SHOULD YOU HIRE AN ACCOUNTANT?

---

Did you know that anyone can call themselves an “accountant” and set up an “accountancy practice” in the UK? Unlike the term “solicitor”, the word “accountant” is not protected and there are no restrictions for the use of the term. Instead, a qualified accountant guarantees the following:

Following years of training and experience, a qualified accountant can help you make the most efficient use of your money and your business grow. He brings so much more to the table than just bookkeeping.

Unqualified individual holds no accountancy qualifications, so there are no guarantees about his accountancy knowledge and quality of work. He is unlikely to be able to offer the full range of services and expertise a qualified accountant can.

A qualified accountant is regulated by a professional body and bound by a Code of Ethics, meaning you can have total confidence in his professionalism. If you are unhappy with his work, you have recourse with a professional regulator who will investigate his professional conduct.

Unqualified individual is not regulated by a professional body, so he is not bound by a code of ethics and there is no avenue of complaint if you are unhappy with his professional conduct.

A qualified accountant is required to complete continuing professional development each year. His knowledge is therefore kept up to date and he understands how the latest regulations affect you or your business.

Unqualified individual is not obliged to keep his knowledge up to date, meaning he could be working to outdated standards and regulations, leaving your accounts open to question.

A qualified accountant holds a practising certificate and professional indemnity insurance, meaning you are protected against work he performs that harms you or your business.

Unqualified individual may not hold a practising certificate or professional indemnity insurance, meaning you are not protected or insured against any work he does that harms you or your business.

The right accountant is a professional accountant with the right experience, who has the big picture in mind. Our principal accountant Ari K Ashkenazi FAIA, MSc, BSc (Econ) (Hons) is a qualified International Accountant over 5 years' post-qualification experience. 

Qualification as an International Accountant is achieved through a combination of study, exams and Initial Professional Development (IPD). International Accountants are members of the Association of International Accountants (AIA), which is a global membership body for professional accountants in over 80 countries worldwide. The AIA is one of the five recognised qualifying bodies in the UK along with ACCA, ICAEW, CAI and ICAS.