My previous post didnt have much success, my fault, it was too general.
This is the second try)))
I've read quite a lot in this part of the forum as decided to take AAT exams and begin to work on my own.
I dont consider working as an employee ( at least for now) because want to stay as much as possible at home with my two kids.
I already had a chat with AAT customer service. They told me that I could study on my own, but for one of the exams of the level 2 where Im going to begin my studies ( Computerised Accounting) I need to enroll a training provider. What provider would you recommend for this purpose?
Id like to understand at what point of my studies it would be possible/legal for me to have clients.
On one hand Ive read that you dont even need any certification to do bookkeeping, on the other hand you need to be registered with a professional body, pay for PII and money laundering. Im a bit confused.
I was thinking of passing the 2nd levels exams and then taking one or two small clients (hopefully Ill find them among my friends) to practice. Do you think I could do it?
One more thing, is there any list of actions you should take in order to set up your practice. I mean where you must reregistered, what fees must be paid etc.
Sorry if too much questions,
Katerina
-- Edited by Katerina on Thursday 15th of October 2015 11:49:21 PM
-- Edited by Katerina on Thursday 15th of October 2015 11:57:07 PM
Hello Katerina
I saw your posts and kept meaning to come back to answer, sorry I forgot! Firstly welcome to the forum.
Yes the computerised unit needs manual marking hence why you need a provider - try First Intuition, two of their chaps are contributors on the site the the company won Training Provider of the Year on here.
It is possible to have clients without taking any exams - there a lot of people on here trained by experience, having had previous jobs in other industries and sectors etc. I would say though, if you have had no background at all, that to start after level 2 is probably a big you early. Certainly if you can find some friends who have businesses who will let you practice on their accounts, with the backing of their Accountant, then that would help you start to get the experience you need. I am a firm believer that in any job role you only really start the learning process after the exams when you start doing the role, although the exams give you the start base of course and do help you understand where to get additional help.
One thing I haven't mentioned on here before and another place to start your learning is HMRCs website, notably the VAT guides. A dry and perhaps dull read for most, but crucial you the job.
You can make no mention of the AAT to clients/ prospective clients until you are fully qualified and have MAAT MIP status, so as a student being a member of a professional body will not cover you for MLR. So for this you will need to read up and understand your responsibilities and get MLR cover via, HMRC. You need this and PII cover before you take on your first client, so don't do anything until you have some exams under your belt as both ar annual fees. By the way, you can get PII cover on this site by becoming a full member (pay a small membership fee and get discounted rate on the cover)
Whereabouts are you based....I need to keep an eye on any potential competition of the future, make sure they don't go trying to poach my clients
Good luck
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Hello Katerina I saw your posts and kept meaning to come back to answer, sorry I forgot! Firstly welcome to the forum.
Yes the computerised unit needs manual marking hence why you need a provider - try First Intuition, two of their chaps are contributors on the site the the company won Training Provider of the Year on here.
It is possible to have clients without taking any exams - there a lot of people on here trained by experience, having had previous jobs in other industries and sectors etc. I would say though, if you have had no background at all, that to start after level 2 is probably a big you early. Certainly if you can find some friends who have businesses who will let you practice on their accounts, with the backing of their Accountant, then that would help you start to get the experience you need. I am a firm believer that in any job role you only really start the learning process after the exams when you start doing the role, although the exams give you the start base of course and do help you understand where to get additional help.
One thing I haven't mentioned on here before and another place to start your learning is HMRCs website, notably the VAT guides. A dry and perhaps dull read for most, but crucial you the job.
You can make no mention of the AAT to clients/ prospective clients until you are fully qualified and have MAAT MIP status, so as a student being a member of a professional body will not cover you for MLR. So for this you will need to read up and understand your responsibilities and get MLR cover via, HMRC. You need this and PII cover before you take on your first client, so don't do anything until you have some exams under your belt as both ar annual fees. By the way, you can get PII cover on this site by becoming a full member (pay a small membership fee and get discounted rate on the cover)
Whereabouts are you based....I need to keep an eye on any potential competition of the future, make sure they don't go trying to poach my clients
Good luck
Hello Joanne, first of all thank you very much for your warm welcome and the answers!
Just today I've heard about the CFAB certificate. From what I've read online it seems to be a shorter way of getting qualification than AAT as for CFAB you need to take only 6 exams. Do you think it could be a good way for me? Surely I would prefer to sit only 6 exams in all instead of 5 only for the 2level of AAT.
I have a University degree in accounting and several years of experience in administration both not in UK, but I think it will help me as the basics of costing, planing, management etc are based on the same principles anywhere. I totally agree with you about the working experience and that is why I'd like to begin practicing ASAP )
For now as far as I understand I could only do "technical work" (enter in and out invoices for example) and all the statements anyway are to be done by a chartered accountant. If so, would I still need the insurance?
Do you think it's reasonable for me to buy an accounting software (SAGE?) now for the training/working purposes?
thank you!
Katerina
PS I'm in Buckinghamshire... Anything to worry about?
Hi Katerina
I dont know much about the CFAB certificate, seems to be more geared to a stepping stone to ACA exams than anything, but Ive not researched it. I would normally say - its not about doing fewer exams to get where you need to be, but about getting the right kind of knowledge, but with your background I would suggest level 2 AAT is probably not the one to start with anyway. Try doing the skills test on their website and see how you get on. If you pass with flying colours then I would suggest that the alternatives of CFAB or the other short course ACCA-X might be beneath where you need to start. Ultimately it is your decision.
You would still need insurance for whatever element of the bookkeeping work you are likely to undertake as that covers YOUR work. Any Accountant taking on the file after you have managed to get it to the Trial Balance stage would not be providing insurance covre for anything you have done, although a good Accountant would be looking over elements of your work. You absolutely need MLR immediately you take on a client.
I am a fan of and use Sage a lot, but its very expensive and the Accountants/Bookkeepers club now is based on monthly subscriptions rather than a perpectual licence (unless you already have an account with them, although I understand that is changing as well). There are loads of posts on here about software - have a wander round and see all the debates. Dont forget whatever clients you pick up as new ones might have their own software already - of my first two, one did and one didnt.
Buckinghamshire is out of my patch so no worries,lol.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
The CFAB qualification is the first few units from the ACA qualification. Whilst it is reasonably well regarded by employers it will not lead to a professional membership of ACA. You will then need to go to HMRC to get your MLR.
The AAT could get you exemptions from most of the CFAB qualification.
Nick
__________________
Nick
Nick Craggs FMAAT ACA AAT Distance Learning Manager
