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Accountancy - Qualified vs Unqualified
Rightly or wrongly there is no obligation for anyone to have a qualification before setting up as an accountant in the UK. However the lack of a qualification may restrict clients’ options if they need particular business advice, or if they need to make a complaint or claim on their accountants.
There are many concerns over unqualified practising accountants and the problems and pitfalls faced by clients with unqualified accountants.
“There is a clear division in the profession between practises that are qualified and practises that are unqualified,” comments Andrew Robinson of A P Robinson & Co.
“Clients deserve the highest level of up to date business advice. Training is essential to provide clients with this level of professional expertise.”
“Accountants should be encouraging the client to think beyond saving tax and taking a short-sighted view that company relations with their accountant happen just once a year,” he adds.
The main qualifications you will come across in the UK are Chartered Certified Accountants and Chartered Accountants. Members of these associations will be trained to work in a general practice environment, looking after a range of small/medium business issues. Practising members will hold Practice Insurance cover, comply with ongoing training and professional development requirements and will be subject to their association’s complaints and disciplinary procedures.
“There are two main arguments for being qualified; firstly that of regulation and secondly of responsibility, “details Emma Stamp, Practise Manager.
“On regulation, the qualified will have a whole regularity over them from their professional body and the regulator itself.”
“Of course there are unqualifieds with good working knowledge and skills. But there is undoubtedly a very big difference, on average, as to the quality of work undertaken and advice given.”
“Unqualified ‘accountants’ tend to miss the basics. It is the application of underpinning technical knowledge throughout the business that is key.”
Our advice to business owners is to do their homework on the practice they are intending on joining and make a wise decision as to whether they should risk working with an unqualified accountant.
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