How I overcame anxiety whilst studying AAT

Posted by & filed under Mental health, Social mobility.

If you’re suffering from anxiety it can be a really difficult time. For Andy Murray AATQB FIAB, it meant that he had to leave work and take time out of his AAT studies.

He shares his story with us as part of our #AATPowerUp campaign and tells us how he came out the other side stronger. He is now continuing his Level 4 studies and really enjoys his job as an Accounts Manager for Caterfix Ltd – a commercial catering and service company based in Peterborough.

What led you to begin studying with AAT?

I worked in Hospitality Management and had wanted to change careers having worked long hours and shift work for seven years. My last role in the industry was in an events sales office where I got involved in sales ledger and finance admin. I really enjoyed the tasks I was doing and the Financial Controller suggested if I was looking at a career in finance to consider studying with the AAT.

What are some of the challenges you have overcome while studying?

Whilst studying I overcame some anxiety issues, which meant I had to take a couple of years out as a break. My confidence has increased significantly, especially in the workplace, by understanding accounting principles and accounting terminology. This has helped me with building a career in a new sector.

How long have you been studying?

I started studying Level 2 in 2013 and passed Level 2 and Level 3 by 2014. I then had a couple of years off due to my struggles with anxiety. I was still studying and preparing to take exams but I didn’t sit any until early 2018. I wanted to take a relaxed approach to studying AAT, which I think I learnt with experience after passing Levels 2 and 3.

Also due to the increase in the difficulty of Level 4 I wanted to take my time to understand what I was learning step by step and enjoy the journey.

How would you describe the feeling of anxiety?

It’s hard to explain in words but it’s a mixture of feelings – confusion, isolation, sheer panic and it’s very uncomfortable. I’d never experienced anything like it. At first, I didn’t know what it was and kept ignoring it, thinking it was just a bad day. It affected my study, sleep, social life, relationships and I couldn’t work.

Can you attribute anything to the start and cause of your anxiety?

It was a mixture of being in an unsupported working environment and also job demands at the time. On paper I was in a role I was capable of but when I started they wanted someone more senior and put a lot of pressure on me. My abilities were questioned and my confidence was really knocked.

Was there a particular trigger that told you you needed to make a change?

Once I identified that it was work causing it I had to leave. I was lucky to have some finances to fall back on to take some time off to try and get better. Despite the issues, I left on good terms but it was such a relief.

What action did you take to overcome your anxiety?

I tried lots of things to help like medication, meditation and counselling until I found the things that worked for me. I decided not to jump into a new role too quickly until I was definitely ready to return to work. I took my time to put a plan in place to find my next employer – an employer who I felt would support me through my studies and in the workplace. I started in my role part-time then grew to full-time.

I worked with my college to put a plan of action in place to start my studies again, they were really supportive of this. I learnt to focus on one exam at a time, not rush the learning and exam process. When I started to feel really anxious I knew that things could change very quickly, so not planning too far ahead was the best advice I was given.

I also contacted the AAT regarding some ethical concerns in my previous role and they were great at putting my mind at ease and advised me accordingly. As a member, you can ring and seek advice – technical or legal knowledge. They were very good – helping me at a very stressful time and relieved some of the pressure.

How does your current employer encourage and support your training?

Nothing is too much trouble for them – they are very people-orientated and the door is always open to the bosses office. Internal communication is always encouraged and they have regular meetings with employees. I feel very supported in the workplace.

The Directors are on hand to help with industry-specific knowledge and any work relating to my studies and I have access to our external accountant. As my studies were already paid for (I have self-funded the whole of my AAT journey), my employer allows me to take paid study and exam leave. The company will also consider helping with my future aspirations and continued professional development. My next ambition is to study for CIMA.

How has studying AAT helped you progress in your career?

The highlight for me was receiving two promotions within 18 months. It has opened a lot of doors for me and helped in interviews, especially my AATQB status. My current employer really liked it and the fact I’m continuing to progress with my studies. Passing Level 4 will see another increase in my annual salary and will allow me to undertake various other financial activities that the business requires.

What has been the best part of studying AAT?

Achieving AATQB and I’m soon to have MAAT after my name! The end is in sight now. I’ve just got one resit to do (hopefully!) in September.

Hear more of Andy’s story below:

Key takeaways

  • Take your time with studying – it’s not a race or a competition.
  • Reward yourself after certain milestones are met. For me, this might be a pub lunch, a trip to the cinema or a spa treatment for passing an exam or getting halfway through a level.
  • Hobbies and social time are very important. It’s so easy to feel guilty if you’re not studying but you need time to digest information and deserve breaks.
  • Use peer groups for study support – both online and offline these can be really beneficial. Talk to fellow students and remind yourself that you’re not alone. I found some great Facebook groups with students and tutors that I wish I’d found sooner!
  • Remember why you are studying for the qualification. Focus on the long term goals and aspirations. It is so worth it!

Further reading

Revision techniques: how to stay cool in the heat

Posted by & filed under Students, Study tips.

Summer heatwaves are fairly rare in the UK – but what if one hits when you have to revise? Christian Bace offers five revision techniques that will help you (literally) stay cool under pressure.

Let’s face it, revising and studying in hot weather isn’t the nicest thing in the world. As the BBC pointed out, we’re not exactly a country that handles heat well. However, there are revision techniques you can employ to make the experience more pleasant.

‘Yes,’ I hear you saying, ‘we know that we have to stay cool and drink lots of water’. True, those are the obvious things you should be doing regardless of the fact that you are studying. But have you considered:

1. Sticking a fan next to a window

This may seem a bit counterproductive as we’re always told not to open windows when using air conditioning, but using air conditioning is very different to using fans.

By putting a fan next to an open window you will be pulling in the comparatively cooler air from outside. Leaving a fan in the middle of a room with all doors and windows closed simply circulates the dry, musky heat that you’re trying to get rid of.

2. Books outside, laptops inside

Again, this is a bit of a no-brainer, but on too many occasions I’ve taken a laptop into a garden thinking ‘this time will be different; I’ll stay in the shade’. Laptops are vital revision gadgets, yes, but they really don’t like heat.

The problem, as you will know, is that it can be very hard to see the screen of a laptop (the same can be said about a smartphone) in the sunlight. The obvious remedy to this is to turn up the contrast, but this can add additional stress to power requirements and overheat the battery very fast.

