Why your business should use a Qualified Accountant
It is highly recommended that your business has access to a Qualified Accountant. Like any specialist service a Qualified Accountant provides insight and adds value to your business by:
- Managing your cash flow effectively
- Ensuring debtors and creditors are reviewed on a regular basis
- Advising of changes in legislation, reporting requirements and technological developments
- Providing advice on a suitable structure for your business
- Submitting documentation to HMRC, ensuring your business meets the deadlines with accurate numbers
Every business does not need a full time accountant. However it’s critical that your business works with an accountant that understands your business and industry, and provides you with SMART Management information.
SMART >> Specific, Measurable, Achievable, Relevant, Timely
At NKY Consulting, we have over 20 years’ experience in the oil and gas sector; our specialism is working in Industry, and utilising this experience to assist the clients we work with.
In the UK there is no requirement for someone who calls themselves an ‘accountant’ to have special training or experience. They may have no qualifications or basic competence to do the job. Any individual can register with a professional accounting body, but that doesn’t mean they are a Qualified Accountant.
To reduce the risk to your business use the services of a Qualified Accountant. Check the accountant’s accreditation, ensure they have professional indemnity insurance, a practicing certificate, anti-money laundering supervision, and ask for recommendations from your network. Arrange to meet the accountant to get an understanding of their experience and personal qualities; probe them with questions.
Neil Yeoman from NKY Consulting has FCCA status. He is a Qualified Accountant with a practicing certificate from The Association of Chartered Certified Accountants (ACCA). Another accreditation in Scotland is The Institute of Chartered Accountants of Scotland (ICAS). Both carry that badge of integrity.
Members of professional bodies must comply with an ethical code of conduct and benefit from support systems including continued professional development, ongoing regulation and information, technical advice as well as useful networks. If something goes wrong, there is recourse for the client via the professional body. You don’t have that protection if you employ an unqualified accountant.
To conclude, utilise the services of a qualified accountant and experienced business professional. NKY Consulting fulfil these obligations allowing you to rest easier as a business owner.