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Bookkeeping?

I have completed AAT level 2 and need an income as I'm still unable to find employment. I'm considering doing bookkeeping for sole traders, but not payroll. I have some work experience using Xero, for a couple of limited companies.

I've also been talking to Xero and discussing their partner programme, including Xero Certification.

Am I qualified to go ahead and do this? I understand any clients would still need to get a sign off from an accountant at their year end. I assume I would just need to furnish them with the correct reports e.g. expenditure, trial balance, profit & loss, plus the client's receipts, statements, etc.

Any advice welcome - thanks

Comments

  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    It depends, are you competent in offering these services? As you are a student you will not be able to make any reference to AAT and as such will be unregulated. However you will still need professional indemnity insurance and money laundering supervision.

    Personally I don't feel that level 2 alone equips you with all the skills needed for bookkeeping but you say you have experience so it really depends on how much you can actually complete.

    Good luck
    BeccaLouJ9
  • davetee101davetee101 Registered Posts: 4
    edited February 2015
    Hi Gem

    Bit confused so I did some digging around on the AAT website. The AAT 2 qualification states.

    Possible jobs after completing this qualification
    Accounts Administrator
    Accounts Assistant
    Accounts Payable Clerk
    Bookkeeper
    Payroll Administrator
    Payroll Officer
    Purchase/Sales Ledger Clerk
    Tax Assistant/Trainee
    Trainee Accounts Technician

    If I have completed the qualification how am I still a student? PID is normal for any business...not just Bookkeeping. As for money laundering supervision, AAT is a recognised supervisory authority of which I'm a member.
  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    Unless I am missing something, you still have to complete levels 3 and 4 to become a Full Member. Professional Indemnity Insurance is not normal for any business, only those providing professional services. I do not believe AAT will supervise you for Money Laundering if you are not a Member in Practice but you should be able to obtain this from HMRC.

    I fully agree that you probably would be able to get a job as a bookkeeper (ie. with an employer who is ultimately responsible for your work) but personally I don't think that there is enough covered, especially in areas such as VAT, to offer self-employed services.

    Like I said it depends how much you are confident with.
  • BeccaLouJ9BeccaLouJ9 Experienced Mentor DevonFMAAT Posts: 1,022
    edited February 2015
    I think @Gem7321 assumed, (as I did when reading your post) that you had finished level 2 and were now progressing onto level 3, whilst finding employment as well. Thereby you would be student.

    You can only reference AAT if you are a member of the MIP scheme I believe, please correct me if wrong.

    Gem's above advice seems sound to me.

    My advice would be not to be so defensive when receiving advice. It's to help you not hold you back.

    Also it depends on experience as well as qualification whether you will be able to do the role of book keeper. Only you know if you are capable.

    Good luck

    B
    Gem7321
  • BeccaLouJ9BeccaLouJ9 Experienced Mentor DevonFMAAT Posts: 1,022
    (Sorry Gem, we posted at the same time!)
    Gem7321
  • davetee101davetee101 Registered Posts: 4
    Wasn't being defensive Becca...just thinking out loud and trying to clarify my position and understand my options - thanks for your input both of you.
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