May2016Background
May2016Background
Home What is an accountant
May2016Background
May2016Background

What is an Accountant?

According to the London School of Economics, it is “A person skilled in the recording and reporting of financial transactions

An alternative definition is “Someone who solves a problem you didn't know you had in a way you don't understand.

Our testimonials page will show you that we go much further than the first description and that the second one does not apply to CCF at all! We can give some guidance in what to look for when choosing an accountant as follows:

When is an Accountant not an Accountant?

Anyone can call themselves an accountant, whether they are qualified as an accountant or not!

What makes the difference between a qualified accountant (who quotes letters after their name) is that they have professional rules and guidance to adhere to, including rules on how much Compulsory Professional Development (CPD) they have to do in a year to ensure that the advice they give is up to date and accurate. Non qualified accountants do not have any rules to follow.

The rules also prescribe levels of Professional Indemnity Insurance that they must hold, so that if for some reason advice they give is incorrect or causes you some sort of loss, then there is the opportunity of recompense.

What letters to look out for.

There are several letters to look out for, this does not include all of them, however in many cases where there are two forms, e.g.. ACCA and FCCA, the latter usually means that the individual has more than five years post qualification experience.

  • AAT, MAAT - The Association of Accounting Technicians

Most accountants start their career by studying for this qualification before going on to study for ACCA or ACA. This qualification is also held by many bookkeepers and accountancy staff. CPD hours per year – no specified number

  • ACCA, FCCA - The Association of Chartered Certified Accountants

This qualification is held by finance professionals such as financial directors, senior accounts staff and partners in accountancy practices. CPD hours per year – 40 including 21 verifiable

  • ACA, FCA - The Institute of Chartered Accountants in England and Wales

This qualification is also held by finance professionals such as financial directors, senior accounts staff and partners in accountancy practices. CPD hours per year – no specified number, based on members judgement

  • ATT - The Association of Tax Technicians

This is the leading body for providing tax compliance services. CPD hours per year – 45 including 15 verifiable

  • CTA - Chartered Tax Advisers

Similar to ATT, but members are qualified to a significantly higher standard. CPD hours per year – 90 including 20 verifiable

CCF are members of the Association of Chartered Certified Accountants and Chartered Tax Advisers. We maintain our learning by attending structured learning seminars provided by our institute as well as researching material for producing training seminars and writing articles and blogs.

CCF clients can be reassured that they are receiving relevant, up to date advice.

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