IAB, ICB, AAT.. Fundamental difference to me? - The Book-keepers Forum (UK)

Faith · Member

IAB, ICB, AAT.. Fundamental difference to me?

Helz · Senior Member

Hi Gemma

I know you will get lots of advice from people with loads more experience than me - but thought I'd give you my personal experience and advice.

I worked for longer than I care to remember for one of the banks, in a variety of branches & roles. After concluding that I really didn't like the way the banks had gone/were going I looked for a change of career and decided on bookkeeping, as I had always been treasurer for a variety of not-for-profits, and also did payroll for a few of the same. I fairly accidently ended up doing the ICB exams - I signed up to do a Pitman's bookkeeping course, and found that they were affiliated to ICB, so that was what I did. Whilst my practice is licensed through the ICB, I do not particularly rate their support and find them to be continually trying to sell me something - either directly or through their many partners.

After working in practice for a few years, I decided that tax was really where my interest lies - so am now part the way through my ATT (Association of Tax Technicians) exams. Through this, I have come into contact with the AAT, as the two organisations run some conferences together.

If I were in your position I would go with AAT, as I feel they offer far more scope for development, or, if you wanted, a change of direction. You will find that AAT is far more recognised than either of the others - although admittedly, clients are rarely interested in your qualifications, just that you can do the job. However, accountants will recognise AAT, and they are often a good source of work.

To clients, the line is quite blurred between bookkeepers and accountants, and the way the ICB qualifications are going, also quite blurred to them too! If you are thinking of "going all the way" with your exams, to me it would make sense to start with an organisation like AAT, which, whilst it does the bookkeeping stuff at the lower levels, is set up for people who want to progress on from bookkeeping without changing professional body at that time.

As I say, this is purely my personal experience and opinion, and I'm sure others will differ!

Best of luck with whatever you decide

Helen

Leger · Master Book-keeper

Hi Gemma, I would also support Helen's recommendation. AAT will give you the option of being self employed as a Member in Practice, once you've passed Level 4, as well as having a recognised qualification to pursue part time employment if you want to go down that route.

You can make the decision once you've done the qualification rather than setting off on one route then regretting that decision.

I wish you the best of luck whatever you decide.

Cheshire · Master Book-keeper

Hi Gemma
Basically bookkeeping is supposed to stop at Trial Balance but the lines are becoming increasingly blurred, although you absolutely must have a sound knowledge of the basics of bookkeeping to become an Accountant.

I totally agree with Helen in that you should look at the AAT.

With the AAT you can be a self employed bookkeeper, whilst you train but you are not allowed to advise clients that you are with the AAT until you are an MAAT MIP. (You would need to take out your own MLR cover with HMRC to do this but that can be covered off/explained in more detail as the need arises, just thought I should put it in here for others reading this thread.)

The AAT provide a bookkeeping and accounting qualification, the former is a good entry level course, although the AAT Accounting Level two covers some of the same modules so I would suggest would be the place to start. Once you have completed the full Accountancy level 4 with the AAT you may then decide to take matters further and aim for Chartered and Chartered Certified Accountancy status - the AAT is often the starting place for people and one that my son is currently following (he felt it would be better to get the real grounding provided by the AAT before he starts on the ACCA route). You are certainly young enough to do this if you so wish.

Of course if you decided you do not wish to progress this far, then AAT will provide you with several options, where the others perhaps only provide you with one. ICB and IAB are fine if you wish to be a self employed bookkeeper, but are generally are not recognised in the same quarters as the AAT is, which is the qualification employers currently ask for (just look at a few job adverts and you will see this a lot), plus the only one that Accountants will consider when looking to recommend you or pass work to you or indeed have you working for them.

As Helen says clients themselves generally do not know, nor care. In my three years Ive never once been asked for qualifications by a client.

There are lots of threads on here having the debate - have a look at a couple
www.book-keepers.org.uk/t59577064/confused-new-to-bookkeeping-iab-ibc-aat/

and

www.book-keepers.org.uk/t60811065/which-qualification-is-best-for-me/

I hope they havent confused you more - points to look out for and note carefully I would suggest are the perceptions of the qualifications to employers/Accountants you will work with and not closing off any route that is open to you further down the line. (EG ICB level 3 only allows you to not have to complete some of the AAT Bookkeeping modules)

Funny you should mention that about the ICB Helen - I do keep hearing more and more people being dissatisfied with them.