The last thing you need in 30C weather is to have a hot body of plastic and metal on your lap.

3. Take a break from your studies with a tepid shower

Hear me out here. We instinctively go for the cold water in the middle of a heatwave, and the initial effect on the skin feels fantastic.

But your body reacts quickly to temperature change, and if you go from hot to cold that quickly you shut down the blood flow to the skin and trap the heat inside, rather than let it escape. Aim for a shower temperature in the mid-teens and twenties.

4. Freeze a sponge

No, really. Ice packs, when they inevitably melt, can have a fair bit of run-off and you don’t want that getting over your laptops and/or books.

A neat way around this is to make your own ice pack by getting an average bathroom sponge, soak it in water and freeze it inside a Ziploc bag. The end result is that you have an ice pack that absorbs the water as it melts.

5. Ditch the caffeine

A blasphemous sentiment amongst students all over the world, I know. Despite common misconceptions, caffeine does not dehydrate you, so that’s not the problem here.

But what caffeine drinks (including colas and tea) are known to do is increase the metabolic heat in the body and that isn’t something you need in this weather.

That being said, many believe that drinking a hot drink in hot weather is more beneficial to you than drinking a cold one. I won’t go into too much detail (mainly because I could not explain it better than this article), but basically your mouth and tongue have nerve receptors that tell the brain when something is hot.

Your brain reacts by initiating your body’s natural air conditioning – AKA sweating – which, in turn, will make you cooler.  Since caffeine is detrimental, stick with warm herbal and fruit tea drinks, which will also help you unwind.

After more revision tips? Check out Dean Evans’s study apps post.

88% of AAT members believe your background shouldn’t affect your job prospects

Posted by & filed under Social mobility.

There’s some excellent work already being done to promote fair education, training and recruitment in the accountancy sector. But there’s definitely more to be done…

This is just one of the key findings from a new AAT survey, where we asked 250 AAT members how they feel about social mobility, and what their workplaces are doing to help the cause.

When we first addressed this issue in July 2019, we saw how accountancy was one of the worst industries for social mobility from the 2009 Milburn report. People from affluent backgrounds are 80% more likely to get professional jobs, and those from more working-class backgrounds are earning £6,700 less on average.

But we also saw employers are working to address the issue, with 5 of the top 7 employers for social mobility being accountants.

Overall, the general theme of social mobility really resonated with everyone over the past 2 months, and our members had a lot to say. For example, 88% of members believe it’s important to recruit the candidate regardless of their education, background or gender. It’s just the right thing to do.

Negative bias in the workplace

In our survey, a total of 36% of those questioned reported having been negatively affected by bias in the workplace during their career.

Of those who had experienced bias, more than half (53%) said they were affected by gender bias, while 43% said their age had been the problem. Interestingly, sexual orientation only accounted for 1% of those who said they had experienced negative bias, and just 4% said they had experienced negative bias due to disability.

Ethnic background was a factor in 14% of those who reported bias, but others said that social class, nepotism, location and relation status had been discriminatory factors, accounting in total for 31% of reported negative bias.

Speaking up against bias

Gender bias, and ageism were the top two offenders amongst the AAT members sampled; have you noticed this in your workplace? Is it something you consciously work to correct, or is it something you’ve experienced?

There is still a lot that can be done in the workplace to make it a more equitable and welcoming place for all types of people. While one third (33%) reported that they had not witnessed negative bias towards other people in their workplace, unfortunately 53% said they had, while 14% were unsure.

Looking out for bias and speaking up is a great starting point for creating a fairer workplace for all.

Potential for improvement

Just over half (51%) said they felt that accountancy as a sector could do more to improve social mobility. There is great potential for individuals and organisations to do more, as just 22% of those surveyed said they were working to improve social mobility within accountancy.

However, there is already some excellent work being done to help promote social mobility. This includes:

Support for more equal recruitment policies

There was overwhelming support for ensuring that all candidates have an equal chance and that a company recruits the best candidate for the team, regardless of their background, gender or education.

In fact, 88% agreed that this should be the case, with 10% neutral and only 2% disagreeing.

The best candidate for the job?

When asked which factors should be prioritised when recruiting a candidate, 27% said relevant qualifications were important, 23% said work experience and 10% said versatility or flexibility.

While having new ideas or innovations was considered a low priority, at only 3%, having a positive attitude and a willingness to learn scored a combined 23% among those questioned.

There was a mixed response to the question of whether job applicants with a university degree were unfairly favoured over those with other qualifications. In response, 17% strongly agreed, 36% agreed somewhat, and 25% were neutral. This might simply reflect the make-up of our members though, many of whom bypassed university and built highly successful careers thanks to their AAT qualifications.

Nevertheless, over half of members surveyed (55%) agreed that all staff received the same access to training and development at their workplace, with a disapointing 28% saying this was not the case.

Key points

  • Social mobility is still an issue in the accountancy sector, and almost 9 out of 10 members surveyed believe there should be no discrimination when recruiting.
  • Having the right qualifications and work experience are still important, but perhaps equally important is a willingness to learn and a positive attitude.
  • Just over 55% of members surveyed agreed everyone has equal access to training and development within the workplace, so some employees are hitting a ceiling.

In summary

Social mobility is improving, and you can make a difference now.

In our survey, 35% of those questioned were not even aware of the term ‘social mobility’, so simply spreading awareness is critical at this time.

22% of people in accountancy reported taking action to improve social mobility, including offering apprenticeships, changing recruitment policies, or dropping academic entry requirements altogether like Grant Thornton. There are so many ways you can get involved, help raise awareness and contribute to a culture change at your organisation too.

You could start by advocating equal opportunities; implementing more inclusive recruitment policies; starting a mentoring and training programme; encouraging and promoting outreach, or starting a programme of education.

For more advice on how to take action, why not get in touch with us through our Facebook page; your fellow AAT members and students may have some great ideas!

Further reading on social mobility:

How to handle panic attacks at work

Posted by & filed under Career, Mental health.

Feeling like the world’s going to end, you’re about to die, or you’re going “mad”… Struggling to breathe, pains in your chest, dizziness, feelings of terror…

These symptoms are all too familiar for nearly 1% of the UK population; roughly 600,000 people. And despite trends around workplace ‘happiness’ and reducing stress for employees, panic attacks involving all of the above can happen in the workplace just as easily as anywhere else.

What are panic attacks?

