Select the right accountant
It is crucial to hire and choose the right accountant/accountancy firm for your company, no matter how big or small. Many people don’t realize that anyone could open a business, advertise themselves as an accountant, and call themselves a “comptroller”, discover more here.
These are important factors to consider when selecting an accountant to work with you, regardless of where your UK-based business is.
The certification that you should look for is Chartered (or Chartered Certified Accountancy). Although anyone can be an accountant, those who have passed rigorous professional exams can become chartered.
Chartered Accountants and Chartered Certified both passed the Institute of Chartered Accountants in England and Wales’ (ICAEW), and alternatively, the Association of Chartered Certified Accountants [ACCA].
The ICAEW has more than one hundred twenty five thousand members and is the largest professional accountant organization in the European Union. The ICAEW has a reputable business qualification. After passing this exam institute members can become Chartered Accounting professionals. Depending on their experience and length, they may use the letters ACA/FCA.
ACCA offers Chartered Certified Accountant. This carries the letters ACCA/FCCA.
Qualified accountants must keep current with their knowledge. CPD stands shorthand for Continuing Profession Education. CPD is the same as that required for other professions, such as surveyors. CPD demands that you spend lots of time every year learning new things. CPD can be achieved by attending courses, self study, or participating in workshops. A chartered status is when a majority (usually 75%) or more of the partners or owners of an accounting firm can be called ‘Chartered accountants.
You can use chartered accounting firms to help you with your accounts. However they will need to audit your UK accounts if your company or business has more than a certain turnover. Auditing the accounts can only be done by registered auditors.