What is Bookkeeping and Accounting?

About Bookkeeping and Accounting – As a Business or Profession

It is a legal requirement in the UK for a business to keep accurate up to date records regardless of size. Moreover, failure to do so can result in fines and even imprisonment for serious offenders. Therefore it is vitally important for all businesses to have someone suitably knowledgeable or qualified to deal with the bookkeeping and accounting, whether it is the owner of the business when it is relatively new or a qualified Bookkeeper or Accountant.

You don’t need a string of GCSE’s, ‘A’ Levels or college certificates to complete our unique style Bookkeeping courses or indeed to be a successful Bookkeeper. Our students have an Outstanding 1st Time Pass Rate regardless of background, experience or education.

Bookkeeping is based on logic and common sense, and indeed many of our successful students, now qualified bookkeepers left school with little more than a frown.

Bookkeeping is a highly respected profession. Over time you develop knowledge and understanding of different types of businesses and how to manage their finances using the latest methods and technology working on a level par with business owners, accountants and degree standard professionals.

Although we constantly hear about household names and brands disappearing from our High Streets, the current statistics show that the new generation of businesses and enterprise is growing at quite a steady rate. With recession people always lose jobs, and for some, it becomes the ideal time to take the plunge and make the big step into Self Employment. Some of these new businesses will become Household names and major employers in the future.

  • There were a record 5.7 million private sector businesses at the start of 2017.
  • This is an increase of 197,000 since 2016, and 2.2 million more than in 2000.
  • The number of employing businesses increased by 41,000 (+3%) since 2016, and the number of non-employing businesses by 155,000 (+4%).

SMEs and the Economy:

  • Small businesses accounted for 99.3% of all private sector businesses at the start of 2017 and 99.9% were small or medium-sized (SMEs).
  • Total employment in SMEs was 16.1 million; 60% of all private sector employment in the UK.
  • The combined annual turnover of SMEs was £1.9 trillion, 51% of all private sector turnover in the UK.

Composition of the business population:

  • In 2017 there were 1.3 million employing businesses and 4.3 million non-employing businesses. Therefore, 76% of businesses did not employ anyone aside from the owner(s).
  • The overall business population includes three main legal forms: there were 3.4 million sole proprietorships (60% of the total), 1.9 million companies (33%), and 414,000 ordinary partnerships (7%).
  • Of the 5.7 million businesses, 45% (2.6 million) were registered for VAT or PAYE.

Trends in the business population

  • There has been sustained growth in the total business population, with increases of 2.2m (+64%) since 2000 and 197,000 (+4%) since 2016.
  • The majority of population growth since 2000 has been due to non-employing businesses, which accounted for 89% of the overall increase.
  • Non-employing businesses accounted for 79% of the overall 197,000 increase in the last year.
  • The number of companies and sole proprietorships has increased in the last year by 128,000 (+7%) and 76,000 (+2%) respectively. However, the number of ordinary partnerships fell by 7,200 (-2%).

Locations and industries.

  • The number of businesses per person is higher in southern England than elsewhere in the UK.
  • SMEs account for at least 99.5% of the businesses in every main industry sector.
  • Nearly a fifth of all SMEs operate in Construction, compared with less than 1% in the Mining, Quarrying and Utilities sector.

Figures obtained from the Department for Business, Innovation & Skills

The first stage to becoming a bookkeeper is Level 2, whereby upon completion, it is possible to apply for jobs. Our specially designed packages are completely up to date with industry standards in order to provide you with the best possible opportunities in the job market.

  • We have an Introduction course available for those who wish to test the water: Introduction to Bookkeeping
  • Level 2 is the starting point for the ICB pathway.
  • Level 3 is the first Level of qualification required to set up as a self-employed Bookkeeper
  • Level 4 – since the Financial Reporting Council introduced FRS105 bookkeepers have been able to prepare and submit final year-end accounts for micro-entities which can include Limited Companies and Limited Liability Partnerships who have adopted a simple reporting regime.  This suite of level 4 courses is a great way to offer extra services to your clients.
  • Further CPD units can be added for senior bookkeeping roles, or to add to the self-employed Bookkeepers services
  • Payroll Management
  • Self Assessment Tax Returns

We also have a no obligation free trial that you can take:

Furthermore, as a newly enrolled student, you will have the opportunity to join our Facebook student community page ‘Student Street‘. Details will be e-mailed to you once you have been registered on our system.

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