The world’s youngest accountant began as an AAT apprentice

Posted by & filed under Career.

At 16, Grace Bayton looked set to follow a traditional higher education path of A Levels and university. Having just achieved a great set of results in her GCSEs, she was on track to notch up A Levels in Maths and Music at her local college.

Now aged 21, she is the world’s youngest chartered management accountant, registered with industry body the Chartered Institute of Management Accountants, and qualified at AAT Advanced Diploma in Accounting (Level 3).

“When I was at school, I did well in my GCSEs, and I had planned to study Maths and Music for A Level,” she explains. “I had some scholarship offers from private colleges, but I decided to go to my local college with my friends. I thought I would complete my A Levels and do a Maths degree at University, possibly at Oxford or Cambridge. Deep down, though, I had a real interest in finance and dreamed of owning my own business one day.” After a few months at college, Grace felt this route was not for her.

Deciding against the university route

“I felt a lot of pressure and I began to question whether I really wanted to go to university,” she said.

Doing her research for alternative options, she discovered that accountancy seemed like a really good career path – there were plenty of jobs, there was a focus on business and finance, and there was the opportunity to apply for an apprenticeship funded by the Welsh government.

“The AAT route really appealed to me because it meant I would be working towards a qualification, and I would be working and getting experience on the job. Also, I would not have the burden of student debt. I was also at the age when I wanted to learn to drive and to have some financial independence.”

“I was really happy about the decision, but my parents were sceptical about me leaving college and not going to university. Making the transition from school hours to working a 40-hour week was tough. I had to study in my spare time as well as work,” she explains.

“I had a day off a week to go to study my AAT Level 2, and after about nine months, I had passed all my Level 2 exams. It was hard work, but it was worth it because it gave me a real grounding in understanding balance sheets and the fundamentals of finance.”

Her first role was as a finance assistant at IG Lintels in Cwmbran, where she gained a lot of experience working and studying in the evenings and at weekends.

“The only downside was that I was on an apprenticeship wage, so once I had my AAT Level 2 qualification, I contacted some recruiters to see what jobs might be available, and I landed a job with BAE Systems at Glascoed in Usk.” Her next role was as an assistant management account at BAE Systems, which she joined in December 2019. She was able to continue with her apprenticeship and began studying for AAT Level 3, which she passed.

Studying through the pandemic

Then COVID hit, and Grace used that time to begin studying for her CIMA qualification, which usually takes around four years. Grace studied hard and took an exam module every month. This focus meant that she completed her CIMA studies within two years and became the youngest person in the world to qualify as a Chartered Accountant with CIMA. Her salary now reflects her work experience and qualifications.

This enabled Grace, who’s from Abertillery, Blaenau Gwent, to buy her first home at 18 and to move again into a bigger property a few years later.

“In my first year as an apprentice, I made the decision to save half of my salary, and from the money I set aside I put together a deposit for my first house. Since then, I have sold that house and moved into a three-bedroom house with a garage in Newbridge, Caerphilly.

“AAT was the best thing I could have done because it teaches you the basics, it consolidates the basics, and it gives you such a good grounding,” she says.

“That focus on understanding the fundamentals has definitely made me a better accountant. When I rise in seniority and look to employ different people, I will be looking out for apprentices who are AAT qualified because I am really passionate about it the value of AAT qualifications. “For a lot of people, university is the right choice, but for me, becoming qualified as an accountant has given me a great career and financial security.”

She now works from home, visiting the office monthly in Bristol. “I enjoy the hybrid working model- I am very productive when I am working from home, but it is also great to go into the office and have a chat with my colleagues.”

She now works for the Institute of Physics Publishing, an organisation which produces scientific journals and runs partnerships with different scientific bodies around the world. Her role involves managing the finances of the publishing side of the business, which has a £20 million annual turnover and analysing the performance of the different journals and partnerships.

“I talk to a lot of senior people, providing budget support, analysis of spend and end-of-month reports,” she said.

The value of taking the apprenticeship route

She is passionate about the value of apprenticeships and the opportunities they provide.

“Apprenticeships give people a chance. For the company, the advantage of an apprentice is that they have someone on board who is eager to learn and study, and they can grow and develop in the role.

“I’m a chartered accountant now, and that is recognised as a postgraduate qualification in the UK, so I am considering studying for a Masters or MBA to deepen my knowledge. In the future, I would like to run my own business, maybe have my own accountancy practice.”

Grace’s tips for apprentices

  • Give it a go. You will have experience and a qualification even if you eventually decide the career is not for you
  • Be prepared to work hard – you will definitely reap the rewards
  • Enjoy the work experience and the opportunity to make new friends and contacts
  • Don’t just do something because that’s what your friends are doing or that’s what your family think you should do
  • Work hard and make the most of your opportunities

Further reading:

Cautious optimism about HMRC’s new VAT points-based penalties

Posted by & filed under Members, Tax, Tax reform.

Accountants weigh in on whether the system succeeds in making penalties fairer.

HMRC’s new VAT penalty system for late payments and submissions is now active. It was originally due to come into force from April last year but it was postponed until January 2023.

The system is intended to make things fairer for those that occasionally miss deadlines while being tougher on repeat offenders through clocking up penalty points.

Currently, the penalty system applies to all VAT customers, but it will be extended to MTD Income Tax in April 2026 for sole traders and landlords earning over £50,000. Then in April 2027 it will be extended again to apply to those earning over £30,000 a year.

Under the points-based system, a £200 late submission will be applied once the penalty point threshold has been reached, along with a further £200 penalty for each additional late submission.

Penalty point thresholds vary depending on the frequency of submissions to HMRC as follows:

  • Monthly: five points before penalty is applied.
  • Quarterly: four points before penalty is applied.
  • Annually: two points before penalty is applied.

It is important to note that points for VAT quarterly submissions and quarterly updates for MTD Income tax are tallied separately, so if both submissions have reached the points threshold, two £200 penalties will be applied.

The points-based system for late payment works as follows:

Up to 15 days after payment deadlineNo penalty
Day 30 after payment deadline2% penalty is applied
Day 31 after payment deadline2% penalty applied separately to both what was due on day 15 AND what was due on day 30
Day 31 onwards4% of outstanding amount applied daily AND the standard 2.5% interest rate

So what do accountants think of the new system now it’s landed? Is it fairer in practice or does the complexity undermine this effort? And what about the timing – how does it impact businesses that are already struggling with cash flow due to the cost of living crisis? We asked accountants for their views.

