{"id":15226,"date":"2023-06-22T08:00:00","date_gmt":"2023-06-22T07:00:00","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?post_type=video&#038;p=15226"},"modified":"2025-08-28T15:50:35","modified_gmt":"2025-08-28T14:50:35","slug":"entrepreneurial-accountant-start-bookkeeping-business-jo-wood","status":"publish","type":"video","link":"https:\/\/www.sage.com\/en-gb\/blog\/video\/entrepreneurial-accountant-start-bookkeeping-business-jo-wood\/","title":{"rendered":"How to start a bookkeeping business"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-gb\/blog\/show\/the-entrepreneurial-accountant-series\/\" class=\"entry-header__link\">The Entrepreneurial Accountant: The journey to going solo<\/a><p>Episode 17 of 18<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tHow to start a bookkeeping business\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t<div class=\"entry-header__cta-list\">\n\t\t\t\t\t<div class=\"single-cta\">\n\t\t\t<button\n\t\t\tclass=\"button button--primary js-component-modal-header-video-trigger\"\n\t\t\tdata-href=\"#js-component-modal-header-video\"\n\t\t\tdata-modal-alert=\"true\"\n\t\t\tdata-action=\"modal-open\"\n\t\t\taria-controls=\"js-component-modal-header-video\">\n\t\t\tWatch Video\t\t<\/button>\n\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"How to start a bookkeeping business\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-gb\/blog\/video\/entrepreneurial-accountant-start-bookkeeping-business-jo-wood\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n\n\n\n<p>Have you ever wondered what it\u2019s like to start and run your own bookkeeping business?<\/p>\n\n\n\n<p>Jo Wood is the founder of Jo Wood Virtual FD, she runs The 6 Figure Bookkeeper and is the co-host of the Bookkeepers\u2019 Podcast.<\/p>\n\n\n\n<p>In this episode, she talks about why she started her own <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/how-to-start-a-bookkeeping-business\/\">bookkeeping business<\/a> and what she\u2019s learned along the way.<\/p>\n\n\n\n<p>Check out what she has to say about accounting versus bookkeeping, dealing with monthly management accounts, working with clients, and much more. <\/p>\n\n\n\n<p>Here\u2019s what we cover:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#bookkeeping\">Bookkeeping, community and kids<\/a><\/li>\n\n\n\n<li><a href=\"#why\">Why mindset is important<\/a><\/li>\n\n\n\n<li><a href=\"#blurred\">Blurred lines between bookkeeping and accounting<\/a><\/li>\n\n\n\n<li><a href=\"#removing\">Removing yourself from the business<\/a><\/li>\n<\/ul>\n\n\n\n<div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t>Download your free copy of The accountancy practice toolkit, which will help you start and grow your own firm<\/a>\n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"bookkeeping\">Bookkeeping, community and kids<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>Welcome to the Entrepreneurial Accountant. Today, we\u2019re joined by Jo Wood.<\/p>\n\n\n\n<p>Thank you so much for joining us today. I&#8217;m really excited to chat to you.<\/p>\n\n\n\n<p>Obviously, I&#8217;ve just spoken about your three main involvements. Tell us a bit more about them and whether they interact with each other.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>Absolutely. I think the other involvement I have is three children, so they take up quite a bit of my time as well.<\/p>\n\n\n\n<p>So, yes, I&#8217;m Jo Wood. <\/p>\n\n\n\n<p>I run Jo Wood Virtual FD. It is predominantly a bookkeeping practice, but we do offer compliance, and we are based in Gravesend in Kent, but we service clients all over the country and our team is 100% virtual as well and they&#8217;re all over the country.<\/p>\n\n\n\n<p>I set this practice up in April 2019, and on the journey to doing that \u2013 this is the fifth time I&#8217;ve set up a practice, and I was determined that this time it was going to be the right thing, and it was going to be profitable, and it was going to be amazing.<\/p>\n\n\n\n<p>So, as I did it, I documented my journey along the way, all the things I did.<\/p>\n\n\n\n<p>And at the same time, I set up The 6 Figure Bookkeeper\u2019s Club, which is a free community for people like me that were on their own setting up practices from home for bookkeepers and accountants that were lonely and didn\u2019t have that annual event to go to, and felt a bit like they weren&#8217;t working on themselves, they were just doing the work.