Cheshire · Master Book-keeper

Agree with John too. Sorry John I wasnt ignoring your comment - I started mine before you had posted but then got stuck on the phone!

Shamus · Forum Moderator & Expert

I don't have much time to reply at the moment but just wanted to comment what an excellent, considered, unbiased reply Helens is.

I concur with Helen and John the AAT as the qualification of choice. Not least as its well respected by accountants (many of whom started with AAT before moving up to bodies such as ACCA or ICAEW), and you will like as not find that you will be working hand in hand with accountants as time goes on.

Helen,

Think that we should form a site sub group of ex bankers. That's at least You, Joanne (Cheshire) and myself now

Shamus · Forum Moderator & Expert

Speak of the devil...

Afternoon Joanne, amend my post to read agree totally with Helen, John and Joanne... Full house so far for AAT then.... Now where's Trevor?

TrevorD · Senior Member

Trevor here biggrin a quick response and my take on it. If you want to be a self employed bookkeeper that can offer accounting services as well (that's for you Shaun). You have limited money and study time (I guess working full time with family - you may have). Then the ICB is the quickest and cheapest (broadly speaking). Some people will self study with text books from Amazon for 1p each.

see :

http://www.training-link.co.uk/section/71/1/icb_level_3_bookkeeping_and_accounting_course

http://www.premiertraining.co.uk/accountancy-distance-learning-courses/aat-courses/

The ICB course is 7 exams (I am not saying its as comprehensive as the AAT one), only one centre based. The AAT is 15/16 exams and a mix. Now exams range from £60 to £90 and for the AAT you have live near a test centre - ICB use the Pearson Vue centres that are used for driving test exams etc.

Now, if you want to work as employed and move onto the traditional accounting bodies and become a Chartered Accountant then AAT is best. You are young at 23 and still have the world at your feet, so you need to work out what you exactly want to achieve and where you want to end (plus budget).

Shamus · Forum Moderator & Expert

TrevorD wrote:
If you want to be a self employed bookkeeper that can offer accounting services as well (that's for you Shaun).

lol.

I maintain that ICB cannot call themselves bookkeepers if they go beyond trial balance. And going beyond that they are dependant upon the term accountancy remaining unprotected in statute and I really cannot see that anomally lasting forever. But, as the old ICB one liner goes. "so far so good".

To be fair if we are posting links for training I would also have to add :

http://www.firstintuition.co.uk/aat/

as a side note I don't think taking AAT there is any reason for one to move on to being a chartered accountant. Its just a good all round qualification in itself and many get to MAAT MIP and are quite happy to stop there... Or, as in the posters case it gives them an exccellent platform with which to do anything that she wants afterwards.

David Ballantyne · Senior Member

Hello,

Just joining in to promote CIMA (Chartered Institute of Management Accountants) as another post-AAT option.

Virtually all employers outside of accounting practices will ask for ICAEW/ACCA/CIMA qualified accountants in job adverts. CIMA is widely marketable in the commercial, charity, not for profit and public sectors. I know this because I have worked in all of them (I'm CIMA part-qualified).

Also, CIPFA, Chartered Institute of Public Finance and Accountancy. CIPFA members, I believe are primarily employed in local authorities (unless someone wants to correct me).

I agree completely with other posters in recommending AAT as your next step. Highly marketable in the employment market and will provide you with the knowledge you need to be a self employed bookkeeper or if you choose, accountant, to small businesses.

IAB/ICB are good qualifications but are not widely known in the employment market.

Kind regards,

David.

Faith · Member

Wow thank you all for your replies! I really appreciate the input and thought you've given to this :) In terms of time and cost.. Well.. Time is limited, with working and family time and my condition causing pain/tiredness that is something I need to consider and work around for studies. It would be distance learning I'd be looking to do. Cost is not too much of a factor, thankfully, I've got savings aside, and would be happy to invest that into a study course if it was going to give me the options and benefits I'm looking for. Saying that though, I haven't looked into AAT costs, so hopefully it won't break the bank too much!

Cheshire · Master Book-keeper

TrevorD wrote:

Now, if you want to work as employed and move onto the traditional accounting bodies and become a Chartered Accountant then AAT is best. You are young at 23 and still have the world at your feet, so you need to work out what you exactly want to achieve and where you want to end (plus budget).

