Just as a back-ground and understand of what I do (in case that has an impact on the course to choose)!I work for a small finance coming doing the bookkeeping on Xero and regularly meet with the accountants.I would like to do some self-employed bookkeeping once I have a better understanding and fully qualified in bookkeeping.
Hi Liz, I did AAT myself but my friend did the same IAB level 2 followed by the level 3 in Computerised Accounting for Business. She said it was the natural follow on. She's now helping me with some of my bookkeeping jobs and the core technical knowledge she's accumulated have been good.
As Casu mentions, AAT is a very good qualification and if you're considering self-employment at some stage it may be worth having a look.
Another vote for AAT from me as I feel it is a more recognised qualification within the finance sector, but after I completed it I did do the IAB level 3 in computerised accounting which was a great course, they used Sage at the time not sure if they still do.
Good luck with whatever you choose and welcome to the forum.
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Doug
These are only my opinions of how I see things and therefore should not be taken as advice
I followed the IAB route. In hindsight I would have perhaps gone AAT for the recognition in the industry but it's been just fine for me to run my own practice and I do outsource to Accountants who have never questioned it.
I did Level 3 Accounting to International Standards, not sure if there is an equivalent to that now.
Welcome
Valerie
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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.
Thank you all for your opinions and sharing your experiences. I am going round in circles deciding, but will hopefully make my mind up in the coming weeks :)
I agree with the others - look at AAT. Think more long term and get it right now. Much more in the way of opportunities from others and generally more respected in the industry. That said, there are a lot of Accountants out there who recognise good people who dont have AAT, even QBE bookkeepers, it can be an individual thing, as not all AAT bods are good.
My question would be - how are you going to get the necessary practice experience to be able to serve your client base well. Also what tax exams are you going to consider. The market is well over-subscribed at the bottom end of the chain (no disrespect intended to anyone by that)as it is.
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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
Thank you for this reply, I appreciate your opinion and questions you have raised. For experience I am working as a bookkeeper and hope this will allow me to gain the experience needed, if not I would look at new opportunities. I am stilling working out the best route and I am also now considering the FIA by ACCA as an option, which I understand has tax in it!
I would be interested to hear what you and others think of the FIA (Foundation In Accounting)
Hi Liz
FIA isn't enough for the type of tax queries you will inevitably get from clients, even dealing at the very small client end.
That said its certainly a good all round course for starters and one I would suggest taking, albeit I would say do not take the exams, because by signing up as a member of the ACCA you are then fully bound by their regulations (unless you don't mind being so bound, see below).
ACCA are ultra strict (rightly so) as to what you can do as self employed and under their regulation 8 you cannot go beyond Trial Balance. So no making adjustments to complete final accounts and therefore no self employed tax returns. Failure to adhere to these regs can be costly in terms of penalties.
Of course, the course is always good CPD.
For tax, per my original post, I would suggest ATT.
Or, if you want to be in the real big bucks earning world and indeed want to really progress yourself professionally then I would suggest chartered via ACCA or ACA (ICAEW) plus the chartered tax route, via CIOT.
Aim for the stars!
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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
Thank you Joanne for your words of wisdom. I think the main decision is do I want to be self-employed and take the AAT route or do I want to be employed and take the ACCA route.
As time has passed over these weeks and I have been thinking about how best to proceed, I feel I am not ready to be self employed and I have lots to learn and experience before I could offer a bookkeeping service. Therefore I am going to focus on the ACCA and learn as much as I can in a work environment, and see where that takes me :)
Thank you once again for all the advice, I really appreciate the time you have take to help me take the next step.
I have been away from this website, but will give my 2 pennies worth, and and hope I don't annoy too many people.
Although IAB is for many is the "best kept secret" generally, as both the AAT and ACCA (as well as the other bodies) give exemptions for anyone holding IAB qualifications, that should give you a good idea on how good the other bodies see the qualifications.
Ironically a fully qualified Chartered Accountant cannot become a member of the IAB unless they can prove they can actually do book-keeping or have taken actual bookkeeper exams which sadly many cannot....... The IAB regularly refuses to accept Chartered Accountants as members. Why would they apply? Simple really, its cheaper to be in practice as a IAB member than their Accountancy body (£736pa for a FCCA), especially if they have a established client base who don't care (which are most clients who have been with you for 10+ years).
-- Edited by YLB-HO on Monday 24th of June 2019 02:01:10 PM
I have been away from this website, but will give my 2 pennies worth, and and hope I don't annoy too many people.
