Best Chartered Accountants For You – How to Get One

To search and hire the right chartered accountant for you is not an easy task, but if you are going to start up a business, hiring an accountant must be one of your priorities. It is of course required that the one that you are going to hire has the qualifications. One of the best ways is to ask your professional associates or find a reliable source.

The internet is replete with accounting firms who advertise their services online. You can check out these firms and contact them. Most of them are promising and can help you find the right accountant for you, who of course, has the right qualifications. You should also go for a firm which offers a free needs assessment, as it is as important as hiring the right accountant for your business.

The Benefits of Having an Accountant

An accountant’s job description includes studying and taking care of your accounts, diagnosing financial problems, and improving your company’s financial state. Researching about specialized services can be of great help if you have specific needs like payroll services, bookkeeping or legal services. Others offer a wide range of services while some focus on a specific area wherein they specialize.

Not hiring accounting or bookkeeping services is one of the most common mistakes that a business owner makes. This usually results in consequences that are not favorable to the business. Hiring an accountant must always be included in every business plan no matter how small the enterprise may be.

Another great and easy way to find skilled and qualified accountants is to ask your friends or professional associates for recommendations. Yellow pages and the internet are also great and helpful resources. After doing a research, you have a few prospects but the search doesn’t stop there.

Qualifications of the Right Accountant for the Business

Of course there are also points that you need to consider in choosing the right accountant for you. Are they skilled enough? Do they have enough experience? What is the credibility of the firm or source from which you have found your prospect?

Simply checking your books and records and taking care of payroll are not the only purposes that an accounting professional serves. They can also be financial advisors and valuable assistants aside from doing basic record-keeping.

Also, someone with sufficient experience, training, and expertise is what you really need because the tasks that an accountant is going to perform is of extreme value to the survival, growth, and improvement of a business. Finding a firm which houses skilled and qualified professionals is your best bet.

You also need to schedule a conference and meet with the potential employee for you to be able to know them better. Sometimes seeing their resumes is not enough. You have to see them in person for you to judge them better.

CPAs or chartered accountants are usually the best choice. They are trained to handle different accounting jobs and they are better equipped than ordinary accountants. The advantage of having a CPA over an ordinary accountant is the skills and knowledge that they have, which they can use to better handle the financial side of your business.

6 Helpful Tips To Make Changing Your Accountant A Painless Process

Many businesses may not be completely happy with their current accountants, but don’t want to change because it seems like a lot of work, extra expense and irritation. However, if your current accountants are not doing a good enough job, then switching accountants is your only realistic option.

Here are six top tips that will make changing your accountants as simple as it can possibly be:

1) Only Use Chartered or Otherwise Qualified Accountants

If your new accountant and your existing one are both chartered and members of the Institute of Chartered Accountants or another professional body such as the ACCA, then they are bound by the rules of those organisations to act in a particular way.

This means your existing accountant will have to hand over your case and any papers belonging to you within a reasonable time.

2) Changeover or Handover Fees

Members of the Institute of Chartered Accountants and ACCA are required to provide these documents without charge, so there should be no handover fees charged by your existing accountant.

3) Your New Accountant Should Take Care of Requesting The Right Information

Through an initial discussion with your new accountancy firm, they should be in a position to request all the relevant information from your existing accountant. They will write directly to your existing accountant to collect the documents. This is NOT something you need to do yourself.

The types of information requested may include your latest accounts, bank reconciliation statements, copies of the last P35 and P11D, copies of VAT returns, payroll documents, copies of the last annual return and so on.

4) Your Responsibilities

If your new accountants are providing services that your previous accountant did not, then there may be information within your own office that you need to pass on to your accountants.

Your new accountants will be able to provide you with a checklist of the information that you need to give them to make this step as straightforward as possible.

5) Resolving Or Dealing With Disputes

One of the reasons you may be changing accountants is because you have a dispute with them over fees.

A dispute of this nature alone should not be a sufficient reason for your existing accountant to refuse to hand over information to your new accountant. They may, however, choose to advise your new accountant of the details of the dispute.

In the normal course of things, such disputes should not affect the transfer of information from one accountant to another. If, however, problems do occur, then filing a complaint – or threatening to file a complaint – with their professional body will, more often than not, help to resolve matters.

6) What To Do If Your Existing Accountant Is No Longer Trading or Out of Business

If your existing accountant has gone out of business, it may still be possible to obtain the necessary paperwork and information from them. However, in circumstances where this is impossible, then your new accountant should still be able to take over the account.

Financial Careers: Bookkeepers, Accounts Technicians and Accountants

Finance is an area that exists in all types of companies and offers a wide range of career opportunities. There are jobs at high level through to junior positions, which demand different levels of experience and education. Many of the jobs are related to each other, so they give us the opportunity to progress from junior roles to the more senior ones, using your on the job experience.

Bookkeeping

A bookkeeper is not someone with a chartered accounting qualification neither a financial business degree. Normally a bookkeeper will only have attained a certification at a training college. These courses are normally shorter term and relatively cheap compared to university or accountancy training schools.

A bookkeeper will be responsible for the data entry into a financial ledger system. They will be responsible for recording all financial transactions. They will require considerable attention to details, good numeracy and the ability to meet deadlines.

Accounts Technician

Accounts Technician qualifications usually have more stages and complexity than bookkeeping courses. They usually work in professional service firms or finance departments supporting accountants. They will work on similar items to bookkeeping, recording data in the ledger system to represent every financial transaction. However, their job can go further, as they may work on delivering financial reports and controlling budgets. This will require more experience and skills, as it holds more financial complexity.

Accountants

Accountants are usually professional or managerial staff and they will be primarily responsible to rationalising financial data in the ledger. Once they have verified the data for completeness and accuracy, they will go about producing financial accounts. The accounts will be published to interested parties and the accountants will provide any explanations or commentary.

Accountants will require a chartered accounting qualification and will normally have a degree from a university.

Financial Advisors

Financial Advisors may work for themselves, an organisation or a bank. There are professional qualifications available for financial advisors, which helps regulate the quality and consistency of advice provided to the public. Financial Advisors will advise people and companies their finances. They should be experts on financial products and have a broad understanding of general commerce. They will advise people and companies on how to manage their finances, the best investment opportunities, effective borrowing and much more. Some of the advisors work for Banks and will only provide advice on their company’s financial products. Meanwhile, others will work independently and will provide more impartial advice on all financial intermediary products.

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