PwC was appointed the Skills Service Organisation (SSO) for the Financial Services Training Packages in 2016 and was tasked with building and strengthening qualifications across the sector in consultation with industry.  Consequently, a full review of all Financial Services related qualifications was undertaken in late 2016 and through to 2017, including qualifications and skill gap requirements for bookkeepers and accountants.

As a significant contributor to this review process, I am very pleased to see the outcomes being realised and am very enthusiastic about the education pathways for next generation bookkeepers.


FNS40217 Certificate IV in Accounting and Bookkeeping

Formerly two separate qualifications, FNS40215 Certificate IV in Bookkeeping and FNS40615 Certificate IV in Accounting, the review identified that these qualifications had identical job outcomes and should be merged to one qualification to avoid confusion and duplication.  The revised qualification has eight Core and five elective units:

Core Units

BSBFIA401 Prepare financial reports

BSBSMB412 Introduce cloud computing into business operations

FNSACC311 Process financial transactions and extract interim reports

FNSACC312 Administer subsidiary accounts and ledgers

FNSACC408 Work effectively in the accounting and bookkeeping industry

FNSACC416 Set up and operate a computerised accounting system

FNSTPB401 Complete business activity and instalment activity statements 1

FNSTPB402 Establish and maintain payroll systems1


Of the five elective units, two may be chosen from any currently endorsed training package at Certificate III through to Diploma level and the remaining three may be from the specified electives list. The individual units within the qualifications have been updated to reflect current bookkeeping practice and legislative requirements.


FNS50417 Diploma of Payroll Services

This brand new qualification compliments the existing diploma level payroll qualification, 10666NAT Diploma of Payroll Management.  The new FNS50417 Diploma of Payroll Services is geared toward supporting bookkeepers in practice who offer payroll support to clients and covers skills and knowledge related to HR Management, the industrial legislation, complex payroll payments, salary packaging and taxation related to the payroll.  This represents another great step forward for the bookkeeping profession and the acknowledgment of the high level of skills and knowledge associated with payroll services.  This qualification also provides opportunities for bookkeepers to differentiate their services and their businesses.  AAT are working on exclusive partnerships with best quality RTOs to provide members with access to FNS50417 Diploma of Payroll Services.

We will provide you with more information about the qualification, including likely timelines for its availability and how you can enrol over the next several weeks.