Hi

Just to clarify

You dont need to do AAT to become Chartered. (Thats one option some people do first). AAT is a standalone qualification.

AAT is more recognised by the world at large.

Cheshire · Master Book-keeper

Faith wrote:
Wow thank you all for your replies! I really appreciate the input and thought you've given to this :) In terms of time and cost.. Well.. Time is limited, with working and family time and my condition causing pain/tiredness that is something I need to consider and work around for studies. It would be distance learning I'd be looking to do. Cost is not too much of a factor, thankfully, I've got savings aside, and would be happy to invest that into a study course if it was going to give me the options and benefits I'm looking for. Saying that though, I haven't looked into AAT costs, so hopefully it won't break the bank too much!

Hi Gemma

The great thing about any of these is that you can study at your own pace. You can sign up for a whole level or on a module by module basis. In addition, with the AAT, there is access to finance which works in a similar way to students going to University in that you only have to start repaying it once you earn over a certain amount. There are also different options on how to take the courses, with a lot of the providers, which are aimed at eg people who can self study without much input from lecturers to ones which provide live lectures and a full hands on approach. The more you need the more expensive, but you can swap and change either between a level if you book the whole level or a module if you book individually, so do what suits you best.

Try First Intuition - Shaun has included the link. Two of their tutors are posters on here - look out for Nick Craggs and Neil (Spam Kebab). Have a look at their website and speak to one of the guys - they even have a demo of their course online so you can take a look/have a try. Perhaps try one just of the modules, or as I said earlier the bookkeeping level and then move up if you take it and are still interested. There are loads of cheap books and free lectures you can get - more about those if you decide to sign up, or if you prefer to try to go it alone....just post on here/start another post

Good luck.

-- Edited by Cheshire on Saturday 19th of September 2015 07:59:20 PM

Cheshire · Master Book-keeper

Shamus wrote:
Speak of the devil...

Cheeky beggar!!! Im more of an angel actually! OK....before you start...... maybe a naughty or fallen angel!

Afternoon to you too Shaun.. furious

Faith · Member

Been looking at AAT, look happy with their style, benefits, information. My gut instinct says I could study their courses and feel happy! Only glanced at costs, they are on the higher side, I'm aware you can apply for financial help, reading up on that sounds very confusing! But I'm sure I'll work that out when needs be. Next query.. I did the qualifications navigator. It suggested I do either accounting level two, bookkeeping level one or computerised bookkeeping level one. I'm not sure about my future as an accountant, I'd probably be looking more to stay on the bookkeeping side. The bookkeeping course and accountant course doesn't look a whole lot different though? Accountant course just has more depth and therefore obviously a longer timescale. It sounds stupid to say, but would taking the accountant level 2, 3 (and then maybe 4?) be still the correct direction to give me the knowledge needed to be a potential self employed bookkeeper? Or would I need to complete the bookkeeping courses too? Thanks for all your advice so far!

Cheshire · Master Book-keeper

Hi Gemma
The AAT site could be made a bit clearer couldn't it! The Accounting module two assumes you have no knowledge whatsoever of bookkeeping so this is fully covered. Two of the modules on the bookkeeping level ie basic costings and bookkeeping transaction are covered in the Accounting level 2. The bookkeeping trans cover double entry and these are the building blocks for everything else you will learn. In short, no you wouldn't need to go back to do the bookkeeping course if you did level 2 Accounting upwards.

I think a great middle ground on the cost front for doing the AAT are 1st Intuitions 'online' courses. They actually provide everything you need , except the access to live lectures where you can ask questions. Instead you have pre-recorded lectures and access to tutors to ask those questions. In my opinion the pre-recorded ones are much better as you can watch them when you want, can rewind or fast forward, have a break for coffee as you see fit. As opposed to a live lecture which is to my mind it a bit like being in a class room and waiting for the slowest one to catch up (That might not be the case with First Intuitiions live lectures of course! I was on a live lecture from another provider and omg it drove me nuts, with people saying how they liked the presenters nail varnish and about their cats sitting in their keyboards. Bonkers waste of my time!)

Did you try FI's demo?

