I’m frequently surprised by how many people are unaware that the term ‘Accountant’ isn’t legally protected – anybody can call themselves an accountant without any training or experience. Buy some book-keeping and tax software, get a website and start to market yourself as an accountant to the general public.
Now I’m a qualified Chartered Accountant FCA, so I suppose I’m bound to say that Chartered Accountants, members of the Institute of Chartered Accountants in England & Wales (ICAEW), are the best.
If you are thinking of appointing an accountant, my advice is to take the time to investigate the qualifications of the accountants you meet. Check out their Institute’s website. You can find my details on the ICAEW’s website at: https://find.icaew.com/firms/stockport/whyatt-accountancy-and-consulting-limited/ZyaQmz
You can recognise ICAEW Chartered Accountants by the letters ACA or FCA (for those of us have lots of experience). What assurance do you get from the status of ICAEW Chartered Accountants?
- We’ve completed several years of rigorous training and practical experience.
- We’re required to invest in continual professional development training every year, which ensures our accountancy, tax and business knowledge is up to date.
- We are bound by the ICAEW’s code of ethics and disciplinary procedures.
- We are required to hold a Practising Certificate and professional indemnity insurance, if we offer services to the public.
- The ICAEW review us every year, as part of the ICAEW’s Practice Assurance scheme. This ensures that we must commit to providing quality services, adhering to the highest professional standards. If we don’t, the ICAEW discipline us and can stop us practising.
It’s hard to become and to remain an ICAEW Chartered Accountant. It takes hard work, skill, a commitment to professionalism and a good brain.
So, choose your advisor carefully. Hiring a qualified Chartered Accountant is a good investment. Hiring an unqualified accountant can cost you dearly.
I’ve been a qualified ICAEW Chartered Accountant for 28 years. Not only have I worked in accountancy practice with the likes of EY and RSM, I’ve been an FD of an SME business and Financial Controller of a large listed group. I’ve certainly been around long enough to have seen most things. As a result, I know what good looks like; I also know what bad looks like.
Not all accountants are the same. Not all accountants are Chartered Accountants.
If you need advice on accountancy, tax and SME business issues, get in touch for a no-obligation, free discussion – see our Contact Us page for how to reach me.
Keeping you compliant | Saving you tax | Helping you grow
Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Whyatt Accountancy and the writer accept no responsibility for any loss arising from any action taken or not taken by anyone using this material.