Colchester Accountants-Accountants in Colchester Essex

Colchester Accountants-Accountants in Colchester Essex

Institute of Chartered Accountants in England & Wales

In the UK, there are no licence requirements for individuals to describe themselves or to practice as accountants.

The Institute of Chartered Accountants in England & Wales (ICAEW) was established by a Royal Charter in 1880. It has over 130,000 members. Over 15,000 of these members live and work outside the uk. The Institute also has some 9,000 students.

The Institute is a member of the Consultative Committee of Accountancy Bodies (CCAB), formed in 1974 by the major accountancy professional bodies in the uk and Ireland. The fragmented nature of the accountancy profession in the uk is in part due to the absence of any legal requirement for an accountant to be a member of one of the many Institutes, as the term accountant does not have legal protection. However, a person must belong to the ICAEW, ICAS or ICAI to hold themselves out as a chartered accountant in the uk.

The ICAEW has two offices in the uk; the main one is in Moorgate, London and the other in Central Milton Keynes, in the newly built Hub:MK complex. In 2009 it also opened regional offices in Singapore and Dubai to support its members in Asia.[2[]|]

A Chartered Public Finance Accountant must be a member of the Chartered Institute of Public Finance and Accountancy (designatory letters CPFA).

An International Accountant must be a member of the Association of International Accountants (designatory letters AIAA or FAIA).

An Incorporated Financial Accountant must be a member of the Institute of Financial Accountants (designatory letters AFA or FFA).

A Certified Public Accountant must be a member of the Association of Certified Public Accountants (designatory letters AICPA or FCPA).

When Looking for an Accountant

An effective accountancy firm really does a great deal more than just record transactions, manage your figures and create a tax return. An effective accountant will explain exactly what those figures signify for you personally so that you can make crucial decisions which will safeguard your profits as well as improve your business.

The best accountants will be able to juggle data and numbers but should also have the ability to demonstrate effective as well as innovative business thinking. You can ask the candidate to provide you with a couple of quick suggestions on how your company might save money right now. Inquire further for a couple of good examples where they have provided effective working methods to their clients that went over and above merely tracking the numbers. You want an innovative as well as a cautious accountant.

Discuss with the accountant what you may expect charges to be. Is he going to guarantee their charge is not going to exceed a certain amount that you choose and agree upon up front? Make certain to discover the hourly rate, in addition to all charges for expense reimbursement. Determine NOW whether a simple one-minute telephone call or a three-page fax means an hour of chargeable time. (In the event that's the situation, get off the chair and leave right now.)

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