HTH

Faith · Member

Thank you! That helps massively! I haven't done the first intuition demo yet, didn't see that to be honest, will check over more info today. Only needing to do the accounting level 2 upwards is great, I was beginning to think the cost was massively creeping up otherwise! I did like the set up for the 'online study' on First Intuition, but the cost is higher than I'd have liked (not impossible, but I'd need to re-look at my own finances lol). I can see there's funding for over 24's that I could possibly get for level 3 and 4, and it's only 2 months until I'm 24, so by the time I'm there I could see about funding my studies that way. The live lectures wouldn't really work for me anyway, 6.45-8.45pm or something, I work late shifts until 7pm or 8pm 3 days a week. So that would be a wasted cost. I've read other threads about self study, and the 1p book from Amazon, and was thinking of giving that a go for level 2. Perhaps I could get away with only the 'basic' package if I buy the Amazon book first, have a browse and find myself picking up the information. Still take the exams (if needed?) but just have no tutor support for that level. Is that a plausible option?

Cheshire · Master Book-keeper

I dont think the self study option would cause you an issue at level two at all. For some people the whole lot can be if they so wish, its about making sure you get the right tools and you are committed enough to spend the time to learn and looking in the right places when you get stuck given you dont have access to helpful tutors.

My son prefers the lectures as he is a visual person and learns better that way. Everyone is different. I learn by doing so the AAT books are ideal.

I think the 1p book from Amazon is a great start. (Care as the VAT rate might be 17.5% instead of the current 20% but as long as you are aware of how to do the basic calculations then its the fundamentals you are learning, so the rate itself doesnt matter, as long as when you do the exams you remember its 20%!). Some books do have the VAT at the correct rate but you might have to pay a bit more, but there really is no point). One thing I would buy alongside that book is the course companion. The 1p book link you have seen just goes through questions, so without the companion book you might struggle. You can get that for next to nothing other than your postage from Amazon too.....its exactly the same AAT format.

Exams are currently £51 per module - moving up to £56 I think this Autumn - you do need to be a student member to take them. There is a cost - its about £120 for the first year as this includes an admin fee which is only payable in the first year. Its worth joining early (ish) especially if you are self studying as then you can access mock assessments with answers and some study info (very sparse, but still there!) which will help with the exams.

Shamus · Forum Moderator & Expert

Hi Gemma,

ok, another alternate approach (even though I believe that the one suggested by Joanne is the best).

The ACCA-X course is free.

See here : www.edx.org/course/introduction-financial-management-acca-fa1-ma1-x-0

That will take around 10-12 weeks.

And you may also want to do this one (or may not) :

www.edx.org/course/intermediate-financial-management-acca-fa2-ma2-x-0

Also buy the books that are generally advised

www.amazon.co.uk/Business-Accounts-Accounting-Finance-David-x/dp/1872962637/ref=sr_1_2
www.amazon.co.uk/AAT-Units-Foundation-Revision-Companion/dp/0751732281/ref=sr_1_2
www.amazon.co.uk/AAT-Units-Foundation-Course-Companion/dp/0751728926/ref=sr_1_1

At the end of the ACCA course you then do the revision book end to end (should take a weekend or less) and then do the AAT skills check which, if you have taken to the course you should get a result that allows you to skip AAT level II and start at level III when you are 24 and you have the 24+ loan available to you.

I believe that the reason that the 24+ loan is not available before 24 is that apprenticships are available (19 to 23) that can pay up to £15k to help people into a career in accountancy (bookkeeping is just foundation level accountancy, it is not really any different to it (unless you are trying to sell it as different!)) by also offering the experience as well as the training.

If your intent was a complete reinvention of yourself into bookkeeping and accountancy rather than looking forwards to being 24 it might instead be that you should be trying to secure an apprenticeship ASAP as the times running out! (I don't know if your personal financial position would allow you such luxury and the ACCA-X to 24+ with first intuition may be your better first move... Or wait a little while and then do the whole lot under 24+).

Hope that helps,

kindest regards,

Shaun.

Cheshire · Master Book-keeper

Good shout Shaun - I keep forgetting about the ACCA-X course. I was going to go and have a play on that one myself - might try to squeeze that on later today. Who needs sleep!

Shamus · Forum Moderator & Expert

Morning Jo,

I was reading in PQ that since its launch in April this year 38,000 people have now signed up with ACCA-X... Sure that the heads of certain professional bodies would cry at reading those sort of numbers.

