Kick-start your finance career whilst studying AAT

Posted by & filed under Advanced Diploma, Students.

If you’re currently studying for your Advanced Diploma in Accounting, did you know you could also apply for AAT bookkeeping membership (AATQB) status?

Demonstrate your expertise and knowledge to potential employers with this membership status today. You can even go on to apply to become an AAT Licensed Bookkeeper and offer a range of self-employed services whilst you progress with your studies.

What you need to apply

To apply for AATQB status, you’ll need fulfil one of the following:

Sonia Isaac AATQB, who completed her AAT Foundation Certificate in Accounting at Suffolk college, and her AAT Advanced Diploma in Accounting through the ICS distance learning programme, recently applied for AATQB status after passing level 3.

“I was already a student member of AAT so I didn’t have to pay any extra,” she says. There are no initial fees for AAT students who apply. But you’ll see an increase the next time you renew your membership, as you’ll pay the AATQB fee instead of your AAT student fee.

“The process was very simple and straightforward. I filled in an online form and sent it off to the AAT head office. I gained my AATQB status as soon as my application was approved, and received my official AATQB certificate later in the mail.”

Isaac, who is now studying part-time towards her AAT Professional Diploma in Accounting, also works for a community support service for people with learning disabilities; Leading Lives. She says, however, that she didn’t need to do any additional work experience for her AATQB status after passing the Advanced Certificate in Bookkeeping and Ethics.

“If you want to go on to apply to be a licensed bookkeeper though, then there’s a minimum amount of work experience required,” Isaac says.

Gaining AATQB status

Sonia says gaining AATQB status has given her a great sense of achievement and accomplishment.

“I feel very proud of myself and more confident in my day to day work within the finance team,” she says. “It’s motivated me to work harder to become a fully qualified accountant so I can achieve my dream of one day having my own successful business.”

The key benefits

Sonia says she believes the opportunity to join a nationwide community of people and expand her professional network has been one of the biggest advantages of gaining AATQB status.

“It’s also given me access to a number of career tools which will hopefully help me to secure my next big role or promotion,” she notes.

She also believes it’s improved her career prospects as it demonstrates to employers that she’s serious about her career.

“I think employers are keen to take on AAT students because they see them as a sound employee investment for the future business growth,” she says.

Fees

Membership fees depend on your current membership type. If, for example, you’re already a full member you can apply at no extra charge.

AAT students and AAT affiliates won’t need to pay any initial fees either, although students will need to pay the AATQB fee rather than just the AAT fee going forward.

Non-members will be asked to pay the AATQB annual membership fee. You’ll also need to share copies of your relevant qualification/ membership certificates if they weren’t issued by AAT.

In summary

If you’re currently studying for (or have completed) your Advanced Diploma in Accounting, you can now apply for AAT bookkeeping membership (AATQB) status. This is a great way to demonstrate you’re serious about your professional career post-studies, and showcase what you’ve achieved so far to potential employers.

Gaining AATQB status also gives you the opportunity to apply to become an AAT Licensed Bookkeeper and offer a range of self-employed services, including payroll, whilst you progress through your studies.

Further reading:

Study tips: Accounting adjustments in an ETB or journals – Part 2

Posted by & filed under Advanced Diploma, Students.

The second article in our three-part series on Accounting adjustments in an ETB or journals.

Study Tips: Accounting adjustments in an ETB or journals

This series looks at one of the most difficult areas of accounts preparation within the AAT Advanced Diploma in Accounting; making corrections and adjustments. 

In part one we utilised a step by step overview of year-end adjustments and then started looking at the key elements of closing inventory. We were aiming to increase our chances of successfully making adjustments and corrections by being as thoroughly prepared as Freya was for her exam, which she passed with an impressive crop of exceeded, you’ll be pleased to hear!

So, let’s continue by looking at what we do when customers don’t pay their bills.

Irrecoverable debts

An irrecoverable debt is a credit sales that hasn’t been paid for and, after all attempts to collect the money have failed, the business believes will never be paid.

Say we had an irrecoverable debt from Customer X of £100 plus VAT.  This is step 1, the value of the adjustment.

Step 2 – post the adjustment (in this case we’ll use 2 x SPL accounts as we need to account for the VAT and 1 x SFP account – overall total debits must equal total credits)

1

The journal will therefore be:

2

Note: Journals are only written for general ledger accounts so the memorandum posting to Customer X’s account isn’t included.