“Panic attacks are more common in people who have a type of anxiety disorder, but anyone can experience them,” says Emma Mamo, head of Workplace Wellbeing at Mind.

“Panic attacks can be a really horrible experience, but it’s important to remember that they will pass. They tend to be over in a matter of minutes (usually between 5 and 20), and are surprisingly common.”

“Panic attacks feel like an alien has taken over your body,” says Dr Perpetua Neo, a Psychologist and Executive Coach. “They are physiologically and psychologically exhausting. They’re often your body screaming at you that something isn’t right in your life.”

Whether it’s something in your personal life, or something at work, the feelings of conflict/anxiety that surround it could lead to a panic attack anywhere.

Neo goes on to advise that “often, we try to rationalise our fears away” which essentially makes the problem worse.

“We oscillate between living in our head and escaping our heads – in what I call Cognitive Photostop,” she explains, a concept where we use our intellect to explain away and attempt to bypass experiences, avoiding dealing with them.

“We often aren’t aware we might be experiencing High-Functioning Anxiety, because we subscribe to the stereotype that a person with anxiety is completely unable to function and hides under the covers every day, chewing their nails. And then our body erupts in panic attacks to signal it’s time to stop ‘managing’ the situation, and start getting to the root and mastering it.”

What can cause panic attacks in the workplace?

“Environment can be a trigger, e.g. if a person feels trapped in their lives (like an abusive relationship) and the lift stalling for 20 seconds reinforces this trapped feeling, it could cause their first panic attack, which then cascades to further episodes,” says Dr Neo.

She goes on to advise: “Sometimes panic attacks start in one location, and as we start fearing them and feeling even more helpless and hopeless, they start happening in our workplace. This is especially likely if there are situations at work that make us feel trapped or remind us of what is making us highly anxious.”

On the other hand, the workplace could be the environment that triggers a panic attack in the first place.

“Being exposed to unmanageable stress can worsen our physical and mental health, so if you’re going through a particularly stressful period at work that could be a factor,” says Emma Mamo, head of Workplace Wellbeing at Mind.

“Sometimes, however, you won’t necessarily be able to pinpoint the trigger for having a panic attack at work. As an example, we often get contacted by people who’ve experienced panic attacks when returning to work after time off.”

What you can do in the grip of a panic attack?

First and foremost, says Mamo, it’s worth remembering that “everyone’s experience of panic attacks is different and there is no one-size-fits-all approach to managing them – inside or outside work.”

When feelings of panic start building, excuse yourself from the situation and do something to make yourself feel grounded, safe and comfortable.

“Increasingly employers provide quiet rooms for staff who might be struggling, so do make use of these spaces if there is one in your workplace,” says Mamo.

“Grounding yourself is as simple as taking deep long breaths to reset your brain’s fear centre. But make sure you are filling your belly up with air when you breathe in, instead of focussing on emptying it, otherwise you hyperventilate and feel worse,” says Neo.

Neo also advises talking to a manager or your HR and, most importantly, not to feel embarrassed about it.

“It’s normal to feel anxious or ashamed, as though there is something wrong with you. Just know, it is normal to have panic attacks. It’s also normal to have them treated.”

Is it a long-term concern?

“You might have one panic attack and never experience another, or you might find that you have them regularly, or even several in a short space of time,” says Mamo.

There are so many factors that feed into a panic attack which makes it difficult to anticipate how often they may happen.

“Panic attacks often go hand-in-hand with anxiety disorders, but not always,” she goes on to say. “And there are many physical health problems associated with long-term levels of stress and anxiety like headaches, problems with the jaw, teeth pain resulting from involuntary clenching and grinding, persistent blood pressure spikes and stomach problems.”

So if you’re feeling these physical issues regularly, it may be a sign that another panic attack is brewing.

“The more helpless and hopeless you feel, the more severe it gets,” says Neo. “You start to worry about the trigger situations. For instance, if it’s speaking during a meeting, the thought of your next meeting might terrify you for weeks on end, and that morning itself you’re already primed on high-alert for your next panic attack. And if you look for symptoms, you’ll definitely find them. With time, we learn to feel more helpless— there is a phenomenon called ‘learned helplessness’— and this comes from simply ‘managing’ symptoms.”

Seeking help

As with most mental health problems, panic attacks are treatable, and the sooner you get help, the better.

“If you’ve been struggling with your mental health for longer than two weeks, or if symptoms keep returning, and it’s interfering with your life, speak to your GP, who can talk you through options,” says Mamo.

“If you have problems with anxiety you might be prescribed beta blockers to help with the physical symptoms such as racing heart, or antidepressants if you experience depression alongside anxiety disorder. Medication isn’t for everyone and does have some side effects, but there are other options too. Your GP may refer you for talking therapies such as Cognitive Behavioural Therapy (CBT) or counselling. Other people might find things like mindfulness, meditation, yoga, art, music therapy or physical activity beneficial. It’s about finding what works for you.”

To really feel in-control, Neo recommends hiring a professional, “someone who will help you to understand the root and work with you using a practical, structured program, so that the situations that used to scare you no longer have power over you.”

How employers and colleagues can help

It’s valuable to remember that people who experience mental health problems – including panic attacks – can and do make a valuable contribution to the workplace, but may need additional support, says Mamo.

Many people find it hard to return to work after a long spell of sickness absence, so employers need to think about how they can reduce the overall anxiety of the situation. Things like offering a phased return, meeting the person at the door, developing a plan for their first day back, scheduling a lunch with the team and putting in regular catch-ups can all help with this adjustment.

Mind recommends all employers encourage managers to draw up Wellness Action Plans with those they manage – whether their staff have a mental health problem, or not.

It is also helpful to ensure that all employees know how to support a co-worker who appears to be having a panic attack.

“The important thing is to try to stay calm,” says Mamo. “Gently let them know that you think they might be experiencing a panic attack, that it will pass and that in the meantime, you are there for them. Try to take them to a quiet space, encouraging them to breathe slowly and deeply – it can help to count out loud.”

For more information on panic attacks and anxiety,

In summary

Panic attacks can be terrifying, but they are more common than you think, with roughly 1% of the UK population experiencing them. And the reality is that you or a colleague may experience one in the workplace – where most of us spend the majority of our days! The important thing is to remember it will pass, and that there’s a variety of support available to help you work through it.

Read more on mental health in the workplace;

Which accountancy role is right for you?

