It can also be a good idea to get professional indemnity insurance – this is a requirement of some professional bodies. You’ll also need to renew your registration each year at the cost of £300. There are various fees associated with this, including a charge of £300 for each of the premises you include in your application and a £40 approval test fee. If not, you need to apply directly with HMRC. The ICB Practice Licence, for example, includes supervision under the Money Laundering Regulations at no extra cost. If you are registered with a recognised supervisory body such as those mentioned above, this will cover you for money laundering regulations. Key among these in the UK is the need to register for anti-money laundering supervision. This being the case, you’ll be required to follow various rules and regulations which will vary by country. Rules & RegulationsĪs a bookkeeper, you’ll have access to sensitive information and will very much be in a position of trust. In Canada, the Certified Professional Bookkeeper (CPB) designation is recognised across the country, while the the Canadian Bookkeepers Association (CBA), the Institute of Professional Bookkeepers Canada (IPBC) and the Canadian Institute of Bookkeeping (CIB) also offer accreditation. In the US, The Certified Public Bookkeeper (CPB) licence accredited by the National Association of Certified Public Bookkeepers (NACPB) is a highly regarded accreditation as is AIPB certification. The ICAEW also has some good resources in this area. European associations it may be worth looking into include the DBV and WPK in Germany, the Ordre des Experts-Comptables (OEC) in France and the Asociación Española de Contabilidad y Administración de Empresas (AECA) in Spain. Most of these offer courses designed to be flexible and to cater for all levels of candidates, with three levels of qualification on offer.īefore going it alone, many people look to pass level 1 and level 2 exams with the option to add to this as your business develops.įor those looking to work across Europe and further afield, you may consider gaining local accreditations too. Other organisations to look at include CIMA, the ACCA and ICAEW. Key among these would be the Ofqual-, QiW- and CCEA-regulated IAB (International Association of Bookkeepers) bookkeeping qualification, ICB (Institute of Chartered Bookkeepers) certifications and AAT (Association of Accounting Technicians) awards that start with courses for those with no previous experience, all the way up to an Advanced Certificate in Bookkeeping for experienced practitioners. All of these are also recognised internationally should you wish to work with overseas clients. Having said that, there are a number of recognised qualifications that can make it easier to attract clients and charge a higher rate. You don’t need any specific qualifications to set up as a bookkeeper, and in many cases, your previous experience will be the key factor in your success. To find out how read our blog how to start a freelance accounting business. Deciding on the services you wish to offer will be a key part of setting up your business.īookkeepers differ from accountants, however. You can also advise on accounting software options to make this easier. Many small business owners may not be clear on their bookkeeping responsibilities, so you can provide a valuable service showing them how and when to carry out tasks such as invoicing, stocktaking and creating expense reports. One area often not thought about when starting out is the bookkeeper’s role in training their clients. These reports are essential and will feed into management decision making in fact, some bookkeepers may actually be involved with a company’s strategic development.Ī bookkeeping role can be quite varied and may also include payroll, creating and sending invoices and ensuring they are paid, preparing self-assessments and much more. Key tasks will include data entry to record financial transactions and balance the books bank reconciliation and creating monthly reports that summarise the business’ financial position. Generally speaking, a bookkeeper will be charged with ensuring a business’ financial information is accurate and up to date. Running your own bookkeeping business can be flexible, rewarding and profitable if planned, implemented and managed properly.īut what do you need to know before starting a bookkeeping business? What is a bookkeeper?įirstly, let’s be clear about what a bookkeeper does. As the number of small businesses continues to grow, so the skills of bookkeepers are increasingly in demand as many smaller traders choose to benefit from the cost and time savings associated with outsourcing tasks such as finance.
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