Here’s the ETB:

ledger accounts

Note: The balance on the SLCA is listed as Receivables on the ETB.

Doubtful debts

The difference between an irrecoverable debt and doubtful debts is certainty. We write off an irrecoverable debt when we know that it won’t be paid and we make a contingency for doubtful debts when we think there might be a problem with some of our customers. We may know about a specific doubtful invoice or account, or we may not know which customers will default or the exact value of the debt. Irrecoverable and doubtful debts are related but not the same.

On top of the irrecoverable debt we’ve just written off for Customer X, let’s say we wish to make an allowance for doubtful debts which is 5% of the receivables.

First thought – how much should the allowance be?

  £   £  
SLCA 3,880      
Less adjustment for irrecoverable debt 120      
  3,760 x  5%  = 188 required allowance

Second thought – is there an allowance from the previous year?

  • No – the value of the adjustment will be the same as the required allowance.
  • Yes – the value of the adjustment will be the amount needed to change the current allowance to the required allowance.

In this case there is a balance already for £266, therefore we need to decrease that to £188.  Now we can use our overview steps starting with calculating the adjustment:

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Note: the allowance for doubtful debts account will always have a credit balance but as the allowance required can both increase and decrease, the adjustment to make it correct can be either a debit or a credit entry.

The journal will therefore be:

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Here’s the ETB again:

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Read the final part of this series now, where we’ll look at how to correct errors using the same four steps for year-end adjustments and a continuation of the thought processes developed at Level 2.

Browse the full range of AAT study support resources here

Small Business Commissioner – here’s what businesses need to do

Posted by & filed under Coronavirus.

In 2008, businesses faced a crisis from the ‘credit crunch’. In 2020, credit is not in short supply – it’s sales that are vanishing.

Small businesses have been overcome by the speed with which the health crisis has accelerated in the last week.

As social distancing, self-isolation and working from home have become the new normal, companies have seen sales revenues disappear. AAT licensed accountants reported at the beginning of the week that clients were already making employees redundant.

The Small Business Commissioner is an independent body established by the Government to fight poor payment practices on behalf of small business. This week Commissioner Philip King – a veteran of the credit-control industry – went on the front foot to advise small businesses on how to increase their chances of survival.

1. Have a plan – identify funding gaps

The number one measure is to assess the current position. Most small businesses hide their heads in the sand.

“The first thing is to look ahead and see what’s coming in and what’s going out. If the owners know they are going to run out of money, they can react to it early by having conversations to manage the situation. The plan doesn’t have to be elaborate – it doesn’t need costly software. The essentials literally can be written on the back of a cigarette packet.”

2. Identify the major creditors – get them onside

Which creditors and suppliers are critical to the business? Rent and employment are generally the two highest costs, and they can cripple businesses.

For example, AAT was told of a small dance studio that would receive a business rate rebate under the Chancellor’s scheme. It has lost most of its customers, but the rebate will barely cover a month’s rent, placing it under extreme pressure.

“If a landlord is faced with the prospect of having to wait a month or two or having to find a completely new tenant at a time when businesses don’t want to move, it could well be better for them to take a payment holiday or accept reduced payment.

“If you can tell your creditor, we are perfectly solvent, apart from this exceptional circumstance, that is a much more compelling case than just asking for more time to pay.”

3. Show the business is viable

When dealing with creditors or financiers, have a business plan that shows – aside from the crisis – the business is sustainable.

“Take AAT’s example of the dance studio, if [in normal times] you have full classes three times a week, and those are booked a term advance, you can show you have steady cash flow as soon as you can re-open those classes, then that’s a very different proposition to someone who offers to open a coffee shop because they hope it might work, but they’re not sure.

“A business plan [to show this] doesn’t need to be sophisticated, it just needs to be realistic and reflect what is going out and what’s coming in.

4. Talk to debtors, accelerate payments

Don’t just rely on payments arriving – talk to customers to check they are coming through the system. Identify problems upfront.

Ask for help. The mood is one of co-operation.

“Sometimes if a small business talks to its bigger customer and says it has a problem, the big company can help. There’s often nothing to stop payments being brought forward. The nub of it is talking, and talking early on.

“I have yet to talk to a large business that didn’t make the right noises about the need to support small business.”

5. Look for new ways of doing things

Look for ways to pivot or re-orientate the business.

