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ACA
The acronym ACA stands for Associate Chartered Accountant. Look
for this on a C.V. This means the accountant is certified.
Accountant
Accountants maintain financial records for a company or enterprise
while taking care of a wide area of responsibility that includes
balancing budgets, payroll, taxes, audits, accounts payable and
receivable, invoices and many more.
ACMA
The acronym ACA stands for Associate Chartered Management Accountant.
Look for this on a C.V. This means the accountant is certified.
CA
The acronym CA stands for Chartered Accountant. Look for this on
a C.V. This means the accountant is certified.
Chartered
This means that the accountant is a member of the institute of
chartered accountants. Accountants in good standing with this organisation
are credible, as well as current on the latest accounting practices.
It is essential to hire an accountant that is chartered.
Client
This is the accountant’s customer. It is on behalf of this
party that the accountant takes care of a company’s finances,
and the accountant receives payment for this service.
Audit
A review of an individual or company’s financial records
and tax payments. This is done to ensure that they are paying the
correct amount of taxes. Accountants will take care of audits for
you. They go over the records with governments accountants that
conduct the audits.
FCA
The acronym FCA stands for Financial Corporate Accountant. Look
for this on a C.V. This means the accountant is certified.
FCMA
The acronym FCMA stands for Financial Corporate Management Accountant.
Look for this on a C.V. This means the accountant is certified.
Firm
This is the accountant's office. Generally comprised of a group
or team of accountants that work together. Usually businesses will
hire firms, which then assigns one of their accountants to take
care of the client.
Invoice
Bills, or invoices, are sent to clients when it is time to pay
for a service or product that was provided to them by company issuing
the invoice. Accountants are often responsible of creating these
for companies.
Payroll
This is the list of employees of a company that are paid. This
ideally includes all the employees. Accountants keep this information
current and consistent with the present staff of the company. Accountants
maintain the payroll system, taking care that it is accurate.
Value-Added Tax (VAT)
VAT is a tax of 17.5% on sales in the UK, applicable to all taxable
goods and services when they are made in the UK or the Isle of
Man. A company’s profits are taxable when they exceed £56
000 per year. This tax only applies to services and goods when
they are sold within the UK.
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