iMentor Q & A Session

Good evening everyone, and welcome to the latest ASN FREE Q & A session with Jason Blackman from iMentor. Jason is a professional mentor helping aspiring bookkeepers and accountants achieve their full potential. If you have any questions, please post as a comment below. Please be aware, if any questions are left unanswered, then they will be answered at a later time. And thank you all for participating…..now over to you, who has the first question?

Natasha Everard May i start with welcome, and what services can i expect from a Mentor?

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Jason Blackman … hi Natasha, thank you for having me, and hello everyone! A mentor is something fairly new in the accounting profession but it’s something I have used myself for many years. My mentor meets me online on a monthly basis using a webcam and microphone. There’s a mixture of learning and sharing – sharing can be just as important as learning…

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Tamara Salter Jason Blackman How did you locate your mentor?

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Jason Blackman … must admit I was very lucky in that I have known him for a long time. He actually mentors me in a group situation now which is far more beneficial than one-to-one as the sharing of the group is SO powerful!

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James Gilleade-Smith How should I go about to starting my own bookkeeping business as I know nothing on starting up?

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Jason Blackman … first of all James you need to have a clear focus on what you’re offering. It’s a good idea to have a ‘model’ in place before you actually start to get clients. So for example what sort of system will you use?

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Tamara Salter How do I know when is the right time to start and what services to offer initially

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Jason Blackman … hi Tamara there’s never a ‘right’ time to start your practice but I suppose the only thing I would say is AFTER January might be a good idea as the tax return rush will be over! As for services that’s something you need to decide but bookkeeping is a great start…

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Tamara Salter I was thinking about only offering bookkeeping services, but not sure on which services to offer initally

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Jason Blackman … bookkeeping is a great area to start in as it provides such a good grounding – just make sure you’re comfortable with the system you are using and it does what you need it to do, or more important, what your clients want it to do!

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Heather Fennemore Hi – how do you go about researching your business idea and its viability ?

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Jason Blackman … it’s always a good idea to look at your competitors – in accountancy that’s easy as there are so many accountant’s websites you can look at – most unfortunately just don’t cut it. You need to decide what the clients WANT and a website full of jargon is a really bad start, as I see so often!

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Natasha Everard Does a mentor help with confidence and motivation?

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Jason Blackman … absolutely Natasha – it’s sometimes a lonely existence running a practice on your own and even to have someone there to bounce ideas off is a great start – that’s how I started!

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Tatiana Salinschi Good evening,
Can a part qualified accountant (AAT Level 3) start his own business?

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Jason Blackman … of course, depending on what services you’re offering and how competent you are but yes, in reality anyone can offer accounting services, although ‘anyone’ is not necessarily what I recommend! You need to be competent…

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Melissa Compton thinking of starting a bookkeeping after I finish AAT level 3 is there anything I would need to know additionally also how do you find a mentor

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Jason Blackman … I think research is the key Melissa – be really clear in your head what you want to offer and what systems you’ll be using – will you restrict it to one system or will you let the clients choose the system? It sounds simple but this is a vital starting point!

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Yulia Taylor Hello. What help mentor provide? Is the same as if bookkeeper will start partnership with accountant in practice?

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Jason Blackman … hi Yulia – a mentor doesn’t necessarily help with the work itself, more of a guide to help you on your journey. They can help you with things like marketing and pricing for example but sometimes just sharing ideas can be a massive help, particularly in a group situation…

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Natasha Everard Pricing is always difficult. How can i structure pricing? and the dreaded question if they ask why so expensive?

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Jason Blackman … ah, pricing – that’s a whole new evening! In my opinion hourly pricing should NOT be used – it’s unfair on you as you’re always restricted to what you can earn and it’s unfair on the client because by definition every bill is a surprise, and that’s the one thing that clients hate – NEVER surprise them with a bill, they should always know what they’re paying before you start the job – it’s a lot harder but will make for a much better client relationship!

