I have recently qualified in AAT Level 2 book keeping and am about to study AAT level 3. I would like to start my own book keeping business but at present i am lacking in confidence due to the fact that i have not had any practical experience in some of the areas i have covered in the level 2 workbooks.
In my previous role as an accounts assistant, part of my job was to enter the sales/purchase invoices into the sales day book and GL. I also totalled the purchased day book and ledger and took out the balances. Occasionally i posted payments from the cash book to GL. With the practical experience from my last job and study knowledge gained from AAT level 2, am i biting off more than i can chew, by starting up my book keeping business without gaining practical experience in all book keeping areas. I have tried to source voluntary book keeping work and have had no luck. Because i have 2 small children i am limited to evenings or weekends and most of the charities or accountants i have emailed/called dont work evenings or weekends. I would have really liked some practical experience in other areas of book keeping but doubt i will get any.
What are others thought? Do i set up a book keeping business or give it up as a bad job.
Best of luck. it really depends on whether you are allowed to have a practice licence with AAT level 2. if so then go for it, and best of luck. Have confidence in yourself and just take on jobs that you feel capable of doing.
Hi Lainy
Thank you for your kind words of encouragement.
I have checked with the AAT and they have confirmed that I can set up as a book keeper. They did emphasise with regards to money laundering and pii which I knew I would have to obtain before setting up.
I wouldn't try to attempt anything that I didnt feel capable of. I just really want to suceed but also feel nervous going it alone without the watchful eye of my ex
Boss who was also a CA.
Hmmm .... Don't think that's quite right. You have to be a full member (Level 4 ) with at least a years experience before they will grant you a licence...and then there is 2 tiers , registered and licensed. Those registered meet some but not all of the licence criteria but can work towards attaining a full licence under AAT's guidance and support.
students can practice provided that they make no mention of AAT and keep within their experience and training.
Everything changes when one moves up to MAAT as then you have to be covered for MLR through AAT rather than HMRC and they will only cover people with an AAT practice certificate so you end up with a situation where going up to MAAT prevents you from practicing (until you are a MIP).
I think that CIMA have a similar approach to that as well.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Everything changes when one moves up to MAAT as then you have to be covered for MLR through AAT rather than HMRC and they will only cover people with an AAT practice certificate so you end up with a situation where going up to MAAT prevents you from practicing (until you are a MIP).
Hmm interesting. I am MAAT but im practicing under an IAB licence. They didn't say I had to be MIP and when asked if I offered services on a self employed basis on the application I put yes.
Hmmm .... Don't think that's quite right. You have to be a full member (Level 4 ) with at least a years experience before they will grant you a licence...and then there is 2 tiers , registered and licensed. Those registered meet some but not all of the licence criteria but can work towards attaining a full licence under AAT's guidance and support.
The one years experience is no longer needed. You just need to have an accountant to sign of what you're capable of.
I have nearly 20 years experience in bookkeeping/accounts and am studying AAT. I make no mention of it and am covered for MLR with HMRC. I am capable of more than just bookkeeping to trial balance but tend not to go beyond that to keep life simple. The only reason I decided to study AAT was to gain confidence in my own ability after taking a short break when having my kids. You can run a quite successful business working round the kids - I started off just working from home in the evenings/at weekends. Now my children are all going to school I have expanded and am going on site a couple of days a week/month for some clients. It is very doable, you've just got to keep trying. I bombarded every accountant, several times over, within a 20mile radius until I found one that could use my services. Once they see you doing a good job, they give you and recommend you to other companies. Good luck.