<\/p>\n\n\n\n<p>So, I set up that community and in the last couple of years, that\u2019s grown to over 10,000 members.<\/p>\n\n\n\n<p>In 2020, in Covid, we started the Bookkeepers\u2019 Podcast at the same time to be that one piece of really great content to share with our community along the way.<\/p>\n\n\n\n<p>And now, what&#8217;s happening is that I am me, I do wear many hats, but I&#8217;m always me.<\/p>\n\n\n\n<p>And whether that is me running my business, or me trying to help bookkeepers and accountants run their businesses profitably, that is how I&#8217;m living, and that is my role.<\/p>\n\n\n\n<p>And I&#8217;m having great fun while I&#8217;m doing it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>Good. I&#8217;m glad. The passion really comes through. Definitely. It is a really satisfying job, and I think how you&#8217;re doing it is great as well. Because in my opinion, variety is the spice of life.<\/p>\n\n\n\n<p>So, getting to do a little bit of everything, having your creative outlet through the podcast and helping people \u2013 having some free content out there is amazing, lead generation and all that kind of thing.<\/p>\n\n\n\n<p>Then you\u2019ve got your actual job, the FD bit, which I think of the three is probably the most technical.<\/p>\n\n\n\n<p>Which one do you enjoy the most?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>Well, I don\u2019t like to class myself, but I keep being told that I am really a business coach in both roles, and that\u2019s what I do.<\/p>\n\n\n\n<p>So, whether I&#8217;m talking to my clients, I&#8217;m giving them advice on how they achieve their goals and holding them accountable.<\/p>\n\n\n\n<p>And I do the same with the bookkeepers in our community as well.<\/p>\n\n\n\n<p>I&#8217;m the eldest of five children and my mum was always reading personal development books and was going to seminars and everything, and she was always stretching us. <\/p>\n\n\n\n<p>We always had that growth mindset.<\/p>\n\n\n\n<p>So, I think that\u2019s just me being me. So, that\u2019s why I don\u2019t feel like I could label it. It\u2019s just how I am.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"why\">Why mindset is important<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>That\u2019s really nice. Definitely, the business coach element is something that, I think, a lot of clients appreciate, and the mindset \u2013 helping them with their mindset is really important.<\/p>\n\n\n\n<p>And I think recently \u2013 I don\u2019t know if it was yesterday or the day before \u2013 you posted something really nice about being above the line or below the line, and I think that comes from that coaching background of\u2026 also, for any walk of life.<\/p>\n\n\n\n<p>It\u2019s not just being above the line at work. It\u2019s about your team. It\u2019s about your clients. It\u2019s about how you are outside work in general conversation.<\/p>\n\n\n\n<p>So, I think that was a really, really lovely thing that you brought in.<\/p>\n\n\n\n<p>If you want to talk about it a little bit more, I would love you to.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>Yes, absolutely. Well, it was something that [GoProposal founder] James Ashford was talking about yesterday at the Masterclass.<\/p>\n\n\n\n<p>So, I actually visited Sage \u2013 well, I don\u2019t know if it\u2019s the headquarters, but it felt like it in The Shard, it was lovely.<\/p>\n\n\n\n<p>And he was talking about this mindset. And it\u2019s one of the things that I\u2019ve said that\u2019s changed why my fifth practice has been a success compared to my previous having-a-go-at-it.<\/p>\n\n\n\n<p>And it really was that change in mindset of taking responsibility for the good and for the bad. And actually, whenever something happens, sitting back and thinking, \u201cHow did I play a role in that? How did I enable that situation to come about?\u201d<\/p>\n\n\n\n<p>And exactly like you said, it\u2019s not just business. It\u2019s now helped me with parenting.<\/p>\n\n\n\n<p>I have two teenagers, one pre-teen, there&#8217;s lots of situations where things go a little bit wrong, and I have to then take responsibility.