Posted by & filed under Career, Students.

Do you daydream about managing payroll in a large company? Or do you really want to be a self-employed tax accountant? Here’s what you need to consider when making your big decision.

Would you be happier working in a large company or a small practice – or even on your own? The great thing about working in accounting and bookkeeping is that you have so many options open to you.

Read more on 13 potential accounting roles you could choose.

Size matters

Working for a small practice in accounting or bookkeeping means you’ll have lots of interaction with clients. You also might assume more responsibility earlier in your career than with a large firm.

On the other hand, in a large firm you might find you’re dealing with more significant clients; stretching your abilities and learning new skills. You may also have more flexibility when it comes to lateral career moves into other roles if you wish.

Key tip: Decide if you’re happier working on your own or in a team to hone down your search.

Practice or industry?

Accountants and bookkeepers don’t just work for accountancy and bookkeeping firms. Every industry and organisation needs someone to do the books, manage the payroll and prepare the accounts.

You could dive into the fashion industry, films or the public sector, working for the health service or local government. Working in industry means you could move on to other more varied roles over time too; you could even aspire to become chief executive.

And you’re not even restricted to one industry; you can move between industries before you settle on the one that you like the most.

Lee Owen, Director at Hays Accountancy & Finance admits, “It can be daunting to consider all the options available to you, start by thinking about what aspect of your subject you are genuinely passionate about and how this relates to different sectors.”

Key tip: If you’d rather work in industry than practice, start by picking a sector which you’re genuinely interested in.

Personality fit

Kate Campbell, Senior Manager at Page Personnel Finance says that personality has a big part to play in what accountancy role you should choose.

“For example, if you are very numerate and enjoy working closely with data, then you’re going to suit a heads-down role where you are processing figures.”

Campbell adds: “You could be looking at roles such as finance business partner or commercial finance analyst. With these more senior roles, some are best suited to those who are more socially confident and like chatting to others – not what you’d expect of a traditional accountancy role.”

Read more on how to prepare for your future as a qualified accountant.

Key tip: Think about what kind of work and role suits your personality; do you thrive when dealing with people, or prefer solitude?

Consider interaction

“Even in junior roles, it’s really down to your personality. For example, you might think that working in payroll is a heads-down, number-processing role. But you’re going to be dealing with people on a regular basis and they could be challenging, such as employees who have queries over their pay or suppliers chasing invoices,” advises Campbell of Page Personnel Finance.

When recruiting and recommending finance candidates, Campbell goes on to say that “putting someone on the perfect career path is a lot about assessing what their personality is like and what environment they will thrive in’.

Key tip: Whether junior or senior, your personality plays a major part in what sort of accountancy role you should go for. If you hate interacting with others and are happiest working with numbers, don’t go for a role in which you’re going to have to deal with the public on a day to day basis.

Think about your career path

There are many different types of accountancy and bookkeeping careers, some of which will require further study and qualifications. Check out this quiz on Reed.co.uk for some help figuring out what your perfect career might be.

Some character traits are definitely better suited for certain roles. Forensic accounting, for example, might work if you fancy yourself as a bit of a detective on the side – as well as a diplomat. After all, you will be looking into possible fraudulent activity. 

If you’re keen to maintain a great work-life balance, then being a self-employed bookkeeper or accountant can let you pursue other interests or commitments, so your work can adapt to suit your life. Read more on the benefits of starting your own business.

Key tip: Think ahead when choosing your career; will it suit the life you’re working towards? Or are you happy to do something different now, and move into a more flexible role later?

Get advice

If you’re hitting a wall and can’t decide what sort of accountancy career to follow, it could be time to get help.

Lee Owen, Director at Hays Accountancy & Finance adds: “Utilising LinkedIn might also help guide you towards a particular sector. LinkedIn makes it very easy to connect with other professionals and find industry related groups and content, something which is not always used to its full potential by many job-seekers.

Try to make quality connections, get involved with groups across different sectors, follow companies of interest and post relevant content to aid your search and help you choose the right sector for you’.

You could also ask for help from a mentor, life coach or recruitment consultant. They will be able to help guide you and offer insight into different sectors.

Key tip: With accountancy qualifications, it’s easy to switch direction so you’re never stuck.

In summary

Think about what you want to get out of your career. Do you want to be in accounts for ever or would you like to use it as a stepping stone for something else? Do you want to study further and specialise? Would you like to one day be your own boss?

Choose the direction you want to go in – but remember that the great thing about having well-respected accountancy or bookkeeping qualifications is that they make moving around sectors and career paths easy. So if one path becomes a dead end, you can easily take another.

For more on your career path in accounting and finance;

What does working for a start-up look like for an accountant?

Posted by & filed under Students.

Twenty years ago, few had heard of Amazon and Google. They were start-up companies with few employees and innovative ideas. Today, they are part of our everyday lives.

Every company has to start somewhere: how exciting would it be to be in on the birth of a future giant?  And start-up companies need accountants and bookkeepers just like any other business. But what’s it like working for a start-up?

What makes a start-up?

Most start-ups tend to be funded by venture capital firms, investors or are funded by the founders. Start-ups can be precarious: 60% fail in the first three years and 20% within the first 12 months.

Given that the finances could be challenging, it means an accountant or bookkeeper will be invaluable for a start-up. You’ll have such an important role to play in the business, far more than you might have in a large company. Your ideas and skills could have a huge effect on how the company performs.

Fast moving

Because start-ups are small businesses looking for rapid growth, they make decisions and change pace and direction quickly. They can expand (and contract) quickly. This presents challenges to the accountant or bookkeeper as you will have to make sure that the figures add up.

You may have to temper the enthusiasm of others in the company. That means you will need to be a diplomat and also willing to stand up to opposition from others in possibly trying circumstances.

No two days are the same

If you can’t handle volatility and an ever-changing working day, then a start-up isn’t for you. In new, small businesses aiming for high growth things can change on a day to day basis: losing one client can have a huge effect, much more than it might in a large business.

Similarly, winning new business (and having to fulfil orders) can also have a dramatic effect on managing cash flow. You have to be willing to ride the risk – and even enjoy it – and accept that some things might fail to fly.

Autonomous

You might be the only person working on the accounts for your start-up. That autonomy might be empowering – but if you think that you really need to bounce ideas off others with accountancy or bookkeeping knowledge, then it might be too much to bear.

