become a bookkeeper and earn £50k - The Book-keepers Forum (UK)

Shamus · Forum Moderator & Expert

become a bookkeeper and earn £50k

Leger · Master Book-keeper

Only 50k? I will have to drop my prices so I'm on the right level biggrin

NickCraggs · Guru

I always duck this question when someone asks and just point them in the direction of the AAT salary survery:

https://www.aat.org.uk/sites/default/files/assets/AAT-salary-survey-2015.pdf

Nick

Cheshire · Master Book-keeper

Leger wrote:
Only 50k? I will have to drop my prices so I'm on the right level

My thoughts exactly!!!!!

Cheshire · Master Book-keeper

Hi Shaun

Edited, following Shaun's response below, just to show that some 'scenes have been created just for your enjoyment' (isnt that what they say on some of these so called reality, really very far from it, type programmes they seem to like putting on telly?!!) ie the bits in red are purely from me in my dreamworld!!!!

Im in the infinity pool at the beach condo on the Caribbean Island of Tobago, just waiting to exchange contracts on my own private island - the private jet with John Travolta as pilot is just waiting for me to be bothered getting out of this pool to take me for a visit. I just hope I dont drop my ipad in this 'ere water, oh who cares I have a cupboard full of them anyway.

Oops-did you notice me go missing, I had to get another ipad as I spilled champers over the other one.

Trouble is - now Im away from my business, for some reason the earning power has significantly reduced and the staff are rebelling!

If it wasnt for the small print, which I would imagine is v.v. small, that this could be one to report to the Advertising commission for misleading advertising!

On a serious note, its probably advertising like this that results in a fair few business start ups thinking that they should and will do it for themselves as this sort of thing would make them believe they really cannot afford our services.

Worst still are, as you say, the people who fall for it who then move on to doing bookkeeping work for themselves or as an employee earning nothing more than a pittance. Employers want bookkeepers to work for minimum wage and being self employed means potentially not even earning that for all the hours you need to put in with both the work and CPD etc, especially when you havent got many clients.

There are of course a few who can earn extremely good money from this, but it is as you mention, more when they are at the accountancy end of the market and when they provide add on/complimentary services. But despite what people think, its not all rosey working for yourself, although after 28+ years of being employed at this stage in my life I wouldnt have it any other way, but then I still say for me - this is a hobby, despite the fact Im doing quite well with it!

Lets hope this post will encourage anyone thinking of jumping feet first into this business, to not jump in without first checking what sharks are lurking at the bottom of that pond.

Now back to my cocktails in the sun. Well its a dull day, but I can still drink cocktails in my garden and dream.

-- Edited by Cheshire on Wednesday 18th of May 2016 02:33:39 PM

Shamus · Forum Moderator & Expert

lol Joanne,

the tongue in cheek parts of your reply were not doing great things for my arguement!

I think that Nicks link is far closer to reality than the empty promises of the advert that I was sent this morning. And there is another unfair element to this in that people like Nick who are honest and open with students are competing head to head against those who spin any old "fact" (used in the most liberal sense of the word) that might win them business.

I viewed the advert in a similar manner to yourself and concluded that it had been run past the legal team before being posted as everything there is true, there is no smaller print and everything can be put on how the reader interprets it.

It does of course depend upon the reader knowing nothing of this business so that they fill in the holes with their own incorrect assumptions and do not see the significance of the throw away inserts such as "and accountancy" or even realise that when someone says "on average" that there are four different types of average that may be being referred to.

The people to feel sorry for are the one's who are paying out a lot of money, in many cases their redundancy payments, on the back of empty promises about high income, achievable quickly and requiring no prior experience.

Maybe the real answer here is that all accountancy training companies must employ only sales and marketing people who are bound by the IFAC code of ethics for financial professionals.

Lol. How strange would that be that anyone can call themselves and accountant but you have to be qualified in order to sell accountancy courses (well, Nick's ok anyway).

Cheshire · Master Book-keeper

Shamus wrote:
lol Joanne,

the tongue in cheek parts of your reply were not doing great things for my arguement! Apologies, its that time of the year when I seem to be getting lots of things wrong! Ive edited my post so that those who dont know me can understand Im not talking complete truth, although some truth, bit like the ads!

