Hi everyone. I have just joined today although i have read many posts in the past and the advice has been invaluable so thank you all for that!
Currently I am still undecided as to what route I will take regarding training/registration but just wanted to ask - I know there is the option of registering directly with HMRC for AML supervision so does anyone do that and skip becoming a member of IAB/ICB/AAT?
I just ask as I am planning on becoming a self employed bookkeeper and I have qualifications and experience however any course I look at seems to cover what I have already done therefore seems a bit silly to pay to study something I already know? I know I could apply for exemption and become a member but would I just be paying for the letters after my name?
Hi Teresa
Please add your name so it shows under the line (I'm sure you will have seen me ask a million times if you've read the posts)
You say you have qualifications. Which ones? What is your background?
It's not about just letters, it's about getting work from others. AAT will get you work from Accountants, if nothing else. Plus obviously the support you get from a supervising body. Plus cheaper insurance. To name but a few.
But if you aren't bothered about that, just go the non licence route.
__________________
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
Hi Joanne, many thanks for taking the time to reply. I have added my signature now!
I have done a PDA in bookkeeping at my local university, I'm in Scotland so the 3 u it's that make up the PDA are HN units on the SCQF. I am also part way through HNC Accounting so have completed several units so far.
My background is admin however in my current role I do some bookkeeping and payroll and that is what I enjoy and what I'd like to do going forward. My intention was to do a degree in accounting but recently I've been thinking that's probably not the best option as I'm not sure what I would do with it at the end. A bookkeeping qualification seems more relevant.
Why do you say a bookkeeping qual is more relevant? Bookeeping is to TB, Accountancy beyond. Have you decided not to become an Accountant? If you still want to I would suggest the degree route is not the best, unless you are very young and want to use it just to get you a spot with the big 4. If you don't want a job with the big 4 just go down the ACCA route.
How do you propose getting further exposure to real life clients before being fully let loose on them with no back up?
__________________
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
I have worked in Accounts for nearly 40 years and until 5 years ago had no qualifications at all.
I then did AAT Levels 2 & 3 but decided I really didn't need to do level 4 as there was so much
stuff in there I would never use.
I was very lucky to work for 2 different Accountancy practices where I honed my skills under
their tutelage, and when both Accountants retired recently I was able to take some of the
clients for whom I was responsible and continue to work for them on my own. I have also
gained numerous clients through personal referrals (mostly self employed), and do VAT returns,
payroll and bookkeeping up to Trial Balance, at which point it goes to another Accountant for
tax returns, etc.
So my advice would be to see if you can get some work from local Accountancy practices to
give you the back up you will need (at least in the beginning).
I am not a member of any professional body and am regulated by HMRC. In my experience,
small business owners care not a jot what qualifications you have, if you can do the job (preferably
recommended by someone in a similar situation to their own), they are happy.
Totally agree with Eunice that you can easily be QE and that small business owners dont care and indeed never ask. The latter I think mostly because they expect all practitioners to be qualfied/tax advisors/wonderwoman/superman with their taxes and as long as all goes well, then no problem!
Lets face it there are some superb QEs out there. There are some rubbish ones too, but then there are some rubbish fully Qualified/Certified as well.
The key thing with QE is getting that relevant experience, which does take me back to the Q that unfortunately the OP hasnt answered. It wasnt a dig when I asked it, but a very relevant point that needs some serious consideration. Eunice has it via working for qualfieds. There are a hell of a lot of excellent QEs who hone their teeth in this way.
Others gain it via working in other careers gaining relevant skills as they progress. There are a few QEs on here and the good ones you will find have gained experience by working with and for others, rather than just thinking the exams are enough. Mine for example were via working in Corporate Finance and ripping apart said Accounts, so coming from it from the finished product and working backwards, but also having done Chartered Banking exams which included 2 years worth of Accountancy.
Unfortunately there are a lot of folk out there who just get the exams, thinking they are now ready to be let loose on the world. Indeed one or two of the bodies state that folk can just be let loose with no practical experience, but then once they go it alone its fairly obvious by the level and style of Qs quite often that they have no idea. Worse still when you get a pile of Accounts that have come from someone with no clue and have to sort out penalties and such for clients!
Practical experience is where you really learn this trade and is absolutely crucial, but the (right) exams can help you get the relevant experience. Eunice's advice is abolsutely on point.
__________________
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