The new system is much less brutal

Gerry Myton, Head of Indirect Tax, HW Fisher

The equalisation of payment/repayment returns under the new regime will certainly impact the profession as the days of prioritising the submission of payment returns will cease. For clients in a permanent repayment position or those submitting an occasional repayment return (who do not need the VAT repayment to fund activity) they will need to allocate a higher priority to VAT accounting.

The new system is complex, but I think clients will welcome the 15-day payment window – although I can see it being tightened in the future. Overall, the system looks much less brutal than the old one and clients disliked being hit with a substantial surcharge when paying one day late.

Penalties are there to drive compliance and this system is not as draconian as the previous one. Yet I don’t think a penalty should be applied to someone who is owed money by the government!

On the non-payment of the actual VAT, the light touch up to 31 December 2023 is welcome but after that, the cost of non-payment does ratchet up quite quickly with an effective rate of 8% if the VAT is paid within 12 months plus interest at base plus 2.5%.

Equally, the clean slate from the old system, as at 1 January 2023, is also welcome.

Verdict: The system is less brutal than the previous one and most clients will welcome the 15-day payment window.

The 15 day payment window provides flexibility

Sherad Dewedi, Managing Partner, Shenward

The new regime is a step in the right direction for HMRC to further crack down on non-compliance. There was annoyance across the industry that limited penalties existed for those who failed to comply with tax rules and this new regime will provide some comfort. Clients feel it’s fairer to those who continuously file and pay on time.

The system is also flexible for businesses that experience a sudden change of circumstances and cannot pay their VAT straight away – there is a 15-day payment window.

Business owners want a simple and clear guide when it comes to compliance and the introduction of the new VAT scheme provides this. It does, however, reinforce the need for businesses to have quality business advisors and accountants working alongside them, ensuring they are compliant.

The penalty point system emphasises that businesses should never rely on VAT they collect as a form of cash flow. Hopefully the new regime will help businesses rethink their forecasts and income sources. Most businesses already practice good habits by putting aside the VAT from every invoice/sale until the quarterly return is done, and only then utilising cash from this which has been worked out as a rebate.

As the regime is extending to repayment traders and nil returns too (those who are registered but not liable to pay) there could be a negative impact felt here. This is where the biggest change will be felt for noncompliance.

Verdict: The new system provides flexibility for businesses that may experience a sudden change of circumstances and cannot pay their VAT on time. It also emphasises the idea that businesses should never see collected VAT as cash flow.

There’s confusion over separate penalties for late submissions and payments

Lauren Harvey, Assistant Accounts Manager, The Accountancy Partnership

While nobody is thrilled to hear of any potential extra costs, the new points-based system is fairer than the previous system. It is also more considerate of the businesses that need to submit returns more frequently as a result of the VAT accounting scheme they use.

However, there’s been confusion over the new system having separate penalties for late submissions and late payments. Ensuring that the taxpayer is aware that these systems are operating side-by-side is the problem, especially when it has the potential to make any penalties much more expensive.

Late payment penalties are also much more severe now and they kick in sooner. Of course, every business wants to pay its tax bill on time, but sometimes this simply isn’t possible. We’re likely to see more businesses struggling with rising costs at the moment and the new system will only amplify the situation.

Verdict: The new system is fairer but confusion over the separate penalties for late submissions and late payments could rack up expensive penalties.

Keeping on top of penalty points accrued will be hard for some businesses

David Herd, group director, Champion Accountants

Aside from larger businesses with robust internal finance teams, very few VAT-registered companies will be aware of the reforms.

HMRC has attempted to simplify VAT penalties and payable fines by introducing a new points-based system which – in a nutshell – sees a business accrue penalty points based on late VAT filings and late VAT payments.

Previously, VAT penalties were charged through the surcharge regime, applying a percentage based penalty on the VAT amount due. Late filing or late payment of just one day could auto-accrue a large surcharge, especially if there had been several late returns in a row.

The new fixed £200 penalty should therefore be welcomed by most businesses and provides those businesses with large VAT liabilities some comfort in that being late won’t result in large fines. Yet though the fixed value penalty has simplified the amounts due, working out a business’s ‘compliance period’ still seems fairly complicated, and it’s likely that many businesses won’t keep on top of how many compliance points they have received.

Verdict: Although the new fixed £200 penalty should be welcomed by most businesses, many businesses won’t keep on top of the penalty points they’ve received.

Businesses struggling with cash flow issues could end up with multiple fines

Jessica Middleton, Founder, MPASUK.com

Do I believe that penalties should be generalised across businesses? No.

Yes, you will inevitably get some businesses that take the mick with late returns and payments, blanket fining people is a slippery slope.

The premise of the points-based system makes sense on one level: for each return you submit late or pay late, you receive a penalty point until you reach your penalty point threshold. Once reached, you receive a £200 fine plus an additional £200 fine for subsequent late submissions.

But on closer inspection, in businesses where cash flow is already tight or has been impacted cost-wise by the rising cost of living, the anxiety of already knowing you won’t be able to pay on time let alone face a penalty can be tough.

HMRC won’t let you set up concurrent payment plans, so if cash flow has been super tight and you’re on a payment plan for one return but cannot afford to pay the full amount of the next one, then the fines just keep on piling up. It’s a never-ending cycle.

The question needs to be asked, how can HMRC really help those businesses? HMRC needs to look at ways to help honest business owners catch up on VAT payments without the threat of penalties.

Verdict: The new penalty system could quickly overwhelm businesses impacted by the cost of living that just can’t afford to pay, and fines could just pile up.

Why apprentices prove a worthwhile investment for Azets

Posted by & filed under Apprenticeships, National Apprenticeship Week.

Top accountancy firm Azets has plans to increase the number of apprentices it employs tenfold – here’s why.

In 2017, accountancy firm Azets had just 30 apprentices. Today, they’ve got 650 at various stages from level 2 to level 7 spread across their UK offices. That’s a 21-fold increase in just six short years. Azets doesn’t want to stop there: over the next year they plan to increase their annual intake to 500 students, 300 of whom will be new apprentices – all of them kickstarting their careers by earning AAT qualifications.

Apprenticeships clearly work well for Azets: the firm is currently ranked 38th in the National Apprenticeships’ Top 100 Apprenticeships Employers. Here, David Whitson-Black, Azets’ group head of talent development, tells AAT about why he believes the scheme has been so successful. But first…

Why does Azet have so many apprentices?

