No matter how small or large your business is, it is vital that you find the right accountant for your needs. Many people don’t realize that anyone can open a business, or even advertise as an accountant.

If you are based in the UK, here are some things to consider when selecting an accountant, get the facts here.

Qualifications.

The only qualification you will need is Chartered Accountancy or Chartered Certified Accountancy. If you fail to pass rigorous professional exams to become chartered, you cannot call yourself an accountant.

Chartered Accountants were and are Chartered Certified after passing the Institute of Chartered Accountants in England & Wales examinations (ICAEW), as well as the Association of Chartered Certified Accountants exam.

The ICAEW is home to over one hundred twenty-five million members. It is the largest professional association for accountants within the European Union. The ICAEW certificate is recognized as a highly respected professional qualification. Upon passing this exam institute members are eligible to become Chartered Accountants. The type of membership and the amount of experience they have will affect which letter ACA/FCA they choose.

ACCA offers Chartered Certified Accountant Certification, which carries letters ACCA/FCCA.

Qualified accountants need to stay current with their knowledge. CPD, which stands for Continuing professional development, is required for members. It is similar to CPD for other professions such as surveyors. You can earn as much as 240 hours annually in CPD. CPD can be achieved through a variety of methods such as workshops, self study, and attending courses. A chartered accountant is a firm that has attained the chartered status of 75 percent or more of its partners and owners.

Chartered accountants in the UK are not required to perform your accounts. However, chartered accountants will be required if your business or company has a turnover exceeding a certain threshold. Only registered auditors can audit your accounts.