Did you know? The term accountant isn’t regulated, which means anyone can call themselves an accountant. So, do you want just anyone providing accountancy services to your business?
After all, the role of an accountant is a mighty one.
The right accountant can help grow and propel your business forward by providing high quality professional business advice and insights.
That’s why you should choose a qualified chartered accountant – someone who has undergone specialist training, holds professional qualifications and who is a member of one of the professional bodies.
We couldn’t put it better than the Institute of Chartered Accountants in England and Wales (ICAEW) themselves:
“After all, you wouldn’t go to an unqualified or unregulated doctor for medical advice.”
The health of your business is important. That’s why you should choose chartered.
What does chartered accountant really mean?
In a nutshell, a qualified chartered accountant is someone who has undertake a minimum of three years study to acquire technical knowledge and skills, completed a series of exams and is committed to their continuing professional development.
We’ve outlined below the benefits of choosing a Chartered accountant to support your small business:
Professional recognition
A chartered accountant is ‘recognised’ so while anyone can call themselves an accountant, a chartered accountant is a person who has received professional recognition from a professional body.
Chartered accountant status can be gained from training with a recognised, professional accounting body such as;
- Association of Chartered Certified Accountants (ACCA)
- Chartered Institute of Management Accountants (CIMA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
Choosing a chartered accountant means the person providing you and your business with advice and insights has gone through rigorous training to achieve their accreditation.
A chartered accountant will have undergone expert training through exams and be committed to continued professional development. Chartered accountants are also required to undertake a set number of qualifying hours.
As a member of a professional body, a chartered accountant is required to uphold professional standards and professional conduct. This should give you as a small business owner peace of mind that you’re receiving high quality advice from an experienced professional.
Regulated practice
All Chartered accountants are regulated by the professional body they were accredited by meaning they are bound by the standards and best practices set by that professional body.
Raw as a practice is a member firm of the ICAEW.
The ICAEW states on their website:
“We monitor our members (ICAEW Chartered Accountants), member firms and the non-member affiliates we authorise to ensure that they follow our guidance and standards, plus appropriate laws, regulations and standards.”
Being regulated means;
- Keeping up to date with professional development
- Sticking to a strict ethical code of conduct to maintain high ethical standards
- Upholding a practicing certificate and professional indemnity insurance in order to be able to provide professional services
Experience
As mentioned, chartered accountants clock up qualifying hours and go through rigorous training to develop their technical skills and become accredited. This means they bring with them a wealth of experience, not just relating to accounting services such as…
- Bookkeeping
- Payroll
- VAT
- Tax
- Year-end accounts
But, also with regards to advising on business/financial matters to best support business owners. For example, a chartered accountant can help with small business finances through…
- Financial analysis/spotting business trends
- Advising business owners on financial matters
- Preparing financial statements
- Taxation services such as corporation tax returns
- Tax advice and tax planning
- Providing bespoke specialist advice based on individual requirements
A chartered accountant is better placed to advise on more in depth and complex financial matters.
FAQs relating to Chartered accountant
How much does a chartered accountant cost?
Due to the fact a chartered accountant is professionally recognised you’d expect to pay more for someone who’s regulated over someone who’s not.
Each accountant will set their own pricing structure, usually based on the size of a company including their turnover and services required. It’s therefore best to reach out and enquire about a quote. If you’d like to find out about our pricing, contact us today.
How do I know if my accountant is chartered?
This information should be easily visible on an accountant’s website. You should also be able to search for a member on the website of the professional body the person trained with. For example, the ICAEW’s homepage has a function called ‘search for a Chartered accountant’.
What’s the difference between an accountant and a chartered accountant?
To become recognised as a chartered accountant by a professional body, an individual must complete their accountancy qualifications, undertake workplace training and complete a number of qualifying hours.
