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Nimbus

By Nimbus

Why you should pick a qualified chartered accountant?

April 4, 2012 | By |

Why should I use a qualified accountant? 

There is nothing to stop anyone setting up a firm of accountants. There are some good firms of unqualified accountants, but in our experience they are few and far between.  You can of course eliminate this risk by engaging a firm of chartered accountants.  By way of a background to the qualification, it takes a minimum of three years, within which there are several exams and practical experience in a registered training office. There is then at least two years post qualification experience required before a practising certificate will be considered. So if you engage a firm of chartered accountants you can be confident that you are getting a fully trained and experienced accountant.

Other benefits that a client receives from engaging a firm of chartered accountants include the strict ethical guidelines that all members must adhere to, compulsory professional indemnity insurance and comprehensive requirements for ongoing professional education, to keep all member firms up to date with changes in legislation and maintain a consistently high level of skill within the membership community.

New Business Start-Ups 

For someone who is starting their own business for the first time, they may not be aware of the potential drawbacks of choosing an unqualified accountant.  Instinctively in business price is used as a benchmark, but this is quite often where the unqualified accountant gets his foot in the door. Clients who have come to us from unqualified accountants often have tales of poor service and a lack of technical ability. If the fundamental training is missing from your accountant, it is fair to say that you will probably be increasing the chances of a HMRC enquiry and could be paying the incorrect amount of tax – which could result in substantial penalties.

It is clear to see a qualified chartered accountant has worked hard to obtain their qualification and continues to work hard to maintain it. For this and the other reasons above we recommend that you pick a qualified chartered accountant to work alongside your business. It may cost more in the short term but the benefit over the long term will be well worth the investment.

Nimbus Accounting is a firm of Chartered Accountants. The backbone of Nimbus Accounting is the Institute of Chartered Accountants (ICAEW), our professional body and regulator. All our client managers hold their own individual accountancy qualifications, ensuring the best possible advice is at your fingertips.  If you feel that your business could benefit from one of our qualified accountants we would be very happy to help.