Are you a member of a Professional body? Which One? - The Book-keepers Forum (UK)

cheapaccounting · Veteran Member

Are you a member of a Professional body? Which One?

DeanoFTM · Veteran Member

I'm MAAT, qualified years ago but only became a member in 2010. From when I qualified, I think AAT has grew in stature and as I want to start self-employment as a bookkeeper, MAAT will offer me the route to MiP and should give me a more proffessional image and recognition.

I find the AAT Members Area very helpful with the progression of the CPD Zone and the resources that are available, including relevant updates. Although I like to think I have sound bookkeeping knowledge, it's nice to do some of the past papers and refreshers now and again to update myself on areas that I don't come into contact with too often.

Hope this helps

Dean smile

cheapaccounting · Veteran Member

Thanks Dean - that is great input.

I think AAT is a great qualification to have.

I wasn't aware of the CPD Zone - that sounds useful.

Peasie · Expert

I'm an Associate member of the ICB. I've still to pass level III (both computerised and manual). Then I will be a full member. So can't really say until then what benefits it will bring.

Cheaper PI insurance I suppose and MLR supervision. I only joined because of the MLR - though glad I did as it has opened my eyes a bit. I wonder what percentage of bookkeepers still ignore MLR compared to those registered with HMRC/supervised by authorised body. I guess we'll never know. Haven't heard of anyone being caught yet. Though it's hardly worthy of being reported in the news.

DeanoFTM · Veteran Member

Yes, it's pretty good. It obviously focusses upon accountancy but has other aspects built into it for your development, things such as learning styles, and provides learning adapted to your needs (eg Visual learning, auditory blogs, written literature, etc).

AAT MiP benefits also include a reduced MLR fee, lower PII and reduced memberships dependent upon your turnover (or expected turnover), but I am not at this stage yet. Wish I was though!

I basically joined for the MAAT status, but have adopted some of the resources into my degree. It's good to note for anyone else with AAT who wish to study further that reduced membership is applicable during your new course.

cheapaccounting · Veteran Member

Peasie wrote:

I'm an Associate member of the ICB. I've still to pass level III (both computerised and manual). Then I will be a full member. So can't really say until then what benefits it will bring.

Cheaper PI insurance I suppose and MLR supervision. I only joined because of the MLR - though glad I did as it has opened my eyes a bit. I wonder what percentage of bookkeepers still ignore MLR compared to those registered with HMRC/supervised by authorised body. I guess we'll never know. Haven't heard of anyone being caught yet. Though it's hardly worthy of being reported in the news.

Thank you and good luck with Level III

You raise a good point on MLR - my view it that everyone needs to be on the same playing field but this does need to be policed otherwise a complete waste of time.

cheapaccounting · Veteran Member

DeanoFTM wrote:

Yes, it's pretty good. It obviously focusses upon accountancy but has other aspects built into it for your development, things such as learning styles, and provides learning adapted to your needs (eg Visual learning, auditory blogs, written literature, etc).

AAT MiP benefits also include a reduced MLR fee, lower PII and reduced memberships dependent upon your turnover (or expected turnover), but I am not at this stage yet. Wish I was though!

I basically joined for the MAAT status, but have adopted some of the resources into my degree. It's good to note for anyone else with AAT who wish to study further that reduced membership is applicable during your new course.

Does it cover anything on developing your practice - from a practical point of view e.g. marketing strategy, selling, networking etc

What holds you back from MiP?

DeanoFTM · Veteran Member

There are apparently tools for MiP such as what you have mentioned, but you don't have access to this until you apply. I believe it is marketing, Letters of Engagement, support in practice, but something I need to delve deeper into.

As for MiP, I would like to go asap but trying to restrain myself. I have commitments until May with my degree which is a big chunk out of my week when working full time, and I want to research as much as possible so that I can be as prepared as I can be. This site has been really helpful and probably the best resource I have found relating to bookkeeping.