<\/p>\n\n\n\n<p>And I don\u2019t blame them because they&#8217;re children, and they&#8217;re growing. So, why would I do that in business?<\/p>\n\n\n\n<p>And it really has been the biggest opportunity for me to make those changes, and they can be just tiny changes, but taking responsibility.<\/p>\n\n\n\n<p>I&#8217;ve allowed that client to treat me like this. I didn\u2019t set the boundaries in place. I wasn\u2019t good enough in the onboarding to let them know that this is how I work.<\/p>\n\n\n\n<p>And I wrote an article recently for AccountingWEB about my onboarding. I kind of call it a Client Training Program really. Because I realised that it\u2019s not fair to expect something from someone else if I&#8217;ve not set out the guidelines and told them exactly how it is, and how this is going to work.<\/p>\n\n\n\n<p>And actually, what I&#8217;ve realised is if we\u2019re really open and honest about that \u2013 and that\u2019s why I&#8217;m very open and honest in my social media, I don\u2019t hide back.<\/p>\n\n\n\n<p>If someone wants somebody that never dances in their kitchen once they\u2019ve had too many Proseccos, then I am not the bookkeeper for you, because that is me.<\/p>\n\n\n\n<p>And I&#8217;d prefer to be 100% me and repel the people that don\u2019t like me because then that means that we\u2019re all happier in our working relationships.<\/p>\n\n\n\n<p>And also, I think it was the decision or recognising that I get to choose who I work with. I get to choose how my days pan out.<\/p>\n\n\n\n<p>I get to decide that actually I want to \u2013 there\u2019s two parts of me. I really want to run a practice, but I also really want to help other people run a practice, and I can split my time like that.<\/p>\n\n\n\n<p>And also, I get to choose that I want to cook dinner for my kids and be there when they get off the school bus. Not that they\u2019d want to talk to me. But I want to be there for them and just hand out snacks and then they all disappear to their rooms.<\/p>\n\n\n\n<p>But I get to choose, and I get to decide what feels good, what feels like a good relationship. And I started listening to my gut instincts more.<\/p>\n\n\n\n<p>Because I realised that, actually, a lot of the time we know the answers, but sometimes we\u2019re a bit scared to have those difficult conversations. And I have had more of those difficult conversations, and they\u2019ve had really good outcomes.<\/p>\n\n\n\n<p>Like today, I&#8217;ve just repriced a client that I&#8217;ve worked with for the last year, and I doubled the fee, and they\u2019ve said, \u201cOkay.\u201d<\/p>\n\n\n\n<p>And I&#8217;ve had to have those difficult \u2013 because otherwise, I&#8217;m choosing to be in a relationship where the scope of work and the price don\u2019t match, and then that feels\u2026 it all gets a bit icky and my staff aren&#8217;t happy, and they that they&#8217;re doing more and the scope\u2019s increased, and I&#8217;m not sticking up for them.<\/p>\n\n\n\n<p>And so, we have to have these difficult conversations, be grown-ups, but we have to stay above the line and stay responsible.<\/p>\n\n\n\n<p>Take ownership of the outcome, and be accountable to the actions we\u2019ve taken, or the actions we haven\u2019t taken, and that\u2019s what\u2019s led us to whatever the outcome is.<\/p>\n\n\n\n<div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t>Download your free copy of The accountancy practice toolkit, which will help you start and grow your own firm<\/a>\n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"blurred\">Blurred lines between bookkeeping and accounting<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>That\u2019s lovely. And I think, as you said, kind of you touched on it, it\u2019s only a small thing, and sometimes you know it within yourself, but it\u2019s once you start applying those practices and you start seeing some results. <\/p>\n\n\n\n<p>They build your confidence in the sense of, \u201cOkay, this is actually how I want to live my life in all aspects.\u201d<\/p>\n\n\n\n<p>As far as accountancy and bookkeeping go, I just wanted to delve a little bit more into those sorts of things. <\/p>\n\n\n\n<p>Do you feel at all that the lines between what a bookkeeper does and what an accountant does are blurring at all as time goes on and technology evolves, and what clients want changes?