“You have to know accounting. It’s the language of practical business life. It was a very useful thing to deliver to civilization. I’ve heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.” –Charlie Munger
Many people would agree that in order to be successful at business and become a wealthy entrepreneur, knowing the basics of accounting or hiring a highly qualified accountant is essential.
According to various people accounting is a very boring job. However, it is not dull for those who love to crunch numbers, examine expenses, uncover errors in finance and analyze ways in which clients can receive tax breaks.
In the United Kingdom and Ireland, there are six accounting boards that are registered and recognized by the International Federation of Accountants (IFAC) with approximately 278,000 registered working accountants.
The IFAC reports that there are over 2,000,000 accountants working worldwide and the UK, with less than 1% of the world’s population, has over 13% of registered accountants.
This means that if you have dreams of becoming an accountant in the UK you need to study harder and shine brighter than the rest in order to get the best jobs.
Superprof is here to show aspiring accountants, small-business owners and other working individuals the resources that are available online to make work easier and acquire certain skills that will make you a lot better than the rest of the competition when studying accounting.
Becoming a professionally trained accountant requires qualifications from the ATT or ACCA. (Source: pixabay)
The preparation to become a chartered accountant in the UK starts in secondary school. While no specific A-Level subjects are required by most schools, it is highly recommended to have taken A-Level courses in maths and economics. A BTEC in business studies is also favourably looked upon by schools, universities and future employers.
To be a working and qualified accountant there are many different qualifications that can be studied. The AAT or ATT qualification is the minimal one studied in order to become a working accountant. However, to continue your postsecondary studies and become a chartered accountant higher levels of qualifications are required such as the ACA, ACCA or CIMA.
It is important to note that a Bachelor’s degree in accounting is more desirable than required. Most students study some form of business or finance before getting accredited but even if some lines of work necessitate a university degree it can be in any subject.
Let’s start by analyzing the ATT (Association of Taxation Technicians). They are a charity organization that promotes education and the study of tax practice. They provide aspiring accountants with the necessary qualifications to work in the field of accounting or taxes. The members of the ATT are registered by passing an examination and demonstrating relevant work practice.
The ATT is recognized by many employers as being a reputable resource. Members of this association are guaranteed to have the right knowledge and skills to be better than the rest. Here are the requirements for budding accountants:
After going through this enter process you receive a certificate of accreditation from the ATT and the job opportunities are infinite!
Now the ACCA (Association of Chartered Certified Accountants) is made up of two levels, the fundamentals and the professionals. Different modules are studied such as corporate and business law, audit and assurance. The ACCA qualification demands three years of previous work experience in accounting and it takes about one year to complete all the necessary qualification courses.
In total it takes about four years to be registered and recognized by the ACCA. After this, you can work as a chartered accountant.
There are many online resources for accountants, small-business owners and other professionals that help save time, money and keep you organized. (Source: pixabay)
As we previously saw in the introduction to this article, due to the increasing amount of registered accountants in the UK, the competition is fierce. Using supplementary resources to perfect your skills and work more efficiently is now necessary to ensure a good job and be better than the competition.
Thankfully, as a consequence of the technological world we live, there are many helpful resources online that aid accountants in a wide range of categories.
The following resources are for registered accountants, small-business owners and for individuals who want to do their own taxes, bookkeeping and accounting.
Here are some of the best software and resources available to make accounting easier and more interactive:
Waiting for payments from clients can be annoying and exhausting. Also, knowing how much a business earned and spent gives insight into future business transactions. Here are some of the best online resources for handling these matters:
Sharing files is necessary between small-business owners, working individuals and accountants. Nevertheless, some files are extremely personal and confidential, therefore, extreme security and caution need to exercises when sending documents. Here are some of the best resources for sending files securely:
Saving time equals saving more money. Working smart and productively will make your business and everything you do more successful. Here are some of the best time-saving resources available:
Accountants and auditors are usually swamped during tax season and it is hard to get your taxes done on time. Nevertheless, now there are many online resources that help accountants and other working individuals to do their taxes from the comfort of their own home. Here is the most highly recommended:
All of the aforementioned resources help accounting stay tech savvy and work more efficiently. If time is saved, more clients can be helped and that ultimately means more money in your pocket.
Don’t get discouraged! Following essential tips keeps you organized and makes doing your bookkeeping and accounting tolerable. (Source: pixabay)
Accountants are very busy people with many clients needing services year round. The best accountants are efficient and use online resources to do their personal accounting and that of clients. Nevertheless, many non-qualified accountants who work in other fields and have their own small businesses are now doing their own accounting online.
Superprof is here to offer helpful tips to avoid common mistakes and save time. Here are the best suggestions to successfully do your accounting and taxes online:
The internet is filled with helpful online resources for accounting as well as outlets for accounting tuition should you decide you wish to learn accounting.
Whether it’s for accountants, small business owners or people who want to do their own taxes all can benefit from the tools offered.
Check out our blog on the best books to study for accountants.