Key Responsibilities of an AAT Qualified Bookkeeper

AAT Qualified Bookkeeper

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.