“I saw a social media marketing company offering free 1-hour consultations to any business suffering issues from the coronavirus on how they can expand and do things they might not have thought. I thought that was interesting. They are frankly just trying to get more customers, but they are doing it in a way that might help those businesses as well.”

6. Look at alternative sources of funding

Small firms don’t think hard enough about potential sources of funds. They tend to focus on overdrafts, followed by credit card and friends and family.

“Small businesses need to look at the options out there.  There is invoice financing, asset financing and fintech options. We need banks to help them explore what’s available [and not just point them to overdrafts].”

Are staff layoffs or redundancies necessary steps?

The Chancellor has told businesses “help is coming” and has appealed to them not to rush decisions. So should companies be making redundancies now?

“It’s tough times for business large and small. If you are business with 30 people, is it better to make five people redundant and survive than to go bust in six months’ time? I suggest it is. But it’s a tough call to make.

“It all comes back to doing the thinking. If your outgoings are fixed and they can’t be moved and the income is going to stop, at least you are making an informed decision. It’s not ideal. But it’s better than burying your head in the sand, which is more damaging.”

Is the Government’s £330 billion package enough?

“What’s encouraging me is the flexibility. Within a week we’ve gone from one package of measures to something much broader. It does suggest the Government is thinking on its feet. The one challenge is how that help gets out to businesses – making sure the banks are on board and sufficiently fleet of foot to make it happen.”

Will banks and businesses support each other?

“One of the notable things is the recognition from Government and business that it is a crisis for everybody, and we all need to work together.

“What we are seeing is a real wartime spirit, a let’s-pull-together attitude. We need to encourage that. I say collaborate, don’t complicate. We need to work together to support each other.

“The banks are making the right noises. They have to do the right thing to some extent. Like the landlords, if they can keep a business ticking over it’s better for them than letting if fold and losing the entire loan.”

Prompt payment

AAT has campaigned for prompt payments, and for it to be mandatory for large companies to pay in 30 days. Is it time this happened?

“Yes, prompt payment should be a given.”

“If businesses aren’t being paid, then the Small Business Commissioner’s office is there to help. We can intervene with large businesses and so far we have obtained seven million pounds. We invite firms having problems to get in touch.”

Biography

Phillip King is Small Business Commissioner. Over 40 years, he has held senior credit management roles in the high-tech and communication sectors, in distribution and retail, including spells at Olivetti and Vodafone. He was appointed Director General of the Institute of Credit Management (ICM) in 2005, and later Chief Executive, and was behind the institute’s drive to become a chartered body (the CICM) in 2015.

Study tips: Accounting adjustments in an ETB or journals – Part 1

Posted by & filed under Advanced Diploma, Students.

The first article in our series on Accounting adjustments in an ETB or journals.

Study Tips: Accounting adjustments in an ETB or journals

Just before settling down to write this article I sent a text to Freya, a student who is sitting a Level 3 exam this afternoon, to try and calm her nerves by reminding her of the knowledge and understanding she has been working so hard to successfully achieve. 

She replied, ‘fingers crossed’, to which my immediate thought was, there isn’t really much luck involved as she is so well prepared.

I’m sure you’ve heard the adage ‘success is 90% preparation and only 10% perspiration’.

Or how about ‘chance favours the prepared mind’, which was coined by the scientist Louis Pasteur?

Both a bit cheesy to text her back, but make the point well.

This three-part series of articles is going to look at one of the most difficult areas of accounts preparation, making corrections and adjustments, so that when you’re in her position you can be confident 90% of the work has already been done.

The foundations of this area lie back at Level 2, and our fundamental understanding of how accounting systems work, using day-books and categorising accounts into six basic types that are then organised into the general, sales and purchase ledgers.

If your working knowledge of debits and credits is a little rocky then it might be worth having a read of Balancing a trial balance and correcting errors with journals – part 1 in preparation, as we’re using the same understanding and techniques here just with more complex examples.

Accounting adjustments

Let’s start with adjustments as they’re more predictable than correcting errors.

Year-end entails a wide variety of adjustments and this range requires us to have a substantial depth of theoretical knowledge as well as the practical expertise to correctly write journals or make entries in the adjustment columns of an extended trial balance (ETB).

So, we need to prepare ourselves by understanding the key elements to each of these adjustments but we can also simplify the job by using a set of steps that apply in general. These are:

Step 1 Calculate the adjustment
Step 2 Post the Double Entry
  1 or 2 x Statement of Profit or Loss Account(s) (SPL)
  1 x Statement of Financial Position Account (SFP)

Fundamentally overall total debits must equal total credits
Step 3 Close off the SPL Account
Step 4 Balance the SFP Account

Note: You may have make adjustments in a variety of ways at work or for an exam. The overall theory is the same even if you don’t always use all the steps.

