career coach | AAT journeys
HOW YOU COULD BUILD A REWARDING CAREER IN BOOKKEEPING
Treasure beyond the ledger
Many AAT students go on to become successful accountants in practice or industry but sometimes overlook the benefits a career in bookkeeping can bring
Bookkeeping as a career choice
Libby Walklett is a fully-qualified accountant. But she chose to be a bookkeeper. She is one of a growing number of people finding this a rewarding career choice.
Her story shows why bookkeeping is no longer seen as a ‘stepping stone’ option, but as a viable career in its own right by employers and business owners alike.
Bookkeeping is a growth area
A lot of work, effort and skill goes into the company accounts, often long before an accountant first sets eyes on them. So, rather than a short-term option, bookkeeping is a crucial part of the ongoing accounting process, making it a great career pathway for the long-term.
This is why it's growing.
Statistics show that the bookkeeping industry was worth £5.7bn in 2022, while the number of bookkeepers and small accountancy practices have increased by around 40 per cent since 2018.
What bookkeepers can do
A good bookkeeper is party to day-to-day business transactions and are one of the first professionals to spot anomalies or issues. They keep accounts up-to-date, ensure figures are correctly reconciled and everything is accurately recorded and coded. Bookkeeping forms the bedrock of every part of the accountancy process.
Did you know:
• You can become a bookkeeping member of AAT (AATQB) after passing level 3.
• AATQBs at Levels 3 and 4 earn 11% more than students who are not AATQBs (AAT Salary Survey).
Libby's story
Libby Walklett is a member of AAT - an FMAAT, which means she has attained the highest level of membership, with five years' unbroken service. She is also director of The Ethical Bookkeeper.
But Libby didn’t initially set out to open a bookkeeping practice, it was something that happened much later in her career.
Libby's career change:
Libby took an admin job to escape the anti-social hours she was working in the hospitality industry. “I was initially doing the basics like photocopying, filing and faxing but ended up taking on bookkeeping duties ,” she says.
She moved on to credit control, purchase ledger, treasury and sales ledger invoices before getting into monthly management accounts, payroll, reconciliations and audit.
Why Libby studied AAT:
The real change for Libby was after a deflating conversation with a young recruitment consultant who dismissed the Open University degree she was taking – saying ‘everyone has’ academic qualifications.
“I felt kicked,” Libby recalls. “But I realised I needed to get some professional qualifications under my belt.”
Having previously looked into the AAT qualification, she knew instantly that was the right path for her, giving her the necessary skills and qualifications for her career.
Why Libby chose bookkeeping:
Libby completed AAT Level 4 in 2016 so she could have – if she wanted to - set up her own accountancy practice. But at that point, setting up in business was not something she wanted to do.
Libby’s entrepreneurial moment came in 2019, after some difficult years juggling childcare and looking after her sick husband and mother - while working full-time. She realised that being her own boss would allow her to work flexible hours while focusing on her family.
“In hindsight, I left it quite late to start a business,” says Libby, who set up her bookkeeping practice in 2019 and went full-time 18 months ago. “Part of it was because I lacked confidence and I didn’t know how to go about it.”
Setting up a bookkeeping practice rather than an accountancy one was a no-brainer for Libby. She’s a fully qualified accountant but bookkeeping, she says, is her true calling.
Libby is chair of the AAT Gloucestershire Branch, has enjoyed a successful bookkeeping career for over 25 years. She’s also former AAT apprenticeship coach and tutor at Cirencester College, elected AAT council board member and member of the AAT Audit and Risk Board.
So what makes bookkeeping such a great career choice for students?
What they say about bookkeeping:
“There’s always going to be a need for bookkeepers – every business, large or small needs a bookkeeper. It can be extremely profitable.”
“It’s a different skill to accountancy, not a lesser skill,” she points out. “I know some accountants who would readily admit to being rubbish at bookkeeping.”
Libby Walklett FMAAT, The Ethical Bookkeeper.
“Bookkeepers prop up accountants. If we get things wrong, accountants don’t have the time to go into all the details. The figures have to be 100 per cent accurate. Accurate bookkeeping is essential in the entire accountancy process.”
Sallyanne Sheppard MAAT, Sheppard Bookkeeping Services.
“There will always be a need for bookkeepers”
Using technology is part of the job
Data entry may play a key role in a bookkeeper’s day-to-day responsibilities but according to Sallyanne, bookkeeping is much more than data entry. Bookkeepers are ‘expert data handlers’, conducting in-depth data analysis and interpretation using software and technical know-how.
Technological skills are therefore a must. Bookkeeping often requires knowledge of a variety of computer programs and systems such as QuickBooks, Xero, Intuit and Dext to name but a few.
“Bookkeepers are expert data handlers”
The satisfaction of untangling otherwise chaotic records is also what appeals to Cassie Tipson, founder of Tipson Bookkeeping Solutions. “I love the tidiness of bookkeeping and when the bank is reconciled. I felt the same satisfaction studying maths at school – it was either right or it wasn’t. It fits with my personality. Bookkeeping is about the ability to work with data in the most efficient way.”
“It’s not about pushing paper around anymore,” says Sallyanne. “We work with many programs and software packages to pull data together from invoices, expenses, purchase orders. We’re sometimes even given carrier bags full of paper receipts and have to use our knowledge and creativity to record and make sense of it all.
Build strong client relationships
While accountants keep in touch with clients at key points throughout the year, bookkeepers need to keep in regular contact, so maintaining client relationships and building rapport is essential.
“Bookkeeping is more hands on and much more involved in the day-to-day running of the business, with higher touch points than accountants often have,” says Libby. “You really have to be on top of the transactions and be in frequent contact.”
“I love getting to know every business I work with and identifying their crunch points”
Cassie, in particular, who describes herself as a ‘one-man-band’ joins in team meetings with clients and really feels part of the extended team. So although clients outsource their bookkeeping needs, in practice it rarely feels like outsourcing – Cassie says part of her job is to get under the skin of each and every business and be seen as a valued team member.
Sallyanne shares her views. “I’m a people person and that means going the extra mile. I love getting to know every business I work with and identifying their crunch points. I specialise in VAT returns, so it’s about going into the micro detail and seeing how much you can help your client claim back from HMRC, because it all helps.”
Libby's top tips for students
The Association of Accounting Technicians. 30 Churchill Place, London E14 5RE. Registered charity no.1050724. A company limited by guarantee (No. 1518983).
HOW YOU COULD BUILD A REWARDING CAREER IN BOOKKEEPING
Treasure beyond the ledger