Azets was established in its current form in 2017, the same year the apprenticeship levy was launched in England and Wales. Bigger businesses (those with annual wage bills over £3m) contribute 0.5% of their payroll towards the Government’s apprenticeship fund, which the companies can then use for their apprenticeship training needs. This levy proved beneficial for Azets during a time when they were rapidly expanding by acquiring dozens of regional accounting firms, which included inheriting the apprentices from these companies. As such, their apprentice headcount quickly soared from just 30 trainees in 2017.

Staff soon started recognising the value these apprentices could bring to the business. As Whitson-Black says, “The minute we started using apprentices at Azets, it opened up so much more talent and opportunity into our business.”

Why Azets’ relationship with apprentices works so well

1. Azets’ apprentices are already emerging as future leaders

“We see our apprentices as future leaders,” says Whitson-Black. Indeed, many of the firms’ current directors and partners joined Azets (or some of the firms it acquired) directly from school to study an AAT apprenticeship. Regional CEO Paul Clifford and partner Danielle Walmsley are just two examples.

Seeing former apprentices such as Clifford and Walmsley occupy senior positions can prove inspirational to many apprentices. “It’s really important they can see what the journey looks like and know the steps and milestones they need for that kind of career,” says Whitson-Black.

Some of the apprentices who have joined since 2017 are already entering management roles, while one former AAT student has been placed on Azets’ international leadership programme.

2. The practical finance training AAT apprentices receive gives Azets a pipeline of ready-made talent

Azets is swerving the skills shortage thanks to a steady flow of AAT-educated apprentices at a time when the accountancy industry is concerned about a lack of candidates entering the profession. Indeed, there was a 36% drop in the number of applicants between June 2021 and June 2022 according to data from Broadbean Technology.

“AAT qualifications have allowed us to continue to grow as a business,” says Whitson-Black. “The pipeline of new talent enables us to take on new clients and expand our offering, in a climate where it’s challenging to recruit.”

Whitson-Black estimates around 90% of Azets’ apprentices progress onto an advanced qualification such as ICEAW after finishing Level 4.

“Because so many of our senior staff started their careers studying AAT, it dispels the myth you need a degree to do well in finance,” he adds. “With AAT trainees, we have a continuous cycle of new joiners that allows for promotions.”

This is particularly good for succession planning within the firm, he says, because “after an AAT trainee joins our company, within four-five years they will be a fully-qualified chartered accountant who’ll be able to undertake [senior] responsibilities. It gives us a picture of the office’s capacity to take on new clients or work.”

3. Azets benefits as apprentices learn how to apply skills and behaviours

Apprenticeships aren’t just about the accounting qualification, the apprenticeship programme also includes the Knowledge, Skills and Behaviours (KSBs) too, which are mostly acquired on the job. This covers everything from whether the apprentice has a good awareness of the business they’re working on, how effectively they work within a team and how they adaptable they are within the workplace.   

“KSBs allow our apprentices to start learning key skills and behaviours from the onset, which they can apply to their daily role,” says Whitson-Black. “Working with [training provider] Kaplan, we have access to a selection of different skills and behaviours courses we use during the apprenticeship, centred around leadership and technology. KSBs ensure companies don’t limit their apprentices.”

4. The resolve and resilience of Gen Z have impressed employers

Since 2017, Whitson-Black has noticed a palpable change in the young apprentices who come through Azets’ office doors. “Today, young people aren’t afraid to ask you questions,” he says. “I’m a senior staff member, but students will often ask me questions or for help. It’s different to five years ago, when students would often sit at their desks afraid to speak. Today, they want to succeed and are determined to find the best way to do that.” He notes this bodes well for the future, as accountancy shifts towards more advisory roles.

Whitson-Black believes the challenges of the pandemic have played a role. “Many of our students studied during the pandemic, so they’re naturally more resilient to ambiguous information and able to deal with curveballs,” he says. 

5. Apprentices can boost diversity within the business

Azets’ apprentices aren’t all young school-leavers. The business has recently taken on apprentices in their 40s, while others have joined the firm after studying environmental or geography degrees. “Some of our apprentices have always wanted to be an accountant, and modern apprenticeships give them a route that was previously unavailable,” says Whitson-Black.

Apprenticeships also ensure Azets doesn’t recruit from a narrow pool of university graduates either. Azets has 88 offices across the UK, which Whitson-Black says “gives us access to many different schools where students might be looking for an opportunity to work in accountancy. It means Azets is a ‘name’ familiar to school pupils, who know there’ll be opportunities there.” The result? It can improve both social mobility and diversity within Azets’ workforce. “It’s extremely important to have representation from a range of age groups and backgrounds, as it allows our people to learn from one another,” says Whitson-Black.

6. Apprentices have tech skills – which other staff members can learn from

Before speaking on AAT on a Teams call, one of Azets’ apprentices was teaching Whitson-Black how to use the XLOOKUP function on Excel. The many younger apprentices deploying their digital native skills within the workplace are proving useful for offices currently switching to new software and tech.

7. Apprentices help the bottom line too

The apprenticeship levy has proven valuable for funding apprentices at Azets. But Whitson-Black says the biggest financial benefit of apprentices is “those students who’ve successfully completed their qualifications and have good careers with us. It means we have excellent staff retention, which helps us grow our business.”

How apprenticeships work at Azets

All Azets’ apprentices study AAT up until Level 4. After that, students can study for a chartered qualification (such as ICAEW or ACCA). After AAT, some apprentices also study qualifications in tax, audit or forensics.

Azets works with training provider Kaplan. Between them, the two companies develop bespoke apprenticeships tailored towards Azets’ needs.

“We agreed [with Kaplan] on what we think are the parts most aligned to what we need as a business or what our students need for their career journey,” says Whitson-Black. “It works for those apprentices who aren’t school-leavers and may have studied accountancy before, and don’t need to do every part of the programme.”

How to make the most of apprentices

According to Whitson-Black, it’s possible to tell whether an apprentice has the potential for success within the first year of them entering the office.

“They’re the ones who work hard, take any opportunity that comes along and pass their exams,” he says. “But it’s also curiosity: wanting to get involved and asking questions.”

Getting apprentices involved in projects is a great way to boost their confidence and for them to practice any skills they’ve learned while studying AAT. Says Whitson-Black: “You can’t expect apprentices to become future leaders unless you give them access to [senior people and opportunities]. We recently worked on a culture programme. Some apprentices gave us some valuable insight into the business and showed real innovation on what Azets could look like.”

