Many people are unaware of the wide range of tasks and activities that accountants, bookkeepers, and chartered accountants perform. Although some jobs can be achieved by all three, it is essential to know the main differences before choosing a professional advisor.
In general, bookkeepers is also called assistant bookkeepers or accounting clerks, are often referred to as accountants. However, this does not necessarily mean they are qualified as chartered accountants, certified public accountants. In this case, bookkeepers are responsible for recording, processing, and reporting the day-to-day business transactions of a company. Thus, an accountant can be anyone, and they do not need to have a degree in accounting, but they can be “qualified” by their experience.
Some business owners may thus prefer to choose a leading accountancy firm with a chartered accountant to handle their finance. It does so because when entrusting their accounts to an accountant, they can feel assured that the accountants can provide accurate and reliable financial management services. Moreover, a chartered accountant can have many different qualifications. Their accountant’s qualifications are usually related to a particular field or area of work in which they work. This article provides you with some more reasons to make a bold decision to hire a chartered accountant below.
Possess Special Qualification
Firstly, a chartered accountant possesses special qualifications as they must be a member of the ICAEW. However, to get this qualification, you have to undergo rigorous training and pass comprehensive exams. This way, their potential skills can help you manage your accounts.
Undergo Extensive Training
Certified accountants usually undergo extensive and ongoing training. It ensures that they are familiar with a wide range of accounting standards and practices. They can assist with tax, VAT, and PAYE issues and are able to accurately prepare tax returns to ensure they are filed on time. It ensures there are no interest or penalties. A chartered accountant can offer more than just accounting services as they can help with a wide range of tax and estate matters.
Give Qualified Advice
Besides their qualification and training, hiring a chartered accountant means that you can receive qualified advice and guidance. They are incredibly excellent to give advice and guidance in the areas of buying and selling businesses, retirement planning, and raising capital. These talented professionals can provide comprehensive business advice.
Work Under Data Protection Act
Accountants must be registered under the Data Protection Act. They must also have the required professional liability insurance. ICAEW members must undergo regular audits to ensure that they can continue to provide high-quality services. Failure to pass audits can cause an accounting firm to lose its right to practice as an accountant. Thus, if you want to rely on the expertise of professionals, invest time and effort in finding a qualified accountant for your business.