It is vital that you find the right accountant for your business. A majority of people don't know that anyone can set up a business and call themselves an accountant, learn more here.
These are some of your most important considerations when looking for an accountant in the UK.
You should seek Chartered Accountancy (or Chartered Certified Accountancy) as the qualification. While anyone can be called an accountant by their title, only chartered accountants have to pass rigorous professional examinations.
Chartered Accountants are those who have passed both the Institute of Chartered Accountants in England & Wales’ (ICAEW) or the Association of Chartered Certified Accountants’s (ACCA).
The ICAEW Europe's largest professional account organization has over 175 000 members. The ICAEW certification has been widely recognized as a reputable qualification for businesses. Upon passing, members are eligible for the title of Chartered Accountants. This will depend on the experience of each member and the length of their membership.
ACCA offers Chartered Certified Accountant qualifications. These letters are ACCA (or FCCA).
Qualified accountants should keep up to date with their knowledge. CPD stands as Continuing Professional Development. This applies to many other professions, like surveyors. CPD typically requires you to spend many hours every year improving your knowledge. This can be accomplished by attending classes or workshops as well as through self-study. The chartered status of a firm is granted to the majority, usually 75 percent, of its partners or owners.
Chartered accounts can be used for your accounting. However if your business or company has a turnover that exceeds a limit in the UK your accounts will have to be audited. Only registered auditors can perform an audit of your accounts.