The idea of working within a practice and having a boss doesn’t appeal to a lot of people, which is why some people would much rather be in charge by being their own boss.
Getting an AAT qualification to become an AAT licensed member in practice (MIP), will bring many challenges, but completing the training, will mean you’re qualified to run your own accountancy practice and work on your own terms. Not to mention, the freedom to provide your own services at the hours you wish to work, and generally running a successful business.
Many people underestimate the hard work and dedication involved in running an accounting practice, so as long as you’re realistic in your expectations, and you’re willing to go the extra mile, this will stand you in good stead.
Once you complete your AAT training, the next step is to work towards achieving your MAAT. To do this, you’ll need to gain the relevant work experience, so you can move upwards to AAT full membership. Alongside many other benefits, this includes being able to use the letters MAAT after your name.
Thankfully with AAT, as a member, you’ll be joining over 4000 members who work for themselves and will be regulated as an AAT licensed accountant, which means you can gain the support and guidance you require to help run a successful firm.
What is a Member in Practice?
An MIP can be an accountant, bookkeeper, consultant etc. but it simply indicates that you can work for yourself in whatever accounting capacity, offering services to the public. Many MIP accountants are known as general practitioners and do bookkeeping, accounts and tax returns for individuals and small businesses alike.
How Do You Become an MIP Accountant?
You need enough experience to get an MIP license, as you can’t be unleashed on the public without knowing what you’re doing. Any MAAT who works for themselves is obliged to register as a MIP under the AAT rules. You become an MIP by applying to be one and fulfilling the criteria.
What Can an AAT Accountant Do (MAAT)?
If you choose to become a qualified accountant through AAT and aim to achieve the full MATT status, you’ll receive both the practical and technical skills needed to make it in the industry. Even if you’ve never studied accountancy or know very little about it, AAT will help you through your studies and teach you all you need to know to ensure you gain the support you need and the knowledge you require.
What Roles are Applicable to an AAT Accountant (MAAT)?
There are so many roles within accountancy that you are qualified for after gaining your professional status. These include; financial accountant, payroll manager, VAT accountant, tax supervisor, commercial analyst and so on.
What is an AAT accountant Qualified To Do?
An AAT Accountant can sign off the accounts for companies up to the audit threshold, where a company does not have a turnover more than £6.5 million and its balance sheet total is not more than £3.26 million. Most businesses within the UK do not meet this threshold so currently over half a million businesses trust AAT Accountants to service their accounting requirements.
What is Professional Status and What Does it Mean?
An AAT Accountant is a qualified accountant and AAT full member, who has demonstrated their skills through work experience and can now use the letters MAAT after their name.