Everything You Should Know about Chartered and Non-Chartered Accountants: Which is Best for You?7/1/2020 We’ve all heard of both chartered and non-chartered accountants in the UK, but not many of us have the slightest idea of the difference between the two. Is one better than the other? More importantly, which is one is best for your needs? If you are running and operating a small or medium-sized enterprise or are self-employed and are thinking of getting professional help when it comes to your finances, then you have probably decided to get an accountant. Accountants can help you not only with bookkeeping and the regular updating of your financial records and transactions, but they can do so much more besides. But if you're wondering what the difference between a chartered and non-chartered accountant is, here's everything you should know about them – and which is best for you.
The general role of a chartered accountant A chartered accountant is there to give you professional advice and information regarding your business’ status and financial records. Your chartered accountant can also be involved in taxation, financial reporting, auditing, corporate finance, forensic accounting, insolvency, and business recovery. Whatever accounting processes or systems you need, your chartered accountant will provide you with the proper system or process, and they can also make strategic forecasts, letting you know where your business is going. In order for an accountant to be called a chartered accountant, they will have to have finished a bachelor’s degree in accountancy, and this is then followed by a special CTA or Certificate in the Theory of Accounting. This certificate is taken as a separate degree following their bachelor’s degree. The difference between chartered and non-chartered accountants The main difference between chartered and non-chartered accountants is that a chartered accountant needs to finish post-graduate studies after their bachelor's degree, and they need to have had at least three years' work experience working with a CA expert who is in charge of mentoring them through this period. Chartered accountants are specialists in the accounting field, in business, and finance, compared to non-chartered accountants who have a more transactional role in finance. Additionally, chartered accountants such as the accountants in central London from Griffin Stone Moscrop & Co will be members of either the ICAEW (Institute of Chartered Accountants) or the ACCA (Association of Chartered Certified Accountants), and these organisations will only allow someone to become a member once they have passed certain qualifications and have gone through a three-year work experience period. Theoretically speaking, anyone who has completed an accountancy course or received a diploma in accountancy can already refer to themselves as accountants, regardless of their experience. Accountants will usually specialise in one area, like VAT submissions, tax, or payroll, but a CA or chartered accountant will be well-versed to provide information and advice for a business’ existing and future financial forecasts and aspects. Which one do you need? If you need someone who can simply keep track of your financial transactions and records and perform duties such as payroll and taxes, then an accountant can do the work for you. But if you need someone who can plan as well as manage audits and help formulate strategies on taxes and plan mergers and acquisitions, plan budgets, and serve as a professional advisor or consultant, then a chartered accountant will be your best choice.
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4/15/2024 09:31:05 am
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