…but what’s the difference?
CIMA, ACCA and ICAEW are all forms of prestigious accounting qualifications and are highly regarded within their industry.
In order to cater and service the majority of small to medium sized businesses Chippendale and Clark are CIMA licensed, but also have a fully qualified Chartered Certified Accountant (ACCA). This means we can provide a comprehensive suite of services to enable us to produce monthly management reporting for your business, and also to use this information to be able to advise financially, having both the expertise in Management and Financial Accounting. Chippendale and Clark have the qualifications and experience to be able to advise you how to grow and manage your business going forward.
CIMA – Chartered Institute of Management Accounting is focussed on Management Accounting, using financial information to improve the business going forward. There are 12 exams in total with three stages, Strategic Level, Management Level and Operational Level. Applicants are also required to have a minimum of three years verified relevant work-based practical experience to qualify.
CIMA’s aim is to help individuals and businesses to succeed by harnessing the full power of management accounting – not just accounting for the balance sheet, but also accounting for business. CIMA is made up company finance directors working on strategy and business management. Providing data and information you need for the future, rather than just focussing on the information of the past.
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ACCA – Association of Chartered Certified Accountants is focussed on Financial Accounting within a business, thus the ability to produce your year end accounts effectively. The ACCA syllabus consists of 14 examinations with three stages, Fundamental Level, Professional level and finally the Option Papers where the applicant chooses to specialise in two of four relevant topics. Applicants are also required to have a minimum of three years verified relevant work-based practical experience to qualify.
ACCA’s exams cover everything from Strategic Business Reporting (which focuses on the standards in which a set of accounts are based), Taxation (including Individual and Corporation Tax, VAT, PAYE), audit and Performance and Financial Management.
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ICAEW – Institute of Chartered Accountants in England and Wales (also known as the ACA qualification) has 15 exams over three levels. The exams are designed to fit with practical experience across a broad range of topics in accountancy, finance and business. Applicants also need to complete at least 450 practical work experience days, which normally takes between three and five years.
ICAEW are known in particular for the Auditing (checking) of the published accounts, if your company has any of the two following, it will be exempt from this, and will not require audit:
- an annual turnover of no more than £10.2 million,
- assets worth no more than £5.1 million,
- 50 or fewer employees on average.
Can anyone be an accountant?
Unfortunately, anyone can legally call themselves an accountant. To be able to complete and submit your limited company accounts, all an individual would need to do is register under HMRC’s anti-money laundering regulations and obtain the appropriate software to submit the relevant accounts and company documents.
Using a firm of Chartered Accountants is the best way to ensure that your business finances are in safe and highly experienced hands. Chartered accountants are subject to a strict code of ethics and are subject to regulation and oversight from their professional body. Chartered Accountants are also required to hold a practising certificate and have professional indemnity insurance if they offer accounting services to the public. We therefore advise that you use an accountant with at least one of these professional qualifications.
Here at Chippendale and Clark we work with small to medium sized entities, focusing on completing monthly bookkeeping using cloud software to provide a real-time insight into how your business is performing now, not just what it did in the previous tax year. We then use this information to provide proactive advice that could save you money.
If you would like to learn more about Chippendale and Clark and how we are able to help your business, call us today on 01249 465 435.
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