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>So, absolutely. It could be seen like that. <\/p>\n\n\n\n<p>And as I say, I have a full end-to-end service in my practice, but I don\u2019t do the compliance. I employ a qualified accountant to do the compliance.<\/p>\n\n\n\n<p>Where I see a bookkeeper should be evolving is, obviously, having those daily, weekly touchpoints, and making sure that the records are up to date. But then starting to have the conversations about what the bookkeeping means.<\/p>\n\n\n\n<p>And that is the bit which both accountant and bookkeeper could do, can do, but lots choose not to do.<\/p>\n\n\n\n<p>They hide behind the screen and think, \u201cAll I&#8217;ve got to do is get this bank reconciliation done. All I&#8217;ve got to do is get this VAT return done.\u201d<\/p>\n\n\n\n<p>So, this is where it could blur, but not many are doing it. Or if they are, they&#8217;re not doing it enough, in having the conversations frequently enough.<\/p>\n\n\n\n<p>Today, again, the reason that the client has just doubled his fees, I&#8217;ve said to him, \u201cQuarterly, management accounts and cash flow forecasting, and the conversation we\u2019re having at that point is not enough for your business. You&#8217;re growing.<\/p>\n\n\n\n<p>\u201cWhen we have these meetings, they go on for such a long time because there&#8217;s so much to cover. I&#8217;m saying and I recommend that we do this monthly.\u201d<\/p>\n\n\n\n<p>And they\u2019ve gone for it, hence why the fee \u2013 the scope has changed, and their fee has increased. But they\u2019ve seen the benefit of that.<\/p>\n\n\n\n<p>And we want to be there as part of the business, and really holding them accountable to the goals they\u2019ve set themselves.<\/p>\n\n\n\n<p>And that\u2019s the power.<\/p>\n\n\n\n<p>If you take the numbers and interpret them in a way that align towards their goals, then you can have really interesting conversations. And bookkeepers and accountants can both do that.<\/p>\n\n\n\n<p>Bookkeepers, obviously, their role is different. And that\u2019s why I love \u2013 someone once said to me, \u201cYou could have a multi-six-figure business by being a bookkeeper,\u201d and I was like, \u201cWell, I&#8217;m happy with that.\u201d<\/p>\n\n\n\n<p>Why do I then need to go and do so many more years of training? I&#8217;m happy to outsource. So, I outsource the accountancy.<\/p>\n\n\n\n<p>It\u2019s a bit like doctors and nurses.<\/p>\n\n\n\n<p>So, a doctor will come along and give the prescription and say they\u2019ve done many more years of training, and they\u2019ve got that higher level of qualification. <\/p>\n\n\n\n<p>But the nurse will interpret it and explain how this is going to work day-to-day and how it\u2019s going to impact your life, and then hold you accountable to making sure you take and implement those drugs, and things like that.<\/p>\n\n\n\n<p>And that\u2019s how I see our role. But they\u2019re still extremely both \u2013 extremely valuable and both needed.<\/p>\n\n\n\n<p>I think traditional accountancy firms maybe \u2013 they can provide more of the service, but maybe they don\u2019t focus enough on the bookkeeping to be able to give that regular touchpoints.<\/p>\n\n\n\n<p>Daily, weekly bookkeeping enables you to turn around monthly management accounts really quickly, and actually get some numbers out there and have those conversations that are relevant, and timely, and accurate.<\/p>\n\n\n\n<p>And so, bookkeepers can provide that, but they maybe are a bit nervous about having those conversations.<\/p>\n\n\n\n<p>So, I think there\u2019s room for everybody, and I want everyone to work together really well.<\/p>\n\n\n\n<p>And that\u2019s why our community has both bookkeepers and accountants in it, and there&#8217;s loads of cross-work that\u2019s being done.<\/p>\n\n\n\n<p>Know where your expertise are, know where you&#8217;re really good, and work to them. And then signpost people to other people that are really good at their craft.<\/p>\n\n\n\n<p>I don\u2019t want to learn and know everything about tax.<\/p>\n\n\n\n<p>When my accountant says to me, \u201cThis is what it is, here&#8217;s the CT600, this is the\u2026\u201d I can explain it. I know exactly what it means.