Why use a ICAEW qualified chartered accountant?
Some businesses, especially startups and small businesses, might forgo using a firm of chartered accountants due to the perceived cost. Instead, they may opt to use services from unqualified accountants or try to complete financial tasks in-house. While this may appear to be cheaper, it brings with it a significant level of financial risk that often outweighs any initial savings the business might experience.
In this blog, we’ll be highlighting the benefits businesses can experience when using a chartered accountant that has been vetted by the ICAEW.
What is a chartered accountant?
If you are researching accountancy services, you’ve probably come across the term ‘chartered’ before. But what does it actually mean? An accountant that has achieved chartered status is one that possesses a specific accreditation given out by an official body. In this case, the Institute of Chartered Accountants in England and Wales (ICAEW). Anyone can call themselves an accountant but only someone who has the following can be a chartered accountant:
- At least three years of in-depth accounting training.
- Have passed examinations in business strategy, auditing, financial management, and taxation.
- A commitment to ongoing professional development.
The assessments and training are overseen by an independent accountancy body committed to building and maintaining a global community of accountants. To achieve this accreditation, accountants must have both a high level of education as well as practical experience in the field. Additionally, all chartered accountants must be members of a professional body and bound by its code of ethics. For the ICAEW, chartered accountants are expected to perform a valuable role in society and as such, are also bound by principles and standards for tax. The entire Jan McDermott Chartered Accountants team contribute to our chartered status through their expertise and years of experience.
Benefits of using a chartered accountant
Chartered accountants operate in much the same way as regular accountants, with their duties relating to financial reports, statements, tax returns, risk analysis, and more. However, due to their level of expertise, chartered accountants can provide in-depth advice to improve a business’s financial health based on its unique situation. Furthermore, the ICAEW ensures their chartered accountants provide specialist services and advice which are in line with the body’s expectations. Read below for the other reasons why using an ICAEW chartered accountant will benefit your business.
Chartered accountants that are members of the ICAEW regulatory body are held accountable for the services they provide. This means you are guaranteed a high level of quality through internal reviews and compliance checks. Other reassurance policies will include:
- Ethical considerations.
- Professional indemnity insurance.
- Procedures for complaints and disciplinary action.
The body they are a part of ensures that the accountant’s skills are up to standard, and their knowledge encompasses all the latest developments. This enables chartered accountants to manage your finances as efficiently as possible whilst ensuring best practices are being followed.
Most ICAEW chartered accountants have been working successfully in accountancy for years. As such, they are able to provide practical advice on a wide variety of financial situations. During this time, many will have also developed specialist knowledge in a certain area. For instance, chartered accountants for startups will have intimate knowledge of what these businesses need to prioritise to be financially viable in their early years.
The ICAEW has played an integral role in shaping the accounting profession for over 130 years. It provides reassurance to companies and individuals that use chartered accountants through extensive protections and high standards. This body gives continuous guidance and resources to finance professionals, thereby guaranteeing they provide a dependable service. The result is, by using a fully qualified chartered accountant, you’ll be safe in the knowledge that your business will receive industry-leading financial support.
Oftentimes, accountants are brought in by a business solely to do compliance work. This is because tax legislation affecting businesses can change frequently, which is difficult for business owners to keep track of. It is also a statutory requirement, meaning there are costs associated with missing the deadline for accounts and tax submissions Engaging an ICAEW chartered accountant ensures you never miss a deadline, and the company remains compliant with the current tax regulations.
Chartered accountants should also have no problem identifying the best course of action for accessing complex tax reliefs such as Business Asset Disposal Relief.
Expert chartered accountants Liverpool
Jan McDermott Chartered Accountants is a firm built on the values of efficiency, professionalism, and friendliness, which you can expect in all our services. We go a step beyond most other accountants by offering affordable accounting with fixed fees. Our streamlined services are tailored to your business and as a result, you get efficient accountancy services without any hidden charges. Get started with a free consultation today.