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Using A Chartered Accountant: The Benefits

In my experience, many people or clients do not fully understand the various roles and activities that bookkeepers, accountants and Chartered Accountants undertake.

While some activities are performed by all three, it is important to identify the key differences between them before choosing your professional advisor.

Bookkeepers (also known as accounting clerks or accounting assistants) often refer to themselves as accountants.

However, this does not mean that they are qualified Chartered Accountants (or Chartered Accountants or Chartered Public Accountants in other countries).

Bookkeepers primarily record, process, and report day-to-day business transactions. Basically, anyone can be a bookworm.

They do not need to pass any accounting qualifications and may be “qualified” by experience.

Professional Membership

Professional bodies, such as the Association of Chartered Accountants (ACCA) or Chartered Accountants Australia and New Zealand (CAANZ), require their accountants to complete advanced training.

Chartered Accountants usually receive at least seven years of training and education before being allowed to call themselves one.

They must also complete a minimum number of hours of training and professional development each year to maintain their membership. They will be updated with the latest changes in tax laws, the economy and the general business environment.

Many accountants are not Chartered Accountants and are not required to comply with these standards.

Reasons for Choosing a Chartered Accountant

The modern business environment is extremely competitive and fraught with risk. The involvement of a financial professional is often seen as an essential element of business success.

It is not mandatory to engage an unqualified accountant but they may lack the knowledge and experience to offer the best advice for your business.

A qualified Chartered Accountant will be an asset and will help you and your business. They will usually have tax knowledge and understand the financial complexities of running a business.

To maintain high professional standards and competence, they must consistently meet high professional standards and adhere to a strict code of ethics.

This provides greater confidence that your business is in safe hands.

Trusted business partner

Your Chartered Accountant should be a trusted and valued business partner. They have the skills and knowledge to provide insight and evaluate both financial and non-financial data as well as adverse trends.

They will help you identify appropriate financial and business strategies by recognizing the changing demands in the business environment.

They will use this insight to recommend customized solutions for your business. Providing you with practical advice, they will help you deal with the many challenges that you and your business will inevitably face.

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