<\/p>\n\n\n\n<p>And then what I do is help my client have a payment plan, or a savings plan and hold them accountable so that they make the payment, and that they\u2019ve got no stress and no brown letters.<\/p>\n\n\n\n<p>That\u2019s how I see it working.<\/p>\n\n\n\n<p>So, yes, I believe there are differences, and that\u2019s okay. But there&#8217;s still loads of value for both.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>I really like the analogy of a doctor and a nurse.<\/p>\n\n\n\n<p>And having maybe less contact with the accountant who maybe is a little bit more strategic or may have a little bit more insight into what \u2013 for example, disclosure, what the disclosure implications are for what you&#8217;re trying to do.<\/p>\n\n\n\n<p>Or if you go overdrawn on a director\u2019s loan account, how that\u2019s going to look, and why you may or may not want that.<\/p>\n\n\n\n<p>Or if you decide that you&#8217;re going to have loads of expenses in a particular field, how that may impact how HMRC view it.<\/p>\n\n\n\n<p>And they might just say, \u201cLook, this is what you need to do.\u201d<\/p>\n\n\n\n<p>And the lovely thing that you said is that bookkeepers are the ones who are going to hold them accountable, because they&#8217;re maybe the go-between in certain instances between the accountant and the client, have maybe like an intimate relationship.<\/p>\n\n\n\n<p>One thing that crossed my mind was that recently the words \u2018advisory, trusted partner\u2019 have become really almost buzzwords about setting yourself apart. They do set you apart, but lots of people are using them.<\/p>\n\n\n\n<p>So, it\u2019s a little bit difficult then to tell apart the people who are putting themselves out as those people.<\/p>\n\n\n\n<p>That being said, do you think that if you have an accountant and a bookkeeper who aren\u2019t working under one roof that too many people providing advice can sometimes spoil the broth, or can lead to conflict?<\/p>\n\n\n\n<p>Because I\u2019ve experienced it not so much with bookkeepers but more with tax advisors, I\u2019d say.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>So, I think that would be a case of making that decision at the beginning of the relationship. How is this going to work? What parts are you going to be advising on?<\/p>\n\n\n\n<p>We actually have WhatsApp groups with our clients, because a lot of our clients \u2013 we do have quite a big niche in the salon industry, and they never sit in front of a computer, so sending them emails is absolutely pointless.<\/p>\n\n\n\n<p>But send them a WhatsApp, they\u2019ll send you a voice note or WhatsApp back.<\/p>\n\n\n\n<p>And our accountant, actually, is part of those WhatsApp groups so that he can see what we\u2019re giving, and we can tag him in it if it\u2019s like actually this is something that he needs to give you some advice on.<\/p>\n\n\n\n<p>This is beyond our scope. And then we just help implement it. So, that\u2019s how we have worked it out.<\/p>\n\n\n\n<p>But absolutely, I have \u2013 at the beginning of my career, I was a bookkeeper that had outsourced work from accountants which meant, for me, I didn\u2019t get to choose my ideal client, it was whoever the accountant needed me to work on. And that didn\u2019t work well for me.<\/p>\n\n\n\n<p>That is one thing that over the years I&#8217;ve realised, and I know that lots of people say, \u201cWhen you start out at bookkeeping, go and find an accountant that can outsource you work.\u201d<\/p>\n\n\n\n<p>And yes, it can help, and I&#8217;m glad I did it in a way, but it also brought \u2013 it was the accountant\u2019s ideal client, not my ideal client.<\/p>\n\n\n\n<p>And then I would get so many different industries, and so many different software packages, and so many different ways of working that, for me, I wasn\u2019t \u2013 again, I think that made me feel inferior.<\/p>\n\n\n\n<p>It filled me with imposter syndrome. It felt like I didn\u2019t really know what I was doing.<\/p>\n\n\n\n<p>But when I realised that actually, in my practice now, we streamline, we\u2019ve got software, we take our clients on a very clear app stack journey.