Why Choose a Chartered Accountant? Because Not All Accountants Are Equal
When considering why to choose a chartered accountant, the answer becomes very clear once you understand a frightening truth about the accountancy industry.
Have you ever had a bad experience with an accountant? Worse still, did you later discover they were completely unqualified?
It happens more often than you’d think.
Here’s the hard fact — accountants in the UK are not legally required to hold any qualifications to run their business. Let that sink in for a moment. Right now, someone with zero financial training could be handling your accounts, filing your tax returns and advising on your business finances.
That’s a bit like taking critical medical advice from someone who’s never set foot in a medical school.
And it gets worse. Many unqualified accountants don’t carry professional indemnity insurance either — meaning if they make a costly mistake, you could be left with absolutely no recourse.
So what’s the solution? It’s simple: always choose a chartered accountant.
Why choose a chartered accountant
Up-to-date knowledge
Chartered accountants must undertake continuous professional education so you can be confident their knowledge and skills are always kept up to date. This ensures the advice they give you can be relied upon.
Regulated
Chartered accountants are regulated. This ensures they are continuously monitored on their conduct and performance and will be bound by a code of ethics.
Maynard Johns is a member of ICAEW which is a global professional body for chartered accountants. As members, we are bound by a code of ethics which covers the following five principles.
- Integrity – to be straightforward and honest in all professional and business relationships.
- Objectivity – not to compromise professional or business judgements because of bias, conflict of interest or undue influence of others.
- Professional Competence and Due Care – to attain and maintain professional knowledge and skill at the level required to ensure that a client or employing organisation receives competent professional service, based on current technical and professional standards and relevant legislation, and act diligently and in accordance with applicable technical and professional standards.
- Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships.
- Professional Behaviour – to comply with relevant laws and regulations and avoid any conduct that the professional accountant knows or should know might discredit the profession.
Experience
Before being qualified as chartered, the accountant will have had to work with many different business industries and a wide range of clients to ensure they have the necessary experience.
Maynard Johns has been established since 2003 and has worked with literally thousands of clients in industries including, but not limited to:
- Agriculture
- Tourism and hospitality
- Property development
- Retail and wholesale
- Building trades and construction
- Motor trade
- E-commerce
- Care homes
- Professional services
- Financial advice
- Service Industries
- Buy-to-let and Furnished holiday lets
Whatever your industry, we will have someone with the necessary expertise who understands your business.
Insurance
A chartered accountant must be covered by professional indemnity insurance. This gives you peace of mind that in the unlikely event something goes wrong, you will be covered and financially compensated if applicable.
The importance of choosing a chartered accountant
A chartered accountant will have the specialist experience, technical skills, qualifications, and professional indemnity insurance to give you peace of mind when they are dealing with your business finances.
An unregulated accountant puts you at greater risk of missed deadlines, incorrect reporting, and expensive mistakes due to poor advice. Yes, they may be cheaper, but is it worth the risk?
If you want peace of mind with your accounting and are thinking of changing your accountant, get in touch for some friendly, no-obligation advice on 01237 472071.