Is an accounting knowledge gap holding your business back?

Are you maximising the full potential of your business? As a small business owner, it can be difficult to keep track of all the different areas that need attention. Many times there is crucial knowledge missing, especially when it comes to accounting-related topics such as analysis, reporting, and forecasting.

If this sounds familiar, don’t worry. You can strengthen your knowledge in this area and bridge any gaps without breaking the bank.

Identifying accounting knowledge gaps in your business

Accounting knowledge gaps within your business can make all the difference when it comes to accuracy and security in financial operations. With an ever-changing wave of tax regulations, understanding them can be a challenge for many businesses, especially smaller ones with no dedicated accounting department.

Professional accounting is always evolving, so dedicated learning commitment can help you keep up to date. The accounting knowledge gap in your small business can mean the difference between success and failure, so closing it should be at the top of your to-do list.

When identifying any gaps, a great place to start is by furthering your education with qualifications such as AAT where you can also build upon your knowledge so that you can tackle any problems that may arise.

AAT units that will help

If you’re looking to elevate your professional credentials and increase your knowledge of accounting, the AAT qualification is a great way to do both. Not only does it provide an affordable and convenient way to gain new skills, but it also allows you to stay up-to-date on the latest accounting trends.

There is a range of routes that you can go down from bookkeeping to much more advanced knowledge. Here are some of our module recommendations that will help your business succeed:

AAT Level 2 Bookkeeping

ITBK (Introduction to Bookkeeping)
In the ITBK module, you will learn…

• How to set up bookkeeping systems
• How to process customer transactions, supplier transactions, receipts, payments, and transactions into the ledger accounts.

POBC (Principles of Bookkeeping Controls)
The POBC module will teach you…

• How to use the journal and control accounts

AAT Level 3 Bookkeeping

We recommend that you complete Level 2 first as this qualification builds on existing knowledge. By completing the Level 3 Bookkeeping course, you will be able to confidently apply the principles of double-entry bookkeeping, prepare final accounting, and understand VAT legislation, VAT returns, and the implications of errors.

FAPS (Financial Accounting: Preparing Financial Statements)
The FAPS module will teach you…

• Financial accounts preparation accounting principles
• Advanced double-entry bookkeeping principles
• How to prepare and record depreciation calculations
• How to record period-end adjustments
• How to produce and extend the trial balance
• How to produce and interpret financial statements
• How to prepare accounting records from incomplete information.

TBFB (Tax Processes for Business)
You will learn…

• VAT legislation requirements
• How to calculate VAT
• How to review and verify VAT returns
• Payroll principles
• How to report information within your organisation.

How Eagle Education can help your business

With Eagle, you can subscribe to the full course for your qualification which will help you get to where you want to be with minimal time restrictions.

You will also receive a personal mentor, tutor support, and access to a range of materials created by experts in the industry.

You will feel supported and empowered throughout your studies while gaining those all-important skills to close that knowledge gap and run your business effectively.

Ready to start?

Our AAT courses are the best place for anyone new to accounting and finance. Have a look through our AAT courses online, or get in touch with the team to find out more.