Remember too that the buck will stop with you: it’s a big responsibility to be the money-man or woman in a seed-corn business where cash flow can be an issue.

Do you thrive on excitement?

Here’s the great advantage: work for a start-up and you’re unlikely ever to be bored. You might have to work long hours. You could end up doing tasks which don’t fall within the role of a bookkeeper or accountant. If you yearn for variety, then working in a start-up can be exciting.

But if you thrive on regular hours and getting home on time – as well as being sure your employer will be around for years to come, paying your wages and contributing to your pension without fail – then perhaps a start-up isn’t for you.

What’s in a name?

Job titles and responsibilities can be more fluid in a start-up. Even where you work can change regularly: start-ups can move premises regularly depending on how the business is expanding or contracting. If this is outside your comfort zone then you might not want an accountancy role at a start-up.

No-one who works for a start-up ever says: ‘It’s not in my job description’. You have to be a team player and that can mean doing things you’ve never done before (and which you might find mundane – or exciting – depending on the task).

Grow with the company

The great thing about being in on a business at its birth is that you can grow with it. If you see accountancy or bookkeeping as a rung on your career ladder, then working at a start-up can help you diversify quicker than you might in a larger organisation. And even if you don’t plan to stay at your start-up for a long time, then it can boost your CV.

The diversity of your experience could appeal to future employers. So if you’ve only been working as an accountant or bookkeeper for a few years (and maybe you haven’t yet taken on a huge mortgage and/or have dependants) then it could be a great time to advance your career by working for a start-up.

Is it for you?

Only you can decide whether you’re happy trading the certainty of a big organisation for the risk and reward of a start-up. James Brent, director at recruitment specialists Hays Accountancy & Finance says:

‘Start-ups can offer great opportunities, particularly for those who identify as being innovative, flexible and passionate about the organisation. You can quite often get broader and more diverse experience at a start-up as you will be closer to the managing director and decision making. With a smaller workforce, you are also likely to get greater responsibility and influence change. The path to becoming a finance director can be shorter and faster in a start-up too’.

Salary vs flexibility

Working at a start-up might mean earning less. But there are compensations. You might get a stake in the business or, less remuneratively, there could be a great social life that comes with working for a new-born, 21st century type of business.

Brent adds: ‘Sometimes although smaller organisations don’t compete on salary, they do offer other benefits such as flexibility on hours and day-to-day variety’. But he cautions: ‘Not having the security of a corporate umbrella means that working in a start-up may not suit those more risk-averse candidates’.

Summary

If you want excitement, yearn to learn new skills and perhaps climb the corporate ladder quickly, then working as an accountant or bookkeeper at a start-up could be for you.

And even if you don’t think you want to work for a start-up for the long term, it’s worth considering going to one for a short period to add variety to your CV. However, if you really thrive on working just with figures and want the security of a large employer then you might be happier avoiding a start-up where life might be exciting but can also be precarious.

Further reading:

Supporting positive mental health in the workplace

Posted by & filed under Mental health, Social mobility.

Talking about mental health is becoming more and more commonplace. But we still need to keep doing more to promote well-being at work for everyone.

As part of our #AAT PowerUp social mobility campaign we spoke to Vicki Cockman, Workplace Lead at Mental Health First Aid (MHFA) England about why and how we should all support and encourage positive mental health in the workplace. 

Why is awareness around positive mental health in the workplace important?

We all have mental health, both positive and negative. An active work life presents challenges that can help us learn and grow, but the workplace can also be a place where we experience unhealthy levels of stress that can impact our mental health.

“Over half of us have experienced a mental health issue where work was a contributing factor.”

As well as being part of the duty of care of an employer, creating a supportive culture and having an open, stigma-free approach to mental health can also help to create sustainable businesses.

The best practice for embedding this sort of culture starts with taking a ‘whole organisation’ approach to mental health. In this approach, wellbeing is woven into every policy and process and there is a focus on creating the conditions for people to thrive, empowering people to recognise when a colleague is struggling and intervene early, and ensuring pathways to further support are clear.

Some mental health in the workplace stats: 

  • women in full-time employment are nearly twice as likely to have a common mental health problem as full-time employed men
  • evidence suggests that 12.7% of all sickness absence days in the UK can be attributed to mental health conditions
  • better mental health support in the workplace can save UK businesses up to £8 billion per year.

How can you spot signs of declining mental health in others? 

Certain changes in behaviour are the key thing to look out for here. Physical symptoms might be frequent complaints of stomach upsets and headaches, tiredness and being run down, lack of care over appearance and sudden weight change.

Emotional or behavioural signs of mental ill health can include irritability, withdrawal from activities or conversations, indecision and loss of concentration, argumentative or erratic behaviour, and a loss of confidence and humour.

In the workplace, if someone’s struggling with their mental health, we might notice increased errors, missed deadlines, or negative changes to working relationships with colleagues. Employees who are usually present and punctual might start to arrive late or take more sickness absence.

What can you do to help others if you see signs of declining mental health? 

If you do see someone struggling in the workplace, letting them know your door is open if they want to talk is the first step – this can be really powerful. When having a conversation make sure it happens in a private, neutral space. Give yourself plenty of time and try to minimise any possible distractions.

Approach the conversation non-judgmentally. Explain that you’ve noticed changes in their behaviour, you are concerned, and are wondering whether there might be anything you can do to help. Listen to the person in front of you, be empathetic, keep your body language open and ask open questions to invite them to tell you more.

Depending on the issue, you can then recommend they seek further support. This might be through an Employee Assistance Programme if one is available, self-help information if appropriate, or a visit to their GP. Make sure that the conversation doesn’t end there – check in with the person at a later date to see how they are feeling and reassure them that you are still there to talk.

What steps can you take to improve your own mental health? 

Practising self-care is something we can all do to support our mental health. This is different for everyone, but it can be as simple as paying attention to our diet and ensuring we get enough exercise.

Meditation, mindfulness, reducing alcohol consumption, drinking enough water, making sure to get enough sleep, spending time with loved ones or partaking in hobbies are all part of self-care. Simply recognising this can have a big impact in itself. 

Could you tell us a bit about your first aider programme and who it’s for? 

Mental Health First Aid is the mental health equivalent of physical first aid. Mental Health First Aiders are trained to spot the signs and symptoms of common mental health issues such as anxiety and depression and effectively guide a person towards the right support, be that self-help information, and Employee Assistance Programme or professional services. 

