FIGURING OUT A NEW CAREER

WHEN ex-call centre worker and 55-year-old gran Wendy Tate decided to take basic bookkeeping qualifications to boost her skills, she never imagined she’d one day run her own accountancy business from home in Wellingborough, Northants.

How did you get interested in accountancy?

I had worked in a call centre for 13 years as a subscriptions manager – but after facing redundancy twice in a year, I found a new job involving some bookkeeping.

So to make sure I knew what I was doing I went to college and studied for the Association of Accounting Technicians qualifications part time, juggling work and family too.

My husband Robin was so patient. I only intended to do AAT Level 2, and in the first couple of weeks was nearly in tears over double-entry. But before I knew it I’d got to Level 4. I loved it.

Why did you set up your own business?

I had my full-time job and at that stage, I couldn’t see myself going completely self-employed – it seemed like such a big step, something that other people do.

And I liked the comfort of knowing what I was going to be paid every month.

But I started networking, and soon took on my first client – a personal trainer who had been trading 11 months and didn’t know if he had made a profit.

I soon realised there was a call for accounting services, and that small business owners would rather outsource it than take on additional staff.

As the business started to grow, I reduced my hours at work to three days a week. I also took on my son as an apprentice so he could study his AAT exams which gave me more capacity to focus on getting more clients.

After a year I was able to quit my job entirely to concentrate on the business. That was five years ago now and my only regret is I didn’t do it sooner. I have 45 clients now. No job is too small or too big.

Last year my gross fee income was a little over £50,000 – a slight drop on the year before due to Covid but still a respectable amount.

What’s the best thing about running your own practice?

The best thing is having the freedom to choose my own hours. I do try to keep to normal business hours, but if something comes up and I need to take some time out I can do so and come back to the client work in the evening or at the weekend – deadlines permitting of course. Working from home is also a great bonus.

There’s no more commuting or lost days due to bad weather, and in summer I can take the laptop in the garden to work – bliss. Not much has changed on that front with the pandemic.

What does a typical day look like for you?

My Monday to Thursday routine is usually fairly similar.

If it is a networking morning then I will be in the office by at 7.15 on Zoom, otherwise I start around 8am and use the first hour of the day to look at my marketing.

I do a lot on Twitter and have more than 3,100 followers for @bookkeepingbean. I also have a Facebook page and Instagram.

I built my own website to keep costs down, so I also sometimes use this time to add updates there.

Once all this is done, and I’ve replied to any emails I received since finishing the previous day, it’s down to client work for much of the day. This can consist of bookkeeping, payroll, advisory services on cloud software, VAT returns and management reporting and (depending on the time of year) personal tax returns. On a Friday, I do admin in the morning and take the afternoon off (if schedules allow) for lunch with my husband.

What’s been your best achievement?

Passing those exams to start with and completing my AAT. Also starting my business and being able to employ my son as an apprentice on his own AAT journey, completing his AAT Level 2. I am very proud of him.

Studying AAT is so worthwhile and you can do it part time if you need to have an income. The qualification opens doors, whether that’s starting your own business or using it as a springboard to become a chartered accountant.

‘‘ After a year I was able to quit my job. My one regret is I didn’t do it sooner

CONTACTS

■ Bean Counters – bean-counters. co.uk

■ Association of Accounting Technicians – aat.org.uk

■ Institute of Chartered Accountants in England and Wales –careers.icaew.com

■ Association of Chartered Certified Accountants – accaglobal.com

■ International Association of Bookkeepers – iab.org.uk

IT ALL ADDS UP Wendy now has her own business