The reason why it is best for your business to hire a chartered accountant is because such a person is a professional. Any person who adds up money earned, spent and saved may be termed an accountant. However, he is not a professional accountant until he has passed through a rigorous educational process.
Chartered accountants institutes started in Scotland about a hundred years ago. They were started to protect professional standards and ethics, and still do that in the countries where they have been instituted. Members have first completed academic degrees, before passing through the rigorous professional requirements of their professional institute. They will also have completed some time working in the lower echelons of a professional firm, learning at the coal face of accounting.
At the same time they study for Board examinations which are probably more demanding than initial academic examinations. High standards are set because those already in the profession wish to maintain standards and retain high fees.
Even after a person has passed the demanding examinations and completed practical work within a firm of accountants, continued membership of the Institute of Accountants depends upon every individual keeping up high ethical and professional standards. For example, someone who neglects his duties of attending to a client’s tax needs and obligations may be barred from the profession.
In the course of long years of training chartered accountants learn the intricacies of managing complex accounting systems. They are also kept up to date with financial laws and the laws pertaining to taxes. They also learn the basic principle of prudence.
Prudence does not always mean success in business. Sometimes risks are required. Accountants are often hampered when they try to run their own business because they are too cautious to take the necessary risks.
It is best to hire a chartered accountant for your business because quality professional advice will be useful. It may not be an indispensable ingredient for success, but it will certainly be a good defence against failure.
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