Azets plans to introduce a new ‘Student Development’ programme, which Whitson-Black says will “ensure there’s a continued development pathway for students when they finish their apprenticeship”.  

For any other business considering apprentices, he says, “AAT trainees can bring a wealth of benefits to your organisation, including a pipeline of future leaders, expertise with technology, new mindsets and alternative insights, as well as relieving the pressures of recruiting qualified staff. It’s also great to support those for whom university may not be an option.”

What path should you take after AAT?

Posted by & filed under Career.

AAT qualifications are highly respected, and they enable students to work in a wide range of professional roles. But if you want to continue studying after AAT Level 4, we look at some pathways you could take.

Many students who gain AAT qualifications go on to enjoy rewarding careers. However, some go on to study for qualifications offered by other bodies, which can lead to higher-paid jobs. 

Here, Ben Bullman, tutor and director at training provider First Intuition, explains some of the most common choices. 

1. Association of Chartered Certified Accountants (ACCA) 

Requiring at least three years practical experience, the ACCA qualification is globally recognised and can open up many career opportunities, whether in accountancy practice or industry. 

“It takes commitment and hard work, but most students qualify within three years,” says Ben. “ACCA courses focus on compliance, audit, financial reporting and tax. The ACCA qualification is typically sought by employees in practice, industry and the public sector.” 

2. Chartered Institute of Management Accountants (CIMA) 

CIMA is the world’s largest professional body for management accountants. “It’s aimed at those already working in company finance or management positions, and most students pass within three years,” Ben points out. “CIMA courses combine finance and business, giving you more than just accounting knowledge – you’ll also be professionally trained in business management, which can enable you to advise future clients on business strategy and risk management.” 

3. Institute of Chartered Accountants in England and Wales (ICAEW/ACA) 

“The ACA [Association of Chartered Accountants] qualification prepares you for leadership up to board level,” Ben explains. “The course is popular with those on a training contract with an ICAEW-approved employer. If you’re AAT qualified, you’re exempt from some of the certificate-level papers, so you can be fast-tracked to the professional level. Most students qualify in about 2.5 years. The ACA is made up of four components: 15 exams, 450 days’ practical work experience, professional development and ethics. ACA students and members are in high demand across all sectors, not just in practice.” 

4. Institute of Chartered Accountants of Scotland (ICAS) 

“In the UK, using the ‘CA’ [chartered accountant] designation is reserved only for ICAS members,” says Ben. “It’s one of the most highly regarded professional accounting qualifications. It normally takes three years to qualify, during which time students combine structured work experience with classroom study. The CA qualification consists of public trust and ethics, 12 technical subjects and examinations, as well as practical experience.”  

5. Chartered Institute of Public Finance and Accountancy (CIPFA) 

CIPFA is the world’s only accountancy membership and standard-setting body for public financial management. “CIPFA’s Professional Accountancy Qualification is its flagship qualification and it’s aimed at those who want to become a chartered public finance accountant,” notes Ben. “Students with a finance or accountancy degree or who’ve passed professional body examinations may be entitled to exemptions.” 

6. Chartered Institute Of Credit Management (CICM) 

CICM is the professional body for credit professionals. “Its qualifications are Ofqual-regulated and various study options are available, including online and home-based,” says Ben. “Qualifications are available at entry, intermediate and advanced levels to those working in credit, collections, money and debt advice and enforcement.”   

Further reading:

Top tips to help you prepare for your synoptic

Posted by & filed under Students.

To be a successful accountant, you need a good all-round knowledge and understanding of the profession.

Synoptic assessments allow AAT to ensure that students have this knowledge – to be able to explain what the numbers mean, what makes up the numbers and the impact that the numbers may have on a business in a real-life situation. 

Synoptic assessments have gained a reputation for their sizeable tasks, content spanning multiple units, and detailed written questions pushing learners outside of their comfort zones. When sitting your synoptic assessment, you should ensure you demonstrate your knowledge of core accountancy skills and your ability to apply them in the workplace. 

1  Before you book your synoptic assessment 

  • Complete the mandatory units 

Prior to booking your synoptic assessment, ensure you have completed all the mandatory units. Statistics show that if a student has passed their mandatory units, they have a better chance of passing their synoptic assessment. If you are studying with a college or training provider, ensure you complete all the coursework provided. 

  • Talk to your tutor 

If you are studying with a college or training provider – whether that is classroom-based learning or via distance learning – make sure to talk to your tutor before booking your synoptic assessment. They are there to support you, give you their expert advice and to give you constructive feedback – so just ask! If your tutor believes you are not quite ready to sit a synoptic assessment, they are saying that for a reason. 

  • Make sure you feel ready 

Avoid rushing to complete your qualification, as this can lead to not achieving your best possible grade or even failing the synoptic assessment. If you feel you are not ready to take the synoptic assessment, then don’t. Allowing yourself an extra couple of weeks of study may be the difference between passing and failing. 

2  Preparing for your synoptic assessment 

  • Confirm the date of your synoptic assessment 

The date of your assessment may be chosen by you or set by your college or training provider. Confirm the date of your synoptic assessment, then work out how many days you have to prepare. Consider how many hours you are able to devote towards final revision and prepare a timetable of study. 

  • Start your revision ASAP 

Don’t procrastinate! It is essential that you give yourself enough time to prepare and revise thoroughly for the synoptic assessment, so start revising as soon as you can. As the saying goes: “Failing to prepare is preparing to fail.” Remember, you can never revise too much. 

  • Plan out your revision 

Take time to draw out your planned revision, based on the areas you require reinforcement on, and consolidating areas of previous knowledge. When writing your revision plan, do not overstate the amount of time you realistically have to study, as this can create additional pressure and stress if you are falling behind. Studying little and often is better than studying for long periods every so often. 

  • Make use of the many resources that are available to you 

AAT has a plethora of valuable resources that will help you prepare for your synoptic assessment. As part of your revision planning, reach out and grab all the resources you can. Particularly beneficial are the e-learning modules, key calculations, and Green Light tests available on AAT’s Lifelong Learning Portal. The most essential revision resource will be practice assessments – they will help you get used to navigating your way through the different screens, the set-up of the questions within the assessment software, and the different ways in which questions may be asked. 

3  The day before your synoptic assessment 

  • Avoid last-minute cramming 

Provided you have stuck to your revision plan, find a suitable time to put the books down, digest your final revision session and unwind. Last-minute cramming places stress on the brain, pushing it beyond its limits, which can increase feelings of anxiety, frustration, fatigue and confusion. Your brain needs time to relax and refocus.  

