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Seven undisputable reasons your business needs a Chartered Accountant


Although not mandatory, there are many reasons why business owners choose to employ qualified accountants. But what is the difference between an accountant and a chartered accountant?

Technically, anyone can call themselves an accountant. Whereas a Chartered Accountant (CA), such as HWB Chartered Accountants, retains membership with the Institute of Chartered Accountants or the Association of Chartered Certified Accountants and undertakes the highest level of professional training.

A CA will also be required to maintain industry-led standards of ethical and professional conduct to maintain their membership. A CA will focus on providing accurate records of all financial transactions of an individual or business.

The consequences of using an unregulated accountant can pose a greater risk for your business which could take the form of missed deadlines, mistakes in reporting or non-compliance. The most serious risk could be mounting fines and a poor reputation. Unqualified accountants may also be restricted by law in terms of what they are able to do for your business.

Here are the top seven reasons your business needs a Chartered Accountant:

1. Legal compliance

As your business grows the complexities of tax requirements and compliance procedures increase. Over the years, legislation has also become more complicated and a CA is required to keep up to date with new procedures and requirements. They ensure your business is in the best financial position, and tax-saving opportunities are identified.

Professional accountants are experienced in submitting required information, handling tax enquiries from HMRC and often having specialist understanding of complex market sector areas. By choosing a Chartered Accountant that specialises in your field or industry you can benefit from specific experience and knowledge to match your exact business requirements.

2. Strategic decision-making

Specialist financial advice from a CA will ensure that your business makes the best financial decisions under the legal framework. The strategic understanding of a CA makes it easier to formulate business plans and deliver the best results for your company. As your business grows they will be able to advise on the various options available to you and point you in the right direction should you need to change the structure of your business.

3. Regulated by professional bodies

By working with a CA, you can benefit from professionally qualified individuals that are bound by a code of ethics and professional standards. They will undergo monitoring of their compliance and reviews of their professional practice.

4. Long-term cost saving

When your financial situation is complicated, or your understanding of finances is limited, then a Chartered Accountant will give you the assurance that everything is being handled competently. They are able to find ways to help you increase your profit margin and grow your company. From ensuring you meet deadlines and maintain procedural compliance, to providing tax-efficient planning and wealth protection, the services of a CA can save you a significant amount of money.

5. Advice during acquisitions and mergers

CA’s can provide complex tax planning and strategic advice during the acquisition and merger process. With their training and experience, they can advise on structure, comprehensive tax planning and improvement on internal finance procedures. Use of a professional accounting firm will also provide reassurance to those looking to invest that your financial figures are accurate.

6. Auditing

Your business is required to be audited once it reaches a certain size and turnover. A Chartered Accountant can help you through the auditing process and ensure you comply with relevant audit legalities.

7. One-off advice on important financial decisions or for complex financial affairs

Keeping accounting records are a legal requirement. However, if your business has complex financial or VAT requirements, or you need some important one-off advice, then it is best to turn to a CA. Chartered Accountants are good to consult at key points in your life or your businesses cycle to ensure you are fully aware of consequences or the most financially-savvy way to deal with a situation.


Ultimately, knowing that a Chartered Accountant has undertaken extensive training and are subject to regular reviews gives you peace of mind that you can rely on their advice and your legal compliance. You can have full confidence that they will be both trustworthy and discreet in your financial matters.

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