Can I charge clients without ACCA?

GokhanCaner

I currently have a number of local businesses asking me to prepare their financial statements and submit their tax returns. Having completed AAT, would I be able to carry out this work and charge them for it?

Do I need to complete ACCA before I am legally allowed to sign accounts off?

I would very much appreciate if someone could clarify.

P.s I am currently studying ACCA…

rwb

Having completed AAT you would be able to carry out the work - provided you were approved on the MiP (sorry... Licensed Accountant) scheme and had competencies in the required areas.

If you are an ACCA student though they will NOT allow you to do any work other than bookkeeping to TB without completing the qualification and getting a practicing certificate.

GokhanCaner

rwb said:

Having completed AAT you would be able to carry out the work - provided you were approved on the MiP (sorry... Licensed Accountant) scheme and had competencies in the required areas.

If you are an ACCA student though they will NOT allow you to do any work other than bookkeeping to TB without completing the qualification and getting a practicing certificate.

Thanks for your comment Rwb,

Could I ask, if AAT allows this kind of work, do you think there is much point in completing ACCA?

My ultimate aim is to start an accountancy firm and carry out work for local businesses. Would ACCA actually add to anything to what I'm able to do with AAT?

Thanks.

MarieNoelle

How far are you in your ACCA studies? It would be a shame to give it up.

GokhanCaner

MarieNoelle said:

How far are you in your ACCA studies? It would be a shame to give it up.

so far I've only done 1 exam.

is it worth actually having ACCA? What are the services can't offer without ACCA?

rwb

No one can answer that but you!

The ACCA is a major commitment and not an easy qualification to get.

There is no substitute for experience - which you would need to get a licence from the AAT to do the work - I'd check whether you qualify for one before making the decision to drop your ACCA studies.

Monsoon

If you only want to work for small businesses and individuals, IMO it's not worth the hassle of getting ACCA and getting their practicing cert as it's notoriously hard to get.

AAT is adequate in terms of signing off accounts (actually there isn't a legal requirement for this, anyone can call themselves an accountant).

The only main thing you can't do without ACCA is audit.

The main thing you ned to consider if you want to be self employed is not qualifications, as you have AAT, but experience, especially tax experience. The AAT tax modules are not sufficient level to go into practice on them alone, imo.

burg

I agree that ACCA may also be over the top for the majority of small everyday businesses and individuals that you come across and AAT plus suitable relevant experience should enable you to deal with the majority of these cases.

I must point out though that unless ACCA have changed their rules then you are currently potentially in breach of their terms. You must not undertake any work beyond Trial Balance stage without a practicing certificate from the ACCA.

Monsoon

mrme89 said:

Preparing accounts and tax is one thing, running a business is another. If it transpires that you are not cut out for the latter, then ACCA is a better qualification to fall back on.

If you have an employer that is willing to fund ACCA and give you experience, I would stick at it.

That's a very good point. It's also much better to start your own practice after a good few years of quality experience.

JayB2606

Nothing beats good quality experience, however it would be a shame to give up on ACCA as you have started and if you are able to find a good employer willing to sponsor you and help you gain the quality experience then you are on to a winner.

You will be required to complete 2 years post membership experience with an approved employer and complete 6 monthly training records to gain the ACCA practising certificates (ACCA do offer support on how to complete this). I have just completed mine and they were really helpful.