There are many reasons why it is best for your business to hire a chartered accountant. Perhaps the most important is linked to the key word, 'professionalism'. Every person who adds up money and 'accounts' for how it is earned, saved and spent is an accountant. Not everyone is a professional accountant.
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.
It is in the interests of any professional board to maintain high standards. This ensures them high fees and respectability. More importantly, it means that clients can pay for and enjoy skilled, efficient service.
Even after a person has been accepted as a member of a chartered accountants' institute strict rules require him up to scratch, he is required to keep abreast of developments and deliver excellent services to his clients. Failure or negligence in any area may lad to disbarment from the profession with consequent loss of earnings.
In the course of their rigorous training accountants have the prudence principle instilled in them. They are taught to be responsible and prudent when dealing with money, and especially people belonging to other people.
Because they are trained to be prudent accountants are not always successful business people. They may be so careful that they are averse to taking the sort of risks that a genuine entrepreneur may have to take in order to make money.
Why it is best for your business to hire a chartered accountant is precisely because he may be relied upon to be prudent. Professional advice may be expensive, but if it saves a client' reckless or ignorant actions it may be less costly than it would be not to have professional advice.
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.
It is in the interests of any professional board to maintain high standards. This ensures them high fees and respectability. More importantly, it means that clients can pay for and enjoy skilled, efficient service.
Even after a person has been accepted as a member of a chartered accountants' institute strict rules require him up to scratch, he is required to keep abreast of developments and deliver excellent services to his clients. Failure or negligence in any area may lad to disbarment from the profession with consequent loss of earnings.
In the course of their rigorous training accountants have the prudence principle instilled in them. They are taught to be responsible and prudent when dealing with money, and especially people belonging to other people.
Because they are trained to be prudent accountants are not always successful business people. They may be so careful that they are averse to taking the sort of risks that a genuine entrepreneur may have to take in order to make money.
Why it is best for your business to hire a chartered accountant is precisely because he may be relied upon to be prudent. Professional advice may be expensive, but if it saves a client' reckless or ignorant actions it may be less costly than it would be not to have professional advice.
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