I think that Nicks link is far closer to reality than the empty promises of the advert that I was sent this morning. And there is another unfair element to this in that people like Nick who are honest and open with students are competing head to head against those who spin any old "fact" (used in the most liberal sense of the word) that might win them business.

I viewed the advert in a similar manner to yourself and concluded that it had been run past the legal team before being posted as everything there is true, there is no smaller print and everything can be put on how the reader interprets it.

It does of course depend upon the reader knowing nothing of this business so that they fill in the holes with their own incorrect assumptions and do not see the significance of the throw away inserts such as "and accountancy" or even realise that when someone says "on average" that there are four different types of average that may be being referred to. Absolutely and this is why I am, and shouldve added, that Im disgusted with such adverts.

The people to feel sorry for are the one's who are paying out a lot of money, in many cases their redundancy payments, on the back of empty promises about high income, achievable quickly and requiring no prior experience. Agree totally!
Maybe the real answer here is that all accountancy training companies must employ only sales and marketing people who are bound by the IFAC code of ethics for financial professionals. Isnt that like knitting fog though! If only everyone in life lived by that code of ethics!
Lol. How strange would that be that anyone can call themselves and accountant but you have to be qualified in order to sell accountancy courses (well, Nick's ok anyway).

VinceH · Expert

"just waiting to exchange contracts on my own private island"

Pfft.

Wake me up when you have a secret base underneath a volcano. Then I'll be interested.

When you mentioned the "advertising commission" I assume you mean the Advertising Standards Authority? If so, TBH, it's probably more effort than it's worth.

The problem with the ASA is that they were set up within the advertising industry itself in order to self regulate. As such, they don't have any real legal teeth - they can't issue fines, for example. If they find an advert breaches their rules, the advertiser gets told not to run the advert in its current form again, and in most cases the advert has already been run for the intended period and has already done its job.

Cheshire · Master Book-keeper

Yes I meant the Advertising Standards Authority. I couldnt remember what they were called - keep having those kind of mental blocks, so much so its getting a bit worrying now as it seems to be on the increase. Ditzy blond aint covering it!

Oh and I have just put my order in for the secret base underneath a volcano - will let you know when its all set up!!!!

Shamus · Forum Moderator & Expert

<< deleted user >> wrote:
Just wanted to add to this that as an AAT lecturer, an IAB lecturer and a qualified accountant, I disagree with the leaning towards the AAT qualifications on this forum. AAT is a solid qualification but in my humble opinion it is most suited to industry and employment rather than self-employment as a bookkeeper for small businesses . For this I don't believe you can beat IAB. The specification is very relevant to 'real' bookkeeping for small businesses and the exams test this knowledge well. I also value the support the support they give self-employed bookkeepers whereas I find the AAT rather guarded and self-protective.

Ok, lets take out of the equation which qualification makes more profit for training companies by being much shorter to run and less complex to teach so able to process more courses in the same time and lets just concentrate upon which qualification is more useful to people who take it.

Firstly just do a search of the Reed site for jobs asking for IAB (or ICB) and then compare that to people asking for AAT.

Now, traditional training company response is that the IAB bookkeepers are looking for work on a self employed basis and AAT is associated more with employment. However, much work for bookkeepers comes from accountants who, all things being equal in terms of experience, favour entrusting work to AAT people over qualifications such as IAB and ICB when subcontracting work.

That is no insult to either of the bookkeeping qualifications, it's simply a matter of accountants using people with qualifications that they understand (offten because its where they started out before moving on to ACA, ACCA, etc.).

I have defended the IAB in the past when the ICB have been attacking them on here for being too simple but compared to AAT the qualification itself is not in the same ball park.

If you are indeed a qualified accountant with one of the top table professional bodies then you will have also networked with other professional accountants. Do you want to relay to your students how many accountants regard them?

As you state that you are also an AAT lecturer do your business and your students a favour and just convince anyone interested in a change to this career to study AAT as their start point. By all means practice under the IAB banner if they want but get level IV AAT under their belts to give them great foundations upon which to start building a career in bookkeeping and accountancy.