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How to find work as ACCA accountant

6 replies

Foresttwo · 08/07/2017 13:33

I'm an ACCA qualified accountant, qualified over 5 years ago in industry. Have 2 beautiful DD and have been back at work part time now for about 8 months after having 2nd DD. I really want to get some work that is flexible around my DDs (don't we all?!) I am struggling to find a 'way in' to working from home as an ACCA qualified with no practising license. Although I have had 16 years experience of Accountancy and been taught/supervised by CCAB qualifieds all the way along ACCA rules mean I can't get a practising license. I have written to 5/6 local accountants to ask if they have any subcontract work (as they could sign off on my behalf) and when I have heard back they don't. I'm sure there must be people/companies out there who need an Accountant for a few hours or a couple of days a week. Does anyone have any advice on how to get started and find these people (noting the lack of practising certificate)?? Should say I don't mind working for someone, but so many places don't want part time accountants. Thanks in advance

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Badbadbunny · 09/07/2017 09:09

As you have discovered, ACCA are strict about the issue of practising certificates and do require a certain number of years of relevant practice experience supervised and signed off by a suitable manager/principal. The ACCA don't have any different levels of "practice", so the practising certificate allows you to do everything from a self employed window cleaner to a multi million pound business with dozens of staff. As third parties, such as banks, landlords, HMRC, potential buyers, place reliance on accounts signed off by an ACCA member, then ACCA are right to put safeguards in place to ensure their practising members are competent and experienced.

It seems that your experience has been in industry, hence why you can't get your practice experience record signed off - you simply don't have enough practice experience. I moved from practice to industry after 15 years experience and as a manager in an accountancy practice - I moved back to practice after just 2 years in industry and had to effectively take a backward step on the ladder, back to accounts and tax preparation for a year or two to get myself back to speed as so much had changed in just two years in the world of self assessment, VAT, CIS, accounting standards, etc.

Moving from industry to practice is never easy as they're competeley different skill sets. Practice is more about tax, and not just income tax, it's also VAT, CIS, NIC, CGT, etc that even the smallest businesses have to consider and deal with. The small amount you'll have learned in these areas doing the ACCA exams is just an overview and won't cover the day to day queries you have to deal with in practice.

Ideally, you need to get yourself a job in a practice, but that will be hard as you lack relevant practical experience and want to work part time. But it's the right way to do it, as you can then do a few years, get your experience signed off and then start up your own practice once you have your practising certificate. You just need to persevere as it won't be easy - perhaps get yourself on the books of a couple of accountancy recruitment firms as they're usually good for "unusual" people, i.e. they may know better how to fit an industry accountant into a practice role.

If you can't get a job, and want to start your own practice, then you will either have to restrict yourself to what ACCA will allow you to do without a practising certificate or leave the ACCA.

Without a PC, ACCA allows you to do book-keeping, management accounting, VAT returns, payroll, etc. You're just not allowed to prepare nor submit final accounts nor tax returns, nor sign off reference requests for mortgages, landlords, etc. Given your industry experience, you may be able to establish a good practice just doing management accounts, forecasting, book-keeping, setting up accounting systems, etc as more of a consultant to businesses rather than their official "accountant". Plenty of firms need someone to "do their books" and book-keepers are always busy these days - if you can go one step further than book-keeping into management accounting, forecasting, and maybe helping set up costing/stock systems, you could well find yourself busy without the year end accounts/tax return work. You'd also start to build relationships with your client's external accountants who do their year end accounts/returns and maybe start working together or get someone to sign off your experience record after a few years of working together?

