Choosing the Best Accountant For Your Business
Choosing and hiring the correct accountant or accounting firm for your company, whether large or little, is a critical decision. Few people realise that practically anyone may start their own accounting firm and advertise and represent themselves as an accountant.Have a look at Jones CPA Group for more info on this.
If you are based in the United Kingdom, here are some crucial aspects to consider when choosing an accountant:
Chartered or Chartered Certified Accountancy Practice is the qualification you need to look for. (While anyone can call oneself an accountant, only chartered accountants have passed rigorous professional examinations.)
Chartered Accountants, sometimes known as Chartered Certified Accountants, are individuals who have passed the Institute of Chartered Accountants in England and Wales (ICAEW) or the Association of Chartered Certified Accountants’ examinations (ACCA).
With approximately a hundred and twenty-five thousand members, the ICAEW is the largest professional accountancy association in the European Union. The ICAEW’s qualification is recognised as a credible business qualification all around the world. After completing this exam, institute members can call themselves Chartered Accountants and use the letters ACA or FCA, depending on how much experience they have and how long they have been a member.
The Chartered Certified Accountant qualification, abbreviated as ACCA or FCCA, is offered by ACCA.
Qualified accountants must maintain their expertise in order to keep it current. As a result, members are required to participate in Continuing Professional Development, or CPD for short. Other vocations, such as surveyors, are comparable. CPD requirements usually entail spending a certain number of hours per year expanding one’s knowledge, and can be completed through a variety of means such as self-study, attending courses, or attending workshops. A business can call itself Chartered Accountants if the majority of its proprietors or partners (usually 75 percent) have attained chartered status.
While using a chartered accountant for your accounts is optional in the UK, if your company or corporation has a turnover above a specific threshold, you must have your accounts audited. Your accounts, on the other hand, can only be audited by a company of registered auditors.