Recommend me a useful Bookkeeper/Financial Controller qualification!

Recommend me a useful Bookkeeper/Financial...

Didn't find your answer?

I have recently started a position as a Financial Controller for a small consultancy company dealing with all bookkeeping, invoicing, expenses, pensions, VAT returns, etc  I have a scientific background and no financial qualifications so I need to retrain quickly to fit my job description.  There are a lot of courses and qualifications to choose from, please can someone recommend a part-time course that would be the most useful in this case?  What are good websites, books to help me along?

Many thanks!

Replies (10)

Please login or register to join the discussion.

avatar
By GR
05th May 2014 00:08

AAT would help to improve your practical/real-world skills for small business accounting.

However if you are thinking long term career progression ACCA is probably the way to go. This is a harder qualification (more theoretical; you probably won't use most of what you learn) but it will lead to chartered accountant status and is valued very much by employers. 

Thanks (1)
Routemaster image
By tom123
05th May 2014 08:40

I mean no offence but -

Do you have substantial experience in accountancy? Otherwise, how have you managed to get the role?

As GR said - AAT to start (should take about 4 years), followed by one of the chartered qualifications. I speak as a member of CIMA - which has a strong business, as opposed to audit & tax, focus.

You can commence the chartered qualifications directly without AAT if you have a degree in any subject, however AAT is a good grounding.

Best of luck.

Thanks (4)
avatar
By cbp99
05th May 2014 09:01

.

It sounds to me as though you need to get up to speed with the basics of bookkeeping and double entry principles asap, in which case it would be worth looking at the Institute of Certified Bookkeepers www.bookkeepers.org.uk

In addition, the AAT do some short courses such as one in cash flow management, a critical aspect of your new job www.aat.org.uk 

Like Tom I'm surprised you have been appointed - not sure what course the HR department needs to go on! Good luck

 

Thanks (1)
By Moonbeam
05th May 2014 12:53

Will you be to blame if it all goes pear shaped?

A lot of people, including MD's of small companies, don't appreciate the complexity of the accounts department function. Think very carefully about continuing with this, as all the exams in the world don't beat practical experience. If you can't call on the company accountants to train you up/help you out you may very quickly find you are into all sorts of difficulties.

Thanks (0)
avatar
By FancyFlight
05th May 2014 14:02

Many thanks, all of you!  

Many thanks, all of you!   Your recommendations are much appreciated.

I do feel an overwhelming sense of responsibility and am doing my best to get up to speed.  I also have limited support of the former Financial Controller in the background so I have someone to fall back on.   Scary situation, nevertheless!

Thanks (0)
Routemaster image
By tom123
05th May 2014 16:45

Can you give an idea of the size of the firm?

I started out as the accountant / office manager for a £500k business after my accountancy degree - and that was daunting, but the volume of transactions was not huge.

My first FC role was for a 16m turnover business, with 5 staff - and that was after finishing CIMA - that was scary, but I did at least have the background.

How big is the firm you are joining - if it is toward the smaller end, and you are in fact the sole 'bookkeeper' then you should probably do ok in the medium term. You need to be up front about what you do and do not understand though, you won't be forgiven for getting anyone's payroll wrong for example.

 

Thanks (1)
Replying to lionofludesch:
avatar
By FancyFlight
07th May 2014 13:36

Small company

tom123 wrote:

How big is the firm you are joining - if it is toward the smaller end, and you are in fact the sole 'bookkeeper' then you should probably do ok in the medium term. You need to be up front about what you do and do not understand though, you won't be forgiven for getting anyone's payroll wrong for example.

 

 

The company has 8 employees and currently 4 consultants and I am the sole 'bookkeeper', yes.   I am upfront of my limitations and was employed on this basis, I am receiving a lot of understanding and support from everyone.

Thanks (0)
Teignmouth
By Paul Scholes
05th May 2014 18:07

Do you need a qualification?

Obviously this will depend upon what your employer has said to you, and also what you want longer term, however I'm wondering whether you are better off, to start with, getting "qualified" in how the company operates and keeps its books rather than a general qualification for a career in accountancy or bookkeeping.

For example, the majority of my clients keep their own books and only a couple have had formal accounting training, the others have just learned on the job and through support from us and their previous accountant.  The risk you face in going for short-term general knowledge is that it may not fit with the bookkeeping system that you will be expected to use, so you may be  better off reading up on, and learning, how it creates invoices, records/controls expenses and prepares the VAT return before starting to expand your knowledge of accountancy and finance.

Similarly, the role of Financial Controller in one business can be completely different in another, with one needing skills in sound financial management with the other needing to know only how to keep the books.

You can always visit here for any general tips & advice or, in fact, advice on the specific system you will be working with, and I'm happy to chat or email with you directly over any tricky stuff.

Thanks (1)
Replying to tom123:
avatar
By FancyFlight
07th May 2014 13:45

Agreed, Paul Scholes!

Learning on the job is incredibly useful and effective and I am enjoying it.   However, a qualification/course would also help me understand WHY I am doing what I am doing instead of blindly following what has been done before (and being tripped up by previous mistakes).  We are using Quickbooks online and find this a good system to follow and understand.  I see this as a new career option and will make the very best of it!

 

Thank you for your advice.

Thanks (0)
avatar
By HUGH W DUNLOP
07th May 2014 14:28

Degrees

First of all may I congratulate you on your employment. You have indeed been fortunate as many employer require their bookkeeper/ accountant to be qualified though many MDs are not themselves qualified in anything. I was once turned down for a job as the MD did not want to employ anyone with more knowledge than him.

However, if you leave this job for any reason, you may find future positions harder to come by without a degree.

I sat the International Association of Bookkeepers, the Institute of Financial Accountants and the Institute of Chartered Secretaries and Administrators whilst I was employed, (all by correspondence) and then started my own business where I keep all the money I earn (apart from tax etc.) rather than getting a pittance out of what an employer charges for me.

Thanks (1)