Doing the Accounts of a small business while studying!!!

Smilapee

I have just past my Level 3 and i am starting Level 4 September, i wanted to know can i do my cousins accounts for his small business, and is there certain things i cannot do until im qualified, Also i wanted to know can i set up an accounting business when i complete level 4 or is it best to do ACCA or CIMA 1st, and where could i get info about what i need to do if i was to do the accounts of a small business, i know what i have learned but in practice how would i know what i should be doing

MWAUGH1983

I am sure doing the accounts for family is frown upon due to conflicts of interest. Maybe read the aat guidelines on ethics as im sure its touch upon.

In terms of info business link is a good start.

AK002

Have you had any practical experience?

Smilapee

I have no full experience but have helped in running a business
I contacted AAT and they said it is fine to do it as long as i do not advertise AAT until i am a MIP

LPalmer

I don't want to sound negative but I currently work in an accountancy practice and I wouldn't recommend preparing a set off accounts until you have some experiance. However Im sure you could save your cousin a bit off money by putting together some spreadsheets and possibly even some draft accounts for an accountant to then review.

Smilapee

i will see what i can do and get them checked with an accountant

tedwalker

Smilapee wrote: »

I have just past my Level 3 and i am starting Level 4 September, i wanted to know can i do my cousins accounts for his small business, and is there certain things i cannot do until im qualified, Also i wanted to know can i set up an accounting business when i complete level 4 or is it best to do ACCA or CIMA 1st, and where could i get info about what i need to do if i was to do the accounts of a small business, i know what i have learned but in practice how would i know what i should be doing

I am helping out my dad in his firm and learning a lot from the process! Sure, i have made some mistakes, buts that's where the learning steps in. Until you are a qualified professional, do not mention AAT in your CV. I think that is against the guidelines set up by AAT. Check out if you can volunteer with small businesses or NGO's as well. You can show your work experience with them in your cv

Sulew17

Hi, I have been doing my brother's books for over a year now. When I checked with AAT they told me I could only do basic bookkeeping until I passed Indirect Tax & AP1 & 2, I would then be allowed to complete VAT returns and final accounts - I have now finished Level 3 so that is what I'm doing. The final accounts will then be passed to my brother's accountants to be signed off. Doing it this way saves my brother (or anyone else for that matter) quite a bit of money as the accountants only have to check the work and don't have to do it all. It will also help me to have them know my work for my work experience to become MAAT & MIP after Level 4.

Regarding mentioning AAT: you can put that you are studying AAT on your CV but can't use their name in any advertising or marketing until you are qualified.

GemmaS

Sulew17 wrote: »

When I checked with AAT they told me I could only do basic bookkeeping until I passed Indirect Tax & AP1 & 2, I would then be allowed to complete VAT returns and final accounts -

Thats good to know, Thanks for the info! I've just started doing some book-keeping for a few friends for their businesses so its good to know how far I can take it with the AAT's guidance. I'm sitting AP 1&2 end of July and I might try and get Indirect Tax out of the way ASAP so that I can take a little more responsibility for it (oviously with help from the accountants!)