
An AATQB (AAT Qualified Bookkeeper) is an individual who has qualified through the Association of Accounting Technicians (AAT) to provide bookkeeping services. This qualification enables them to perform a variety of tasks related to bookkeeping and financial management, but it does not grant the same level of authority as higher-level qualifications like a CPA or Chartered Accountant.
Here are the key responsibilities an AATQB can oversee:
1. Bookkeeping Services:
- Maintain financial records: Record all financial transactions for a business or individual, ensuring accuracy and completeness.
- Prepare and process invoices: Manage both customer invoices and supplier payments.
- Manage accounts payable and receivable: Track money owed to the business and payments that need to be made to suppliers.
- Bank reconciliations: Ensure the accuracy of bank records by comparing them with internal financial statements.
2. Prepare Financial Statements:
- Trial balance preparation: Create a trial balance to ensure that the financial records are accurate and balanced.
- Draft basic financial statements: Though limited, an AATQB can prepare preliminary financial statements like income statements, balance sheets, and cash flow statements.
3. VAT Returns (UK-specific):
- Submit VAT returns: AATQB individuals can calculate and submit VAT returns for businesses registered for VAT.
4. Payroll Services:
- Process payroll: Oversee the preparation of payroll for a company, including calculating salaries, tax deductions, and National Insurance contributions.
- Manage employee records: Keep accurate records of employee earnings, leave, and other employment data.
5. Work under Supervision:
- An AATQB can work independently or under the supervision of a higher-level accountant, such as an AAT full member (MAAT), chartered accountant, or other qualified professionals.
6. Practice with Supervision Certificate:
- An AATQB is allowed to set up their own bookkeeping practice. However, if they offer their services to the public, they must hold a practice license from the AAT, which ensures they meet specific standards of quality and professionalism.
Limitations:
- Cannot perform audits: Auditing services are typically reserved for individuals with higher qualifications such as a Chartered Accountant (CA) or Certified Public Accountant (CPA).
- Cannot file complex tax returns: While they may oversee basic tax preparation, more complicated tax matters typically require higher qualifications.
- Cannot sign off on statutory accounts: AATQB individuals can prepare financial statements, but these must be approved and signed off by a more senior accountant with appropriate credentials.
An AATQB is well-suited for providing accurate and reliable bookkeeping and financial support services but is more limited in their scope compared to fully qualified accountants.