The title ‘accountant’ comes with a number of assumptions: good with numbers, business-savvy… Qualified? Not necessarily. Many people don’t realise that ‘accountant’ isn’t a protected term, and a lack of regulation could mean that your own might not have the official recognition. But does that matter?
In this blog we’ll unpack that very question, touching on the part that technology plays and the action you can take to ensure you get the best possible accounting partner for your needs.
Can an unqualified accountant still provide a ‘good’ service?
Like with any profession, unqualified doesn’t necessarily mean unable. Many unqualified accountants are providing a great service for their clients. The difference is assurance and regulation. The only way to be absolutely sure that your accountant has the ability, insights and skill sets to navigate your business through various situations is with a qualification.
The rise of AI adds an additional layer of complexity here. Automated software can empower pretty much anyone to significantly streamline otherwise time-consuming, tedious accounting tasks – like compliance and taxes. Both qualified and unqualified accountants use such tools to drive efficiency in their services. The real value, however, comes from an accountant’s ability to interpret automated outputs, and provide reliable and valuable insights with the health and growth of your business in mind.
The benefits of a qualified accountant
When it comes to maintaining professional standards, verifying AI-generated data, and providing strategic guidance in an ethical and responsible manner, you need a qualified accountant. These are the necessary factors that ensure your business is both protected and equipped to thrive. And with the assurance of qualification, you can trust that they have the necessary skills and judgement to respond appropriately in a range of scenarios and economic climates.
What’s more, accountants are only human and can make mistakes. In the event you’re with a qualified accountant and they fail to meet professional standards or comply with regulations, you would be able to complain to the governing body for a resolution. With an unqualified accountant, however, you would have to go through a lawyer – and the potential expenses could be huge.
How to check whether an accountant is qualified
If an accountant is qualified, they will almost certainly display their credentials at the end of their name using a series of letters. Look out for these on email signatures or any other professional setting where the accountant’s name exists. They may also include their qualifications under the ‘Education’ or ‘Licences & certifications’ sections on LinkedIn. The most common include:
- Chartered Certified Accountant – ACCA or FCCA
- Chartered Accountant (England, Wales and Ireland) – ACA or FCA
- Chartered Accountant (Scotland) – CA
- Chartered Tax Adviser – CTA, FTII or ATII
- Accounting Technician – AAT or MAAT
- Chartered Management Accountant – ACMA or FCMA
To verify an accountant’s credentials, you can search for them in the online directories of their professional body. Simply type the abbreviated credentials into Google to find the relevant database or, for chartered accountants, head to the following databases:
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Chartered Accountants Ireland (CAI)
- Institute of Chartered Accountants in Scotland (ICAS)
Need an accountant you can trust?
At Nabarro Poole you’ll find qualified accounting support that’s flexible, professional and bespoke. As well as ensuring your business is protected and compliant, your growth will be front and centre as we work together to achieve your goals.
Get in touch with us today for a friendly chat about how we can help.
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