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Many people are familiar with the term u201cChartered Accountantu201d as a job title but do not really understand the difference between the roles of a regular accountant and a chartered accountant.
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Many people are familiar with the term “Chartered Accountant” as a job title but do not really understand the difference between the roles of a regular accountant and a chartered accountant. So what is a chartered accountant, and are they worth the higher fees?
Since MMBA has chartered accountants on staff in Cambridge, Luton, London and elsewhere we are clearly of the opinion that our chartered colleagues are absolutely worth their fees, but it is incumbent upon us to explain to our customers why this is. • Essentially the title “Accountant” is not a protected term. Essentially anyone can call themselves an accountant and so long as they do not falsify their qualifications and adhere to the regulations they are perfectly free to do so. • They might be self taught, have studied a foundation course or be a seasoned professional with thirty years of experience. The title of “accountant” makes no differentiation. • In contrast, to be able to legally use the title of “chartered accountant” an accountant must earn the specific professional accreditation of ‘chartered status’.
In order to achieve this they will have studied accounting to an extremely high level as well as acquiring three to five years of relevant professional experience. • In addition, chartered accountants will be members of a respected professional body, such as The Institute of Chartered Accountants in England and Wales (ICAEW) which requires them to maintain a strict ethical and professional code of conduct. • A chartered accountant belonging to a reputable professional body such as the ICAEW will also be required to hold professional indemnity insurance. • This protects both the chartered accountant and their client in the event of losses caused by unintentional errors.
Chartered accountants are also bound by their chosen professional body’s own ethical codes and can have their membership terminated if they fail to stick to the rules and guidelines of their professional association. • A chartered accountant therefore is a more highly qualified, more accountable and more regulated type of accountancy expert. • In truth a general accountant, especially one engaged by a reputable accountancy firm such as MMBA will provide sound advice on everyday accountancy matters such as tax returns and invoicing. • So while you might need to seek out the services of a chartered accountant for personal tax advice in London if you are in possession of a complex international investment portfolio, there would be no real need to do so if you just needed somebody to check the figures on your V.A.T. return.
You may also benefit from contacting our chartered accounts in Cambridge or Luton if your business is about to make a significant investment. • By way of example, if your business is considering acquiring a smaller company, a chartered accountant can advise and assist in the process of making a detailed financial plan ahead of that acquisition, guiding you through the process of securing appropriate funding and offering advice on how to complete the transaction in a tax efficient manner. • Like doctors and lawyers, chartered accountants often specialise and so may have in-depth knowledge of particular financial matters, from personal tax advice in London to cash flow forecasting with our chartered accountants in Luton to forensic accounting with our chartered accountants in Cambridge.
Thank You For More Information Visit: https://www.mmba.co.uk/