  • Get everything ready 

Make sure you have everything ready for your assessment the day before you go. Prepare your required items so that they are easily accessible, such as your photo ID, pens and a calculator. Know where you’re going and how you’ll get there – plan the route, where you’ll park (if you’re driving) and allow yourself enough time to deal with traffic or other potential delays. Ensure that everything outside your assessment is planned, so that you can focus fully and not worry about, for example, who is picking up the children. 

  • Try to get a good night’s sleep 

It’s beneficial to get a good night’s sleep the night before your synoptic assessment. Sleep is much more important than a late-night revision session – there is no point stressing yourself out with last-minute cramming and then not sleeping due to your mind being overactive, so get some rest. 

4  On the day of your synoptic assessment 

  • Prepare yourself mentally 

Go for a walk or do some light exercise – any activity that will calm your mind. Try to reframe any nerves as excitement, by telling yourself: “I am excited” (search ‘anxiety reappraisal’ for more information on this). You don’t have to be a mindfulness maestro, but even sitting quietly for 10 minutes can be a great way to alleviate stress. 

  • Make time to eat 

Your brain needs the energy from food in order to work efficiently, so it’s really important that you eat before your synoptic assessment. Protein-rich foods can lead to greater mental alertness, so try eggs, nuts or yoghurt. If you don’t usually eat breakfast, try a protein shake or a smoothie. 

  • Arrive at your assessment centre early 

The last thing you want on the day of your synoptic assessment is to be running late, as this will lead to greater stress and anxiety, so get to the assessment centre with plenty of time to spare. 

5  During your synoptic assessment 

  • Plan the time you will spend on completing each task 

When you are answering the questions, make sure you don’t spend too much time on questions that have low-value marks, as you will run out of time and this can impact on your result. Examiner reports show that in previous synoptic assessments, some students did not apply the appropriate amount of time to some tasks (especially the written tasks), which impacted on the marks they were awarded. Plan your time accordingly. 

  • Read the question 

Take your time to read the question thoroughly and then read it again – make sure you understand it fully before you begin to write your answer. Don’t assume you know what the examiner is expecting. 

  • Plan your answer 

Allocate some time to planning your answer. Ask yourself: What is the question really about? What elements must you include? How can you substantiate and support your claims, calculations and observations? Explain each point with evidence. Don’t just rely on the numbers – you’ll need to illustrate that you understand the different concepts and techniques, not just demonstrate your mathematical abilities. 

  • Answer the questions as thoroughly as possible 

Don’t tell the examiner what they already know – in other words, don’t repeat what is already given. Structure your answers so the examiner can follow what you are saying. Show the examiner all the knowledge that you have and make sure you base your answers on the scenario and you don’t just generalise. When you answer a written question, make sure you make your point, use a definition, explain your point, illustrate it with an example, and show how it refers to the question.   

Common mistakes 

During the synoptic assessment, when you are under pressure and time restrictions, it’s not unusual for students to rush into their first answer without reading and thinking about the question properly. This is understandable, but not advisable, as you could end up: 

  • Answering a question in the wrong way; 
  • Misinterpreting the question; 
  • Missing out important points; or 
  • Writing out an answer that is unstructured and unclear. 

Be cautious of answering a question in a certain way just because it’s similar to one you’ve practised during your revision. Pay attention to what’s being asked. You’re unlikely to come across a scenario that is exactly the same. A better approach is to incorporate some planning into your answer. 

Feeling the pressure? 

When you have assessments approaching, knowing that there is a lot of work to be done can become quite overwhelming and stressful. However, there are steps you can take to help you manage any feelings of stress and avoid becoming overwhelmed. 

Top 10 tips for reducing assessment stress 

  1. Work out what is causing you to become stressed. 
  2. Talk to someone about it and ask for professional help if you need it. 
  3. Plan ahead and don’t leave everything until the last minute – making sure you leave yourself plenty of time can be a great way to improve assessment confidence. 
  4. Split large tasks into lots of smaller tasks – break your revision down into more manageable chunks. 
  5. Just focus on today to avoid becoming overwhelmed. 
  6. Reward yourself for your little achievements, no matter how small. 
  7. Let go of self-imposed idealistic goals – no one expects you to be perfect and you don’t need to set those expectations of yourself either. 
  8. Try to focus on your ‘why’ and keep it front-of-mind. 
  9. Attitude is everything, so try to practise a positive mindset and be grateful. 
  10. Surround yourself with positive people who are a good influence on you.

Further reading:

How this apprentice got a head start in his career

Posted by & filed under Apprenticeships, Employers, National Apprenticeship Week.

Apprenticeships can provide an important step on the career ladder for young people and career changers. Starting out as a trainee accountancy apprentice can be the beginning of a long and varied career in finance and can provide unrivalled opportunities for on-the-job skills development.

Ryan Franklin is a Chartered Management Accountant ACMA, CGMA and Finance Business Partner at Virani, a food manufacturing business. He experienced the benefit of being employed as an apprentice at the start of his accountancy journey. He found being sponsored by an employer gave him the chance to learn on the job and study for his accountancy qualifications in the evenings and weekends. He has since recruited a number of AAT apprentices in the companies in which he has worked.

Learning on the job

“In the workplace, you get challenges and problem-solving scenarios that you don’t get from the classroom,” he says. “My own career path started in 2007 when I was sponsored by my employer to start on my CIMA qualification journey. I saw the value of having been given that opportunity as a young person to join the workforce and gain experience on the job. AAT is a great way of doing that, and in my role as a manager, I have taken on a number of AAT trainees on apprenticeship schemes.”

Ryan is now a chartered management accountant, having trained with CIMA. He started as a tax collector at HMRC (in the former Customs & Excise department). Ryan originally qualified with CIMA at entry level certificate (similar to AAT entry level), studying in the evenings and weekends to build up his theoretical knowledge.

He moved jobs and worked his way up from being a Credit Controller, Assistant Accountant and then Finance Manager at TC Landscapes, a landscaping business in Northampton, over a period of nine years.

He then moved to accountants at The Fabulous Group as finance manager, where he employed Oliver Simpson, an AAT trainee accountant, on an apprenticeship scheme.

AAT apprenticeships work well

“I took Oli on in 2017 at a time when we were developing the business at The Fabulous Group,” Ryan says. “He worked in the finance function, processing day to day transactions, drawing up monthly management accounts and working on statutory reports. We were a growing team, and we wanted to add an entry-level person who would fit with our culture and objectives.