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Helen Peacock How do you determine how to charge for services offered, flat rate or %based or something else?

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Jason Blackman … hi Helen it all depends on the service offered. If it’s something you can value price then that’s the preferred option – for example if you’re saving them tax then charge a percentage of the tax saving – if that’s not possible then a fixed fee is the way to go… hourly rates, as I said above, are really to be avoided if at all possible!

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Natasha Everard How do your source clients? and what are the legalities that you have to do before you take them on?

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Jason Blackman … regarding the legal aspects, I can’t advise directly on that but the money laundering aspects obviously need to be adhered to. On a practical level make sure the price for your services is agreed. Nothing worse than arguing about that later. Sourcing clients again is a whole new topic – for me Facebook has been stunning – get it right and it opens up a whole new world!

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Kerry Crate I am a mature student (32) and completing a degree in business management (accountancy) through ou i get exemptions for acca and icb among others during my degree what can I do to improve my employment prospects and also which graduate route into accountancy (minus the big 4 due to age I don’t think I will get a look in) will be most profitable and moveable (my husband us a British army Officer) so we relocate around every 2-4 years

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Jason Blackman … let me come back to you as that’s more of an employment question Kerry?

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Natasha Everard How do you say no to a client? Silly question but sometimes a difficult one?

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Jason Blackman … it’s just a case of being professional and polite – never part on bad terms as you never know when they might come back! Never crash and burn on price – if that’s your price then that’s it – if they try and talk you down continuously then they’re just shopping for price and you don’t want them!

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Natasha Everard What software would you suggest? Cloud or PC/Mac based?

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Jason Blackman … ALWAYS cloud – it’s the future. Desktop software will eventually die off, in fact a lot of it’s not supported anymore. Cloud has SO many advantages and if you want to build the practice of the future you really MUST go down the cloud route!

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Tamara Salter What cloud software would you recommend?

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Jason Blackman … for me personally it would be Xero but equally FreeAgent, Clear Books and QBO are all great – there’s SO many on the market at the moment but these are the main players. The great thing about Xero is that the education/training aspect is so powerful and there is SO much on their website you can learn from – it’swww.xero.com

Online Accounting Software – Free Trial, Free Support | Xero

XERO.COM

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Suzanna Rich If someone asks you to do your books, what are the first steps you should take?

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Jason Blackman … first establish a system – if you’re doing the bookkeeping, what software will you use? Will it be yours or the client’s choice? Will you do the whole job or just up to a certain point?

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Kerry Crate Just direction Jason it seems to be a minefield on where to start

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Kerry Crate I looked at acca but to offer charted services it seems you need 3 years in practice and it would bar me from offering bookkeeping services whilst completing and obviously un my situation flexibility us a must uf we are posted overseas

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Jason Blackman … chartered is something I never did so I can’t advice on that, I completed my AAT which has served me well since 2001. I am now an FMAAT which does carry a bit more clout so would definitely recommend that!

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Aran Taylor Hi Jason I’m in the process of setting up a business offering bookkeeping tax returns etc I’ve got the branding sorted marketing materials designed ready to print business bank account set up just need to register with hmrc for money laundering regulation do I need to register with ico? Are there any other registrations or anything else I’m missing I’ve got clients lined up and feel perfectly competent I don’t have a mentor but have other accountants I can ask for advice which is helpful any advice for a new start up to make it a success?

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Jason Blackman … hi Aran again can’t advise on what legal things you need to do but it sounds like you’re pretty well set up – as I have said before how about systems? What software have you got lined up? Is it desktop or cloud-based? Almost every area of accountancy there’s now cloud software for so am happy to help on choosing packages?

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Aran Taylor I’ve got manager atm as it’s free and focusing on minimising costs to begin with have considered xero but think the monthly fee per client will be a hard sell to clients what would you recommend

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Natasha Everard Aran hi, yes you have the legal parts right. I have also registered for ICO as i store my clients details at home. Also think of indemnity insurance.

