What is an Accountancy Membership Organisation?

Various professional organisations for accountants exist in the UK – and these tend to fall into two categories. As well as professional industry bodies, accountants have the option to join accountancy membership organisation too.

But what is an accountancy membership organisation? What are the benefits of joining one, which membership organisations exist, and what is the difference between these and professional accountancy bodies?

Find out below…

Role of Accountancy Membership Organisations

Accountancy membership organisations are professional organisations for accountants generally accessed by paying a monthly or annual fee. Their benefits often cover four different areas.

The first is support. This support could come in the form of telephone support lines, email support or online help and advice.

The second is resources: online libraries of reference documents, legislation and standards, sector news and developments and more. Alongside these resources, many membership organisations also offer practical guidance on legislation, changes in the sector and more.

One of the other benefits of an accountancy membership organisation is the ability to access professional development opportunities, which could take the form of workshops, webinars, CPD courses or online learning tools, helping accountants to develop their professional knowledge and skills further. Finally, another major role of professional organisations for accountants is to provide networking opportunities, allowing members to connect with their peers to discuss sector developments, make beneficial connections and further their careers.

Benefits of Joining an Accountancy Membership Organisation

There are many benefits of accountancy membership organisations in the UK. Working alone, it can often be hard for an accountancy firm to be sure that they are fully up-to-date on industry updates and best practices. By joining a membership organisation, you can ensure that you can access all of this information from one place and be sure that it is timely, relevant and accurate.

Membership of professional organisations for accountants will provide you with plenty of opportunities to continue your professional education and complete certifications that are recognised by the accountancy sector, and will help to further your career.

By signing up for an accountancy membership organisation you are agreeing to uphold the standards and values that the organisation abides by. This commitment will demonstrate to your clients, potential employees and other third parties that your firm is credible, and may reward you with increased industry recognition.

Examples of Major Accountancy Membership Organisations

Accountants can choose between various membership organisations, each with their own offerings, benefits and fees.

The CPAA – Certified Public Accountants Association – is the official member organisation for public practice accountants. They describe their joining criteria as “rigorous”, with high standards for joining that ensure that their members are competent and ethical professionals.
Membership will only be granted to those who have completed certain qualifications or are members of certain professional bodies – or, in some cases, who are qualified by experience. Membership benefits include webinars, seminars, compliance support and resources, and various insurance policies. CPAA members also benefit from regular industry news and insight, technical support, member representation and advocacy, and industry recognition. They are similar to ICPA, but also offer and support a specific qualification.

The ICPA – the Institute of Certified Practising Accountants – is also an accountancy membership organisation: you’ll find details of the benefits of joining us below.

Difference Between Accountancy Membership Organisations and Professional Bodies

Accountancy membership organisations – such as the ICPA – are focused on providing support, resources and practical guidance for accountants in practice.

Professional bodies – such as the Institute of Financial Accountants (IFA) – meanwhile, set professional standards for their members to abide by, provide industry certifications and ensure that their members comply with regulatory requirements.

At the ICPA, we provide our members with a wide range of tools, resources and opportunities designed to support, advise and foster business growth. These include access to Tolley’s Tax Library and other resources, expert advice lines and consultations with accountancy and bookkeeping experts. They also include professional indemnity and other insurance coverage, AML compliance software and member discounts on various industry tools and services.

The IFA, meanwhile, sits alongside the six chartered accountancy bodies in the UK and Ireland: the Association of Chartered Certified Accountants (ACCA), Chartered Accountants Ireland (CAI), Chartered Institute of Management Accountants (CIMA), Chartered Institute of Public Finance and Accountancy (CIPFA), Institute of Chartered Accountants in England and Wales (ICAEW) and Institute of Chartered Accountants of Scotland (ICAS). They are part of the Institute of Public Accountants (IPA) and a full member of the International Federation of Accountants (IFAC) and have approval for a number of roles, including acting as a supervisor in regards the Money Laundering Regulations of 2017 and 2019, and as a body that can conduct independent reviews of the accounts of charities that fall below the auditing threshold.

Members work in SMEs and in small and medium-sized accountancy practices. They must meet certain requirements to obtain the membership level of their choice, and are given designatory letters after their name to demonstrate their commitment and ethics. The IFA hosts member consultations on a range of topics, and champions the views and beliefs of its members at a range of significant industry meetings and forums.

It provides training and qualifications to its members, as well as a searchable database of members, an online portal, technical support and advice, and member discounts.

Why Join ICPA

The ICPA supports professional accountancy body membership by providing access to valuable compliance tools such as AML resources, as well as supporting practices with tools and resources to complete everyday tasks. Part of Vantage Group, the ICPA has a trusted reputation and significant buying power, allowing us to partner with major brands like Tolley’s and AXA.

On average, members save over £1,000 a year with the ICPA through our carefully curated collection of benefits.

At the ICPA, we’re accountants by trade and we’ve put together a package of benefits designed to help our members thrive. These include a dedicated accountant contact, Tolley Elements Library access, and member helplines covering tax & VAT, employment, health & safety and legal queries.

Membership also includes professional indemnity, management liability cover and office protection, as well as discounts on software services and other industry tools.

There are many benefits of accountancy membership organisations, which help you stay up-to-date with sector developments, connect with your peers and gain access to a wealth of support, advice, information and resources. Membership of a professional organisation can also help to cement your reputation within the sector – but which organisation do you choose?

If you like the sound of what we do at the ICPA, we’d love to hear from you. Join us today – or feel free to get in touch if you have any questions.

Frequently Asked Questions (FAQs)

What are the membership fees for ICPA?

ICPA membership starts from £65 per month +VAT. There is a further cost of just £15 +VAT per month for additional directors/partners. This cost is reduced if you already have your own professional indemnity insurance and wish to continue with this rather than using our group plan.

What are the eligibility requirements for joining ICPA?

ICPA membership requirements can be found here.

What insurance benefits are available through ICPA?

ICPA members have access to professional indemnity cover, as well as office protection and management liability protection through their membership. Cover levels depend on membership tier.

What discounts and offers are available to ICPA members?

We offer our members discounts on offers on everything from laptops, desktops and accessories to software packages, marketing support and more.