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Should I be my own boss?
AAT qualifications can open doors to various career pathways, including running your own practice. We hear from four members about the rewards and challenges of going it alone
Words Marianne Curphey
Have you dreamed of running your own practice and have great ideas about how you would like to do things differently? As a qualified AAT member, you could set up your own practice to help individuals and businesses with their tax and accountancy issues.
Turn your vision into reality
Francesca McClory FMAAT set up Future Cloud Accounting Ltd six years ago having retrained with AAT at the age of 25. Her interest in accountancy had been sparked after working as a dentist’s receptionist. Before setting up her own practice, she worked in a small business and a large accountancy firm, and she is also a board member of AAT on the audit and risk committee.
Francesca McClory FMAAT
“When I was working at my previous job, I had a lot of great ideas which I knew I wanted to put into practice when I eventually had my own company,” McClory says. “I held back part of my personality in a corporate setting, but I was able to embrace who I really was when I left. I wanted to be able to meet clients informally, in coffee shops, rather than having board meetings. I could also see that technology was changing and shaping the accountancy industry, and I wanted to be a part of that.”
She says the best part about having her own practice is the freedom it provides, being able to help clients, build a team and bring out the best in people.
“You can manage your own diary, although you have to put boundaries in,” she says. “We can hand-hold clients and really help them through their journey. If their bookkeeping is great from the beginning, we can give them the tax information early on that they need to grow their business.”
The challenges include feeling overwhelmed by tasks that need to be done, networking and having to give difficult feedback to staff.
“If you find formal networking uncomfortable, which I did when I first started out, then you can build a community in other ways such as social media,” she adds.
Sinéad Pratschke FMAAT
Get experience before venturing out on your own
Musicians’ Tax Advisor was founded by Sinéad Pratschke, a former professional musician. She originally trained as a singer at the Royal College of Music and National Opera Studio. She then worked for 10 years as a freelance musician before retraining as an accountant and tax adviser. She now runs a specialist accountancy and tax service for musicians and people in the industry.
“Running your own business is a very different challenge from being employed,” Pratschke says. “I really wish that I had worked for a couple of years in practice before I set up on my own. It would have been good to have worked in a really small practice with maybe fewer than five employees and then one with 20 or 30 employees, or a bigger firm, just to see how different businesses work.”
When she first set up her practice, she had flexible hours and steady clients, which fitted in with family life when her children were young. But as the business grew, the nature of the work changed and she needed to think about the marketing, systems and pricing models for the business. It is important to be aware that, as a business leader, your role will expand as your practice grows.
You will need to comply with strict regulations
Andy Sullivan is a tech-focused accountant advising clients on implementing technology to increase business efficiencies. He was AAT professional member of the year (FMAAT) 2019 and is based in the Plymouth area. He secured an apprenticeship at an accountancy practice while first studying AAT and stayed there for 14 years before setting up his own business, Complete HQ, in 2019.
“Understanding communication and sales is vital,” Sullivan says. “To grow your business, you need to take on clients; and to obtain clients, you need to be able to do sales and marketing. You will have to generate leads, issue proposals and have meetings with people to understand their requirements. Just in terms of attracting and taking on a new client, you need so many different skills. For example, you need to be aware of AML (anti-money laundering) regulations and be aware of compliance and professional ethics. As you start to employ people, you need to understand payroll and employment law.”
He says being able to multi-task is an important skill for a practice owner and that it is a good idea to find a mentor to learn business skills from initially. You could also take a business-related course in addition to your AAT studies to hone your skills.
Andy Sullivan FMAAT
Andy Smith FMAAT
Learn about business and how to communicate effectively
Andy Smith, practice accountant of the year and owner of Abbeygate Accountancy, is a former group finance director with a wide range of experience in business and industry. He is based in Bury St Edmunds in Suffolk, and leverages software and automation to help clients become more efficient. He founded Abbeygate in 2013 and has worked in the automotive industry, media agencies, consultancy and construction.
“If you are thinking of setting up your own practice, and you have not worked in and around business, then you’re going to struggle,” Smith says. “You need to be an excellent communicator and understand the concerns and needs of business owners. You need to build partnerships and ask the right questions – what’s profitable, what are the forecasts?”
He says the best part of having your own practice is building a team and getting great feedback from clients.
“It is about forging real relationships because you are in a position to positively change people’s lives,” he says. “We have ‘saved lives’ on at least two occasions. More than one couple has said that we ‘saved their marriage’ after they moved to working with us.”
AT A GLANCE
Key skills for running your own practice
Discipline
You will have a lot of different roles – leader, mentor, strategist, marketeer – and you need to devote time and attention to each.
Be open-minded
Being self-aware, patient and resilient makes all the difference when leading a team.
Community building
Whether you prefer to meet online or in person, the relationships you build will help your business grow.
FEELING INSPIRED? HERE’S HOW TO GET STARTED
Setting up your own practice is a great opportunity but there are stringent requirements to meet in order to adhere to AAT rules. If you want to provide self-employed bookkeeping or accountancy services to the public in the UK, Channel Islands or Isle of Man, you must hold a valid AAT licence and be supervised for anti-money laundering compliance. You can apply for a licence once you become an AAT professional member.
The Association of Accounting Technicians. 30 Churchill Place, London E14 5RE. Registered charity no.1050724. A company limited by guarantee (No. 1518983).
