put your name to anything. You can similar “sit beside them” them and give your guidance. If you are doing any kind of work for them you need to register with a professional body for this, even as a student and you would need insurance.
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Alma Vaitkute
Alma Vaitkute I remember in ethics they say you are not suppose to work for friends and family as you it threatens objectivity but everyone seems to do that?
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Teresa Clarke
Teresa Clarke No. You can work for them, but you need to ensure that you put safeguards in place to protect your objectivity. I used to work for my brother and my safeguards were clear and approved by AAT. I treated him exactly the same as other clients, from gaining his ID to charging him the same amount as other similar clients.
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Alma Vaitkute
Alma Vaitkute so basically, if we are not sure about something if we are doing something correctly it is best to contact AAT for advice and guidance would you say Teresa?
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Teresa Clarke
Teresa Clarke Yes. They are very helpful. However, you need to use your own judgement on whether you can remain objective when completing a friend’s accounts. Treat them as any other client and make them aware of that before you start work. No mates rates. No friends in business – that is what I tell everyone.
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Natasha Everard
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David Ballantyne
David Ballantyne What type and sized of client makes up the bulk of your business?
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Teresa Clarke
Teresa Clarke I would say 60% of my clients are sole traders where I complete end of year accounts only, 20% are clients who require bookkeeping and end of year accounts, 15% limited companies and charities and 5% payroll and one-off Capital Gains and such like clients.
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Teresa Clarke
Teresa Clarke Oh and VAT for about 20% of all clients too.
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Steph Reynolds
Steph Reynolds If you are just doing the book keeping for a client, so i guess day books and reconciling to the bank, what do clients expect to ‘see’ at the end? Is this where the work is passed onto an accountant? If you are able, could you continue to do control accounts, fixed asset registers, accruals and prepayments etc. and enter onto ETB, What else is classed as end of year accounts? I’m a bit confused as to what we can and can’t do and what is expected
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Teresa Clarke
Teresa Clarke Clients will expect different things depending on the size of their business. Some will just want you to record the invoices and expenses, others may ask you to send out invoices and pay bills. You can complete it all to the ETB or similar. If you are AAT Level 4 qualified, you can go through to end of year accounts and tax return.
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Steph Reynolds
Steph Reynolds Can level 4 qualifed do end of year accounts for limited companies too, or just sole traders?
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Teresa Clarke
Teresa Clarke Once you have been approved as had experience, you can be licensed for limited companies too.
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Natasha Everard

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Teresa Clarke
Teresa Clarke I have just had a client call round with his end of year accounts in a carrier bag. Get used to that too. Odd and unannounced visits and a carrier bag full of miscellaneous papers.
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Tamara Salter
Tamara Salter Am I correct in thinking that it is now acceptable from a HMRC point of view to keep scanned copies of receipts as opposed to the original? Not sure I would have the spare room for a load of receipts!
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Natasha Everard
Natasha Everard As i am shortly leaving work…I would like to thank Teresa Clarke for her great response and everyone attending tonight 🙂
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Yulia Taylor
Yulia Taylor Thank you Natasha and Teresa! It is brilliant Q&A about bookkeeping business. Most helpful ever!
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Tamara Salter
Tamara Salter Thank you Teresa Clarke & thank you Natasha Everard for organising yet another excellent event 🙂
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Natasha Everard

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Yulia Taylor
Yulia Taylor Who to keep at home paperwork? Is there special requirements? Do you need safe?
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Steph Reynolds
Steph Reynolds Ooo good question!
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Alma Vaitkute
Alma Vaitkute I think it would be so helpful to have a tick list like someone said earlier of all the things to do before and during a set up
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Teresa Clarke
Teresa Clarke I agree. Maybe AAT have one – need to check that.
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Steph Reynolds
Steph Reynolds I’d want to take backups kept on a separate hard drive if i wasn’t using cloud software. I’d also have a lock fitted to my office door
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Alma Vaitkute
Alma Vaitkute good idea. What I was going to do, go through this q&a again tomorrow and write down on paper things to do and things to avoid so whenever I am ready to set up, I have something to go by 😊
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Steph Reynolds
Steph Reynolds Yes, there has certainly been a lot covered!
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Yulia Taylor
Yulia Taylor Alma Vaitkute good idea. Going to do the same
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Alma Vaitkute
Alma Vaitkute I think a good advice and support gives you a bit of confidence so you are not feeling alone and also to keep in touch with people who have got the same dream to work for yourself
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Yulia Taylor
Yulia Taylor Yes
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Natasha Everard
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Teresa Clarke
Teresa Clarke You need to register with the ICO – another very important thing to remember when holding client information. Again, this goes back to Professional Ethics !
Like · Reply · 2 · 14 hrs
Teresa Clarke
Teresa Clarke A safe is not necessary as you will have alot of paperwork. But a secure area, which will obviously be locked inside your house.
Like · Reply · 2 · 14 hrs
Teresa Clarke
Teresa Clarke Don’t expect to get rich overnight. Any business takes time to build. Enjoy the ride !
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Yulia Taylor
Yulia Taylor Thank you Teresa
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Wren Bull
Wren Bull Thanks Teresa 🙂
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James Gilleade-Smith
James Gilleade-Smith Thank you Teresa you have been very informative.
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Steph Reynolds
Steph Reynolds Thank you Teresa, very helpful
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Yulia Taylor
Yulia Taylor Yes, Teresa, it was very informative and helpful. You shared with us a lot.
We appreciate it.
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Alma Vaitkute
Alma Vaitkute Brilliant Q&A thank you Teresa
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Teresa Clarke
Teresa Clarke Thank you all for your questions. See you on here again soon.
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Yulia Taylor
Yulia Taylor Look forward to see you soon here, Teresa Clarke
Like · Reply · 1 · 14 hrs
Marianne Elao
Marianne Elao What is the difference bet. Sales invoice and official receipt.. ?
Like · Reply · 14 hrs
James Gilleade-Smith
James Gilleade-Smith Here I found an example engagement letter that people may find useful to look at.http://www.grovebookkeeping.ca/…/Bookkkeeping…
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Teresa Clarke
Teresa Clarke That’s great, but I would compare it to be one given out by your professional body, eg AAT, as you will need to abide by their rules on these.
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James Gilleade-Smith
James Gilleade-Smith Can’t find the AAT one anywhere. They haven’t put it in an easy access place.
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Teresa Clarke
Teresa Clarke Thanks Natasha Everard. That was quick !
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Natasha Everard
Natasha Everard On the ball this morning lol
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James Gilleade-Smith
James Gilleade-Smith Which area was it under? I tried looking under a good few and couldn’t find anything close at all.
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Natasha Everard
Natasha Everard I found it using GOOGLE lol
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James Gilleade-Smith
James Gilleade-Smith I found a section with a step by step on how to start up your own business, but when I clicked on it it wouldn’t let me have access to it.
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