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Why a Chartered Accounting Firm Should Be a Part of Your Business

Posted on 24 June 2014

Let’s take a look at what Chartered accounting means, what is its history in the U.K. and learn how a Chartered accountant can help your business develop and grow.

Chartered accountants have a long history of business in the U.K since the Institute of Chartered Accountants in England & Wales was founded in 1880. The accountants who receive this accreditation have to undergo a number of testing and have to gain significant experience, so a Chartered accountant will surely be a professional in this area of field. Chartered accountants are some of the most experienced and trained professionals in the accounting industry, so you can be sure to thrust them with all the financial aspects of your business.

ICAEW certification

There are some important differences between a chartered accountant and a regular accountant; while anybody can call themselves an accountant, regardless of his experience or education, a chartered accountant is a member of the ICAEW, so his certification as a Chartered accountant is a guarantee of his experience and efficiency in this field. Also, you should know that both the ICAEW and the Association of Chartered Certified Accountants (ACCA) periodically perform professional audits on their members and firms, to ensure the quality of the services provided.

The experience and knowledge of a chartered accountant can help you if your company’s financial situation is somehow complicated, and can also help your small business grow, since a chartered accountant can provide you the best solutions to resolve your problems.

If you decide to work with a Chartered Accounting Firm, here are some of the advantages:

–          A chartered accounting team can help you in very specialized areas, since they work with experts in different highly specialized fields.

–          Professional chartered accounting firms can become an integral part of your business, going beyond just recording and presenting you the financial data. Their experience can help you succeed where other business competitors have failed, by providing you the best advices and services.

–          They can always suggest new ways of optimising your costs and prevent you from making expensive mistakes when you are just starting your business.

–          Using a team of highly specialised accountants, a Chartered Accounting Firm will be the first one to let you know if there are any new situations you should address, such as discovering that some taxes where just lowered for one of the components of your new product, or that several new laws could affect the pricing of your products.

You may believe you can save some money by hiring a regular freelance accountant, but Chartered Accountants are not always expensive. Many Chartered Accountants or Chartered Accounting companies work with a fixed fee, and they will usually demonstrate that the value they bring to your business is far in excess of the fees you pay them. Hiring a Chartered Accounting Firm to handle your finances from the moment you started your own company can save you a lot of time, money and effort, and when you draw the line, it will surely be worth it!

Tagged in: ACCA Chartered Accountants Chartered Accounting Firm ICAEW