RSBookkeeping · Veteran Member

I'm an associate of the IAB. Personally I don't think it has brought any advantages with it, other than the fact that new clients can call them to check I am who I say I am if needed.

semsley · Guru

I'm a member of the IAB and only joined for the MLR supervision. I was accepted on my too many years of experience and references but have done the L3 computerised for a bit of CPD. Benefits MLR, PII, listing on their website, newsletters, we have access to Croner reports and get mailings from F A Simms. There are various retail benefits but personally these don't really appeal to me.

cheapaccounting · Veteran Member

So for MLR seems to be coming out favourite so far ...

That's interesting

thank you for the replies

Julies bookkeeping · Veteran Member

I am with ICB, joined mainly for MLR.

I do not get my PI through them as found cheaper elsewhere.

Anderson Accountancy · Veteran Member

Some good responses here.

I am a full member if the ICB and also a member of the Institute of Financial Accountants. The ICB has brought me in touch with MLR and also PI insurance but I am now governed by the IFA for MLR.

My concern, running my own practice, is that the practice license offered by ICB doesn't cover the final accounts or self assessments that I do for my clients - hence the membership of the IFA (if I am wrong, please correct me). My understanding is that the PL covers only for bookkeeping.

Both organisations offer CPD which is vital to your personal development but neither offers any advice on actually doing business (finding clients, sales, marketing, admin etc.).

Well, that's my 2 pence worth.

Regards

Dave

cheapaccounting · Veteran Member

Thank you - useful info

So again - MLR coming out on top with PII in there.

But where do people go to get good advice, guidance, encouragement on e.g. building a Practice, working for yourself, working alone etc etc

DeanoFTM · Veteran Member

cheapaccounting wrote:

Thank you - useful info

So again - MLR coming out on top with PII in there.

But where do people go to get good advice, guidance, encouragement on e.g. building a Practice, working for yourself, working alone etc etc

I'm going to have to use my local business start-up centre, ask questions on here, but I'm hoping I will gain a lot from BookCert. There are a few policies for lone working within my current employment so I'm having a look at those and hopefully I can adopt a similar policy.

Wella · Expert

I am a member if the ICB.

I felt that having a qualification gave the clients piece of mind but having gained a few clients since starting two years ago, I have come to the conclusion that most are not interested.

In fact I have only ever been asked once if i am qualified, and the potential client did not know of the ICB (hopefully, that is now being remedied by the ICB). I didn't get the client

Dave if you are MICB and have an ICB practice license, you should be able to complete final accounts. To complete self assessment return, requires a seperate exam, with 100% mark. If your insurance is with Trafalga, they cover you for all work that you are ICB qualified to do (eg have acquired the necessary membership level)

Bill

-- Edited by Wella on Wednesday 26th of January 2011 09:25:41 AM

karenb · Veteran Member

Currently fellow member of AIB and joined for MLR Supervision. PII I got a better deal elsewhere

BudgetB · Guru

I'm a member of the IAB. Why did I join? Erm, in 1999 I could easily answer that as liking the idea of having letters after my name!

These days, I guess I'm a member because I always have been, I think it looks better to be part of a professional body although no-one has ever asked me what qualifications I have or what the letters stand for!
I don't feel that the IAB offer a lot, you get precious little communication from them, although the new newsletters are good. Imo you get very little MLR support, so I pay extra for that from AMLCC. You have to pay extra for your practising cert so I now have two subscription amounts to pay them each year plus the MLR (I will refrain from getting on the MLR soapbox right now!) for something that clients aren't bothered about!!

cheapaccounting · Veteran Member

So putting MLR aside - would you all still be a member of your professional body?

Thanks for all the replies - great info

Susie Sue · Senior Member

I've been thinking about this since you started this thread - and I don't think I would be a member of the IAB putting MLR aside. As mentioned above don't seem to get much from them and I don't think any of my clients are bothered!

ICBUK · Guru

Hi,

Great info here, good topic Elaine!

Some points I have picked up refering to ICB:

For Self Assessment, you could do the assignment or if you are qualified elsewhere contact the ICB for possible exemptions. Same goes for final accounts although ICB Level III is only draft final accounts, but there will be a Level IV soon...