Sleeps totally overrated. Doing any accountancy qualification you realise that those eight hours are just an inexcusable waste of study time. lol.

Hope that you're having a good day,

Shaun.

Faith · Member

Free is surely always a word we love lol! My partner bought me an accounting course off of wowcher last christmas (I was having a tough time, numbers make me happy lol), was about £29, I didn't even get through the first 3 online pages though as the amount of typos and grammar mistakes drove me crazy. So since then I have been weary of anything 'cheap' or 'free'. With your recommendation though I trust it must be at least worth a look, and can always put my money where my mouth is at a later date if I'm not liking the style.

An apprenticeship isn't really an option for myself I don't think. I'm in a stable and reasonably paid job at the moment, although on a temporary contract, there is 3 opportunities open to me within the next few months for something permanent. My partner is a carer for our son who is disabled, so she can only work her 12 hours at the weekends. It's down to me to make sure I can provide enough financially for the moment. Hence my hope for some sort of self employment in the future where I can manage my own health and do my best for them. I shall have a look at if any apprenticeships are available in the area though anyway before I do run out of time, I think financially it wouldn't be plausible, but everything is worth a look.

Thank you all for being ever so helpful

-- Edited by Faith on Sunday 20th of September 2015 11:54:16 AM

-- Edited by Faith on Sunday 20th of September 2015 11:55:03 AM

Cheshire · Master Book-keeper

Hi Shaun
Im having a marginally better day than yesterday thank you, when I was up to my neck in 'orrible stuff. Less said about that the better! Today is a new day - but still not as productive as I would like, but Im writing off my weekend in terms of the work planned! Rebelling...again!

I am hoping that those 38000 are all existing bookkeepers who have signed up just as to have a nosey/as a reminder how to do their jobs, as opposed to new ones who will be flooding the market. As long as they stay off my patch thats ok, lol.

I know - I am a dreamer!!!!!!

Hope you are having a good 'un Mr M.

-- Edited by Cheshire on Sunday 20th of September 2015 11:56:00 AM

Leger · Master Book-keeper

Cheshire wrote:
I know - I am a dreamer!!!!!!

But you're not the only one!

Shamus · Forum Moderator & Expert

Hi Gemma,

its our pleasure. career changing into accountancy / bookkeeping can be a real minefield as there are so many options that it is so easy to take one that is not the right one for you (doesn't mean that such is not the right option for someone else).

At 23 AAT is the foundation stone of a great career. Takes the luck of taking the right job and being at the right place at the right time as well. But at least you will have the right qualification.

ACCA-X is supported by the Association of Chartered Certified Accountants (ACCA) one of the very top accountancy bodies (The centre of the top table is ACA (ICAEW, ICAS & CAI) flanked by ACCA and CIMA).

Their belief has always been to find the best people to bring into the industry and the ACCA-X is extending that by being an introductory taster qualification before people, hopefully, move up to the ACCA professional qualification. However, as mentioned, it can also be a stepping stone to any other accountancy qualification including AAT.

Seeing the letters ACCA pretty much guarantee's quality.

On the comment about being wary of cheap or free I've used free courses from Udemy for some of my CPD (continued professional development... The learning never stops once you are in this business) and have very much seen some of the best and worst available in the market. In some instances I have seen free courses where I feel that even for free I have paid too much!

Others I have seen I would happily have paid for.

The problem I feel its that when you are paying for a course is that you don't know what you are getting until you have parted with your money so unless you know someone who has already done the course and recomends it then its best to stick with the bigger trusted names like ACCA and First Intuition.

That is unfair to some smaller names who may have invested a lot of time and effort in producing an excellent course which doesn't get the sales it deserves because all of the crap out there makes people wary of trying courses even where such are much cheaper than those offered by the big boys.

Then again, how much cheaper than free can you get and when thats also tied to one of the big names then what do you have to lose. If you try it and don't like it you have lost nothing. If you start to really love the accountancy side of things then there is nothing to stop you progressing with either AAT, ACCA or CIMA.

And any one of them can work as a bookkeeper. In fact, with ACCA on a self employed basis until one is able to gain a practice certificate (takes years) on a self employed basis you are a bookkeeper (bookkeeping to trial balance, VAT and Payroll work only).

Good luck,

Shaun.

Shamus · Forum Moderator & Expert

Leger wrote:
Cheshire wrote:
I know - I am a dreamer!!!!!!
But you're not the only one!

