Most anyone can establish a practice in accountancy, and truth be told, a lot of people have done it, whether they have a special skill for it, the experience, or various other qualifications. And if you are looking for an accountant or an accountancy service, you may already know of some that are providing such a service, but the big question is, are they chartered accountants? There is a big difference between a chartered accountant and one who is not, and this can definitely affect how your business handles its financial records and requirements in the end. If you are looking for an accountant but can’t decide whether to go for a chartered accountant versus one who is not chartered, here’s why it’s better to hire a chartered accountant for your business.
- They are required to follow the best standards
If you are looking for someone not just to handle your financial records but also to give you sound advice on financial matters, then a chartered accountant is certainly someone you can trust. Chartered accountants have to follow the best standards in their practice, and they have to be fully regulated and qualified. They have to follow the principles set by the authority or governing body, especially when it comes to quality assurance and ethics. Additionally, chartered accountants are monitored by the organisation and their affiliates to ensure that they follow the standards and guidelines in the industry, along with the proper laws and regulations.
- A clear route or procedure for complaints
If you hire an accountant who is unregulated or unqualified so they can work on your taxes and finances, know this: you may have no recourse in case you encounter issues or problems with them, especially when it comes to the advice they have given you or their conduct or the standard of service they offer. On the other hand, if you hire a chartered accountant or accountancy firm, you can depend on proactive and comprehensive as well as consistent monitoring of their performance and conduct. If something becomes an issue or something goes wrong, you have a safety net. This is also because all chartered accountants who are in public practice are supposed to have professional indemnity insurance with a coverage of as much as £1.5 million, and some accountancy firms can even offer more coverage. There are also certain compensation programmes and schemes operated by institutions for specific kinds of authorised business providers for investments and providers of probate.
- Complete assurance of a high-quality service
When you rely on a chartered accountant like the central London accountants firm Griffin Stone Moscrop & Co., you have the complete assurance of a high-quality service that is not only professional but also provides you with protection. Chartered accountants also receive training and guidance on best practices, and they can also take advantage of various resources that aren’t offered to those who are not chartered.
- A truly professional service
Chartered accountants are highly-skilled and trained in a variety of services and can give you the best professional advice on accountancy, insolvency, auditing, probate, investment business, tax, and other legal as well as technical concerns and areas, whether you are an individual who is self-employed or a business or company owner. To properly qualify as a chartered accountant, the accountant needs to go through extensive training so they can develop their practical skills and technical knowledge, and they are required to keep their skills and knowledge up-to-date with continued education as well.
Image attributed to Pixabay.com