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Is it worth completing an accounting course?


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Hi everyone,

 

I'm about to get started in the property investment business by flipping houses. I have a little bit of time before I seriously invest in this, so I was wondering whether it would be worth me looking at an accounting night school/online course just to increase my knowledge on finances?

 

I'd be interested to hear everyone's thoughts and whether or not they've done anything like this before and whether it was worth it?

 

Thank you,

Mark

 

 

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Hi Mark 

My opinion is that a good experienced accountant is more valuable in guidance terms than what a course alone can give you. A good accountant will guide you in the right direction based on your goals. I wouldn't consider doing this myself as I feel the value I get from my accountant far outweighs the cost.

Spend the time (and not necessarily the money) on setting your goals and developing your strategy. There is no substitute for experience, so start practically by viewing areas & properties to get a feel for what you want to achieve. Find a good accountant and they'll be a valuable member of your team. 

Cheers 

Paul 

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19 hours ago, paulrybak said:

Hi Mark 

My opinion is that a good experienced accountant is more valuable in guidance terms than what a course alone can give you. A good accountant will guide you in the right direction based on your goals. I wouldn't consider doing this myself as I feel the value I get from my accountant far outweighs the cost.

Spend the time (and not necessarily the money) on setting your goals and developing your strategy. There is no substitute for experience, so start practically by viewing areas & properties to get a feel for what you want to achieve. Find a good accountant and they'll be a valuable member of your team. 

Cheers 

Paul 

 

Hi Paul,

 

Thanks for your reply - really appreciate the feedback.

 

I didn't actually point out in the opening post that I would, of course, have an experienced accountant on board, it was more just so I could understand much better the conversations I'd have with them. It's just whilst I have a little bit of time, how to best utilise this and what skills would really help me going forward.

 

Thanks,

Mark

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  • 2 weeks later...

Hi Mark, speaking as an accountant, I'm not sure an accounting course would necessarily add value for you. Any good accountant that you deal with would take the time to make sure you understand what they have done and to explain the tax implications to you.  

Sheryldene Dunne
Accountant & Client Manager

www.propertyhub.net/service/tax/

03_tax.png.75734990711f3b53f10ddc77d5ebe36f.png

 

 

 

 

We can only give general information on a public forum, and nothing in this post should be interpreted as advice. To speak to us about becoming a client and receiving bespoke advice, call us on 020 3936 2170 or email tax@propertyhub.net

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On 11/15/2018 at 6:07 PM, Sheryldene said:

Hi Mark, speaking as an accountant, I'm not sure an accounting course would necessarily add value for you. Any good accountant that you deal with would take the time to make sure you understand what they have done and to explain the tax implications to you.  

 

Hi Sheryl,

 

Thank you for your response - after speaking with various people and accountants I have decided that it wouldn't be beneficial for me at this stage.

 

It's trying to find the happy-medium of knowing a little bit of everything!

 

Thanks,

Mark

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Hi Mark

 

Have you looked into free courses online like Open University? They offer a free bookkeeping and basic accounting courses that you can do at your own pace. Might be a good intro to assist with the conversations you have with your accountant. 

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17 minutes ago, DerekT said:

Hi Mark

 

Have you looked into free courses online like Open University? They offer a free bookkeeping and basic accounting courses that you can do at your own pace. Might be a good intro to assist with the conversations you have with your accountant. 

 

Hi Derek,

 

Open University has been saved in my bookmarks - I'd never actually taken a deep look into the courses but I'll be sure to check them out. Thank you very much.

 

Mark

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  • 2 weeks later...

As an Accountant I would ask you to consider the following:

 

You can do an Accountancy Course but need to remember that those accounts then need to be used to fill a tax return. You might end up claiming something incorrectly or you might not claim something which you could have! Incorrect tax returns, if not corrected before an HMRC prompt can lead to penalties and interest! Therefore, though doing an Accounting course might be a good idea but if not topped up with some basic tax course would not be of much use as you would still end up paying an Accountant!
Also if you do not use an Accountant and if any HMRC issues arise in the future you might actually end up paying more in fees then you would have paid in the first place.

 

Therefore, I would suggest a light course to give you the basics but would not advice on taking it one step further just with the aim of saving a few hundred pounds!

 

 

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5 hours ago, Accountant1 said:

As an Accountant I would ask you to consider the following:

 

You can do an Accountancy Course but need to remember that those accounts then need to be used to fill a tax return. You might end up claiming something incorrectly or you might not claim something which you could have! Incorrect tax returns, if not corrected before an HMRC prompt can lead to penalties and interest! Therefore, though doing an Accounting course might be a good idea but if not topped up with some basic tax course would not be of much use as you would still end up paying an Accountant!
Also if you do not use an Accountant and if any HMRC issues arise in the future you might actually end up paying more in fees then you would have paid in the first place.

 

Therefore, I would suggest a light course to give you the basics but would not advice on taking it one step further just with the aim of saving a few hundred pounds!

 

 

 

 

Hi, thanks so much for your advice!

 

The reasoning behind looking at an accounting course was more to help me understand when talking with my accountant rather than doing the work myself!

 

Thank you,

Mark

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  • 1 year later...

Nah, being an Accountant is not prestigious. Try something else. If I were you, I would try IT. BTW, I'm about to become an IT specialist. I chose network architecture. It's damn interesting. I've already read a lot of different books and articles about it, I saw a lot of webinars and videos on YouTube. I contacted a guy who's already a Cisco certified engineer, and he told me that I should try myself on this cciedump.spoto.net site when I'm done. I strongly recommend you to do it too.

P.S. Damn! I didn't see that it's 2 years old thread.

 

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Seems many here are recommending against doing the course. 

I feel if you have the time and the funds to spare, there is no harm in doing it. 

I spent over 3 years studying accountancy but never went into accountancy work. I use an accountant for my property business. So although I don't actually use the qualification itself - I feel it has given me a good mindset, and a very good understanding of the numbers - think has been valuable to me

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22 hours ago, adamhart said:

Nah, being an Accountant is not prestigious. Try something else. If I were you, I would try IT. 

I’ve seen the IT crowd and that career doesn’t look so bling either :D:P

Jerome

Jerome@TaxAntics.co.uk

www.TaxAntics.co.uk
 

 

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  • 2 months later...

 Hi Mark. I’m definitely sure that you have to attend courses. I can share with you a story from my family. About 10 years ago my father also has begun investment business. He needed much time and experience till to become good in this sphere. Then courses didn’t were so popular. But if I ask him now about these courses his answer is positive. Yes, he would definitely attend courses in those years if he could have so possibility. It would help him to avoid many mistakes which he used to do. Now I also work in the business sphere. I can recommend you great firm APM Accountants which is based in Tallaght, Dublin. They were established not so long time ago, but they really can help you if you need in the good accountant, or you need to get answers from the high qualified people. I sincerely wish you good luck in your business and I hope I could help you.

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  • 1 month later...
On 11/15/2018 at 6:07 PM, sheryldene dunne said:

Hi Mark, speaking as an accountant, I'm not sure an accounting course would necessarily add value for you. Any good accountant that you deal with would take the time to make sure you understand what they have done and to explain the tax implications to you.  

And do they charge extra for this?

I have just paid an accountant to do my accounts and I am pretty much as confused about my accounts now as I was before I hired him... :(

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  • 3 months later...

Just in case any one stumbles across this old thread, I dip into this book or books! before I speak to our accountant and at the end of the year when we get our accounts back, lots in there that is not relevant but just helps to remind me what it is all about so that I don't feel quite so bamboozled!

16157148196637974352714848141792.jpg

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