Picking a business accountant to manage your accounts is never easy. For starters, you want to make sure that the accountant you employ has got the industry know-how and training to ensure that your business is receiving the best tax planning strategies.
So what can you do? How can you be certain that you are picking the right accountant?
Well you can begin by taking a look at their qualifications…
What qualifications do accountants have?
Now you will find that most accountants have got at least 5 good GCSE’s, 2 A-level (including Maths) and a degree (preferably business related). However, getting a degree isn’t always necessary as it is possible to go on an Accounting Technicians course, which allows them to work their way up through training.
A-levels aside, accountants can choose to train with one of the following 3 bodies:
- The Institute of Chartered Accountants England and Wales (ICAEW)– offering an ACA (Associate Chartered Accountant), this is the most regarded qualification in the world due to its quality. Once completed, accountants become recognised as Chartered accountants and can special in forensic accounting, audit, business recover/insolvency, corporate finance, financial accounting and tax advice.This particular qualification also allows accountants to audit accounts for other businesses.
- The Chartered Institute of Management Accountants (CIMA) – enabling accountants to run accounts of a business or become a financial director, this particular qualification doesn’t make the accountant certified to sign off audited accounts of another business.
- The Association of Chartered Certified Accountants (ACCA) – this qualification enables accountants to sign off audited accounts of another business, although they are not necessarily trained to be a company accountant (although this does happen).
They’ve got the qualifications, but who is better?
Whether your potential accountant has got an ICAEW, CIMA or an ACCA qualification, when it comes to picking an accountant it is important that you are 100% happy with the service they can provide.
That is why it is worth taking advantage of free business appraisals as they can provide you with an insight into how they work…
Fortunately most accountants offer these so if you see a business accountant that you like who offers one, go and take advantage so you can judge their industry knowledge.
Only by testing their expertise can you feel 100% confident that your business accounts are in safe hands. So give them a try and see what you think.
