Whether you’re looking to manage your business’ books or considering a career in accounting, one of the first steps you’ll need to take is to learn the basics of bookkeeping.
In the past, to study bookkeeping, you had to attend in-person classes with other learners. Fortunately, there are now alternative methods to undertake a bookkeeping course, such as taking the course online.
What Does an Online Bookkeeping Course Involve?
While online bookkeeping courses may vary according to the level you choose and the provider you go for, most entry-level bookkeeping courses cover the following basics:
- Financial transactions
- Processing customer and supplier transactions
- Processing receipts and payments
- Using a journal
- Reconciling a bank statement with the cash book
- Processing transactions through the ledgers to the trial balance
The Benefits of Taking an Online Bookkeeping Course
Complete it at Your Own Pace
Perhaps the biggest advantage of taking a bookkeeping course online is the flexibility it offers.
Instead of attending physical classes at a dedicated time, online bookkeeping courses are typically self-paced, so you can complete it on your own timescale, day or night, weekdays or weekends- whenever works best for you.
Work from Home
Another significant benefit of an online bookkeeping course is that it can be done from the comfort of your own home, or anywhere for that matter. This makes it much more convenient for those looking to complete the course while still managing other day-to-day responsibilities, such as a job or childcare.
More Affordable
Online bookkeeping courses are usually more affordable than traditional in-person courses as they don’t require as many personnel to run or a physical space to attend. This makes it much more accessible to those who may be unable to afford in-person classes.
Like many in-person courses, online courses typically give you the option to spread the cost, making the course accessible to more individuals.
What’s more, you can save on travel costs as there is no need to commute to a set location each day.
More Engaging
Depending on the course you opt for, some online bookkeeping courses offer more interactive elements such as quizzes and simulations, which can make the learning experience more engaging compared to traditional methods of teaching. This can be a huge advantage to those who prefer alternative learning styles.
How to Find a Bookkeeping Course Online
When searching for an online bookkeeping course, it’s important to make sure that the course is from a reputable source. You’ll also want to check to see if the course is accredited, as this will ensure that the content is of a high quality.
Additionally, you may want to look for a course that is tailored to your specific needs. For example, if you’re looking to get an AAT Level 1 Award and AAT Level 2 Certificate in Bookkeeping, you’ll want to find a course that specifically covers the material that will be on the AAT exam.
You might also want to look for courses that offer the option to book the exam for you. This often works out cheaper than booking and paying for the exam separately.
What is Required to Complete an Online Bookkeeping Course?
In order to enrol on most Level 1 and Level 2 bookkeeping courses, you must be at least 16 years old. It is also recommended that you have good communication, English and maths skills.
Do I Need Experience to Become an Accountant?
Online bookkeeping courses can be a great way to learn the basics of bookkeeping and get a qualification, however, in order to become a successful accountant, you’ll need a combination of both theory and practical experience working with financial records.
How to Become a Chartered Accountant
Get The Qualifications
To work as an accountant, usually just an AAT qualification is required, however, to become a chartered accountant, you will need the ACCA, ACA or CIMA qualifications.
Although a university degree is strongly desirable when searching for a role, it isn’t essential. So whether you have no degrees at all or a degree in a subject that appears to be unrelated to accounting, don’t feel let it stop you.
Similarly, contrary to popular belief, it’s not essential to have an A Level in Maths or any A Levels at all to become an accountant. The job rarely requires complex mathematical calculations, and a calculator will be your trusty companion.
Association of Accounting Technicians (AAT) Qualification
If A Levels aren’t for you, you should consider starting the Association of Accounting Technicians (AAT) to get a head start in your journey to professional accounting.
This can be done either part time, or full time as an apprenticeship, in which you’ll gain the qualification, experience and an apprentice wage.
Association of Chartered Certified Accountants (ACCA) Qualification
Following this, you can progress to the Association of Chartered Certified Accountants (ACCA) qualification. This consists of three components: exams, an Ethics and Professional Skills module and the necessary practical experience.
The cost of training may be partially or fully covered by your employer, however, this isn’t always the case and you should expect to pay subscription fees of £79 and £105, exam fees from £103 to £307 per exam and £60 for the Ethics and Professional Skills Module.
The ICAEW Chartered Account (ACA) Qualification
Alternatively, you could advance onto the ICAEW Chartered Account (ACA). This course is considered to be more difficult than the AACCA, but the earning potential is high, with average wages of £108,000.
The course consists of four elements: practical experience, exam modules, professional development and ethics and professional scepticism.
The cost of training is usually covered by your employer, however, this may not always be the case and independent students must cover their own costs.
This includes the annual fee of £165+VAT, tuition and exam fees which can be from £70 to £260 per exam. Modules will also cost between £70 and £100.
Chartered Institute of Management Accountants (CIMA) Qualification
With a Chartered Institute of Management Accountants (CIMA) qualification, you’ll earn both the ACMA (Associate Chartered Management Accountant) and CGMA (Chartered Global Management Accountant) designations.
These designations reflect an individual’s comprehensive financial knowledge, broad strategic skills, and evolving competencies, and serve as a valuable, globally recognised asset to your career journey.
The CIMA qualification is comprised of three stages: enterprise, performance, and financial, encompassing a total of nine subjects. To be eligible, you must either possess relevant qualifications like the AAT or begin at the entry level with the CIMA Certificate in Business Accounting.
The cost of obtaining a CIMA certification includes a registration fee of £77, which includes the first year’s subscription (followed by annual subscriptions) and study expenses, which vary depending on whether you choose to study online, at home, or with a tuition provider.
Choose your Accounting Specialism
The field of accounting can broadly be categorised into two main domains: management and financial accounting. Each of these domains encompasses various specialised subcategories such as audit, corporate recovery and insolvency and tax.
Management accounting provides information to those within a company and is not required by law and only covers specific matters.
Financial accounting provides information to those outside of it, such as shareholders and covers an entire organisation.
Find a Job or Apprenticeship
Whilst qualifications are important, experience in the working accounting world is invaluable. You can find work in any field for public/private sectors and work for large businesses or small and medium-sized enterprises (SMEs). This can help you to determine the type of work environment you prefer to work in for the future.
Apprenticeships can provide the same practical skills and fast-tracks you to achieving your chartered status.
If you’re thinking about a career in accountancy, check out our Ultimate Guide to Becoming a Chartered Accountant.