For PII, ICB has never found anything cheaper for the same cover. It has been tried & tested on here but there was nothing close.

For CPD, the ICB already has many meetings/courses etc, but is also starting a CPD zone for this summer.

For MLR, it has been said on here before that some of the other bodies charge on top of practice license, and offer little support so the member has to buy support from a 3rd party. The ICB gives free MLR supervision with the Practice License and gives unlimited MLR support (telephone/email/some seminars), checklists, manual etc (I believe the other 3rd parties charge around £200 for the same sort of service??).

cheapaccounting · Veteran Member

Thank you James - seems interesting about the MLR don't you think.

Will your CPD zone include things like marketing strategy, social media, networking etc

ICBUK · Guru

Hi,

Yes it is, I think all the bodies gained quite a few members due to MLR, unfortunately the ICB is very strict and rejected 68% of applicants at the time. Oh well.

Not sure about the CPD zone, I don't make those decissions :) However, probably for another topic, but any suggestions I'm sure the guys who do will be glad to hear it.

cheapaccounting · Veteran Member

No need to make it another topic wink

So question to all ....

Non professional body specific - what would you want to see in a CPD zone?

For me I would like to see much more on the practical issues with running a Practice not just regulations, laws etc

ADAS · Guru

Couldn't agree more, Elaine. In very general terms, I find the bookkeeping is the easier bit.

Learning how to manage your practice / client relationships is much more difficult. While I wouldn't want my professional body to be too draconian, good advice is always welcome. Although this forum helps a lot.

I'd like to see standard letters of engagement, credit control advice - a general guide of how my
particular body suggests I run my practice would be great.

Julies bookkeeping · Veteran Member

Agree with Tony above, I would also like to add to mine about getting work to me in plenty of time etc. I have a few clients that get the work to me when it should already be with the accountant.

I also think Client forms, check lists etc for bookkeeping & payroll. I think CPD is vital it is hard to keep up with ever changing rules. A good look up system for those questions which pop up occasionally though another forum that Elaine is involved with is good for that.

I am also with the CIPP I get a newsletter every week and a magazine through the door from them, but would not go on any of the courses as they are to far away and way to expensive. I sent them an email the other day asking if they do any courses in the south west, the reply was no demand.

ICB local CPD is good and not to pricey, though the conference over 2 days in London was a bit OTT, I did not go, the price for the Gala dinner alone was I believe £175, my budget does not run to that, that amount would feed my family for a good 2 weeks. I do think these organisations ought to look at our earning potential as bookkeepers.

I think the area that ICB are very good is with MLR, I have spoken to Mr Cross a couple of times and found him very helpful.

What I dislike about ICB is ever changing goal posts re having to take more exams, I chose ICB above AAT as I thought is was more relevant but I am not so sure now, I am to old and to be honest do not have the time as I get way to worked up about them.

cheapaccounting · Veteran Member

Julie - you are never too old. Go for it.

To everyone - Thank you for the comments.

Really great feedback.

We have a mentor programme which I am adding to all the time and this is useful input.

Keep feedback, suggestions, views coming please.

ICBUK · Guru

Julies bookkeeping wrote:
ever changing goal posts re having to take more exams

There is only 1 change that I can think of, and that was discussed for about 4 years and still hasn't come into affect yet.

Most who attended ICB meetings will have probably noticed the members that did not like the split requirements and wanted them merged. The votes that took place were unanimous for combining the membership.

If you have experience or other qualifications it is unlikely you will need to take further examinations.

Thank you for your other kind words, I will pass them on to the relevent departments.

Suffolker · Senior Member

Hi Julie,

Just wondering who you have your PII with?

Thanks

freedomresources · Member

Hello. I am a member of the IAB and emailed them a few times recently. Just asking about letters of engagement and Money Laundering Checklist forms. They were actually quite helpful and I got replies almost immediately.
Apparently they are also developing a manual that will be out in the early pasrt of this year, although we'll prob have to pay for this seperately!