We’re going to start by concentrating on the key elements of valuing the stock left unsold in a business at the end of the financial year.

Closing inventory

  • IAS2: value at the lowest of either cost or net realisable value (NRV)
  • Cost: The purchase price plus the cost of getting the inventory into its current position eg. delivery charges
  • NRV: The expected selling price of the inventory, less any further costs to be incurred such as selling or distribution costs or repairs

So in practice we may have to calculate the cost and NRV. Then compare them, select the lower of the two calculations and finally, include it in a TB.

If our selling price is 35% higher than cost, then straight away we know we must value the closing inventory at cost as it will be the lower of cost and NRV.

If the sales value of the closing inventory is £146,987 then to calculate the cost we can apply our understanding of percentages:

NRV £21,195 135%
Cost ? 100%
  £21,195 / 135 = £157 (i.e. 1%)

£157 x 100 = £15,700 (i.e. 1% x 100% = cost)

  

That was step 1, calculating the adjustment.

Step 2 is now to post it using double entry bookkeeping. As a journal that would be:

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If the double entry is required in an ETB it will be exactly the same, just presented in a different format:

2

In summary

This is just an extract from an ETB so it won’t balance overall. However, each individual adjustment should balance with the total debits equalling the total credits within the transaction. This is the same for both journals and the ETB’s so a quick calculation to check is always worthwhile.

Read part two now, where we’ll look at the key elements of irrecoverable debts and the associated calculations required, as well as contrasting them to the process of adjusting an allowance for doubtful debts. 

We also need to consider prepayments and accruals.

Finally, in part three we’ll look at how to correct common errors in our quest to ensure we’re as prepared as Freya was today and that we too can tackle this challenging area with confidence.

Browse the full range of AAT study support resources

HMRC delays introduction of IR35 because of coronavirus

Posted by & filed under Coronavirus, IR35.

After announcing two massive aid packages, the Government will now delay IR35 to further support business. 

The mounting pressures on business have persuaded the government to delay its IR35 scheme for off-payroll working by one year. 

The rules would have applied for people contracting their services to large or medium-sized organisations outside the public sector and were due to come into effect in around two weeks’ time.

They will now be delayed for one year from 6 April 2020 until 6 April 2021.  

HMRC statement

In its press release HMRC stated:

“This is part of additional support for businesses and individuals to deal with the economic impacts of Covid-19.  

“This means that the different rules that exist for inside and outside the public sector will continue to apply until 6 April 2021.” 

Surprising delay

Given the scale of measures the  Government has been working on to keep businesses functioning, many will be surprised that the decision was not taken earlier.  

It was clear that major disruption was looming or businesses and their human resource professionals. The added complication of the new rules could have been removed in the Budget.

However, HMRC is adamant that IR35 will only be delayed. The timescale of one year is the shortest possible deferral. The Chancellor has given some the impression the Government may tentatively believe that business only requires a year of extreme support.

The announcement ended by underlining that the delay: “…is a deferral of the introduction of the reforms, not a cancellation.  

“The Government remains committed to introducing this policy to ensure that people working like employees, but through their own limited company, pay broadly the same tax as individuals who are employed directly.” 

AAT reaction

Brian Palmer, tax policy adviser at AAT, said:

“This delay to the implementation of off-payroll working rules may help to reduce the impact on individuals whose businesses and careers have been adversely affected due to coronavirus (Covid-19). However, for many it simply comes too late.”

“However, as we have previously commented, we hope that there will still be a ‘soft landing’ period following the implementation in April 2021 and that the government will take this into account as part of the changes to implementation following a review as announced in the Budget last week.

“This would provide much-needed reassurance from HMRC to employers or contractors who have taken reasonable steps to comply but get something wrong, as well as those recovering from the effects  of Covid-19, that HMRC will not be pursuing them with fines and penalties at what is likely to be a particularly difficult time.”

Summary 

With everything else that is going on at the moment the delay of IR35 in the private sector is welcome. But for some, it comes too late.

Get the latest on the Covid-19 situation:

Revise smarter not harder with the AAT revision plans

Posted by & filed under Ready Set Go (Advanced).

Power up your study and revision skills with advice from our experienced tutors.

