Every child that adds up pocket money and works out how it was earned, spent and saved is an accountant. However, he is not a professional accountant. The reason why it is best for your business to hire a chartered accountant resides in that word ‘professional’.
Professional accountants are very highly qualified people who earn their high incomes. It is common for accountants to spend three or four years at a university acquiring basic academic skills. After they have completed undergraduate degrees the begin working as lowly paid ‘articled clerks’ and while they are working in the field of accounting they continue studying to be accepted into their professional body of accountants.
Acceptance is usually dependent on passing board examinations. These are set to high standards for good reasons. Any sensible professions will want maintain high professional standards in order to protect the standards and incomes of people already in the profession.
Acceptance into the Institute of accountants does not guarantee a lifelong passage to wealth and ease. Members must maintain a high degree of service excellence and ethical behaviour. Failure to maintain professional standards may result in disbarment and consequent of loss of face. When you hire an accountant for your business you can expect excellent accounting and that is what every business needs.
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.
Prudence does not always mean success in business. Sometimes risks are required. Accountants are often hampered when they try to run their own business because they are too cautious to take the necessary risks.
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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