Ask yourself these important questions:
Would you use an unqualified accountant?
Does it matter which qualifications your accountant has?
Why is being a ‘chartered’ accountant important?
The answers are important!
Did you know that there is no legal obligation for an accountant or tax expert to be qualified? How scary! It seems implausible that anyone would trust financial help and advice from a person with no formal training.
The Association of Accounting Technicians (AAT) research shows that 82% of MPs agree that anyone employed to deliver tax and accountancy services should be professionally qualified. (Source: YouGov.)
Legislation is planned to address this issue, yet in the meantime, many non-qualified accountants are out there, managing personal and business accounts, and delivery services such as payroll, budgeting and tax planning. Two-thirds of agent related complaints to HMRC are about the one third of agents who are unregulated.
Qualifications matter …
An unregulated accountant increases the risk of missing deadlines, making mistakes and using out-of-date practises. In addition, poor accountancy behaviour attracts HMRC’s attention. Inaccurate accounting may even be false accounting fraud which is a criminal offence.
5 Benefits of working with a chartered accountant …
1. Professional standards
Chartered accountants are professionally qualified people bound by a code of ethics and professional standards. They are monitored for compliance and professional practises.
2. Relevant experience
To become chartered, an accountant must have worked with a range of clients across various industries.
3. Trust and discretion
The code of ethics referred to above means that chartered accountants are bound to uphold a set of professional principles. Practising means demonstrating a commitment to maintaining and developing professional standards. This reassures you that your financial interests are always put first.
4. The bigger picture
Yes, your chartered accountant submits tax returns and keeps your accounts up to date. However they offer so much more, such as:
- In-depth, proactive tax planning
- Expert financial advice to help your business achieve its goals
- Financial management within a business, such as in-depth cash flow forecasting or managing funds
Due to their vast expertise, many chartered accountants can advise on things that regular accountants simply can’t.
5. A safe pair of hands
To use the title ‘chartered accountant’, an accountant must pass a series of exams and complete three to five years of work experience to gain their professional accreditation. Chartered accountants are also required to hold a practising certificate and have professional indemnity insurance. Due to the compliance rules and regulations that chartered accountants follow, it makes them the most secure accountants available.
“I am so proud that everyone in our re:accounts team is either qualified or training to be qualified,” says Emily Bridges, chartered accountant and founder of re:accounts, Stevenage. “It helps us know that we are doing the best possible job for our clients whether they are corporate, individual, UK-based or overseas.”
Are you concerned about how your accounts are managed?
Would you value some friendly, jargon-free advice, without obligation?
Chat to the team at re:accounts. We’re here to help.