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Aran Taylor Yes will definitely be getting pii is ico a must? The only details I have will be stored on my Mac in the accountancy package I’m not really sure on what I need to store information wise

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Jason Blackman … Xero is great – so what I do is absorb the cost into my fees – so my clients think it’s a ‘bonus’ that they’re getting the software bundled in – really press the fact that the software, all backups, all updates are included, it’s a real selling point for them. Also ask Xero about deals as it becomes cheaper the more clients you have…

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Natasha Everard Because i do payroll as well as my clients accounts, personal details, client checks…i automatically registered for ICO. Peace of mind really.

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Aran Taylor I have no idea how to price my fees yet as I haven’t started yet I’m going to start on £12 an hour for bookkeeping work and as my experience broadens im hoping my fees can to I’ve done countless hours of research but real world experience is gonna be the key factor and I just need to go for it yea I’ve spoken to xero they mentioned that you can’t do year end accounts in it is that true year end stuff is the only thing I don’t feel completely confident in yet

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Jason Blackman … no that’s true you can’t but if you have a perfect TB then all you need is something like Taxfiler (shown below) and the rest is a breeze!

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Tracie Hemming Hi Aran, I’ve set up recently too, I think you’d definitely need ICO, like Natasha said as you will still need to store your MLR info on clients and keep copies of ID etc. I also use Veriphy, which is really good to do your MLR and only costs £4 per check. 😊

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Kerry Crate Typos on phone sorry

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Tamara Salter If I were to offer purely bookkeeping services who would you recommend for a practice licence, IAB or ICB?

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Natasha Everard AAT 🙂 Once you get your level 4 you can be a licenced Accountant and they are launching a bookkeeping practice licence soon..

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Natasha Everard So what happens in a mentoring session? And how do you implement your mentoring?

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Jason Blackman … great question! For me now I am part of a mentoring group. The first 20 minutes or so are sharing success stories from other members which is so motivating, then there’s some ‘learning’ from my mentor for 40 minutes or so, then the last 20 minutes or so are for Q&A and comments – again this sharing is where it becomes so powerful – to have lots of accountants giving out ideas is priceless!

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Helen Peacock Do you ask your clients to sign a contract or a Terms of Service agreement (or similar)?

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Jason Blackman … absolutely. Getting the i’s dotted and t’s crossed is really important. It’s important that the client knows what you are (and aren’t) offering just in case they ask you to do something which hasn’t been agreed. In other words it’s a vital document to save trouble further down the line!

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Natasha Everard When is the right time to get a mentor?

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Jason Blackman … there’s really no right or wrong time to be honest. I started in practice in 2001 but didn’t get a mentor until 2012. However getting one has really pushed my practice forward in ways that I couldn’t have done on my own. I know I keep saying it but it’s not just the support a mentor can offer you but it’s being part of a ‘family’ that are there to help you. Running a practice can be quite a lonely place so just to have somewhere for you is very, very powerful…

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Natasha Everard And what kind of charges are mentoring asking?

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Jason Blackman … it will vary of course on the sort of mentoring you need – mine is £97 a month but I would estimate that I make two or three times that on a monthly basis using the material I’ve gleaned from the sessions – that’s the key, you need to be improving your income by at least what you’re paying or of course it’s not worth it!

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Helen Peacock Setting up on my own is my ultimate aim, specifically focussing on the local small business owners/individuals. I think there is still a market out there for this but what are your thoughts on the number of apps now available aimed at this business group to be able to do the accounts themselves?

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Jason Blackman … there’s a few good packages available, and automation is what it’s all about. There’s things like Xero that make bookkeeping SO easy, there’s apps like Receipt Bank which make dealing with invoices/receipts a breeze, then there’s software like Taxfiler that produces accounts and tax returns – all cloud based too. This is another reason NOT to charge by the hour as our job is being made easier, but the client doesn’t need to know that!

