When an Accountant is not an Accountant

In Ireland there is currently no legal protection for the term "Accountant".

Anyone can call themselves an accountant and advertise as such.

Before speaking to your accountant, ask yourself how important it is for you and your business to do the right thing - by that I mean, filing your tax returns on time, filing tax returns that adhere to current tax legislation and regulations, preparing financial statements in accordance with current financial reporting standards, filing abridged accounts in the correct format with the CRO etc. etc.

Many "accountants" who are not qualified accountants (we'll get to this later) are very capable of doing all of the above for you. But why would you NOT engage a qualified accountant when fees for these services are comparable across service providers.

Why Being a Qualified Accountant Matters

With a qualified accountant (at least for a qualified CHARTERED accountant), you are assured of the following:

• That accountant has undergone approx. 3 years of professional accountancy examinations (which are not easy).

• That accountant has gone through a supervised (and evaluated) sustained period of employment experience (frequently 3 years).

• That accountant must complete annual CPD (continuing professional development) structured educational courses and training seminars to remain technically competent.

• That accountant must adhere to a (lengthy) series of professional ethics, integrity guidelines and code of conduct.

• That accountant has obtained a Practicing Certificate which guarantees the accountant is licensed and capable to operate as your accountant.

• That accountant's work is regulated by and subject to review by an oversight body from the accountant's Membership Body.

When Price is an Issue

Traditional accountancy firms were brick and mortar establishments, the conference room, the secretary at the front desk and the multiple grey suits.

Covid changed many things, not least how we work.

Many accountants (like myself) who trained and worked for (many, many) years in traditional accounting firms wanted more for themselves. We established practices ourselves...harnessing all our knowledge and experience to be service providers.

We didn't need an office, we could go and meet clients. We didn't need a secretary, clients could reach us through Whatsapp or Twitter. We stopped placing advertisements in magazines and journals and dived into websites and social media platforms.

Our base costs went down. We could charge COMPETITIVE fees. We could adapt and think like our customers: real business people whom we could work with and help.

But the best thing of all? We were qualified, fully supervised and remaining technically competent because we had to. Customers would therefore get the double reward of reduced fees but also the same level of service and technical ability as traditional accounting firms.

So, if you are thinking about hiring an accountant or perhaps changing accountant, it's probably best (if the price is right for you) to hire a QUALIFIED CHARTERED ACCOUNTANT.

Reach out if you want to know more about my own level of experience, training and qualifications:

Darren.Benham.BNO@gmail.com