SMEs overlooking lack of qualifications when selecting accountant
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Small businesses choose to overlook qualifications when selecting an accountant
The Association of Chartered Certified Accountants (ACCA) have reported on new research from cloud accounting software provider, ClearBooks, which has shown that only 8% of small businesses took an accountant's qualifications into consideration when choosing one to handle their financial affairs.
Such practice is risky for small business owners who could be unknowingly paying someone who is neither regulated nor insured and without the necessary skills and experience to help their business grow in the best possible way.
In order to qualify with ACCA, accountants are required to undertake examinations and extensive supervised training to provide services to the public. They then have to maintain indemnity insurance, attend courses to keep up-to-date and submit to regular monitoring by their professional body. Members of the public then have recourse to the professional body in the event that something goes wrong. If an accountant is unqualified, then none of these safeguards are usually in place.
ACCA did, however, specify that there is no law preventing anyone from calling themselves an accountant. The regulatory body recommends that businesses check an accountant's qualifications before using their services, as some members of the public only discover that their ‘accountant' is unqualified once a problem arises.
A qualified accountant will be happy to discuss any queries you may have on qualifications.
Choosing an accountant
To help make your search for an accountant easy, ActSmart have partnered with AIMS, who specialise in the accountancy needs of independent businesses in today's economic climate.
All of AIMS accountants are professionally qualified and work with fixed fees agreed in advance and do not charge by the hour. This unique structure means they establish genuine client relationships, getting to know you and your business inside out, providing essential support without the concern of a large bill at the end of the year.
ActSmart Silver, Gold and Platinum subscribers have the choice of either their first month free or 15% cash back after the first year subject to minimum fee of £500.
Phone AIMS on 020 7616 6632 or contact us.