It is crucial to hire and choose the right accountant/accountancy firm for your company, no matter how big or small. Many people are unaware of the fact that anyone can start a business and advertise themselves to be an accountant, check our website here.
These are some of the most important things to think about when looking for an accountant to assist you in your UK-based enterprise.
You should seek out Chartered certification, also known as Chartered Certified Accountancy. You can be an accountant. But only those who have passed rigorous professional exams will be chartered.
Chartered Accountants and Chartered Certified successfully passed the exams of Institute of Chartered Accountants in England and Wales (ICAEW), and alternatively, of the Association of Chartered Certified Accountants[ACCA].
The ICAEW, with more than one hundred twentyfive thousand members, ranks as the largest professional accountancy association in the European Union. The ICAEW holds a reputable business qualification. A Chartered Accounting professional can be a member of this institute after passing this exam. Depending upon their experience and length of membership, they can use ACA/FCA.
ACCA offers Chartered Certified Accountant. These individuals carry with them the letters ACCA/FCCA.
Qualified accountants should continue to update their knowledge. CPD is an acronym for Continuing Professional Learning. CPD for other professions such as surveyors is similar. CPD is a requirement that you spend time learning new things each year. This can be accomplished by attending courses or self-study. A chartered status refers to when at least 75 percent of the owners or partners of an accounting business are eligible for the title of ‘Chartered Accountants.
A chartered accounting firm can be used for your accounts. However, if your company or business has a turnover exceeding a certain amount they must audit the accounts. The accounts can only be audited by registered auditors.