Any Accountants/Finance people on here who can give me some career advice?

[ImPeppaPig]

I posted a while ago because I'd like to become an Accountant. I'm currently a SAHM with small children.

I've started studying AAT. My plan at the minute is, to start volunteering to gain work experience and then hopefully get some paid work on a part time basis once my youngest is in nursery. Then I'd like to set up on my own at the earliest opportunity as a bookkeeper/accounting technician, working part time from home. This would fit really well around family life/school holidays etc as we have no family around to help with any of that.

I'd do that for a few years and then look at working for a company who would pay for me to study with the end goal being to become a fully qualified accountant.

I'm just wondering, does this sound like a realistic plan or am I setting myself up to fail here?

Thanks for your help.

Hopeful bump.

?

I'm a bookkeeper but I have no qualifications (qualified through experience opens a lot of doors in this field and I have 20+ years of experience).

I have found it really easy to get jobs, especially part time when my children were young.

If you are going to set up on your own you will have to set yourself up to be registered for Anti Money Laundering with the HMRC which can be quite costly to begin with but the renewals aren't expensive.

I know someone who did a degree in Accountancy then was taken on by a bank that put him through his chartered exams so it does happen.

As I said, not qualified but it's a great field to be in when you have children as there are a lot of part time opportunities around whether in practice or industry.

That sounds really promising Dina. Thank you so much for replying. I really want a career with good prospects, but equally, work life balance matters just now while the kids are small and I'm hoping accountancy can give me both.

I'm just going to concentrate on trying to complete Level 2 as quickly as I can and then once I'm studying level 3, I'm hoping that will make me a more attractive prospect for future employers. It's just getting that first bit of work experience that I imagine will be tricky. I'm not afraid to go round some accountancy firms with my CV to drop off in person. I'm hoping that they'll see how motivated I am and that might make my lack of experience less of an issue 🙏🏼

If you continue with AAT you can apply for a practise license through them. This will take you through money laundering checks etc and you can work for yourself.

Oh really Minkies?

So that would mean I wouldn't need to go down the registering with HMRC route that Dina suggested?

If you become self employed or start a Ltd Co you will always have to file tax returns with hmrc/company accounts etc. You would also need insurance.

I seem to remember that to get a practice licence through AAT you need to have experience in each area you want to practice in, so you’ll need to be working for someone beforehand so they can sign you off.

Also, and this is certainly the case in my area, there are a lot of self-employed bookkeepers and not a lot of work as more and more companies are doing it themselves now. So you may struggle to get clients.

It’s also very dull at times

That's a shame to hear Sammys. I was really starting to think that I could make something good for myself with this. I've recently gone NC with my abusive parents and for years I've felt worthless and finally, I've found the self confidence to try to accomplish something.

I hope I'm not wasting my time with this qualification. I'm getting into debt to complete it because I need to give myself some good prospects, for my children's sakes.

I just really, really want something good to come from this.

It would be great to hear from some more people. Especially since my replies have been mixed. Thanks.

AAT is a great start. You mentioned volunteering - I would imagine you would find paid employment as a bookkeeper fairly easily and be able to earn money rather than giving your time for free. Even if you need flexible working hours, part time, etc, don't discount being employed. There is also so much that you can learn on the job that you don't necessarily get taught on courses (speaking as a CA). Have a wee look at learning how to use the different software accounting packages such as Xero, QuickBooks, Free Agent, etc. A lot of SME's are now using this sort of software for bookkeeping, accounts and tax.

If you decide to go self employed absolutely make sure that you are insured. You will also need to register as self employed if you choose to operate as a sole trader or set up a Ltd Co and go the route of paying yourself a salary/dividend from the company.