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Jason Blackman http://wickersham.evsuite.com/facebook-with-jason/

EasyVideoSuite

WICKERSHAM.EVSUITE.COM

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Jason Blackman … OK, above is a link to a video clip I produced discussing Facebook marketing for accountants, and showing you step-by-step how to do it – hope you find it useful!

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Natasha Everard How do you source clients?

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Jason Blackman … Facebook has been amazing for me, and the video I posted may help – it’s a completely free way of promoting yourself. One word of advice though, make sure you regularly post – weekly is great, then you build up a rapport. My website has been incredible for me – make sure there’s no jargon, it’s written in plain English and you’re making clients WANT to business with you – there’s no place for ‘boring’ anymore!

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Tamara Salter Did you create your own website or did you get professional help?

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Jason Blackman … no I did it myself – just make sure it’s written in plain English, and offer what clients WANT – a long list of what you do is not enough to grab them, you have to be DIFFERENT!

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Jason Blackman … just to mention another thing – I talked about Receipt Bank which is INCREDIBLE software – well worth a look – it’s at www.receipt-bank.com

Receipt Bank – Effortless Bookkeeping

Effortless bookkeeping automation software that saves accountants, bookkeepers and small businesses time and money.

RECEIPT-BANK.COM

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Jason Blackman … one more recommendation is Taxfiler – it’s atwww.taxfiler.co.uk – SUCH a great way of producing accounts and tax returns – and it’s cloud-based!

Taxfiler – tax and accounting software

Cloud-based tax and accounts software for accountants in practice – powerful, reliable and fast. The future of…

TAXFILER.CO.UK

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Jason Blackman … once you progress further – beyond bookkeeping – then look at some software for producing management accounts as that’s a service where you can add HUGE value – don’t worry if you’re not at that stage yet but when you get confident with bookkeeping it’s a really big area to discover!

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Tamara Salter That’s a useful tip 🙂

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Tracy Gascoigne Bit late I know Jason, but what software would you recommend for management accounts inparticularly for service industries please?

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Jason Blackman … no problem Tracy – CrunchBoards is incredible and is pretty much automated from Xero – have a look atwww.crunchboards.com

CrunchBoards: For Business Forecasting, Reporting and Alerts

Forecast Cash Flow, build KPI Dashboards and monitor performance with CrunchBoards, the all-in-one business intelligence solution

CRUNCHBOARDS.COM

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Natasha Everard Does anyone have any further questions to ask Jason?

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Jason Blackman … the key is to have fun! Make sure you come across as being human to clients – a lot of clients are actually very nervous of accountants so make them feel at ease – one client I took on once said visiting her accountant was akin to visiting her dentist – don’t make it like that for them!

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Tatiana Salinschi Jason Blackman, what route would you recommend after AAT ACCA or CIMA?

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Jason Blackman … as I said I got to AAT, then FMAAT, and that’s served me very well – it’s enable me to do everything I’ve wanted to do and have never been happier running my practice!

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Tamara Salter Thank you for all the excellent tips Jason, I have found them very helpful 🙂

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Jason Blackman … it’s been a pleasure!

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Helen Peacock Thanks for your time Jason, much appreciated.

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Tatiana Salinschi Thanks a lot Jason

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Jo Roberts Thank you, lots of useful tips!

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Ida Bouwhuis Miab Hi Jason, is it possible to have one off mentoring sessions? I am just starting out, have one client so far so prices like £97 a month are way out of my reach, and for most others I think?

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Jason Blackman … of course – my mentor charges £97 because he does it for a living but he (and I) organise one-off sessions too – not a problem!

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Jason Blackman … if anyone wants to know more they’re welcome to PM me at any time – always happy to help! Meanwhile if there’s anything I’ve spoken about you’d like to know MORE about then post it on the group or PM me and I’m sure Natasha and I can chat about it …See more

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Natasha Everard Thank you everyone for participating in the Q & A tonight. Thank you Jason for agreeing to give your time up this evening. Thank you all.

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