Congratulations! You now have a business, or a business idea. The question is, what are you doing to do about your accounting?
Accounting may come as an afterthought in business but your numbers should be central to any decision that you make. When you are running a business, you are legally required to keep financial and accounting records. All businesses are legally required by HMRC (and Companies House if the business is a Limited Company) to submit correct financial information by set deadlines.
As a small business owner, you have a choice: learn and do it yourself or hire someone else to do it for you. It is a no brainer that if you hire someone to do your accounting, you will want an accountant.
It is worth noting though that the term “accountant” is not protected in the UK and anyone can call her/himself an accountant… and people do! If you are looking for an accountant with the qualifications and the experience, then you are looking for an “ICAEW Chartered Accountant”. It is protected title, and you will see the designatory letters ACA or FCA at the end of the person’s name. E.g. Nadia Hossen Mamode ACA.
An ICAEW Chartered Accountant would have completed 3 years of work experience and passed a series of examinations. A further 2 years of work experience is then required to set up an accountancy business. Accountancy is only a part of the qualification which covers a wide array of business topics such as taxation and business strategy.
80 out of the FTSE 100 companies have an ICAEW Chartered Accountant on their board: this is not a coincidence.
Not all ICAEW Chartered Accountants offer the same service and they will often niche the clients that they work with and specialise in the services that they offer.
At Bee Accountancy, we specialise in high growth service businesses. Our speciality is our Strategy Consultation, which is a Business Advisory service. For our clients on our monthly compliance package, we offer a tax saving exercise as standard. Other ICAEW Chartered Accountants will have their own niche and areas of expertise.
Would you like to know Our Top 10 Tips when choosing your accountant?
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