In the same way that a physical first aider is not a doctor or surgeon, a Mental Health First Aider is not a therapist or counsellor but is there to offer initial support through non-judgmental listening and guidance.

Through our training we want to improve the mental health of the nation by breaking down the stigma surrounding mental ill health and helping more people access support measures when they need it.

We want to create a society where mental health is as important as physical health. By starting in the workplace, we hope to drive a widespread culture of well being by reinvesting in communities who wouldn’t otherwise be able to afford our training and by building the resilience of the next generation through our youth training.

Key takeaways 

  • It is the duty of care of an employer to create a supportive culture and a stigma-free approach to mental health. 
  • Focusing on employee well-being is likely to reduce presenteeism and absenteeism and increase employee engagement and productivity.
  • Changes in behaviour are the key thing to look out for to spot a decline in someone’s mental health. 
  • The best thing you can do is to let people know your door is always open if they want to talk.  
  • To look after your own mental health practice self-care . Everyone’s idea of self-care is different. Take a look at some of these self-care ideas from Stylist magazine. 

More information and support  

  • MHFA England’s Take 10 Together Toolkit has some great guidance on how people can hold an open, supportive conversation. This is freely available to download from the MHFA England website. 
  • Mental Health First Aid (MHFA) England has developed a range of resources, including our ‘Address Your Stress’ Toolkit, to raise awareness of the small things we can all do to support our mental health and re-balance the impact of stress in our lives.

The Samaritans provide emotional support to anyone in emotional distress, struggling to cope, or at risk of suicide. This includes job-related stress or overwork, relationship problems and financial worries. Call them on 116 123. 

Further reading:

14 different accounting roles: Which is right for you?

Posted by & filed under Students.

You’re on your way to an accountancy or bookkeeping qualification. Now is the time to start thinking ahead to the type of finance career you want.

“Qualifications such as the AAT prepare professionals for a huge variety of work opportunities and options in the accounting and finance sector,” says Lee Owen, director at Hays Accountancy & Finance.

When deciding on a career path, a good starting point is to get a sense of the variety of roles that are open to you, to see which one strikes a chord.

Here’s the lowdown on just 14 possible career routes for those with accountancy or bookkeeping backgrounds, along with interviews from people actually in some of those roles now.

1. Chartered accountant

Becoming a chartered accountant opens up so many avenues. You could work in public practice for an accountancy firm, or you could head into industry or the public sector.

To become chartered, most people either have a university degree and complete a graduate scheme via an employer or attain the AAT accounting qualification first and work towards chartered status with a UK chartered accountancy body. All UK chartered accountancy bodies offer AAT MAATs and FMAATs generous exemptions and fast-track routes to chartered status, so it’s typically quicker than the university path.

The starting salary for a chartered accountant is typically £25,000 rising to more than £90,000 after five years, but can rise far higher.

2. Self-employed accountant or bookkeeper

Running your own practice is a great way to increase your earning potential, improve your work/life balance and gain more responsibility and control over your career. You can start working from home and develop your business as a side venture or choose to build your practice into a full-time role.

AAT supports over 4,500 of its members to run their own practice as AAT Licensed Accountants and Bookkeepers and can help you to get started as soon as you’ve qualified. Plus, the average fee income for an AAT Licensed Accountant is £54,000*

*AAT Salary Survey 2019

3. Audit accountant

A chartered accountant can go on to specialise in audit if that’s where your interests lie. This role is ideal if you have an eye for detail.

You could work in internal audit for a company or organisation, or you could work for an accountancy firm as an auditor, or in the public sector – such as the National Audit Office – where you will independently assess a company or organisations’ accounts.

4. Tax accountant

Chartered accountants can specialise in tax, working for accountancy firms or self-employed, advising clients on their taxation obligations and concerns. You’ll need to keep up-to-date with legislation and have good interpersonal skills.

Check out our interview with Chartered Accountant and tax specialist, Chris Brown FCA, ATT, who left working in practice to set up his own business.

5. Chartered Management Accountant

If you’re an AAT member you can study for the CIMA certificate in business accounting. As a chartered management accountant, you’ll prepare financial information for the company/organisation you work for, which can be used to formulate future financial plans and decisions.

You’ll be using a mix of accountancy and business skills in this role.

6. Chartered Public Finance Accountant

This is very similar to a Chartered Management Accountant but working specifically in the public or non-profit making sectors, from the health service to charities.

7. Forensic accountant

A forensic accountant’s job is to look at financial discrepancies and inaccuracies in financial documents and reports. You could be working for a large accountancy firm or for companies and public bodies. Or you could be self-employed.

We spoke to Samantha Perkin, a forensic accountant at Matrix Forensic Accounting and Investigations, who works specifically on helping clients resolve legal disputes through financial data analysis. Find out how she got into forensic accounting and the skills she thinks are essential.

8. Accounting technician

This is a wide-ranging role, suitable if you like variety. You would help prepare financial accounts; do bookkeeping; help with invoicing; complete tax returns and work on payroll. You could carry out this role in a self-employed capacity, or working for a firm.

You could become an accounting technician purely through the AAT, who’s accounting qualification is globally-recognised: use this tool to work out the best level of accounting qualification for you to start with based on your experience to date.

9. Payroll clerk/manager/supervisor

Starting out as a clerk and rising to manager or supervisor, this role involves administering a company’s payroll including working out tax, national insurance and benefits.

This route is well-suited for someone who is detail-oriented and methodical, and could see you making £19k a year as a clerk.

The AAT Bookkeeping qualification is ideal for those wanting to work in payroll.

10. Company secretary

With further studying on top of your chartered accountancy status, you could aim to become a company secretary. Every public company has to have a company secretary (but private ones can have them too); it’s a senior appointment, which involves advising the board on matters of corporate governance.

And happily, it’s potentially remunerative too; senior company secretaries can earn ‘significant six-figure sums’.

11. Actuary

You’ll need to study and take dedicated actuarial exams through the Society of Actuaries to become an actuary, but an accountancy background can be a solid starting point.

Actuaries are data analysts, problem solvers and risk managers who tend to work for insurance companies and financial firms. It’s an ideal job if you love mathematics and statistics.

We spoke to Jeanne Marke-Collier, who was on track to becoming an actuary before opting for accountancy, believing it to have more career options.