<\/p>\n\n\n\n<p>And as I say, we do have a niche \u2013 about 60%, 70%, we do have loads of other clients as well \u2013 but we have a big, strong industry niche as well.<\/p>\n\n\n\n<p>It means my team as well are growing in knowledge in that area, and it builds our confidence.<\/p>\n\n\n\n<p>And also, having the accountant talk to us all and explain to us all what he is explaining, why is he explaining.<\/p>\n\n\n\n<p>What does the overdrawn director\u2019s loan account mean? How do we help our clients get out of that situation?<\/p>\n\n\n\n<p>And so, we learn along the way to help with that. And he offers advisory, and we offer \u2013 I just offer chats and advice, as I would with my best friend.<\/p>\n\n\n\n<p>As I do with my best friends. My friend has just started up a tutoring business. She\u2019s like, \u201cI\u2019ll buy you a Chinese, can I just ask you all these questions?\u201d<\/p>\n\n\n\n<p>And that\u2019s exactly how I would be with anybody.<\/p>\n\n\n\n<p>You need to know what you&#8217;re really good at and don\u2019t ever be giving advice if you&#8217;re not sure. But also, do you know what, the best way is answer questions with, \u201cDo you know what, I don\u2019t know, but I\u2019ll go and find out.\u201d And go and find out.<\/p>\n\n\n\n<p>That is another form of advisory. And whether it is you go to the accountant who might know more, and then you can just interpret it back to the client, you&#8217;re going to start taking that knowledge on for yourself and be able to apply it along the way.<\/p>\n\n\n\n<p>But I love reading books as well, and I think there&#8217;s \u2013 I&#8217;ve just been for three days at events like seminars and learning, and I think there&#8217;s so many different ways that we can impart our knowledge.<\/p>\n\n\n\n<p>So, exactly, I learned that from James Ashford yesterday, I\u2019ve shared it on LinkedIn today. It\u2019s my interpretation of what I was taught. I\u2019m not saying I\u2019m an expert. I said he told me. But it\u2019s just me sharing it.<\/p>\n\n\n\n<p>And then it becomes part of your knowledge going forward.<\/p>\n\n\n\n<p>And if we don\u2019t share that with our clients, then I think we\u2019re being pretty selfish. But it does mean that you have to be the kind of person that wants to learn this stuff.<\/p>\n\n\n\n<p>And I think some of the people in bookkeeping and accountancy world are introverts, do like doing the work, and would prefer never to speak to anybody ever, and that\u2019s absolutely fine.<\/p>\n\n\n\n<p>So, they need to know what their strengths are and how maybe they can interpret the information, ready in a nice report for someone else to have that conversation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>Absolutely. What you&#8217;re alluding to is that you, I think \u2013 what I take from it is that there is a scope, or there is a role for somebody who doesn\u2019t do any accountancy work almost.<\/p>\n\n\n\n<p>And who just sits there and says, \u201cDo you know what, I\u2019ve done the exams, I\u2019ve done this, the other, I\u2019ve got the experience, I know exactly what this means, I\u2019m just going to talk you through it.\u201d<\/p>\n\n\n\n<p>Like you said with your mate and the Chinese food.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>I don\u2019t do anything anymore. I don\u2019t do any bookkeeping or accountancy anymore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>You don\u2019t do anything.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>I don\u2019t do anything.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>Almost the most value at the same time, despite the fact that you&#8217;re not doing any of the technical work. Arguably, it\u2019s the most high-valued job that you have in your business.<\/p>\n\n\n\n<p>And in that same breath, I think what I certainly \u2013 and this is a personal question to me about what I struggle with, because I really, really enjoy that element of the role as well.<\/p>\n\n\n\n<p>And I could spend my whole day on Zoom or just chatting and catching up with people, calling around, see how everyone is doing, making sure that everything is ticking over nicely in their business.<\/p>\n\n\n\n<p>The thing that holds me back is that I just can&#8217;t unlock a way of pricing that, or maybe communicating the value of that. <\/p>\n\n\n\n<p>And I don\u2019t know if, in your experience, you\u2019ve managed to do that or whether you blend it into fees or something like that.