With thousands upon thousands of practising accountants on the market, it can be overwhelming to choose which one is right for your business. While there are many good accountants available for your business, picking a chartered accountant comes with a lot of benefits. What makes chartered accountants different is the extensive examinations they go through to receive this title and the obligations they are under once they receive it. Here are some reasons why you should be considering hiring a chartered accountant for your business.
Chartered accountants provide security
When it comes to your business finances, knowing that your money is in safe hands will be the most important thing for you. Due to the regulations and compliance rules that chartered accountants are obliged to follow, this makes them the most secure types of accountants on the market. You can trust them to look after your money. Part of these regulations state that chartered accountants who practice publicly must have professional indemnity insurance, which gives you an additional safety net in case anything does go wrong.
There are practising accountants who do not have any formal or professional training but have set themselves up independently. This isn’t to say that they aren’t able to do the job, but the less experience and understanding they have, the more likely it is that their standards of work are lower. To become a chartered accountant, they must complete a qualification that is recognised by the Chartered Accountants Associations. This training process can take anywhere from three to seven years to complete and covers a range of topics. Therefore, choosing a chartered accountant for your business needs will result in having a very knowledgeable, experienced individual taking care of your accounts.
When dealing with something as delicate and private as financial matters, you want to know that whatever your business circumstances are, they are kept confidential. If any information about your money, investments or plans are leaked, it could be catastrophic for your company. On completion of their training and practising under their new title, chartered accountants are bound by a code of ethics. This code requires them to be discreet, responsible and uphold the highest conduct of service. With a chartered accountant, you can trust that your business finances are in good hands and that you will be treated with respect and dignity.
Chartered accountants can offer you more services than simply filling out tax returns. Although other firms or individuals in accounting might offer a range of other helpful things too, it is due to their extensive training that chartered accountants are likely to have better advice to give you. For example, if you were looking to expand your business, a chartered accountant would be able to help you form a well-rounded business plan to make that happen.
It is because of their knowledge on different topics and the regulations they are obliged to follow that chartered accountants are the best and safest choice for you and your business.