August 7, 2018 0

How do you know if an accountant is ‘qualified’?

How do you know if an accountant is ‘qualified’?

Have you ever trusted anyone with your money blindly? Most of the answers will come in negative. Not many things in the world are more worrying than having faith in anyone with our money. However, when we choose an accountant for us we are doing exactly the same. Whether you are seeking a local accountant who will handle your personal financial affairs in tax-efficient manner or you need an expert contractor accountant, you have to make the decision to hire any one of them very carefully. If you want to be stress free and safeguard your financial affairs, then it is imperative find a well-qualified accountant, but how will you know if the accountant is qualified or not? Here is a list of few things you have check in order to confirm that the accountant you are going to hire is a qualified person.

#1. Professional affiliation-

The professional affiliation of the accountant is very important thing to find the accountants who are in this profession for long period of time.

The Institute of Chartered Accountants in England and Wales which is shortly called as ACAEW is in existence since 1880 and has around 130000 members all over the world.

The Association of Certified Chartered Accountants which is known as ACCA is a global institute which has more than 150000 members across the globe. It came in existence right at the beginning of 20th century, i.e. in 1904.

Then, there is one more institute, the Chartered Institute of Management; shortly known as CIMA. This institute is useful for the management department of the businesses to find out well-qualified accountants in order to guide them about financial strategies, expenses and business-related decision making.

So, first you have to identify your needs and depending upon them you can choose an accountant from the members of any of these organisations. You will definitely find an accountant who will meet all the standards set by these organisations for qualification and professionalism.

#2. See if the firm is qualified or the person-

Many of the times, the accounting firm you have hired assigns you an account manager who is not qualified, but someone else in the firm is. These managers have the ability to perform variety of tasks in professional accounting. However, the tasks like signing off the accounts or delivering mortgage reference can be performed by the qualified professional only.

When the client’s accounts are simpler to deal with, then the non-qualified professional can also prove helpful. Still, if you insist on hiring a qualified professional to deal with each and every financial affair, then you may need to pay higher fees. If your accounting needs are complex in nature, then don’t opt for contractor specialists. It is better to seek help of conventional accounting firms.

#3. Insurance-

There is always a possibility of things going terribly wrong, no matter how much expertise the person you are working with has. You have to be prepared for such type of situation. If anything goes wrong, you have to make sure that you get the compensation for the same. The specialist insurance can help you out in such situations. The policy in the consideration is Professional indemnity insurance. The accountant you are going to hire must have this policy. This is because, if he commits some mistake or advises you wrongly and if it causes financial loss for you, then he can claim against this insurance so that you get the compensation of the loss occurred.

#4. References-

In the world of professional accounting, the mouth publicity is very important and defining factor. The success of a good accountant lies in the references and recommendations provided by the satisfied clients. People never give wrong recommendations and references, as it can hamper their image also. Therefore, if you hear someone praising any accounting firm or find out that the people are connected with the same accountant for years and never complained of a problem in all these years, then it will be a wise decision to seek for their services for yourself also. You can hire them based on the recommendations of others or you can inquire about their qualifications, insurance and many other necessary things and make the decision if you are satisfied with the outcomes of the inquiry you have done.

These are few important things you have to consider while choosing an accountant for you. They will surely help you to find a qualified professional to whom you can trust for your money affairs blindly.

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