It is important that you hire the right Accountants Glasgow and accountancy firm for any business, large or small. People don’t realize the fact that anyone can establish a business or advertise to be an accountant.
Here are some important things to keep in mind when choosing an accountant if you’re based in the UK:
The qualification that you need is Chartered or Chartered Certified Accountancy. You can’t call yourself an accountant unless you have passed rigorous professional exams to become chartered.
Chartered Accountants and Chartered Certified were certified by passing the Institute of Chartered Accountants in England and Wales examinations (ICAEW), and the Association of Chartered Certified Accountants exam (ACCA).
The ICAEW has over one hundred and twenty-five thousands members. It is the largest professional body for accountants in the European Union. The ICAEW certification is recognized as a reputable professional qualification. Upon passing the exam institute members can become Chartered Accountants. The letter ACA or FCA they use will depend on the level of experience and length of membership.
ACCA offers Chartered Certified Accountant certification, which carries the letters ACCA/FCCA.
Qualified accountants have to keep their knowledge up-to date. CPD, short for Continuing professional Development, is mandatory for members. This is similar in nature to other professions, like surveyors. CPD can usually be as much as 240 hours per year. It can be done through various methods, such self study, workshops, or attending courses. If the majority (usually 75%) or more of the partners and owners of an accounting firm has achieved chartered status, the firm is eligible for the title of ‘Chartered Accountants.
Although chartered accountants are not required for your accounts in the UK, they will be necessary if your company or business has a turnover that exceeds a certain threshold. Only registered auditors are qualified to audit your accounts.