How important is it to understand the difference between a professionally qualified accountant and someone that calls themself an accountant but doesn’t have a professional qualification?
By checking if your accountant is regulated by one of the two main accounting bodies (the Association of Chartered Certified Accountants / ACCA or the Institute of Chartered Accountants in England & Wales / ICAEW ) you are ensuring you and your business will be given up to date, relevant guidance and advice with regards to accounting matters.
Accountants and accountancy firms regulated by these two bodies have to comply with professional development requirements each year and are bound by rules and regulations designed to uphold the good name of the profession they represent. If you have any issues or complaints with regards to your accountant and they are members of either the ACCA or ICAEW then you can complain and have a matter of recourse.
For instance, would you consider using a plumber who called themselves a plumber, who may have experience of plumbing but doesn’t have the Gas Safety accreditation?
It may be that regulated accountants and accountancy firms are possibly a little bit more expensive than the unregulated ones (probably but not always!) but the regulated accountants have costs associated to being ACCA or ICAEW members that the unregulated accountants don’t – so as the old adage states you get what you pay for.
The next time you are looking for an accountant, for whatever reason, look for the ACCA or ICAEW sign or go on to either the ACCA or ICAEW websites to see a list of regulated accountancy firms in your area. As a firm regulated by the ACCA we understand the need to provide up to date relevant and professional advice to our clients.
If you would like to speak to us then please ring the office on 0161 427 3830 or email email@example.com.