Although IAB is for many is the "best kept secret" generally, as both the AAT and ACCA (as well as the other bodies) give exemptions for anyone holding IAB qualifications, that should give you a good idea on how good the other bodies see the qualifications.
Ironically a fully qualified Chartered Accountant cannot become a member of the IAB unless they can prove they can actually do book-keeping or have taken actual bookkeeper exams which sadly many cannot....... The IAB regularly refuses to accept Chartered Accountants as members. Why would they apply? Simple really, its cheaper to be in practice as a IAB member than their Accountancy body (£736pa for a FCCA), especially if they have a established client base who don't care (which are most clients who have been with you for 10+ years).
Hi Frauke,
good to hear from you.
unfortunately I fear that your information isn't atually correct. (perhaps out of date?).
The ACCA gives no exemptions from its professional accountancy qualification for IAB members.
The ACCA does give exemption from modules FA1 and FA2 from the foundations in accountancy which if the person goes on to pass the rest of the foundations in accountancy they can use to gain their CAT qualification (roughly equivalent to AAT level IV). Holding the CAT qualification can then be used to gain exemption from the first three ACCA papers leaving 6 papers to take at the skills level, 2 at the essentials level and 2 from 4 at the options level.
The ACCA are very keen to gain the best talent and ensure that there are no barriers in the way of entry for those with the right aptitude. If the intent is to become chartered certified then financially it makes more sense to do it from the entry level passing the ACCA's exams rather than looking for exemptions via AAT or CAT.
As for the annual cost of membership. It costs no more to be an FCCA than an ACCA. The fee level is tiered although there are only two teirs. If you are just starting out the fee is £95. Only once you are bringing in over £5k (which should not take long) does the fee level increase to £490.
I think that the issue over accountants not having studied bookkeeping was a largely historical glitch where some university degree's gave base level excemptions but the universities had bookkeeping as an option rather than compulsary. My understanding is that the ACCA has eradicated such historic discrepancies by ensuring that there is no way to traverse perceived essential elements of the ACCA syllabus.
The foundations / knowledge level papers if taken very much replicate AAT and CAT for jhaving a strong emphasis on transaction level processing.
I imagine that the bulk of accountants applying to IAB will be looking for a flag of convenience. As you say, the ACCA fee's can be quite expensive and most micro cleints really don't care so quite a few ACCA trained people do indeed hang their hats on AAT, AIA, IFA, etc. doors simply because such is cheaper than either emmbership and PC from the ACCA or MLR cover direct from HMRC.
No offence is intended but I just felt that the way that your message was phrased didn't actually paint the real picture.
kindest regards,
Shaun.
for information in relation to exmption s from any qualification refer to the ACCA exemptions calculator here : https://www.accaglobal.com/an/en/help/exemptions-calculator.html
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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.
established client base who don't care (which are most clients who have been with you for 10+ years).
-- Edited by YLB-HO on Monday 24th of June 2019 02:01:10 PM
Good to see you back Frauke, its been a long long time. Hope you are well.
IAB has certainly been around a long time, its one I considered studying with way back before I even left banking when I toyed with setting up alongside my existing job, albeit then my workload exploded as I moved into the Corporate Finance arena so had time for little else.
I think many folk actually apply to the ICB (and others) due to the fact that they cannot get the required licence from their chartered bodies through total lack of experience rather than cost. Its good to know the ICB turn them away, unlike some others.
On the client caring part, Ive long said that most clients dont actually ever ask/nor know the difference, even at the outset of dealings with them. There are a few business owners out there who are clued up and ask, but they are in the minority from my experience. Dave, who was on here a while back, did an informal survey on the back of what I said and indicated he found the same. If I had the time I would do a search for the link.
-- Edited by Cheshire on Tuesday 25th of June 2019 01:41:56 PM
__________________
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
One of the reasons I have been away is I had been in business with a FCCA for the last 18 months. I had to pay for his membership and his practicing certificate (£736) because he could not do a thing, not even a simple set of accounts without both!
He has decided practice is not for him as ongoing compliance was just too costly, but he was not able to go the IAB route as he had no book-keeping qualifications. At the end of June he went back to Employment, which he deep down did not want to do, but felt he had no choice.
The subject of ACCA/IAB exemptions came up recently with tutors, as it was mention the information is not public domain anywhere to be found and it really should be.
I will try and come by more often, but I am how back working on my own with quite a large practice, so not sure how much time I will have. It is good to see you all are still here
-- Edited by YLB-HO on Saturday 6th of July 2019 01:55:45 PM
