Help! Need some advice

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Hi <BR><BR>I've just done my Intermedite exams and i'm hoping fingers crossed that i'll be going onto the technicain level next year.<BR><BR>I've been told by my tutor that there is a project that you have to do re a problem in the work place to so to speak with accountancy our proceeduers. <BR><BR>I am at a total loss of where to start, could you give me any tips so i can begin to think about it over the summer. Where should i begin?<BR><BR>Your help would be appreicieted,<BR><BR>thanks<BR><BR>P's any tips on what to take out of a) Personal tax b) Business tax and c) Cash mangemnet. I have a choice of two.

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    Your project has to be on some aspect of the "accounting environment" and can be anything eg sales ledger, purchase ledger, petty cash, payroll. You need to analyse what is happening at the moment and recommend improvements to the system - all has to be signed off by your boss at the end - and they have to agree it in the first place. Deciding on what to do is the hardest part - once you actually get started, actually that is still is really hard.<BR><BR>I would seriously recommend doing it sooner rather than later - we had a couple of lessons ages ago, and then told to wait until after our exams, and now our teacher has said that they are not doing anything more until the Autumn - well, fine, but i hope that i have taken my last exam last week, and so wont be qualified in august if results go my way, a real bummer!<BR> <BR>About your option i did both the tax papers (which is what i wanted, thankfully as not given a choice), but a lot of people have said that cash management is a piece of **** - all depends on what you want to do long term - i run my own bookkeeping and accountancy business, so needed tax as currently i have to pay someone else to complete tax returns for me - not for much longer i hope!<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    I would definately recommend personal tax over business although if you want a more in depth knowledge into tax then may be best to take business also.<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    Remember that this unit also includes managing people to reflect the new standards. You could take a look at the student record for that particular unit to see exactly what it is that must be covered and if you have heard that your college does not offer a lot of support in this area try and get hold of a book to guide you through the unit. There is a lot to cover but the subject matter really is the hardest part.<BR><BR>Good luck and I would agree the sooner you can start the better. We were told if we didn't actually manage any people we would need to opt for the simulation. I know from past threads this is not the case in all centres - mad I know I actually run all accounts and administration for our small company but I was still not deemed to be in a position to complete a work place project!<BR><BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    Hi<BR><BR>This is the way I did my project, and found a piece of proverbial p**s:<BR><UL><BR><li>choose a relevant area of work, i.e. the payroll system/process, the purchase ledger function, budgeting control system etc<BR><li>go through the performance criteria in the technician stage student record for the Managing People and Systems unit and make notes against each criteria of the work activities you do that relate to the description (I had sheets provided by FTC for this) and remember to look at the 'range statement' given, which describes the context of the unit<BR><li>research the 'knowledge and understanding' required by the unit (if not taught it by your college, the BPP and FTC books are good for this)<BR><li>using you own idea for a layout or the one provided on this website, pull all the info you have gathered together into a logical order for the report.<BR><li>remember to include an background to the organisation and the area of work you are covering, as an introduction - organisational charts, plans etc are also good for this<BR><li>then, sit back and admire!<BR></UL><BR><BR>As for option decisions, bear in mind both tax options are exams, whereas cash management is a skills test and therefore more convenient for sitting it, including retakes.<BR><BR>Neil<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    The project is 3000-4000 words and covers current procedures, identifying weaknesses and implementing an improvement in an accounting environment.<BR><BR>The problem I had was the fact that the company I work for (one of the big 4) is that big and set on procedures that you can't change anything. I have been told to do an additional piece on implementation on a former job to get it all signed off. I'm hoping my tutor will get it all marked before the end of term as I've passed all my exams (only had a sim this June) and I want to apply for membership.<BR><BR>Also, because I work in a specialised area of accountancy (Insolvency) it took me a while to think of something to base it on. In the end I looked at the way we calculate case closure fees. <BR><BR>In regard to the optional units I did personal tax and cash man. Cash man is a nice easy unit to do and personal tax was straightforward. A lot of students at my college did both tax options but some found it confusing with the different rules.<BR><BR>If you are looking to do a further qualification I would check to see if you need to do certain options - I think fast track CIMA asks for certain units but you'd need to check.<BR><BR>If I were you I'd make a start on the project as early as poss - I left it to last minute and struggled to finish on time. I personally didn't get a lot of support from my tutor so I bought the book to give me a helping hand. <BR><BR>Helen
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    Thank you all for your advice, it's been a great help.<BR><BR>All doesn't seem so scary x
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Help! Need some advice

    Hi<BR><BR>Just a quick note following on from above. CIMA and ACCA dont require particular options for you to gain exemptions/take part in the fast track. CIPFA require audit and (I think) cash management. ICAEW's fast track is based on completion of top up papers, depending on what options you have from the 2 taxes and audit. With ICAEW you can take part in the fast track whatever options you've done, but it is quicker if you have taken audit and a tax.<BR><BR>Neil

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