<\/p>\n\n\n\n<div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-2c91ff18-95c5-4c4d-9cf7-8c9d75aa65d1\"\n\t>Download your free copy of The accountancy practice toolkit, which will help you start and grow your own firm<\/a>\n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"removing\">Removing yourself from the business<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Jo Wood<\/h3>\n\n\n\n<p>Absolutely. We have to be paid for this work, but it\u2019s all about systems and processes as well. How do we systemise what it is that we&#8217;ve got in our mind?<\/p>\n\n\n\n<p>And what I&#8217;ve decided is that I need 20-minute chats with my clients once a month just to really get in there, have a chat, see what&#8217;s going on. I&#8217;ve assessed the numbers.<\/p>\n\n\n\n<p>For me, we do management accounts monthly, I get a video for my clients of the management accounts, so I&#8217;ve already talked them through my interpretation of what they&#8217;re saying.<\/p>\n\n\n\n<p>And then we have a chat where we would do the cash flow forecast.<\/p>\n\n\n\n<p>So, when I say I don\u2019t do any work, I mean I do work, but it doesn\u2019t feel like it, because it just feels like having a chat with a friend.<\/p>\n\n\n\n<p>But now, even now I&#8217;m looking at, \u201cOkay, so if I want to grow, which we do, and if I want to remove myself from the business, even more, to allow me to do even more marketing, social media, and that kind of\u2026\u201d<\/p>\n\n\n\n<p>I like being part of the onboarding but, again, we\u2019re systemising the process to enable my team to provide value.<\/p>\n\n\n\n<p>Do you know what. I went on holiday for two weeks in August and I had two weeks completely off. I had one client, I think I had to add them on to \u2013 I had to become the agent for, that was it. It was a last-minute thing, and I just helped my team out, and it was fine.<\/p>\n\n\n\n<p>But my team stepped in and did some of the calls then.<\/p>\n\n\n\n<p>And do you know what? The feedback I got from my clients afterwards was, \u201cOh, we absolutely loved that.\u201d<\/p>\n\n\n\n<p>They said something completely different. And lots of things that they had said were things that I&#8217;ve said, but it landed differently. It landed in a different voice.<\/p>\n\n\n\n<p>And my team really enjoyed themselves. They were forced to do it, because they didn\u2019t really feel like they wanted to, or they didn\u2019t feel that they could add value.<\/p>\n\n\n\n<p>But since then, I&#8217;ve given them all their own Calendly links, I&#8217;ve given them all their own Zoom, and proper accounts, and their own availability.<\/p>\n\n\n\n<p>I&#8217;m like you chat to your clients, get on a Zoom call every month with all of your clients, and just \u2013 it\u2019s a habit, you\u2019ve got to train yourself to be like this.<\/p>\n\n\n\n<p>And the insights \u2013 and also, it\u2019s that lower level where\u2026. I&#8217;ve been in business for a really long time, so I might say something, and it lands differently to them because they\u2019ve got all these other learning steps to do, and my team are on that journey with them.<\/p>\n\n\n\n<p>So, it\u2019s about \u2013 we have to let go of some of the control, our ego. I&#8217;ve got a meeting this afternoon about rebranding.<\/p>\n\n\n\n<p>When I started this business up April \u201919, I had just been made redundant from a role, and I had to keep the house over my head. I had to earn the same money.<\/p>\n\n\n\n<p>I&#8217;ve got three kids, my husband was looking after the kids at the time with a part-time job, because he was doing the school runs while I was out employed.<\/p>\n\n\n\n<p>And I had to replace that income quick.<\/p>\n\n\n\n<p>And I had been in the industry for 22 years, whatever, so I was like, \u201cOkay, I will use my name.\u201d<\/p>\n\n\n\n<p>And the business has grown, and now there&#8217;s 11 of us and I&#8217;m like I don\u2019t want the business to be my name anymore, because I need to remove myself slowly out of this business because a business is a profitable enterprise that runs without me.