Step One
Become a student member of the IAB by studying for an IAB professional qualification – safe in the knowledge that IAB qualifications, accredited by Ofqual, are further underpinned by the recognition of Chartered Accountancy bodies such as ACCA, CIMA, ICAEW and CIPFA. To find an IAB Accredited Centre (including distance learning) to help you achieve, click here.
Step Two
Having achieved your IAB (or comparable) qualification, you can immediately apply for employment or use your skills in your own business or organisation.
In summary, by achieving an IAB qualification at the following levels, in either or both manual and computerised bookkeeping/accounting, you have demonstrated that you can:
| Level 1 | | Enter transactions into bookkeeping records/system. |
| Level 2 | | Maintain records and prepare a Trial Balance. |
| Level 3 | | Make complex bookkeeping adjustments, reconciliations and prepare financial statements for sole traders, partnerships and not for profit organisations. |
| Level 4 | | Prepare financial statements for limited companies. |
Step Three
Once qualified at level 2 or above, you should immediately apply to become a full member of the IAB. This will demonstrate to others your on-going commitment to maintain and enhance your professionalism. It also gives you access to an extensive range of member benefits, including regular technical updates and member seminars to assist you to keep up to date with, for example, HMRC and other developments.
Step Four (just for those setting up in business as a Bookkeeper)
Importantly, should you wish to open your own bookkeeping practice (to offer bookkeeping or accounting services to clients), as an IAB member you will eligible to apply for an additional Certificate enabling you to be supervised by the IAB. Registration to be supervised is a statutory requirement under the Money Laundering Regulations 2007, failure to do so being a criminal offence.
The IAB provides access to an IAB Members’ Handbook on its website. This is a valuable resource for members, particularly those in practice, containing useful information and guidance as well as template documents that members may choose to adapt for their own use in practice.
If you are considering setting up in practice, below is an additional quick guide to what you may need to consider.
Checklist for Starting your own Bookkeeping Business
- Obtaining your qualification and becoming a supervised IAB member to comply with the Money Laundering Regulations.
- Decide where you are going to work (home, office or premises of clients)
- Obtaining an appropriately specified computer and software
- Promotion e.g. networking, mail-shots, advertising
- Professional Indemnity Insurance
- How much you are going to charge
- Letter of engagement and Anti-Money Laundering Procedures
- Registering under Data Protection requirements.
- Continuing with your Professional Development and keeping up to date.
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