Many people or clients, in my experience, are unaware of the various roles or activities that bookkeepers, accountants, and chartered accountants perform. While all three do some of the same things, it’s important to understand the differences between them before deciding on a professional advisor.
Bookkeepers (also known as accounting clerks or assistant accountants) frequently use the term “accountant” to describe themselves. This does not, however, imply that they are Chartered Accountants (or Chartered Certified Accountants or Certified Public Accountants in other countries).
Bookkeepers primarily keep track of, process, and report on a company’s day-to-day transactions. Almost anyone can work as a bookkeeper. They are not required to have completed any accounting courses and may “qualify” through experience.
Membership in the Profession
Accountants are required to complete advanced education by professional bodies such as the Association of Chartered Certified Accountants (ACCA) and the Chartered Accountants Australia and New Zealand (CAANZ). Chartered Accountants must typically complete a minimum of seven years of training and education before being allowed to call themselves Chartered Accountants.
To keep their membership, they must complete a certain number of training and professional development hours each year. They’ll keep up with recent changes in tax law, the economy, and the general business climate.
Many accountants are not Chartered Accountants, so they are exempt from these requirements.
Why Should You Hire a Chartered Accountant?
The current corporate world is very competitive and risky. Engaging the services of a financial specialist is often seen as a critical component of a company’s success. While hiring an untrained accountant is not required, they may lack the expertise and experience necessary to provide the best advice for your company. A knowledgeable chartered accountant will be a valuable addition to you and your company. They’ll have a better understanding of taxation and the financial complexities of operating a company.
They must fulfill high professional standards on a regular basis and are governed by a strong code of ethics in order to maintain high professional standards and competence. This gives you more peace of mind, knowing your company is in good hands.
A business partner you can rely on
Your chartered accountant should be a beneficial business partner that you can rely on. They have the skills and knowledge to provide insight and evaluate financial and non-financial data, as well as unfavorable trends. By recognizing changing demands in the business environment, they’ll help you identify viable financial and business strategies.
They’ll use this knowledge to make recommendations for your company’s specific needs. They’ll help you meet the numerous challenges you and your company will undoubtedly face by providing practical advice. Mark Gwilliam FCCA CA, the founder and director, leads the business advisory services.
The company has gone from strength to strength since its humble beginnings. It has grown from a small accounting and tax practice to one that assists small business owners, entrepreneurs, and executives with a variety of issues, including strategy, risk management, and internal audit, as well as managing shared-service centers and operations.