12. Investment manager/analyst

If you’re fascinated by company accounts and love researching markets and sectors, then you could head down the investment manager or analyst route. These roles are heavily involved in helping run pension and investment funds. Many top fund managers have accountancy backgrounds.

It can be an exciting job, with the possibility of travel and even working overseas. Senior fund managers are well-remunerated and there could be performance-related bonuses.

13. Stockbroker

Trading shares, bonds and commodities for clients, and offering advice is bread-and-butter work for a stockbroker. And while you don’t need an accountancy qualification to be a stockbroker, it can be a massive help.

14. Management consultant

If you want to help businesses improve their performance and find better ways to do things – including cutting their costs – then you might consider becoming a management consultant.

Many management consultants are MBAs (masters of business administration), which is a postgraduate qualification. Management consultancy is great if you want a varied career with the possibility of travel too. And it can also be remunerative.

In summary

Your accountancy or bookkeeping background has set you up well and can take you down a range of career paths. It all depends on where your passions and interests lie; what could you envisage yourself doing for the next 5, 10 or 20 years?

Dive into further research on the options we’ve listed above, or take a look at some career profiles below where we’ve interviewed professionals in a range of different accountancy-related job roles.

For more on potential career paths, have a look at the articles below:

A step-by-step guide for adopting AI into your business

Posted by & filed under Artificial intelligence.

With artificial intelligence (AI) set to be an accountancy game-changer, many firms are still unsure about embracing it, citing high costs and lack of knowledge.

However, introducing it to your workplace could be much easier than you think. In the second of our AI series, we outline how automation could benefit your business, along with the easiest ways of installing it…   

Already a huge part of accountancy

Think of artificial intelligence (AI) and you’ll probably conjure visions of driver-less cars, eerie ‘social robot’ Sophia or algorithms going berserk. Yet, it’s already playing a seismic role in accountancy. As we explored in our previous AI article, accountants are now using AI in everything from preparing tax returns to identifying fraud.

With AI accelerating at such breakneck speeds, its easy to feel daunted, especially given its exorbitant cost and concerns that the technology could be obsolete within a few years.

The opportunities

Whether it’s increasing staff productivity or creating more accurate audits – could be too good to miss out on. Indeed, recent McKinsey research has shown British companies that fail to adopt AI are at risk of losing 20 per cent of their cashflow.

Meanwhile, those firms that invest in AI could grow in value by as much as 120 per cent. AI needn’t be expensive or complicated either; some AI platforms can be easily integrated into your existing software.

But where do you start? What’s the best way to upskill your workforce? Do you need to radically overhaul your business model? And should you bother investing in AI in the first place? These questions, and more, will be answered below…

The benefits

Before introducing AI into your practice, it’s worth taking a quick glance at its advantages first…

Your staff won’t be spending hours on boring, routine tasks

Cast your mind back to last January. Like many accountants during tax-return season, you were probably hit by a never-ending volley of bank statements, indecipherable invoices and annoying last-minute client requests. Now, imagine how painless this process would be if machines were doing all the dirty-work for you.

“By taking away the more mundane aspects of the job, such as data entry and coding corrections, accountants can focus their efforts on the advisory aspect of the role,” says Mike Day, director, UK education sector at Xero.

“You can devote your time and expertise to advising clients on the best course of action for their business. Advisory services can distinguish your firm from the competition and provide more value to clients, meaning greater revenue for you.”

AI makes accounting more accurate

AI can carry out tasks more accurately than humans ever could. Such is AI’s wizardry, it can transfer data across systems automatically, rather than having one employee painstakingly copy-and-paste cells from spreadsheets.

If you’ve ever had to make a red-faced apology to clients after an admin assistant has accidentally inputted the wrong data, you’ll realise how valuable this can be.

AI analytics is useful for your clients

“Data is the new oil.” So says nearly everybody who works in the digital world. Why? Thanks to AI being able to crunch huge volumes of data, it can generate all manner of valuable insights.

In accountancy, this data is extremely helpful for forecasting new business paths; something your clients will appreciate before undertaking make-or-break financial transactions such as IPOs, mergers/acquisitions, borrowing money or restructuring.

It’s a fantastic fraud-preventive measure

The data analytics of AI can also detect any anomalies or unexplained mysteries in a company’s accounts. There’s some sophisticated software out there: PwC has developed its own AI bot called GL.ai which ‘X-rays’ a business, analysing billions of data points in milliseconds to detect any abnormalities in its general ledger.

Your company can provide customer support 24/7

Thanks to today’s on-demand culture, consumers expect businesses to be available round-the-clock. Whether it’s Sunday afternoon or 3am on Tuesday, AI chatbots answer customer questions and deal with their queries.

But unlike harassed human staff, chatbots never lose their patience.

It can also help your company grow…

AI-powered software isn’t just there to benefit your clients: it’ll also boost your business too. According to Accenture’s 2018 Reworking the Revolution report, if businesses invest in AI at the same rate as top-performing companies, by 2022 they could increase revenues by 38 per cent.

By incorporating AI into your own internal applications, invoices and expenses will run much more smoothly too.

A step-by-step guide for adopting AI into your business

Tips for integrating AI into your business…

1) Think about why your business might need AI 

Before you start splashing out on the first impressive AI tech you latch eyes upon, it’s worth mulling whether your business actually needs it in the first place.

  • Start by identifying any problems AI could solve within your firm.
  • Do you want AI to help reduce your organisational tasks and admin
  • Or do you want analytics to deliver intelligent insights on behalf of your clients?
  • Maybe you just want AI to handle customer requests and drive engagement? 

Once you’ve decided upon your company’s needs, it’s time to consider the logistics.

  • How easy would it be to implement AI within your firm?
  • How would staff engage with it?
  • Would they need training?
  • If AI can save 20 hours of labour a week, how would you use this time to grow the business instead?

When most accountancy firms first adopt AI, they usually begin with some form of robotic process automation (RPA) before progressing to analytics software later.

RPA (which automates repetitive tasks such as data inputting and preparing tax returns) tends to be popular as it’s cheaper, and can also be integrated into existing software such as Xero and Sage.

2). Choosing the right software

Factors to consider include cost and what kind of ROI the automation might bring. Researching and taking time to familiarise yourself with AI is crucial. Take advice from external AI consultants or check out the below free courses/resources.

3). Consider storage and security issues

Systems that process AI need to be lightning-quick. Before making any software investments, check whether your company has the right storage requirements and bandwidth to host it.

