How to choose an accountant?

How to choose an accountant?

When you start choosing an accountant it can often be confusing. The most common accountancy qualifications are Chartered accountants (ACAs), Chartered Certified accountants (ACCAs), CIMA qualified management accountants and AATs who are accounts technicians or bookkeepers. Then there are tax, payroll and other specialist qualifications. And then there are people who call themselves accountants or bookkeepers but actually hold no qualifications or memberships.

So how do you choose when there are so many different kinds and what do they all mean?
Choosing an accountant can be confusing but it is quite important that you get it right. Your financial affairs are a cornerstone of your business. You are a great specialist in your area and an amazing salesman. But someone needs to keep the back-office engine running so that you can go out and do what you do best. Financial affairs are not to be sniffed at. If something goes wrong it is usually the firm of accountants who is the first port of call for the advice on how to put things right. So why wait? You can get advisors that provide you with the support you need as you go along. The amazing softwares out there have made it so much easier and cheaper.

In other words, you are in good hands if you choose a member of ICAEW. ACA stands for Association of Chartered Accountants and FCA stands for Fellow Chartered Accountant which is only given to members with over 10 years of relevant working experience and up to date technical training. 
We have been awarded FCA by ICAEW.


Chartered accountants

We are Chartered accountants and are members of Institute of Chartered Accountants in England and Wales (ICAEW). It is one of the most prestigious accountancy bodies in the world and its members are trusted by most of FTSE 100 companies to run their finance divisions. To become an ACA you would have to start in practice, in a firm of Chartered Accountants, where you train to become an auditor, advisor or tax specialist. While working, people study towards their exams and qualification is only granted upon satisfactory performance and passing exams along with three years of work experience in a recognised firm. Many ACAs continue in practice after qualifying but may move on to industry to in-house finance positions.

A copy from ICAEW website explains it very well:
https://www.icaew.com/about-icaew/what-is-chartered-accountancy

"The title ‘chartered accountant’ and the letters ACA or FCA, however, indicates that the person has undertaken a minimum of three years in-depth training, passed a series of rigorous examinations in financial management, auditing, business strategy and taxation, and committed to continuing professional development to keep their skills up to date.

Although unqualified accountants are subject to the same laws as chartered accountants, ICAEW Chartered Accountants are bound by our Code of Ethics and subject to our disciplinary procedures. They are required to hold a practising certificate and professional indemnity insurance if they offer professional services to the public."

In other words, you are in good hands if you choose a member of ICAEW. ACA stands for Association of Chartered Accountants and FCA stands for Fellow Chartered Accountant. FCA is only given to members with over 10 years of relevant working experience. Our qualification is FCA.


Other qualifications

ACCAs obtain their qualification when working in industry or practice. They can also do their exams independently and when based outside the UK. It is a well recognised body in the UK and internationally.

CIMA stands for Chartered Institute of Management Accountants. They obtain their qualification when working in a finance team in industry. As their name suggests the emphasis is more on Management accounting and Financial reporting. 

AAT stands for Association of Accounting Technicians. These are more basic accounting and bookkeeping exams and can be obtained within 6-18 months. 

As you can see there are lots of different qualifications and you can take your pick depending on what kind of service you need. 
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