All businesses need to have accurate financial records, and these records need to be kept up to date. But if you are finding it increasingly difficult to keep up with your financial transactions and record them in your books, you may need professional help. This particular help can come in the form of an accountant, but while an accountant – or anyone who has been able to finish a course in accounting, for that matter – can help you with various financial records and bookkeeping as well payroll and taxes, the role of a chartered accountant is more varied and broader. If your enterprise is growing and you are seeing an increase in financial activity as well as the need to make more informed financial decisions in the future, you may need the services of a chartered accountant, who can provide you with a more meaningful service. If you haven’t decided whether to get an accountant or a chartered accountant, here are the real benefits a chartered accountant can bring to your business.
Their General Role
Chartered accountants – such as the central London accountants from respected firms like Griffin Stone Moscrop & Co – will not only record all your financial transactions and engage in bookkeeping and payroll tasks, they can also give you help and advice regarding the different aspects of your business. If you regularly work with a chartered accountant, they will have a good understanding of your enterprise and where it is going, how it is operating, and what its financial status is. Your chartered accountant can be your best partner if you need to make future changes or make key financial decisions as they can give you the proper advice regarding your business’ financial standing.
Their Real Benefits
- Professional authority regulation
Chartered accountants are regulated by professional authorities and organisations, which means that they follow a code of standards and ethics. The chartered accountant will follow a set procedure and policy in terms of how they conduct themselves and provide their services, and they will also have professional indemnity insurance. Since they are part of a regulatory body, they will undergo regular checks and monitoring for compliance and reviews of how they practice professionally, which gives you additional peace of mind knowing that they have an accurate service that is also appropriately monitored and measured.
- A wide range of experience
For someone to be a chartered accountant, they not only have to go through a post-graduate degree or programme after they have attained their bachelor’s degree – they will also need to have gone through relevant work experience of at least three years so they can qualify. They have received mentoring as part of their work experience, and all the training they go through builds a strong business and sense of judgement which works well with businesses that are growing – especially those who are planning major activities in the future.
- Integrity and ethics
As already mentioned, a chartered accountant has to follow a particular code of standards and ethics set forth by professional authorities such as the ICAEW. They are expected to show the highest and best standards of conduct in their profession, and this also means that they have to ensure the trust of the public in their business practices and financial reporting.