Study methods and skills series

In the final article of our study methods and skills series, we’re looking at studying outside of the classroom. Whether you’re a distance learner or simply doing homework, the main study skills are the same.

Study timetable

You should already have a study timetable in place from the previous article, which shows you:

  • when you’re attending taught sessions (online or offline)
  • when you’re self-studying
  • and when you’re relaxing.

Download the study timetable here if you haven’t done this yet, and check out this article for guidance on filling it out: Study in chunks with AAT’s study timetable.

A well-planned schedule is one of the keys to successful study. It’ll enable you to space out the required number of study hours per unit, factoring in ‘down time’ for your brain to relax and unwind.

Your unit revision plan

Your study timetable from the previous article will help you maintain a schedule with your studies and social time, establishing a pattern to keep you on track.

Alongside this, you then need to fill out a unit revision plan and overall revision plan, breaking down each unit into bite-size revision chunks, and planning out how you’ll revise the unit effectively over time. Download your AAT unit and overall revision plans here

Hopefully your provider has given you guidance on this, but it may be something you have to create on your own. Ultimately it’s your responsibility to stick to it and keep yourself on track.

The unit revision plan has a slot for you to fill in the date your exam is booked for; don’t ignore this. It’s advantageous to book your exam at the planning stage – to motivate you to work towards a specific goal.

And if you’re reading this during the Covid-19 lockdown, then set a date for when lockdown might be over and when you’d hope to take your exam. It’s helpful to have a specific goal in mind, like an exam-date, to keep you motivated. And if lockdown restrictions are still in place when the date comes, you will simply shift it to later. But you’ll know you were ready for that date.

One of the main problems distance learners face is actually sitting their exams. Avoid this by booking your exam as part of establishing your revision timetable and plan, and commit to finishing your studies for that date.

With the revision plan in place, it’s time to get started with studying at home, using those home-based study skills we referred to in the first article on choosing your study method. 

Strategies for getting started

The most important skill is the ability to actually get started. 

This applies to your very first study session, and every session thereafter. It does get easier once you’ve established a routine, but self-regulation or self-discipline is key.

1. Short-term targets and rewards

People tend to say, “think about how great it’ll feel to complete your course,” but for many students, that’s simply too far away to be a meaningful goal. Instead, we recommend you set short-term targets with frequent rewards. 

The greater the target, the larger the reward. So if there’s a particular topic you know will be a real struggle for you to study, then set aside a big reward for completing that topic, e.g. a shopping spree, or a full day off to enjoy yourself.

2. Chunking your work

Another way of dealing with the daunting task of starting to study is to think small. 

If you can’t face three hours of study (and we recommend smaller time frames anyway), how about simply thinking about getting your books out or switching on the computer. 

Then make yourself a cup of coffee. 

Wander back to your study place and open the right page. 

Maybe do one question or read one paragraph. 

Before you know it, you’re deep into your studies without that feeling of dread at the amount you have to do.

What you’ve done here is chunked the task into very, very small pieces.  A bit like looking at a large pile of ironing. You can’t face doing it all, but might just be able to do one t-shirt, then maybe another, and finally something more challenging, like a shirt. 

Of course, some people like ironing, but then some people find it easy to start studying too.

Study materials

Now let’s think about the materials available to you. 

1. Pre-recorded videos

If you’re watching pre-recorded videos (which vary from fully-scripted, animated videos with subtitles, to listening to someone talking over a document with a highlighter), think about how you’ll interact with the video. 

Depending on the length, you may want to watch it once and then a second time taking notes. Make sure you copy down any words or calculations you think are important in your learning points & theory notebook. 

The great benefit of video is you can pause and rewind, watching the same bit again and again, going through an example very slowly. 

Note the bits that you find difficult and see if you can research them further. You can revisit videos as part of your revision so make sure you know which topics are covered where.

2. Textbooks and written learning materials

Similarly, with textbooks and written learning materials which are explaining theory, write notes in your own words into your notebooks. 

Scientific experiment has shown that if you write something down, even if you never read it again, you’re more likely to remember it.

3. Talking through what you’ve learned

Walking and talking really works. 

If you can, take someone (or the dog) for a walk and discuss what you’ve been learning. Or go by yourself and talk in your head. 

Great scientists like Charles Darwin and more recently Professor Higgs (of Higgs boson fame) went for long walks, and discussed or thought-through their theories, gaining inspiration on foot. 