“The AAT qualification pathway leads to future professional qualifications and accountancy skills, and I have taken on several AAT students who worked with us and gained their professional qualifications.”

Oli Simpson is now AAT Level 3 qualified and is studying Level 4 whilst working as an apprentice accountant in Leicester within the bookkeeping team at Torr Waterfield. Ryan says he was impressed by Oli’s desire to progress, willingness to work hard and ambition to pursue a career in accountancy and finance.

Gaining hands-on experience

“Oli wanted to get a head start in his career in accountancy by starting as an apprentice. We had an open office, and he worked with us, which meant that he could get lots of experience and mentoring, as well as time to study. He had studied Maths A level and benefited from having the practical experience at work which supported what he was learning in his studies in AAT Level 2.”

Ryan chose Oli because of his maturity and enthusiasm as a school leaver, and the two have stayed in touch even after both moved on to different employers.

“Apprenticeships provide a great start for young people and offer value for money for an employer,” Ryan says. “On the one hand, you are bringing in fresh young talent, someone who is accustomed to learning and being examined and who wants to continue their studies and gain a professional qualification. Young people can bring a fresh perspective and a new dynamic to a team. They have different skills, outlooks and opinions and are often very tech-savvy.

“From an employer’s point of view, many businesses benefit from the lower salary cost of an entry-level member of staff. Depending on the size of your business, you may receive reimbursement from the government, so there’s a financial as well as a strategic incentive to give a young person this opportunity.”

He says he looks for apprentices who can fit well with the existing team and the workplace culture and who have the set of relevant skills to work collaboratively from the beginning. They need to be good at communicating by email or on the phone and be prepared to work towards their qualifications.

What was the onboarding process?

“As with any business or employee, a smooth onboarding process and induction is key to make a new starter feel welcome, part of the team and put their role in context,” Ryan says.

“Online registration for the Apprenticeship Service (in order to secure Government funding) is straightforward for an employer and even easier if engaging with a specialist Apprentice Recruitment organisation who can guide the business through this. Choosing a reputable and registered training provider is also important.  Depending on the size of a company, often there is no cash cost to an employer for training fees as these are organised and claimed directly by the provider.”

He says that success for any new starter comes from integration into the team, role and company culture. 

“Oli was determined to do this from the outset (we come back to those important personal characteristics) and was able to follow instructions, directions and learn both inside and outside the workplace. Joining a classroom environment was not alien as Oli was a recent school leaver.”

Regular touchpoints and reviews

Ryan had periodic review meetings with Oli’s training provider to report on his progress. Oli remained with The Fabulous Group and the 12-strong finance team there for around 18 months, completing his AAT Level 2 before seeking further opportunities with another firm. The Fabulous Group had a wide range of national clients in retail, hospitality and charity, so Oli was exposed to the different operating models of a variety of firms. Oli, who is now 23, says his AAT training has been invaluable, and he is passionate about his job as an accountant.

“I always had a head for figures and was fascinated even as a child watching my Dad, who had his own business, put together an Excel spreadsheet,” he says. “My uncle is also in business, and from a young age, I was interested in what made businesses work and also in managing my own pocket money and my own finances.”

He is close to finishing his AAT Level 4 qualification and has already passed his synoptic exam. “I did A levels in Accountancy, finance, business and IT,” he says, “and I found my accountancy knowledge to be really useful when studying AAT Level 3.

“I can 100% recommend AAT to school leavers, and the earlier you begin your training, the better,” he says. “I am now working in the bookkeeping department and working on management accounts. I have an apprentice of my own to mentor now. Joining an SME to do your AAT training is a perfect way to get into accountancy practice and learn on the job. When I reached AAT Level 3, I could double my salary within two years. It is a great career with good prospects, and I am really glad I chose this route.”

Ryan’s guide on what to look for in an apprentice

  • Someone prepared to invest in themselves, who is self-disciplined and capable of balancing study and work
  • An independent learner and self-starter because a day a week is not enough to get all the extra reading and exam practice, and they will need to study in their own time
  •  Relevant skills include the ability to use technology, numeracy, technical accounting knowledge and a willingness to keep up with CPD
  •  Integrity and honesty, a professional attitude to work and learning and the ability to be flexible
  •  Confidence to face challenges and to work collaboratively with colleagues

Further reading:

Inform policy by filling out our survey for PRSC

Posted by & filed under Members, Policy.

Tell us how constant crises have affected you and you could influence policy.

Survey link

Obtaining feedback from members is essential in helping us to understand what your needs and expectations are. In addition, capturing views on emerging issues and establishing a better understanding of the impact that these issues may be having helps us to be able to develop the support we provide to you.  

The past few years have been particularly tumultuous given the unprecedented impact of the Covid-19 pandemic, the resultant change in the wider landscape, and more recently the challenges emerging as a result of the cost-of-living crisis. We want to canvass your views on what such significant disruption has meant for you and your clients.  

As well as giving us greater insight into how these issues have impacted on you and your clients, we will share the findings with our Professional Regulation and Standards Compliance (PRSC) Board. The PRSC Board has independent oversight of how we support you to maintain your commitment to high standards of professionalism, therefore having greater awareness of the challenges and opportunities you face will be invaluable in ensuring the development of support that meets your needs.  

In addition, capturing your views on the recent HM Treasury announcement in relation to Making Tax Digital for income tax self-assessment, and on your recent experiences in dealing with HMRC will help us to ensure that we continue to represent your interests through our ongoing public affairs and public policy engagement.  

Please can I encourage you therefore to take the time to complete and submit this short survey. 

How to prepare for the economic volatility ahead

Posted by & filed under Members, Run your business.

Here are the critical planning priorities to survive and thrive in 2023.

2023 is going to be another volatile year in economic terms. Ernst & Young recently warned that the UK’s recession could be ‘twice as bad’ as initially predicted, amidst a backdrop of decreased government support, high business costs and increased fuel bills.

January is already a notoriously busy time for accountants thanks to tax deadlines and last-minute tax requests from clients, along with the usual post-Christmas admin rush. Many will also be thinking about budget allocations for the next fiscal year as well as considering key planning priorities.

Planning then, whether it’s around forecasting, cash flow or business strategies, is going to be more important than ever.

Accountancy firms may wish to consider:

  • the continued impact of fuel costs and rising business costs on cash flow
  • workforce planning (including retention and recruitment as well as engagement strategies)
  • available business grants
  • recession-proof business planning
  • national minimum wage
  • important dates for business calendars: tax, payroll and VAT compliance deadlines, bank holidays, legislative changes.

