Doing a bit of bookkeeping? You need to be regulated by AAT

StuartW
StuartW Registered Posts: 472 Dedicated contributor ? ? ?
Are you providing a bookkeeping service to family, friends or private clients? If so, you need to be regulated by AAT to do so.

Bookkeeping is one of the 17 services regulated by AAT through our scheme for members in practice. If you're providing any of the regulated services on any scale you must join our scheme as a registered or licensed member in practice.

You also need to be supervised for compliance with the Money Laundering Regulations 2007, a legal requirement which AAT can cover for you.

To find out more about the regulated services and to download an application form visit aat.org.uk/membersinpractice or give us a call on 0845 863 0790.

If you're already providing any of the regulated services and have not yet applied to join the scheme for members in practice, you must do so immediately. If you apply before 31 October 2012 we will process your application and no action will be taken for not previously joining.

AAT's members in practice (MIP) scheme

Comments

  • StuartW
    StuartW Registered Posts: 472 Dedicated contributor ? ? ?
    Follow-up:

    As a student you can provide services to the public, however we will not regulate you to do so and you are not eligible to join the MIP scheme.

    Students providing services to clients should be aware that they cannot advertise themselves in connection with AAT and must ensure they comply with our Code of Professional Ethics . We have produced guidance for our self-employed students at www.aat.org.uk/studentsinpractice
  • EMPG
    EMPG Registered Posts: 20 Dedicated contributor ? ? ?
    Hi Stuart,

    A lot of useful information; is this a new procedure?
  • Jan
    Jan Registered Posts: 654
    If you apply before 31 October 2012 we will process your application and no action will be taken for not previously joining.



    Oh dear, and what action will be taken?
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    EMPG wrote: »
    Hi Stuart,

    A lot of useful information; is this a new procedure?

    It's not new, it's been in the rules for years as far as I understand. They are just tightening up on it, by the looks of things.
    Jan wrote: »
    If you apply before 31 October 2012 we will process your application and no action will be taken for not previously joining.



    Oh dear, and what action will be taken?

    Presumably it's a disciplinary offence of not complying with membership regulations. I'd expect a "formal reprimand" (which gets printed in the magazine) to be about the right level of action for this. If you were running a full-on practice without a licence they could probably fine or expel you for non-compliance.

    Don't be scared folks, just make sure you're aware of the rules :)
  • guinea pig
    guinea pig Registered Posts: 402
    Hi All,
    Thanks, this is really useful. I have recently qualified, and am thinking of setting up to do some bookkeeping, starting with a relatives.
    About 7 years ago, when I was self-employed, I used a Quickbooks program. I am wondering if it would be a good idea to re-load and use this again, or possibly it may be too out of date? or would I be better starting with something new, e.g. Sage? any ideas regarding suitable programs, costs etc would be great. I am only planning to start in a very small way, whilst still working.
    Many thanks,GP
  • Travena
    Travena Registered Posts: 3 New contributor ?
    Software used

    I too would love to know what software other MIPs are using.
    Thanks.:001_smile:
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    Don't bother with Sage.

    VT Transaction+ is great. Xero is great.
  • craggle87
    craggle87 Registered Posts: 24 Dedicated contributor ? ? ?
    I'm not an MIP but our company uses an online (cloud) system called 'Kashflow'. It's really good and costs less than £20 p/m.
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    I have to say I despise Kashflow. The few clients we've acquired who have used it have been in a shocking mess, and none of the people in my office have a different opinion to me. I know it seems to work for lots of people, but I can't for the life of me understand how.

    I've trialled a number of cloud based apps, including Kashflow, FreeAgent (single entry journals?! I don't think so!), ClearBooks, Wave, Accounts Portal and Xero, and by far my favourite is Xero. Best value for money by miles.
  • deanshepherd
    deanshepherd Registered Posts: 1,809
    I don't like Kashflow, not a big fan of Xero either to be honest although it does seem hugely popular amongst accountants (even with the expensive price tag).

    I thought you were a fan of Accounts Portal Jenni?

    I'm thinking of rolling it out. Any drawbacks I should know about?
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    I'm a Xero convert. Xero is worth every penny, it's brilliant. The functionality is the best I have seen.
    AP is just a bit more basic and I've never really clicked with it so much - I used it as my intro to cloud software because it was cheap.

    I don't think there are any major drawbacks but it's just pretty basic.
  • Paul Gilleade
    Paul Gilleade Registered Posts: 3 New contributor ?
    You have not counted Sage in to this. I personally have found the functionality and the fact that you can link Payroll with, to be very good

    Cost - well as you said Monsoon - you get what you pay for
  • Monsoon
    Monsoon FMAAT, AAT Licensed Accountant Posts: 4,071 ? ? ?
    I did count Sage. I said "don't bother with Sage." :)

    It's bloated and archaic, and their pricing structure is shocking. Given all the new offerings around, it still amazes me that Sage is still so popular.

    For new people starting out, Sage is inordinately expensive. I can sort of see why large established practices would use it (sort of) but for new members in practice, something like VT is a no-brainer when you consider value for money.
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