# Bookkeeping from home



## msoptimistic (14 May 2009)

Hi all

I hope someone can give me advice on this.

I am looking into doing bookkeeping for people from home – really to keep my mind challenged and working as I have made the decision to stay home to mind my 2 children.

I am a CIMA qualified accountant who has worked in various roles – preparing management accounts, projects, analysis, credit management. 

I have recently sold my TCM business as I am on maternity leave and also the business is starting to lose money. I decided that it will not be worth my while worrying about sales when I should be focusing on minding my young baby.

My husband is still running our clothes franchises. 

Over the last few years I have been running the businesses and doing the admin and finances for the 3 companies we own. (as time is a constraint – I have been only preparing the accounts to draft P&L and BS level for our Accountant to sign off).

Long story short – can someone who has experience in doing bookkeeping for people give me some advice?

1) What duties are involved?
2) What type of customers do you deal with?
3) What are the charges?
4) Do I need to update/educate myself on any aspect of personal taxes, laws etc

Your help is very very much appreciated.

msoptimistic


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## Domo (14 May 2009)

What duties are involved? - It depends on what the client will want and what software they use.  They may want payroll, VAT returns etc as well as book-keeping.

What type of customer? - Usually small businesses and self-employed individuals will look for a book-keeper.

Charges? - Depends on where you are based, and the level of book-keeping you will provide (basic book-keeping, management accounts etc)

It is good to keep up to date with tax and general law, but not essential.

I am a tax consultant and do tax returns and final accounts, but do not generally offer book-keeping services myself (although I do some).  I have a few book-keepers that I reccommend to clients depending on where they are based.

Where are you based?

If you are interested, PM me and we can arrange a meeting if you are in Dublin or Wicklow.


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## msoptimistic (14 May 2009)

Hi Domo

Many thanks for your reply.

I have just sent you a PM.

Please read.

THanks again

MsOp


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## Bookkeepers (14 May 2009)

Hi msoptimistic 

1) What duties are involved? Bookkeepers typically;
Manage the books of prime entry; sales, purchases, cash book
Submit PAYE and VAT returns
Reconcile all records 
Bring the books to trial balance
Produce Profit & Loss A/c and Balance Sheet 
Keep the records in good order for the accountant / tax consultant to submit the yearend accounts and tax returns. 
Basically a bookkeeper is to an accountant what a nurse is to a doctor....

Some, like myself also provide a credit control service and accounts payable service


2) What type of customers do you deal with? Small businesses typically that need 10-20 hours bookkeeping per month

3) What are the charges? Like the quality of service, charges vary. Some bookkeepers agree a fixed monthly fee. Others charge by the hour. Hourly rates vary from €25 p/h to €35 p/h. If you decide to charge a fixed monthly fee, I would suggest you do a few months bookkeeping for the client first. Some client's are more organised than other's so it's better to work with them for a few months before committing to a fixed monthly fee.

4) Do I need to update/educate myself on any aspect of personal taxes, laws etc This depends on how far you intend bringing the books but if you intend filing and submitting yearend accounts you should absolutely keep yourself educated with regard to taxes and laws.If you intend handing them to an accountant / tax specilaist then you are more than qualified. Bookkeepers should have at the very least an Accounting Technician qualification 

Best of luck,

ABC Bookkeeping Solutions
http://www.business-solutions.ie


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## simplyjoe (15 May 2009)

Above post covers very well what needs to be done. We do similar type work but we then roll the work into final accounts/tax return. This is usually done by someone other than the bookkeeper as this provides an internal checking system. Consider also learning TAS and becoming a preferred supplier. You get major discounts some of which can then be passed onto your clients. You can then provide the client with regular management accounts.  If you undertaking this work mostly in the evening do only small clients. Larger bookkeeping clients will really upset your own efficiency and they can be very demanding.


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## msoptimistic (15 May 2009)

Hi simplyjoe

Thanks very much for your advice.

Yes - I am only working one day + perhaps 1 evening a week. Not more than that. So you are dead right about taking on small clients.

The very reason why I gave up all my businesses and handed them to my husband is because I was under too much stress. So definitely not taking on big clients. Otherwise I might as well stay running my own businesses!

I already have a potential client - we are joining forces with a business contact to expand our franchise brand. Opening up to 4 shops by end of this year. The new co will take me on as their bookkeeper. So I guess that will keep me busy.

But as well I would like to take on one or 2 other small clients who are not related to me. It would be beneficial to me to have external clients (other than husband and business associate - but of course I will be professional to all).

I am taking a 'refresher' course from a good business friend who runs an Accounting college in Dublin. I want to make sure I do everything perfect and right!

Thanks everyone for your advice. I hope to make some headway soon!
And hopefully when the kids are a little older, I can make a bigger business out of this! 

MsOp


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