To this end, three accountancy firms shared their critical planning priorities for the year ahead and beyond.

Businesses need to prioritise cash flow management and credit control

David Herd, group director, Champion Accountants

Cash will be king in 2023, meaning businesses must keep a close eye on cash flow projections and forecast effectively. Credit control and cash management are critical in every business and even more so during an economic downturn.

The ability to collect debts and, where possible, pass increased costs to clients – in a sustainable manner – will be key to success and survival. Many shy away from approaching clients and suppliers for more favourable terms, but these conversations must take place as a few late payers can quickly spiral – and at a time of incredibly high inflation, many businesses cannot afford double-digit interest rates on business loans and alternative finance. 

Business owners should also have their finger on the pulse of current affairs, with a war in Ukraine, Brexit and ministerial changes affecting multiple sectors, from rising mortgage interest rates for private landlords, increases to the cost of materials for manufacturers, and rocketing overheads for energy-intensive sectors. Businesses must remain agile, be willing to change and adapt – often at short notice – and focus on their people, as today’s war for talent threatens stability.

Verdict: Cashflow projections, effective forecasting and credit control are particularly important during an economic downturn, as are skilled employees.

Retention and recruitment are at the heart of our 2023 business strategy

Simon Massey, managing partner, Menzies

The backbone of our business strategy this year is to ensure we retain and recruit quality talent. This applies at all levels; whether it’s recruiting apprentices to train and move through the organisation, or attracting the high-level, experienced players that will make an impact from the top down.

A strong team at all levels will ensure that day-to-day operations run smoothly and enable the business to achieve its growth potential. It’s particularly important in today’s climate, as other businesses will also be looking to strengthen their teams.

As a service-driven organisation our people are everything, and we are dedicated to creating a workspace where our employees feel valued. Initiatives such as our Better Place to Work programme help to keep our staff motivated and demonstrate that we are a caring employer – this is something we’re proud of.

Additionally, for a business to be resilient against economic uncertainty, it’s critical to have robust plans and strong cash flow. Where businesses trade internationally, strategies that are designed to improve efficiency and standardise processes are essential.

Verdict: Retaining and recruiting top talent, along with creating and implementing robust plans and strong cash flow, will be critical.

Plan cash flow for Q1 and don’t lose sight of the medium and long term

Ben Brookes, Partner, Wellers

Planning should include headcount planning, sales and revenue predictions, costs and historical data trends. Projections will give a good indication of the overall health of the business, which is critical to knowing whether they need to make savings or if they can afford to invest. Of course, things change, and forecasts should always be living, breathing documents that are consulted regularly and updated accordingly.

Cash flow planning will be particularly important for Q1, especially if analysts are right and the UK economy rides a wave of recession for the first half of the year. Whilst it’s predicted to be a snap recession, rather than an extended period of decline, it’s still expected to hit deep.

With the potential for reduced sales whilst consumers tighten their belts, business owners need to make sure they can still service their costs. A business cannot survive long with poor cash flow management.

The medium and long-term will look more at how a business can return to growth, instead of battening down the hatches. Some industries may feel the strains of the recession for longer, so won’t be able to commit to growth quite so soon, but for others it will be about growth and investment.

Verdict: Cash flow planning will be important for Q1, while a return-to-growth plan should be prioritised for the medium-to-long-term in businesses that are doing well.

Reduce debt in the short term and prepare forecasts for long-term growth

Andrew Moss, corporate partner, DSG Chartered Accountants

Business owners need to ensure the organisation can deal with unexpected bumps in the road, whether it’s a drop in sales, a bad debt, or rising costs as well as having sufficient headroom in cash or facilities, so planning is key.

Short term: it’s all about profitability and cash management. Focus on cash collection and reducing debt as interest rates potentially peak.

Medium term: we advise businesses to be aware of

  • working capital management
  • sales pipeline and orders
  • strong customer service
  • continuity of supply and material price management
  • managing power costs
  • protecting margins
  • retention of employees.

Long term: This is where you plan for profitable growth. Prepare forecasts to determine any funding requirements. Ensure personal affairs are in order and can be managed in conjunction with the income the business can generate.

We advise clients to ensure they have up-to-date and accurate management information that tells them how the business is performing, whilst also ensuring they are ready to react to any adverse trends in the figures. Maintaining flexibility is incredibly important, as this will allow business owners to quickly make changes to reduce and manage costs, or negotiate price increases with customers.

Verdict: Focus on debt reduction for the short term and prepare forecasts and funding requirements for the long term.

Learning on the job opens up endless opportunities for apprentices

Posted by & filed under Apprenticeships, National Apprenticeship Week.

Accountancy apprentice Amelia Rowland describes the huge benefits of studying for AAT while on an apprenticeship scheme.

“It is astounding how far I have come already in my career thanks to the opportunity of an apprenticeship scheme which enables me to study and learn on the job,” says Amelia Rowland, Associate – Accounts and Business Services at Azets.

At only 20 years old, Amelia has MAAT status, having qualified in January 2023, and already has two years of practice experience in preparation of statutory financial accounts and corporation tax returns. She is currently studying the joint pathway ACA CTA qualification.

“Taking the apprenticeship pathway is an investment in yourself and an investment in you from the firm you are working for,” she says. “I have learnt so much from studying and being able to apply what I have learned to my work.”

Having finished her AAT Professional Diploma in Accounting (Level 4), she is being supported by Azets to begin the five-year ACA CTA study route.

Apprenticeship or University? The accountancy career options

When Amelia was in sixth form, she decided that she wanted to explore options to work and study for a professional accountancy qualification via an apprenticeship scheme rather than going to university.

While studying A level Maths, Chemistry and Biology at Invicta Grammar School for Girls in Maidstone, Kent, she researched the schemes available from some of the biggest accountancy firms in the country, attracted by the opportunity to earn money while studying for an internationally recognised qualification in the form of AAT. After undergoing a series of assessments and interviews, she achieved a place on the apprenticeship scheme and joined Azets as a school leaver in 2020.

“I was looking for a career that was not just deskbound. I wanted to be able to interact with clients and make a big difference to them in their business. I was also interested in tax and corporate reporting, and I knew that having an internationally recognised accountancy qualification meant that there were big opportunities in the Kent region, where I lived, and London, as well as potential opportunities to work abroad.”

