Many small business owners try to avoid high costs by hiring an accountant who is not qualified. However, this often leads to higher costs down the road. It is important to consider the cost of hiring a chartered accountant to avoid these problems.
The main difference between a chartered accountant and a non-chartered accountant is that a chartered accountant has completed a professional qualification and has been granted a licence to practise by one of the professional bodies. The government recognises this professional qualification, which means that the government regulates chartered accountants. This regulation ensures that chartered accountants meet certain standards and are competent to practise.
With that in mind, here are four reasons why you should hire a chartered accountant:
1. They’re Regulated by Professional Bodies
When you work with a chartered accountant, you can be confident that you are working with a highly trained and qualified individual. Chartered accountants must adhere to a strict code of ethics and professional standards, meaning they will always have your best interests at heart.
They are also bound by professional indemnity insurance and complaints and disciplinary procedures, so you can rest assured that your finances are in safe hands. In addition, chartered accountants must keep their knowledge and skills up-to-date, ensuring that you always receive accurate and informed financial advice.
2. They Have a Wealth of Knowledge, Relevant Skills and Experience
To be a chartered accountant, the accountant must have experience working with various clients in different industries. They need to have a strong understanding of business and make good decisions. It is beneficial to choose a chartered accountant specialising in the same field or industry as the business.
As a business owner, it’s important to have someone you can rely on for expert advice regarding audits and legal matters. A chartered accountant has the knowledge, experience and skills to help you through these difficult times. They can also help you with bookkeeping and other legal matters.
A chartered accountant can also help reduce the time it takes to audit a company’s financial records. This can free up time for the company’s management to focus on other goals.
3. They Stay Updated About Taxes
An accountant’s primary responsibility is to ensure that a company complies with tax regulations. This includes filing income tax returns on time and keeping accurate records of a company’s financial transactions. An accountant advises company management on tax-related matters, such as which tax laws apply to their business and how to minimise their tax liability. In addition, an accountant may prepare financial statements, manage payroll, and provide other financial services to their clients.
4. They Do More Than Just File Returns
A certified chartered accountant can bring a lot to your business. They can help manage risk and help your business grow. Some companies rely on their financial and management accountants to handle all aspects of their business. This can lead to more efficient financial management and stability for the company.
Conclusion
Hiring a chartered accountant is a wise decision for any business owner or individual. They are highly trained and experienced in financial management and can provide invaluable insights and advice. They can also help to save you time and money by ensuring that your finances are in order and compliant with regulations, among many more advantages.
Accountants247 provide cost-effective, high-value solutions to meet every client’s needs regardless of the size of your business. At Accountants247, we keep things really simple. You pay a single monthly payment to cover all your accounting requirements from your dedicated accountant. If you need a chartered accountant in the UK, we’ve got you covered! Get in touch with us today and let us know how we can help!
