Benefits of using a qualified accountant

Businesses across the Midlands are continuing to turn to professional advisers to guide them through the economic crisis and help take advantage of the recovery as it starts.

Jenny Marks, Partner at Muras Baker Jones LLP, Chartered Accountants, explains the benefits to businesses of checking that the accountants they are working with have the appropriate qualifications for the jobs they are being asked to do.

Somewhat surprisingly 'Accountant' is not a restricted word and anyone can call themselves an accountant even if they have had no training and hold no qualification.

Jenny Marks says: "The first thing to check is whether your accountant is a member of a recognised professional body such as the ICAEW (Institute of Chartered Accountants in England and Wales) or ACCA (Association of Chartered Certified Accountants).

"Members of these bodies will have completed a rigorous training programme and passed tough exams to acquire their qualifications.

"They also have to ensure they keep their technical knowledge and skills up-to-date through a continuous professional development programme and will have access to the extensive resources of their professional body including additional technical expertise.

"Above all, they are bound by a code of ethics ensuring their professionalism and responsibility to their clients.

"This means that amongst other things they will only take on work that they are competent to complete, but will have contacts to whom they can refer for specialist advice."

When taking on an accountant, as well as checking out their qualifications, Mrs Marks has identified the following simple steps to making a successful appointment:

• Check whether they have experience of your sector and type of business;
• Explain what you are planning to do and check they offer the services you need;
• Establish who will be dealing with your work – it may not be the first person you meet;
• Ask for references from existing clients;
• Confirm fees and payment terms;
• Once you have appointed an accountant ensure you receive an engagement letter setting out the terms and conditions of the appointment. Make sure you are happy with these before proceeding.