In an age of increased cybersecurity threats, you should also consider safeguards such as encryption and virtual private networks (VPN). If you have anti-malware applications, will they be big enough to handle the vast volumes of data your company will be processing?

4). Start small – small is beautiful

AI can be a costly investment. Rather than drastically overhauling every piece of tech in your entire workplace (“Our office toilets need to be AI-powered!”), try selecting small areas of your business that AI could benefit (for example, collecting data from spreadsheets via RPA). After a few months, assess what value it’s brought, before rolling it out in small, incremental steps to the rest of the enterprise.

5). Getting staff on board

Announce to your staff that you’re thinking of introducing AI, and there’ll be inevitable jittery questions about whether jobs are at risk. Ensure everybody gets on board with new tech by:

  • assuring staff AI will create opportunities, rather than robots replacing them
  • demonstrate how they’ll be working alongside new AI systems, plus any benefits they’ll receive (e.g. more time to pursue other tasks and/or flexible working)
  • offer tailored training via online tuition or external courses. More info here: out more here.

6). Redesigning an AI-ready workplace

Once work-related decisions start to be made by machines (rather than human employees), your firm’s workflow and staff roles will alter accordingly. Consult HR about these changes.

Also, think about hiring strategies. RPA software frees up more time for accountants so you might need to skew your recruiting policy towards attracting accounting talent with advisory nous, communication skills and digital awareness. 

7). Think about the future…

After AI has been part of your business for a few months, conduct an internal review to see how successful it’s been.

  • Have new workflows gone smoothly?
  • Have your staff been more productive?
  • What’s the business’s accuracy rate like now?
  • If you’ve used chat-bots, has customer engagement increased?

If you’re satisfied with the launch of your AI systems, then consider the next stage of digital transformation, such as going from RPA to analytics tools.

Key takeaway for employers

Unfortunately, adopting AI in your business isn’t an easy process. Firms are likely to face challenges such as cost, uncertainty, logistic problems and staff aversion.

However, as long as any AI rollout is meticulously planned, the benefits are too big to ignore. 

Further reading on AI:

How to raise an issue at work

Posted by & filed under Communication, Members.

If you have a problem in the workplace, it’s difficult to know the best way to deal with it; you want it to be taken seriously but not damage your relationship with your colleagues.

The issue itself will be stressful for you, but it can be made worse by the uncertainty of what to do next. Just remember it’s likely that your employer has dealt with similar complaints before and nothing is unresolvable.

Common issues at work

Issues could arise from anything but some of the most common causes are:

  • feeling like you’ve been discriminated against
  • being bullied or harassed
  • changes to your job role, workplace or organisation
  • not being given adequate training or information
  • health and safety concerns
  • not being given your agreed benefits or a promotion you think you deserve
  • changes to your terms and conditions of employment
  • a problem with a working relationship with another colleague (or supplier, etc.).

The best time to raise an issue

Take action sooner rather than later. There will always be an excuse why you should wait a bit longer but this is likely to make the problem worse. Try to resolve it at the earliest possible opportunity. HR Consultant, Kirsten Smith at face2faceHR Cambridge says,

“Problems at work, like problems in general, tend to escalate if not dealt with or spoken about early. Therefore I always encourage employees and their managers to have an open communication line to enable issues to be dealt with quickly.”

If your issue needs to be made formal at any point and you end up making a claim to an employment tribunal, then be aware that you’ll need to claim within three months of the last incident.

Preparing what you want to say

It’s important to keep a record of everything that’s occurred to ensure you can relate the facts. When it comes to the point of taking action, consider how your employer has dealt with similar situations in the past in order to prepare yourself.

Also think about what you would like the outcome to be; are you prepared to leave this job if needed?

Gather all the evidence related to your work issue and record what you are unhappy about, including the dates and times of any incidents. Refer to your employment contract and staff handbook where necessary (request a copy if you don’t have one) and print off any emails that back up what your problem is.

“Particularly with bad bosses you might sometimes be actually just what the HR team needed in order to start doing something about it,” advises Jo Martin, an employment law specialist and associate at Womble, Bond, Dickinson.

Resolving an issue informally

It’s best if you can try to solve your issue informally if possible, however, this will depend on a number of things including the severity of the issue (for example, something like harassment or discrimination should be dealt with formally from the outset).

When it comes to actually talking to the other person involved, you could ask to bring a friend, colleague or union rep along for support.

Take your notes and evidence in with you and explain what has happened, how it’s impacted you and what you would like the outcome to be. Make sure to record what’s said in the meeting, or if you have someone with you ask them to do it in case the issue isn’t resolved at that time.

Mediation is an option

If an informal talk or meeting doesn’t resolve the issue or you don’t agree with the outcome your employer has offered, mediation could be an option.

This is where an impartial third party discusses the problem with you and your employer and tries to find a solution. Another potential next step could be to write an informal or appeal letter to your employer or raise a formal written grievance. HR Consultant, Kirsten Smith advises,

“When writing to your employer, employees should try to stick to the facts and give clear examples, showing the impact of an issue where possible – this is likely to ensure the complaint is taken seriously and resolved effectively.

If an informal talk or letter doesn’t resolve the issue quickly or the issue is too serious, I advise employees to consult their staff handbook or grievance policy (employers are obliged by law to have a grievance policy) for details of how to raise a grievance.”

Raising a formal grievance

To raise a formal grievance, ACAS, who works with both employers and employees to solve workplace problems, offers a Code of Practice for you to follow. They advise you use this alongside consulting your organisation’s grievance policy to find out the formal procedures involved.

Make sure you keep notes of everything that happens during the process.

Ideally, the issue will get resolved, but Jon Gregory, editor of Win-That-Job.com and an advisor on employability skills warns, “You can end up raising an issue, making the right noises, but nothing will be done. That’s why it is absolutely essential to personally take charge of your own destiny mentally.”

In summary

  1. Raise your issue as soon as possible.
  2. Gather evidence and prepare what you’d like to say in writing.
  3. Try to resolve the issue informally at first, if possible, or with mediation.
  4. If this isn’t possible or you are not satisfied, then you can raise a formal grievance complaint in writing.
  5. Your employer should legally have a written grievance procedure that you can follow.
  6. Stick to the facts, give clear examples and demonstrate the impact it’s having on you.

For more on dealing with problems at work: