If you are a business owner, it would not be the first time you have been asked this question, “Does your business have a competent Chartered Accountant handling your account?” It is not hard to understand why that is the case. Whether they have a multinational operation or is just a start-up, every successful business has a dedicated Chartered Accountant or an accountancy firm handling their account so that the company can go back to doing what they do best, focusing on their business, not their accounts. But why is hiring a chartered accountant so vital for a business’s success in the long run, and is it all just about the focus of the owner split between handling their account and keeping track of the businesses operations? No, it is much more than that, but before going into the reasons for hiring a chartered account for business, one must first understand the difference between an accountant and a chartered accountant.
Accountant is a general term that can be used by anyone who has studied the subject on a foundation level through the Association of Accounting Technicians (AAT) or someone who has gained their knowledge through years of professional work. In contrast, a Chartered Accountant is someone who has cleared a set of exams and has three to five years of working experience to gain professional accreditation. A chartered accountant is part of either ACCA (Association of Chartered Certified Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales) and is bound to follow the ethical codes and guidelines of their body or else their membership would be terminated.
Now, move onto why hiring a chartered accountant for your business should be your next big step-
1. Operating as a professional business
If you are an owner of a start-up, one of the biggest hurdles you would have to face is giving your company a professional face. Sure, branding certainly helps, but when it comes to business operations, hiring a Chartered Accountant professional or a firm to handle your affairs is a sure way to demonstrate to the business world that you and your company mean business. And that is not all; a chartered accountant would also make sure that your operation stays above board, ethical and prevent you and your business from being implicated in any fraudulent activities. This enough is a great reason to hire a chartered accountant for your business.
2. A trusted advisor
When it comes to managing finances, Chartered Accounts is up there that can offer you advice on how to manage your business operations. And by using a chartered accountant, you can be sure that the information you are receiving is both accurate as well as informed. Chartered accountants have to regularly evolve themselves and stay informed to comply with the ever-updating professional standards, without which they would surely be out of their jobs.
3. Regulated by professional bodies
Chartered Accountants have to be registered with relevant authorities to work professionally; similarly, in the UK, a chartered accountant has to be a member of the Association of Chartered Certified Accountants or Institute of Chartered Accountants in England and Wales to be able to offer their services to their clientele in the British Isles. And as a member of the association, they are bound by rules and regulations of the body, they have to follow the ethical guidelines to the letter, or else be relieved of their membership.
4. Experience that cannot be matched
To get professional accreditation, a chartered accountant has to work 3 to 5 years in various industries. This allows even a freshly accredited professional to be competently knowledgeable in providing excellent services to a business, no matter what industry they might be in. And if you are looking for someone who specializes in your industry, you can hire an expert in handling businesses similar to yours.
5. It is more than just filing returns
A chartered accountant is more than just some personnel that just files the returns for your company. They might be responsible for handling both your personal as well as business finances, and one needs to be confident that the person they hire is trustworthy, discreet, and can provide the best possible service that you and your business require.
Without a professional chartered accountant at your helm, your company might become a victim of unlawful practices, which could be a result of many things, like missed deadlines, poor accounting behavior and indiscrete practices. If you want to avoid this hassle, which could result in hefty fines or even jail time in the future, hiring a competent chartered accountant professional or agency is the right thing to do.
And when it comes to hiring a team of accounting professionals one can rely on, you could not do any better than CloudCo Group. See CloudCo Group Accountants for both on-site and off-site accounting services and get served at affordable pricing.