Scientific studies have shown this is really effective when trying to sort stuff through in your head. It’s particularly good if you’ve hit a wall, and just can’t understand what you’re looking at. 

Leaving the subject for a short while and doing something else that doesn’t take much brain power (like walking) allows your brain to get on with figuring it out in the background. How often do you forget something, only to remember it later?

A great debate with fellow students also really helps.

4. Flash cards

Use flashcards.

They may seem a bit old-school now, but the scientific evidence for the effectiveness of flash cards is in no doubt. If used correctly, they can help you access details from your long-term memory. 

Create flash cards as you progress through your studies, summarising key points in enough detail for the level of study. When exam time starts getting close, you’ll have a fantastic resource at your finger tips.

Get a critical friend to quiz you with your cards regularly. This will help embed early course materials alongside more recent material. 

Practice, practice and practice – including for the dreaded written questions. 

If you don’t practice, you won’t do well!  Remember that it is ok to get questions wrong if you learn from the experience, when you find a similar question in the future you can pat yourself on the back if you spot where you went wrong last time and avoid the same error.  Consider this point; falling over is just another way of regaining your balance.

In summary

Overall, when revising, look closest at your weaker areas. Focus your studies on these topics and you’ll set yourself up well for your assessments. Plus, difficult study earns big reward.

And whilst practice assessments are invaluable as a resource (and can be found on the AAT Learning Portal), don’t fall into the trap of just learning how to do the practice assessments. Make sure you go deeper with your studies and really understand each topic fully when you study it.

Read more on

Browse the full range of AAT study support resources here

How to stay motivated when studying for your advanced qualification

Posted by & filed under Ready Set Go (Advanced).

Staying motivated while studying can be challenging at the best of times, but many people have found it immensely difficult in the pandemic. Whether you were used to working in the classroom or already studied online, every student has had to adapt in all manner of ways.

We spoke to three students who have recently completed or are soon to complete their advanced qualification about staying motivated.

Two heads are better than one

Studying with someone else is a fantastic way to motivate yourself while also helping someone else, using alternative ways to learn and having fun while revising.

Lee Joinson finished his advanced diploma last year and is now studying for his professional diploma.

Lee has a study partner who he meets online most weeknights to study for about two hours. He highly recommends having a study buddy because you don’t want to let each other down by not turning up, so you both push each other to keep revising.

“It’s good to go through the questions together then discuss your answers before checking the actual answers. This way, you can learn a lot from one another, especially if one of you has worked it out incorrectly. Once you feel quite confident with the upcoming exam questions, you can search on the internet for plenty of online quizzes for the modules. We compete to make studying more fun.”

Remember why you’re doing it in the first place

Keep the main incentive and the reason you’re studying AAT forefront of your mind; stick it to your wall or the fridge. Take some time to remember how far you’ve come and what you’ve already achieved. Consider setting yourself rewards for each little extra milestone that you hit.

Katherine Packer is resitting advanced synoptics and has started her professional diploma.

“I love to learn, and I always have done. It took me to be very unhappy in several jobs, to decide to go into an entry-level finance role and completely retrain from scratch. I haven’t looked back. AAT got mentioned at the interview, and I’d heard of it before, but as part of my three-month probation review, I was encouraged to look into its detail, and I started college three months later (September 2019). College lessons were suspended from March 2020, and we were not allowed to sit exams until July 2020. I had no lessons pre-synoptics, but I motivated myself to get through two exams because I pride myself in always giving 100% to whatever work I do. I think that this qualification has not only benefited my employer, but it has also definitely benefited me in my current role, and I know it will be an asset to whatever I may end up doing in the future.”

It will only get easier

Take some reassurance in the fact that you are alone and that there are many people out there juggling work, family and life with their studies. It’s fine to take some time off if you need to and know that it will only get easier over time.

Natasha Payce finished her advanced diploma in December, passing with distinction.

“When the schools first closed last year, I took a break from my studies, suddenly having two children at home whilst also working full-time was a juggling act, and I needed time to adjust to that. I picked up where I had left off in September, balancing studying with working. Being a parent is always hard work, but it was far more manageable without having home learning thrown in the mix.

I sat my advanced synoptic in December and planned to start the professional diploma in the new year; the announcement came that schools remained closed again in January. I didn’t want to put off beginning the professional qualification any longer, so even with the children at home, I knuckled down and got on with it, there were certainly lots of days where energy and motivation were low, but I would just keep telling myself that if I can carry on through such a difficult period then studying at any other time will seem easier in comparison. This is how I approach learning a new unit, the first time you do a question or learn how to do a calculation is always the hardest, but it’s important to be mindful that it will only get easier each time.”

