The Book-keepers Forum (BKF)

Post Info TOPIC: Practice Experience
GKO


Member

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Posts: 6
Date:
Practice Experience


Hi Guys,

I am trying to gain some practice experience.

I am currently working through AAT Level 4 - having gained AATQB status, with plans to move on to ACCA.

Working full time as an Accounts Assistant for an e commerce company based in Manchester City Centre. With main duties including Bank reconciliations/balance sheet recs/journal postings. Sales ledger/ credit control. Purchase ledger.

I am hoping there is someone in the Oldham/Ashton/Anywhere area who needs some extra help and is willing to offer some experience and advice in exchange for someone willing to work on a voluntary basis.

Thank You for your time.



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Gary


Master Book-keeper

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Posts: 7865
Date:

Hi Gary
Meant to come back to you on your other post.

Is the experience towards an AATQB licence , or aiming for a full licence at MAAT level?

If the former, what services are you looking to put on to your AATQB licence?

Just so you know, as soon as you become a student with ACCA you cannot go past Trail Balance AT ALL, ie no sole traders etc accounts, no year end adjustments journalling. Just so you are aware that ACCA rules trump the AAT, so even if you get a licence with the AAT for anything past trial balance, you cannot do it or you risk bening thrown out of the ACCA and fined.

When and how would you see your volunteering working?

The potential problem you do have is persuading someone to give up their free time (hahaha, what in hell is that), to supervise you, for them receiving no gain whatsoever. Other than altruistically of course.

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Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

GKO


Member

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Posts: 6
Date:

Hi Joanne,

After looking around the board and seeing some of your other posts/advice I'm thinking of holding off on the license until i gain more experience. I wasn't aware of the ACCA regulations before my first post.

I see the problems with asking someone to help with work experience but i'm not sure of the best way to gain this experience. I work for a good company who have put me through my exams and are willing to put me through ACCA. Any of my own work would have been as a side job.


In your honest opinion, what do you think it would take for a busy bookkeeper/accountant to offer such experience?



Thanks for replying.

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Gary


Master Book-keeper

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Posts: 7865
Date:

Hi Gary
Well a poster has just added to an ancient post who may be able to help you, although for the minute can you give her a little while to do the intro post Ive suggested.


Honestly, Im happy to help new people out and have done in the past. The problem for most folk is that they have to check the work you do so they dont gain any time savings in farming it out. The other issues is that often the person looking to gain experience doesnt have access to any software (an issue that can be resolved depending on what software folk use, but may involve a cost). Biggest issue from chatting to folk is that the new person gains their experience and sets up on their own.....so there is no payback for all that training.

Then strictly speaking there is an issue of, for a one man band, that they need to take out insurance for someone working for them so its costs! I could say about the NMW but the 'intern' thing seems to get around that, although morally I find that quite offensive personally.

Best way to gain proper practice experience is to work part time/full time in a practice. For you though that is probably not the best use of your gaining experience, given work are clearly helping you get the ACCA award. You would probably be better off just concentrating on getting that (you wont know whats hit you when you start - AAT is so very easy compared!), plus you can use the work experience towards your final ACCA applications, although worth reading some of Shaun's notes (Shamus on here!) on that as he is the ACCA rule king! It might mean that your employers have to jump through a few hoops to better sign off your experience.



__________________

Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

GKO


Member

Status: Offline
Posts: 6
Date:

Hi Joanne,

Thanks for the advice, its very much appreciated.

I'm looking forward to getting onto ACCA and terrified at the same time.



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Gary


Forum Moderator & Expert

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GKO wrote:

I'm looking forward to getting onto ACCA and terrified at the same time.


There's nothing to be frightened of with it. Yes it's a step up from AAT and what they are looking for in the answers is a little different but at the same time it's seriously interesting to study at that level.

You will have exemptions from th first three (might be four) papers but it's still a good idea to do them even if unofficially just to get the transition from AAT to ACCA way of thinking (ACCA questions have a lot written between the lines and they are not adverse to throwing in trick questions and curve ball elements). There are BPP and Kaplan exam prep books for each paper that bring old questions up to date and working through those books really prepares you for the big day.

There are free study materials for every paper on Open Tuition. I'm not enamoured with their Tax coverage which sends me to sleep but that aside there are some extremely good lectures on there.

If you work with recognised professionals, even if they are not ACCA, you can get your letters after you have finished your exams. Just make sure that you keep your student training record up to date.

Getting a practice certificate is a lot more problematic as you have to work for an ACCA recognised practice certificate training provider.

Even if you do not go into practice, when you have finished the ACCA (circa 5-7 years) I strongly advise doing the subsidised MSc with UCL which really seems to open doors. Some lists have UCL down as one of the worlds top ten Uni's. But in almost all lists it's in the top twenty and employers appreciate that so it really tends to open doors espechially when combined with the letters ACCA (or FCCA). Worth noting that the subsidy off the price of the full MSc. in accounting is more than I paid getting my ACCA so it paid for itself. So again, really worth doing ACCA even if what you really want is the MSc.

You do not need a training provider for ACCA. Some prefer it but I personally like to just read the books, watch the video's, do the exam practice and then lose three hours in an exam centre trying to answer everything but never quite managing it.

The one downside is that no matter who else you may be with, going for ACCA will restrict the services that you are allowed to offer until you have a practice certificate. And, if you offer only bookkeeping services up to trial balance with nothing beyond that (includng any advice) you can make no mention of any affiliation with the ACCA due to the risk of such confusing clients / potential clients that you are in any way ACCA approved until you have an ACCA practice certificate.

Its difficult, but if you are determined, you can do it.

Good luck,

Shaun.



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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.



Master Book-keeper

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Posts: 7865
Date:

Hi Gary
So sorry, I didnt mean to scare you!

I should have made myself clearer. I meant that you will be a busy boy doing your study with full time working and these pesky clients can be very demanding, so rather than trying to get a few hours where you could be hunted down for return of the work allocated, you would be best using that as some downtime, or additional study time.

Im sure you will love it all once you get started. Totally agree with Shaun that, whilst you get exemptions, I would suggest you do the ACCA papers as its good practice as to the exam style and prepares you for the later ones.

Good luck finishing your AAT level 4 including the joys of the synoptic. Any Qs, jump on here.

__________________

Joanne

Fallows Hall Ltd

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

GKO


Member

Status: Offline
Posts: 6
Date:

Thank You Shaun/Joanne. That's really great advice that i will definitely take on board.



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Gary
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