I hope someday you'll join us
And the world will live as one

Leger · Master Book-keeper

Don't know why Shaun, but the song immediately sprang to mind when I saw Joanne's comment

Cheshire · Master Book-keeper

Serenaded on a Sunday! Bucket of water for the pair of you though after you have had me singing that flipping thing for the last few hours now!!!!!!!! At this rate I will be asking the builders next door to put that dreadful Smooth FM back on cos it cant get much worse.

Shamus · Forum Moderator & Expert

Cheshire wrote:
it cant get much worse.

Team challenge...

Oh Macarena...

And thats me off the cake deliveries list!

Cheshire · Master Book-keeper

Call yourself a rock god?!!

What little street cred you had left has just upped and left! Next you will be singing the birdie song. Oh nooooo - now Ive got those two in my head as well as John Lennon.

Cake delivery has just been diverted away from Staffordshire - hope John is in for the delivery.

If I hear you say phew, I will get my neighbour's daughter to phone you and leave a long song message on your voicemail - she will bust your eardrums with her awful singing and have you begging for mercy - oh boy I thought I was tone deaf, but she sounds like she is strangling all the pets in the vicinity!!!!!!!!!

pressie for you.....

www.youtube.com/watch

Shamus · Forum Moderator & Expert

I'll take your Robin Sparkles and raise you a...

www.youtube.com/watch

Withhold my cake supply would you, lol.

NickCraggs · Guru

Just out of interest Shaun, what do you think to ACCA - X?

Nick

Leger · Master Book-keeper

Have you got a youtube link Nick? Oh sorry, are we back on topic. biggrin

Joanne/Shaun - I did attempt to join in on Sunday, but my browser crashed as I clicked submit and when I checked yesterday it hadn't. To save going to youtube again it was the Ketchup Song.

Cheshire · Master Book-keeper

noooooooooooooooooooooooooooooooooooooooooo

Must be something in the water - Ive been having probs with my t'internet !!

I see you and raise you

www.youtube.com/watch

Oh and it wasnt Brian but Kevin - he lived opposite my parents and Nigel was their drummer. No - its not my claim to fame, I can do much much better than that!

sorry Nick - we cant be serious on here all the time!

Leger · Master Book-keeper

Actually, I didn't mind that one too much

Can this be beaten, I think not!

https://www.youtube.com/watch?v=q9r1cFJZW7E

There is a link between Matchstalk Men and this, any idea what it is?

-- Edited by Leger on Wednesday 23rd of September 2015 11:05:31 AM

Cheshire · Master Book-keeper

Oh bother - I almost put the grandma one in - was saving it for my next assault on the ears and brain! You beat me to it. You win! Although the link is far too easy! You are talking to a girl who lived opposite Kevin (aka Brian from Brian & Michael) for many years and down the road (well by about 4 miles) from St Winifreds and my ex hubby went to that school! I will leave it for others to guess the connection, although Im sure many will already be cursing us for putting dreadful music on here!!!!!!! Fortunately I live in an area where some real decent music has been made, despite some of the dodgy stuff. There is also a link between St Winifreds and Paul McCartney (heading back to what started this 'music' fest!) - can you work that one out?

Leger · Master Book-keeper

Cheshire wrote:
There is also a link between St Winifreds and Paul McCartney (heading back to what started this 'music' fest!) - can you work that one out?

Had to do a Google but I assume it's the Strawberry recording studio, which derived it's name from Strawberry Fields Forever.

Another link is that SWSC knocked John Lennon off the top spot ((Just Like) Starting Over) and then John Lennon knocked SWSC off the top spot with.....Imagine, which really does bring it back to where we started.

John Lennon was then No. 1 for 6 weeks before being knocked off the top spot by Joe Dolce, which is another one I had up my sleeve.

Shamus · Forum Moderator & Expert

NickCraggs wrote:
Just out of interest Shaun, what do you think to ACCA - X?

Nick

Hi Nick,

I've not done it myself but on paper it seems to tick the right boxes.

considering the heritage, that 38k peple have already signed up plus that it must cover these elements (see below) then it has to be worth people investigating... But I'm in no way saying that it is a replacement for AAT, only an introductory qualification that may help to prepare people for AAT or perhaps continuing onto the ACCA qualification.