Amelia was part of the A-level cohort of students who were unable to sit their A levels due to the Covid-19 lockdown. “I was unable to sit my exams, but Azets were looking not just at grades but at whether you were a rounded person,” she says. She had done work experience with Wilkins Kennedy, which rebranded as Azets in 2020, and she had attended an accountancy summer school to have a taste of what a career in finance might be involved.

“As part of the application process, there were a lot of personality-based questions. It can be quite a long process and involves sending off your CV and cover letters and attending assessment days. A lot of the questions are about your extracurricular activities, and I was able to talk about achieving my Duke of Edinburgh Bronze and Silver Awards, which required extended periods of volunteering in the community. I could also demonstrate the skills I had acquired via work experience, such as perseverance, communication and teamwork, all of which are essential when you are an accountant.

The benefits of the apprenticeship route

She now works in a team preparing statutory accounts and corporate tax returns, ensuring clients are tax compliant and working with a varied client base using a range of accountancy software to deliver those services. Azets is a large national firm which branches around the country and provides payroll, HR and tax services to clients and aims to be a trusted adviser for businesses.

“Accountancy is a job that I could take anywhere in the world,” she explains. “I could travel around because my qualification would be internationally recognised.”

The apprenticeship route appealed because it gave her the opportunity to study and apply her knowledge in a working environment and get a professional qualification. “I was able to gain experience from my employer and also earn while I was studying, as well as benefit from mentorship from the firm,” she says. “It was a great opportunity to see progress in my career.”

Amelia joined Azets during the Covid-19 lockdown when many of her friends were wondering whether to go to university. The onboarding process, while having to be done virtually, was still thorough and effective, she says.

The benefits of an AAT qualification

“AAT has been a great foundation, and I studied Level 3 and 4 AAT on a combined two-year course,” Amelia says. “It has been perfect for what I needed at work, and I was able to apply that while I studied and have solid work experience.

“There’s a huge advantage in being part of a team where I am supported and mentored. Now two and a half years later, I feel very lucky to be part of this team. I’ve got great support and mentorship, and I have an internationally recognised qualification that sets me apart from others.”

Depending on the course module, study leave can be blocks of weeks or weeks. Amelia also gets time to study and take exams as part of the apprenticeship package.

Amelia’s advice to apprentices and students

  1. Do your research: Attend events, career fairs, local training providers and work opportunities in Sixth Form. I attended a summer school at First Intuition, which was aimed at students who wanted to find out more about accountancy.
  2. Be open-minded: Some schools are still firmly focused on the university route, so you may need to be proactive yourself. The opportunities for apprenticeships are endless.
  3. Apply early: Application deadlines are in the autumn of your final year of school, and you will have to juggle research and school work.
  4. Be clear about what assessments are required: Each firm has a different process, and with tests and assessments, it can be quite a long process.
  5. Use LinkedIn: Companies often advertise in-house recruitment there, and you can search for tips on being successful in your application.
  6. Be persistent: You may need to make multiple applications to firms because the five apprenticeship route can be incredibly competitive.
  7. Use the information available: Use websites where there is information about training providers, current vacancies, interview questions and application tips, including the AAT website.
  8. Think about your wider experience: What extracurricular activities did you do? I played sport for the school, and I danced for quite a long time out of school. Use any personal development programmes on offer at school. I achieved my certificate in Management from CIMA, which set me apart from other students. There may be leadership opportunities at school which can develop your communication and collaboration skills.

“The apprenticeship scheme has really helped me progress,” she says. “It is astounding how far I’ve come in terms of skills and knowledge. I have been learning on the job, earning a salary, studying for an international qualification and gained a solid understanding of work experience. I would really recommend the apprenticeship route in accountancy.”

Further reading:

The simple way to calculate your carbon emissions

Posted by & filed under Climate change, Members, Sustainable Business.

How Net Zero Now helps accountancy practices to take action on climate change.

Many of us are keen to do what we can to prevent climate crisis, starting with our workplaces. But without knowing our actual impact, attempts to offset carbon emissions are only estimates. The Net Zero Now project provides the opportunity to make a real difference in your business, and share findings with clients.

AAT spoke to David Rothera, Climate Project Manager, Net Zero Now about how it works.

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What type of data will the participants be collecting at the outset of the programme?

When calculating a practice’s carbon footprint we turn a company’s activities into an equivalent amount of CO2. This covers a large range of activities, from their gas and electricity usage, purchased office goods (such as computers, monitors, desks, chairs, paper, etc.) through to staff commuting, business travel and even home working.

The data practices provide is specific to a 12-month period. We try and keep it as simple as possible, looking at the total kWh of electricity purchased over those 12 months, how many computers they bought, how many days staff worked from home in total and so on. Our platform asks for these numbers and we convert it for our users, so they can see the environmental impact of various activities in real-time. 

What are the biggest obstacles to effective data collection?

For the most part, the data is easy to obtain and can often be pulled straight from a practice’s accounts or asset registers. The only data that can be a bit more challenging to obtain is information on staff commuting, business travel and home working as this requires engagement from everyone. However, we have seen great success gathering staff working data when companies use this as an opportunity to allow staff input on what sustainability policies they would like to see the practice implement. By giving all staff a voice on subjects like sustainability you can also receive better buy-in when new policies are implemented. 

What types of data will businesses be surprised to find they should measure?

Quite often businesses are surprised at the detailed level of information required for an accurate footprint. For example, we will even ask how much they spend on office snacks, milk and coffee. Some practices don’t expect home working to be included as they see it as outside of their sphere of influence. However, they quickly see why it’s included as energy is being consumed to be able to work for the practice from home. It’s essential that carbon footprints are as accurate as possible. 

What’s the process like? Is it a big admin burden? 

The process will vary depending on the size of the practice. We have had some practices complete their calculations and certify within a week. Some of our multi-office clients will collect and add their data over a few months, when it suits them.

Navigating the platform is straightforward and it has been designed to use data that can be found easily. The feedback we’ve had is that it’s not a cumbersome process, isn’t that time-consuming and our clients feel reassured that their carbon footprint is being calculated to a standard backed by the accountancy industry, the Net Zero Accountancy Protocol.

AAT has been working with Net Zero Now, an online analysis and certification provider that works with accounting firms to understand, measure and reduce their carbon footprint. In developing a programme of protocols for accountants, the AAT worked with Net Zero Now alongside a number of other industry bodies to ensure the right impacts were measured, with corresponding mitigation measures calibrated to match.