Earning Additional Income As An Accountant

Beau

Hi,

I am a CIMA accountant with 4 years experience in industry. I'm currently saving for a deposit and would like to use my qualification to add to my savings outside of my 9 to 5.

Whats the best way of going about this? Do I need to make any investment in software? How do I go about getting clients? I have no experience with payroll or VAT returns but I imagine it's something I could learn and get advice from my current job on how these things are done. I have done a friends accounts for her own business, very basic, but I really enjoyed it!

Any advice would be greatly appreciated.

onlinepal100

Sorry to be a dampner on your ambitions but, as a CIMA qualified accountant, if you are putting yourself out there to do accounts etc. and you describe yourself as a CIMA qualified accountant you need to register as a Member In Practice (MIP) otherwise you are not in compliance with CIMA membership requirements and could endanger your membership if found to be operating outside those requirements.

There are extra fees involved and insurance as well as compulsory CPD so you need to ensure you can make enough to cover those.

In terms of getting new business, use your network, use Gumtree & Boards.ie and Craigslist as well as many other sites to find people looking for services. As a small or sideline operator he grapevine workswell!

Beau

Thanks a mill. I could've got myself in a lot of bother!

heretothere

You can always use excel for VAT returns, but if you're going to be reconciling the bank, doing debtors/ creditors its not really appropriate.

With payroll all having changed in January I think you'd be better off going for a package.

Be careful taking on side work, one of the girls in my practice did and once she didn't need the extra money it was very hard to off load the extra work.

I don't know about the compliance with your board side of things