The importance of working with a qualified accountancy firm

Astin Accounts Solutions MD Lee Astin outlines the importance of choosing an accoutancy firm accredited with ACCA or ICAEW (ACA) WorkingremotelyforclientsbasedacrosstheUK,IsleofMan,France,MaltaandDubai,weofferawiderangeofoutsourcedfinanceservices,providingallthesupportyouneedtotakeyourbusinessintherightdirection. +44(0)7624451703 [email protected] +44(0)1624610170| [email protected] Home Aboutus OutsourcedServices FinanceDirectorServices BusinessControlServices AccountsSystemImplementations OutsourcedAccountingServices Adviceandresources Easyaccounting:HowtouseExcelfordataanalytics Theimportanceofworkingwithaqualifiedaccountancyfirm OutsourcedAccountingServicesexplained Opportunityblocks:Cryptotechnologyismorethanatheory–it’schangingourworld Ournews Contactus Theimportanceofworkingwithaqualifiedaccountancyfirm Therightaccountancyfirmforyouwilldependonyourspecificrequirementsandwhattheycanoffer.Onethingyouneedtobesureof,however,istheirqualificationsandexperienceindealingwithyourcompanyrequirements.AstinAccountsManagingDirectorLeeAstinoutlinestheimportanceofworkingwithaqualifiedaccountancyfirm WhichqualificationsshouldIbelookingforwhenchoosinganaccountancypractice? ItisveryimportantyouensuretheaccountancycompanyyouareworkingwithisregisteredwithaprofessionalaccountancybodysuchasACCAorICAEW.Withoutobtainingsuchastatusandholdingapractisingcertificatemeansnotonlymaytheynotbequalified,theymayalsonotbeinapositiontoissueandsignanAccountantsReportwithinasetoffinancialstatements.  HowcanItelliftheyhavethequalifications? Tocheckthecredentialsofanaccountancycompany,youcanrefertothefollowinglinksforACCAorICAEW(ACA).UsingAstinAccountsasanexample,ifyousearchontheACCAwebsitethenyouwillseeitisanACCAregisteredbusiness:   Whyisitimportantformetochooseaqualifiedaccountant–whataretherisks? Peopleoftendonotrealisethatanyonecansetupanaccountancypractice,regardlessofwhethertheyhaverelevantqualifications,experience,technicalskillsorinsurance. Whenchoosinganaccountantyouwanttobereassuredthattheyhavethenecessaryexperienceandqualificationstoprovidehigh-qualityservices.Anotherwaytolookatthisis–wouldyougotoanunqualifiedorunregulateddoctorformedicaladvice? AtAstinAccounts,wehavefirst-handexperienceoftakingonclientswhowerepreviouslyservicedbyunregulatedaccountancypracticeswhoalsolackedinexperienceandthesortsofissueswehaveidentifiedhavebeen: VATissuessuchasVAToverpayments,incorrectVATtreatmentonsalesandpurchases,notregisteringatthecorrectpointintime,etc. Onlyaminorityofservicespaidforbeingperformed Non-submissionofVATortaxreturnsresultinginpenalties(insomecaseswehavebeenabletooverturnthepenalties) IncorrectmanagementaccountsproducedwhichleadtopoordecisionsbytheDirectors NoAccountantsReportincludedwithinthefinancialstatements Pooruseofaccountingsystemsandtechnology Poorproductionanduseofmanagementinformationtomakekeybusinessdecisions Incorrectorlackoftechnicaladvice  