It’s always worth trying something new, particularly if you are beginning to feel a bit stagnant with your studies. Check out AAT Forums to find a study partner, for more tips for motivating yourself and chatting with others on their AAT journey.

Further reading  

How to retain what you’ve learnt

Posted by & filed under Ready Set Go (Advanced).

Studying and revising would be so much easier if we knew we would hold on to all of the information we learned. We spoke to a memory expert about how memories form and what we can do to improve our memory and retain information.

We also asked three current and past advanced level students about how they have been managing their studies from home, particularly with relation to being able to remember what you’ve learned when your exams might have been delayed.

How memories form

Jordan Harry, Memory Coach and Co-Founder of StudyFast, explained to us the three functions that have to take place for memories to form and told us his three top tips for retaining information.

For memories to form, three functions have to take place:

1. Acquiring – learning or experiencing something new

2. Consolidating – where the memory becomes stable

3. Recall – the ability to recall that memory in the future

Jordan’s top three tips for improving your memory

  1. Learn a new skill like juggling

German researchers found that juggling increased brain matter in the areas responsible for memory, visual and motor activity.

  1. Imagine a memory palace where you can store information

Experts use this place-based technique a lot for things like remembering number sequences or decks of cards. Create a visual image of what you’re trying to remember and exaggerate it in some way to make it more memorable.

  1. Recall

Try improving and exercising your memory muscle by recalling your dreams in a dream diary, a notebook where you can write down or sketch as much as you can remember from your dreams as soon as you wake up.

Practice, practice, practice

Natasha Payce finished Level 3 in December, passing with Distinction. For her, the key to hanging on to knowledge is practising. 

“I do as many practice questions as possible. Reading and note-taking will only help so much, and it doesn’t click for me until I start applying it to scenarios. If there is content I am struggling to retain, I find it helps to explain it to someone who does not know about accounting. I also keep this in mind when I am doing written exam answers, so I don’t miss making a point because of the assumption of prior knowledge.”

Katherine Packer started Level 3 as part of an evening class at college in September 2019, which was the first time she had been in education since leaving secondary school in 2001. Returning to study was a bit of a shock to the system for her. She is resitting Synoptics in a week’s time and has started Level 4.

“My key to retaining information is repetition. I struggled to get my brain back into an exam-based learning style, and some things just didn’t stick in my head. I’ve not always been the best reader and can have forgotten what I’ve read by the time I’m at the bottom of the page. As a result, I had to find alternative ways of ‘digesting’ the information. I signed up for online free revision sessions run by a company called First Intuition, which were invaluable. I joined every Facebook group I could get into, to hear from people in similar situations with similar problems. I did all of the eLearning I could get my hands on, and practised, practised, practised until it became second nature.”

Mnemonics and colours

Lee Joinson is an Accounts Assistant in Liverpool. He got his successful Level 3 results in August 2020 after starting in September 2019.

“There are two things really that can help you retain information. Firstly, mnemonics. Figure out how you can make something that may seem difficult into your own mnemonic, then share it with others. I also find writing on coloured cards help. Then I pin them on the fridge. We all regularly go to the fridge, so not only will the information being on the fridge be impossible to miss, you can visualise what “colour” card it was on too, so it’s a double whammy on helping you remember things.”

Further reading:

7 ways to network online

Posted by & filed under Ready Set Go (Advanced).

If you’re missing being able to speak to your friends after class to share notes and chat through the work set, you are not alone, and these feelings are entirely normal.

There is a light at the end of the tunnel now when it comes to attending in-person classes, but we don’t know for sure when that will be yet. In the meantime, don’t suffer more than you have to. These seven ideas could help ease the stress that comes from that lack of face-to-face contact.

1. Stay in touch with your peers

Even though talking on the phone or online just isn’t the same as in-person, try to keep in touch with your classmates outside of online lessons. No doubt everyone feels the same and would like someone else to chat to about their studies. Drop a classmate a text or an email to get a conversation started.

2. Get involved with AAT Discussion forums

There are over 18,000 discussions on the AAT Discussion forums for AAT students, so you’re bound to find some interesting topics to read about and contribute to. It’s a great place to ask a question or start a conversation. You can chat about your AAT studies, revision tips or your plans after you’re qualified. You can sell old textbooks and even find a study buddy.