The alternative of leaving the ACCA is a difficult decision, but at the end of the day, you passed the exams and got the certificate, and no-one can take that away from you. You can't "market" the ACCA qualification in practice with a PC, in fact you can't mention it at all, but it's still there on your CV if you want to go job hunting in years to come and is still relevant - many industry ACCAs give up their membership but still manage to move from job to job on the back of the qualification and experience, so all isn't lost! Once you've left the ACCA, you are free to practice (as is everyone!), as it's the ACCA who are restricting your practising. You could join AAT instead (I think you'd be exempt from their exams by virtue of passing ACCA), and they have a more relaxed attitude to practising authority where (I think) you can get different levels of authority to practice depending upon your experience. Or you could join another body such as ICPA who rely more on experience than qualifications, or "practice" without any professional body at all - although banks/landlords etc won't accept your references etc for your clients and prospective buyers of their businesses won't be happy with accounts signed off by someone with no qualification (remember you can't say you used to be ACCA!).

Foresttwo · 09/07/2017 10:05

Thanks for your reply. I was actually AAT qualified before I did ACCA, so know that they are much more relaxed. I think it's crazy I could do more with a lower level qualification than I can now. Just to clarify, I have some practise experience, but going back a number of years now. I also did my husbands books for a number of years when he was self employed. I took the higher tax paper, I realise things change but hopefully I keep up with most via CPD. -Although I'm in industry, things like tax do come up quite often and I've had to keep up to date. I technically have enough experience to get a practising certificate, as I can tick all of the boxes and areas of experience on ACCAs form of how to get one. The problem is it must be signed off as you go, or by the person overseeing the work. It can be done at a later date, but how do I go to my boss and say please sign this off without ringing alarm bells and effectively telling them my plans. Also the form is quite lengthy for the manager to fill in, quite a big ask when they don't technically have to do it. It seems the only way I can do it is to give up the qualification, something I am loathed to do, as I worked so hard for it. Thanks for the information regarding other qualifications and the idea about going back into practise, I'll have a look into both.

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Isadora2007 · 09/07/2017 10:08

Sorry I can't be of much help, but thanks BBBunny for a very informative and explanatory post.

Foresttwo · 09/07/2017 16:36

Badbadbunny I've reread your reply again in a moment of quiet with napping children! I really like your idea of the management accounts, forecasting, costing/control and introduction of computer systems as this is where my experience is and what I enjoy doing. I hadn't realised that you can do Management Accounts and forecasting with no practising certificate, so this definitely opens up some opportunities. Do you know where I would get an idea of rates to charge and how to pick up clients. Would you suggest writing to local businesses and offering my services? Thanks again, your reply had so much information in it, you have obviously come across this before!

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Badbadbunny · 09/07/2017 17:01

You'd need to check with the ACCA rulebook just to make sure.

Re getting clients, I don't think writing/emailing is much good as you need to get in with slightly larger firms than the one man bands. I'd suggest you do some face to face networking at local chamber of commerce events, business breakfast networks, etc., to get your face known.

When I did mailshots etc I just got the bottom end of the market, i.e. joiners, etc who just wanted year end accounts/tax. You need to "nuture" your contacts to get the management accounts/forecasting/systems kind of work.

But if you have particular knowledge of a trade sector and/or particular knowledge of a specialist accounting software that most practising accountants don't have, you could market yourself from day one as a specialist and then your mailshots etc may bear fruit if you were very selective as to who you sent them to.

Re charges, I'd suggest maybe £20-£25 per hour for basic book-keeping and data entry work. And up to maybe £50-£100 per hour for higher level "consultancy" work that requires specialist knowledge, i.e. if you find a client that wants a particular software system setting up that you have experience of as opposed to something like Sage that everyone knows.

It will depend on the client, so I think you'd need to keep yourself flexible and not commit. You certainly wouldn't want to be working for £20 per hour for setting up a computer system, whereas £20 per hour is good for basic data entry.

Foresttwo · 09/07/2017 18:02

That's great info and really useful thanks. I will check the rule book, but it gives me hope that something is possible. Do you know if I can call myself ACCA as long as I don't say I am offering anything other than bookkeeping, Management accounts, budgeting etc.? I obviously wouldn't say I offer published accounts or tax returns etc.

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