Whydosomeaccountancyfirmsoperatewithoutqualifications? Unfortunately,withintheaccountancyindustryanyonecansetupanaccountancypracticeregardlessoftheirexperienceorqualificationsunlessyouarealreadyattachedtoaprofessionalbody(asthenyouarerestrictedtofollowtheirregulations). This,therefore,opensthedoortoallowanyoneoutsideofaprofessionalbodytooffertheirservicesandoftenatareducedratetootherpracticeswithintheindustry. Wehavetakenonclientswhowerepreviouslyservicedbyunregulatedaccountancypracticesatareducedratebutinfacttheywerenotprovidingtheagreedservicesandasaresulttheyhavethenturnedtoourselvestoenduppayingtwiceforthesameservices. Itisforthisreasonyouwillalwaysbeabletofindacheaperalternativetoaregulatedaccountancypracticebutveryoftenyougetwhatyoupayfor. AstinAccountsisACCA-accredited.Whatdoesthismean? ThismeansthatAstinAccountsisapprovedbytheAssociationofCharteredCertifiedAccountants(ACCA)asanaccountancypractice.ACCAisaninternationalorganisationsetupforprofessionalaccountantswhichhasmorethan48,000studentsand188,000membersacross181countries. MembersofACCAarehighlysoughtafterbecausetheskillsacquiredduringthecoursewillprovidethemwiththeabilitytoapplyaccountingpracticesandimplementprocedureswithskillandprecision.QualifyingwithanACCAcertificationmeansthatpeoplecanbecomfortablethatyouhavesomeofthehighestethicalandprofessionalstandards. WhatqualificationsdotheteamatAstinAccountshaveandwhyisitimportant? NotonlyisAstinAccountsanACCA-registeredaccountancyfirmbutalsoweholdaccountancyqualificationswithintheteam.IhavebeenaqualifiedACCAaccountantsince2008aswellasalsoholdingmyPractisingCertificate. HoldingaPractisingCertificatemeansthatIamauthorisedbyACCAtoprovidearangeofgeneralaccountancyservicestoindividualsandbusinesses,includingbusinessandtaxadviceandplanning,preparationofpersonalandbusinesstaxreturns,setupofbook-keepingandbusinesssystems,providingbook-keepingservices,payrollwork,assistancewithmanagementaccountinghelpwithraisingfinance,budgetingandcash-flowadvice,businessstart-upadviceandexpertwitness.     SeanFreeland,ClientAccountant,hascompletedallofhisexamsandon-the-jobtrainingsowillshortlybereceivinghisACAqualificationsoiseffectivelynowoperatingatACAaccountantlevel,pendingpaperwork. LeeGreggor,ClientAccountant,iscurrentlystudyingtowardshisACCAqualificationwhichwehopehewillbeabletoachieveinthenextcoupleofyears. Inadditiontothequalificationsheldwithintheteam,wealsohaveavastlevelofexperienceoperatingasFinanceDirector,COO,HeadofBusinessControlling,HeadofClientAccountingandAuditorwithinawiderangeofsectorsincludingeGaming,esports,cryptocurrency,yachting,aviation,localtradingbusinessesandpropertybeingafewexamples. Whereisthebestplacetostartmysearchforaqualifiedaccountant? Whensearchingforanaccountantitisveryimportanttonotonlyconsiderwhethertheyarequalifiedbutalsotodeterminewhethertheyhavetherightexperienceforyourbusiness. Toidentifywhetheranaccountantisregisteredwithaprofessionalbodythisisstraightforwardbysimplyundertakingtheonlinesearchesnotedabove.ItisalsoaneasyprocesstocheckthecredentialsofanindividualaccountantbycheckingthefollowinglinksACCAandICAEW. ItisnotasstraightforwardtoidentifywhetheranaccountanthasthenecessaryexperiencetoprovideahighlevelservicetoyourcompanybutsearchesonLinkedInorarequestfortheirCVcanoftenbehelpful. Itisthereforeveryimportanttoraisequestionsduringyourinitialmeeting(asifyouareinterviewingyourpotentialaccountant)ofwhatexperiencetheyhaveservicingclientswithinyourindustryandagoodquestiontoaskcouldalwaysbe“Howwouldyouproposewesetupthefinancefunctionandsystemsformybusiness?”. Anothergoodwaytoidentifywhetheranaccountantisrightforyourbusinessistorequestclienttestimonialssoyoucangaugeabetterunderstandingofthelevelofservicebeingprovidedtoclientsofthebusiness. Theseresponsescouldveryeasilyhelpyoudeterminewhethertheyreallyunderstandyourbusinessandhavetheexpertisetodeliverwhatyourequire. 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