They won’t know if it’s currently in profit.
Why do business owners need a finance professional?
The skill gap is at its worst among small and micro businesses with well over 99% lacking any formal qualifications in, what is arguably, the most important part of running any business – bookkeeping. Here’s why:
Without accurate bookkeeping, a business owner has little to no idea of where their business is going.
Furthermore, without a proper bookkeeping process in place (as well as an accurate set of books) accountants aren’t able to do their work properly.
History tells us that bookkeeping is an industry that thrives in a recession. SMEs scale down from accountants to bookkeepers in order to cut costs whilst the unemployed turn to a reputable industry to gain more skills or start their own business with a bookkeeping practice of their own.
And so the demand for professional bookkeepers comes not just from business owners, but also from accountants who are happy to outsource their work to bookkeepers who have nationally recognised qualifications.
How do you become a Firm in Practice?
To apply to join the IAB as a Firm in Practice you must first join the IAB as a professional member. Further information about the routes into professional membership can be found by clicking here
Once you are a professional member you can then make an application to be a Member in Practice which will ensure you are supervised under the Money Laundering Regulations.
Why become a Firm in Practice?
You may be wondering how the IAB can help you become a professional bookkeeper and help you set yourself up in practice.
First, let’s look at the reasons you might want to join the IAB and become a registered Firm in Practice:
Where to study for your qualifications
The IAB has three ways to study for your qualifications:
1. Self study.
2. Distance learning.
3. Classroom based.
If you like the idea of gaining your qualifications at home, then the self study option is the way to go. You can get your text books direct from the IAB online store here.
If you would prefer some guidance, then distance learning may be for you. There are many options to choose from including dedicated tutors.
Or you may prefer a more formal classroom based learning. Many colleges and adult learning centres run IAB qualifications, and you can find your nearest centres here.
Becoming a Firm in Practice
The IAB is an approved supervisor under the Money Laundering Regulations, and as a Firm in Practice, you get free advice and help on matters to do with Anti-Money Laundering.
Once you are a Firm in Practice you can then be approved by HMRC to operate as a registered agent.
You can find out more about the costs of IAB membership here.
Support for Firm in Practice
The IAB run seminars, which also help with your Continuing Professional Development (CPD) requirements as well as regular updates and other ways to improve your skills, so you will never feel alone. Our ethos is to ensure that every member gets the help they need. We like to think of ourselves as one big family.
This is why the IAB operate as a non profit organisation run by its members for its members.
Affiliated with
MEMBERS OF
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- leaders council
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Members Of
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- leaders council
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