Accountant Definition

Did you know that anybody may call himself an ‘accountant’? Because the word accountant is not regulated, anybody may refer to himself as an accountant regardless of his background, experience, training, or professional qualifications.

So, before hiring an accountant to work with, investigate their qualifications. Professionally qualified accountants (AAT, AFA, ACA, FCA, ACCA or FCCA) are the best choice. They are highly trained, regulated, and have professional indemnity insurance.

They are always more costly than an untrained accountant but might save you thousands in tax, fines, and reputational damage. Unfortunately, many of the significant tax mistakes or irresponsible advising situations we strive to correct are by individuals/firms not associated with a professional association. These firms are unsupervised and generally do not have professional indemnity insurance.

Professional accounting bodies license accountants in the UK and elsewhere. These organizations provide both academic and practical training in accounting. Hire someone who has completed all the required examinations and has an accounting licence, whether for personal or business affairs.

Professional indemnity insurance (PII) is a contractual need for qualified accountants, and it protects both the accountant and the customers. If the accountant doesn’t follow your business interests or professional ethics, you may report them to their regulatory body. These are the top accounting institutions and their accompanying credentials in the UK.

  • ACCA – Chartered Certified Accountant (ACCA or FCCA) 
  • Chartered Accountant (ICAEW) – (ACA or FCA)
  • Chartered Management Accountant (CMA) (ACMA or FCMA)
  • Chartered Accountants Ireland (CAI) (ACA or FCA)
  • Institute of Financial Accountants  (AFA, FFA) 

Although some accountancy firms will offer you a ‘one-size-fits-all’ solution, most services are more flexible than this. Accountancy packages can vary in the services they provide. Although there are certain basic functions which most accountants will provide (and which are generally included in a monthly fee), there may also be additional services available for an extra fee. These extras usually include Self Assessment Tax Returns, Payroll and workplace pension compliance, Limited Company Accounts, Tax advice/planning, VAT Returns and MTD.

We are open for business and happy to accept your call. Our team of qualified accountants and tax consultants have broad skills and experience across all areas of accounting, taxation, tax planning, savings, and business investment which they utilise to the best of their abilities to help your company and achieve the best possible outcome for you. If you want to meet with us, we have a team of qualified personal tax accountants who can meet over the phone, via video call, or in one of our offices.

Perhaps it’s time to look for a new accountant if you haven’t enjoyed such kind of assistance from your existing one? Our accountants will work with you or your business to ensure that all elements of your finances are handled proactively so that you can refocus on what matters most – operating your business!