<\/p>\n\n\n\n<p>If I had to be there all the time, it\u2019s not a true business. And I don\u2019t have those choices of whether I want to semi-retire or whether I want to sell, or whether I just want to grow.<\/p>\n\n\n\n<p>And me just be the head of the ship, just steering it in little directions. I want choice and I want freedom. So, I have to get over the ego and start passing the baton down.<\/p>\n\n\n\n<p>And actually, what I&#8217;ve realised is that, obviously, they pick up things from me.<\/p>\n\n\n\n<p>We\u2019re going to start a book club with our staff just so that they can start getting into the habits of what I do. And I&#8217;m only passing on what I&#8217;ve learned.<\/p>\n\n\n\n<p>But if they\u2019ve read a book that I&#8217;ve read three times, if they hear it for the first time, they&#8217;re going to have so much more passion, and energy, and excitement, and they can talk to the clients about it.<\/p>\n\n\n\n<p>And I think that\u2019s one of the biggest things that bookkeepers don\u2019t maybe realise, and maybe accountants as well, is that we think of ourselves as service providers, and we forget that we\u2019re business owners.<\/p>\n\n\n\n<p>We never get taught when we\u2019re training how to run a business. We get taught how to do the work.<\/p>\n\n\n\n<p>And we know that we service business owners, but we sometimes forget that that\u2019s what we are as well.<\/p>\n\n\n\n<p>We need to make a profit.<\/p>\n\n\n\n<p>And actually, if we can run a really profitable business, streamline our processes, make sure our overheads are nice and tight and we&#8217;ve got a good net profit, then we can show our clients how to do that, they can benefit more, we can add more value, and the world and the economy is all sorted out. And we have the key to that.<\/p>\n\n\n\n<p>I truly believe that.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mike Psaras<\/h3>\n\n\n\n<p>No, I totally agree.<\/p>\n\n\n\n<p>To make sure you catch every episode, subscribe to the channel, or sign up to the Sage Advice newsletter at the bottom of the page.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Join more than 500,000 UK readers and get the best business admin strategies and tactics, as well as actionable advice to help your company thrive, in your inbox every month.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-b1a63862-3fa0-4a5e-bb67-c76b88bbc6b8\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe now<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-gb\/blog\/wp-content\/uploads\/sites\/10\/2022\/04\/GettyImages-1073797282-1-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The founder of Jo Wood Virtual FD and co-host of the Bookkeepers\u2019 Podcast reveals how she started her own bookkeeping business.<\/p>\n","protected":false},"author":1329,"featured_media":24254,"comment_status":"open","ping_status":"closed","template":"","meta":{"_sage_video":true,"video_id":"blCVq5UnMSA"},"tags":[23,12],"business_type":[115],"show":[241],"industry":[],"imagine_tag":[220],"class_list":["post-15226","video","type-video","status-publish","has-post-thumbnail","hentry","tag-bookkeeping","tag-start-business","business_type-accountants","show-the-entrepreneurial-accountant-series"],"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice UK","distributor_original_site_url":"https:\/\/www.sage.com\/en-gb\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/video\/15226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/video"}],"about":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/types\/video"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/users\/1329"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/comments?post=15226"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/video\/15226\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media\/24254"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/media?parent=15226"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/tags?post=15226"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/business_type?post=15226"},{"taxonomy":"show","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/show?post=15226"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/industry?post=15226"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-gb\/blog\/api\/wp\/v2\/imagine_tag?post=15226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}