The message that I was attempting to convey above was ACCA-X as well as AAT, not instead of.

What are your views on it as an introductory qualification Nick?

FA1

A Types of business transactions and documentation

1. Types of business transaction

2. Types of business documentation

3. Process of recording business transactions within the accounting system

B Duality of transactions and the double entry system

1. Books of prime entry

2. Double entry system

3. The journal

4. Elements of financial statements

C. Banking system and transactions

1. The banking process

2. Documentation

D. Payroll

1. Processing payroll transactions into the accounting system

E. Ledger accounts

1. Prepare ledger accounts

F. Cash and Bank

1. Maintaining a cashbook

2. Maintaining petty cashbook

G. Sales and Credit transactions

1. Recording sales

2. Customer account balances and control accounts

H. Purchases and credit transactions

1. Recording purchases

2. Supplier balances and reconciliations

I. Reconciliation

1. Purpose of control accounts and reconciliation

2. Reconcile the cashbook

3. Reconcile the receivables control account

4. Reconcile the payables control account

J. Preparing the Trial Balance

1. Prepare the trial balance

2. Correcting errors

MA1

A The nature and purpose of cost and management accounting

1. Nature of business organisation and the accounting systems

2. Nature and purpose of management information

B Source documents and coding

1. Sources of information

2 Coding system

C Cost classification and measurement

1. Cost classification and behaviour

2. Cost units, cost centres, profit centres and investment centres

D Recording costs

1. Accounting for materials

2. Accounting for labour

3. Accounting for other expenses

4. Accounting for product costs

E Spreadsheets

1 Spreadsheets overview

2 Creating and using spreadsheets

3 Presenting and printing spreadsheet data/information

FA2

A Generally accepted accounting principles and concepts

1. The key accounting principles and characteristics

2. Maintaining Financial Records

3. The regulatory framework

B The principles and process of bookkeeping

1. The elements of financial statements

2. Books of prime entry and the flow of accounting information in the production of financial statements

C The preparation of journals and ledger accounts

1. Preparation of journals from the books of prime entry

2. Preparation of ledger accounts

D Recording transactions and events

1. Sales and purchases

2. Cash

3. Inventory

4. Tangible non-current assets and depreciation

5. Accruals and prepayments

6. Receivables, payables and provisions

7. Capital and finance costs

E Preparing a trial balance and correcting errors

1. Trial balance

2. Correction of errors

F Reconciliations

1. Control account reconciliations

2. Bank reconciliation

G Extending the trial balance

1. Preparation of the extended trial balance

2. Preparation of the final accounts

H Partnerships

1. Partnership agreement

2. Partnership financial statements and accounting records

3.Change in partnership

MA2

A Management information

1. Management information requirements

2 Cost accounting systems

3 Cost classification

4. Information for comparison

5. Reporting management information

B Cost recording

1. Accounting for materials

2. Accounting for labour

3 Accounting for other expenses

C Costing techniques

1. Absorption costing

2. Marginal costing

3 Job and batch costing

4 Process costing

5 Service costing

D Decision making

1. Cost- volume- profit analysis

2. Factors affecting short term decision making

3. Principles of discounted cash flow

E Cash management

1. Nature of cash and cash flow

2. Cash management

3. Cash budgets

4. Investing and financing

NickCraggs · Guru

Hi Shaun,

Looking at it i think it covers a great deal. it is perhaps isnt as wide reaching as AAT level 3, but I would have no worries about someone missing AAT level 2. There isn't anything on ethics, and VAT we i think are vital for the accountant in practice. However, skills wise you wouldn't be missing anything that you need to go straight into AAT level 4 academically.

It looks like it could have a lot of potential, I will be keeping my on it with interest.

Nick

Faith · Member

I enrolled onto the Acca-X course. Starts October 12th - the days cannot pass quick enough! So very excited :) also got the 3 books listed further up on their way in the post! Looking forward to learning and opening a new chapter in my life. Will come back and update on how it goes, but just wanted to say thanks for the responses I received, very much appreciated :)

Shamus · Forum Moderator & Expert

So the journeys started.

Good luck Gemma, sure that you're going to love it.

Any problems just post here and sure that you'll get a helping hand to understanding.

All the best

Shaun.

Leger · Master Book-keeper

I wish you all the very best Gemma, keep us posted.