3. Plan an event

Plan a virtual event with other students. You could test each other or plan something fun like a quiz evening. If you live near any other students, see if they fancy a walk to chat about your studies together. It could also be an excellent idea to plan something for the future to look forward to, like meeting up for a drink when you can.

4. Organise a call

Phoning people up has become a bit of a lost art. But one that has reemerged with the pandemic and can’t be underestimated. Phone calls and video calls can help you feel connected and can break the monotony of the day. You could even have a video call study

session for an hour or two together online where you both work simultaneously and are there if the other has any questions.

5. Be social on social

A great way to get involved in groups and networking on social media platforms is by encouraging other people and helping them out when you can. What goes around, comes around, and you can then ask other people to help you. At first, you will feel like the newbie, but if you keep showing up with positivity, then you will forge real friendships with people in no time at all. There are some great AAT forums out there for AAT students as well as bitesize content available on Facebook and Instagram.

6. Start your own thing

Think of what would help you right now because no doubt it would help other people too. Someone just needs to start it, and that someone could be you. You could start an online weekly study club, a Whatsapp group, a Slack channel or a regular group video call. You only need one or two other people to get something going.

7. Ask for help

Think about how you feel when somebody asks you for assistance with something, and you help them. It feels great, doesn’t it? Almost everybody enjoys helping somebody out, so by asking for help, you’re doing someone a favour. Whether it’s help with a topic you’re stuck on, a practice exam question, or you just fancy a chat, just ask.

If you’re feeling a bit lonely, do take some action and don’t suffer in silence. By reaching out to someone, you will help them too.

Further reading:

What it’s been like studying for a qualification in lockdown

Posted by & filed under Ready Set Go (Advanced).

AAT self-studier, Sarah Marks, tells us about her experience of learning in lockdown and socially distanced assessments.

Where are you now with your AAT studies and what has your journey been like so far? 

I’m 33 now but I didn’t do very well in school, particularly in maths. I decided to resit maths and finally passed and I ended up really enjoying it. My husband suggested that I take a short bookkeeping course so I did AAT Level 1 Bookkeeping over seven weeks and then Level 1 Accounting Software. 

I really liked those courses so I began AAT Level 2 Foundation online just as lockdown started this year. I’m looking to progress to Level 3 but I’m not sure of the career path I want to choose yet. I’ve been a stay at home mum for six years and I’ve had a couple of offers of employment already but they haven’t worked around school hours. I want to get as many letters at the end of my name as I can and maybe run my own practice one day or work my way up in a company. 

How have you found self-studying during the pandemic? 

As I’m doing it all online, Covid-19 hasn’t really held me back in my learning. I was always going to take the online route as my husband works full-time and I have two young children. It’s great that I can be totally flexible when I study and grab an hour here or there if the boys are playing nicely together or watching a movie. 

What challenges have you faced? 

I’m quite an anxious person and my worry shot through the roof with the pandemic. My youngest has a heart condition so he’s in the vulnerable category. Studying was a welcome distraction at times. I had to get on with something so I’d just find a quiet space in the house and crack on. Some of the units are short and might just take a day but some can take a week for you to to get a proper understanding.

Have you taken any assessments? 

I’ve sat three of the five Level 2 exams so far and booked them for when I was lucky enough to have a bit of childcare in place. I’m looking to get the rest booked in the next two to three weeks so I should have the qualification by October. It’s so close I can almost smell it!

How did you feel about taking socially distanced assessments? 

I was freaking out at first especially because my son is in the vulnerable category so I really need my space respected. I get nervous with exams and don’t normally cope that well anyway but the assessment centre was so good at helping to settle my nerves.  

How did you find an assessment venue and book your assessments? 

I went on to the AAT website to find an assessment venue. Quite a few are closed at the moment or only serving their own students and as I’m learning online I don’t have a designated centre. I found Pittman’s in Leeds city centre and paid online for the exam and just showed up on the day. I haven’t had any complications.

How helpful was the venue with regards to taking your exams while social distancing? 

They gave me all the directions on email before I arrived and I was guided through the whole process when I got there. You wait in reception for someone to collect you and they respect social distancing at all times. The rooms are divided with screens and there’s no one near you. You need to keep your mask on if there are other people in the room. The assessment centre was very calm about the whole thing which made me feel welcome, safe and settled. 

Further reading: