When hiring an accountant, experience, knowledge and location should be considered. Larger firms from overseas have been on the rise since COVID-19 brought an end to local events and forced people into a nationwide lockdown, hence service acquisition from offline to online extended. Due to this, people have compromised and made do without the importance of face-to-face contact.

But a local accountancy firm can offer the latter, wherein they can provide a personalized services to help entities grow. Below are the top reasons why you should consider working with a local & regulated Chartered Accountant.

Benefits of Working with a Local Accountant

Personalized Service

Considered as top priority for local accountants is providing a personalized approach unlike larger, more corporate firms wherein you get bounced around to different departments when you want some advice. By avoiding the latter, local practices can build lasting relationships and get to grips with your business’s objectives through which they can provide you with expert advice based on your needs rather than just any generic strategy. Additionally, direct contact with your accountant won’t be an issue.

Local Knowledge

In dealing with a local accounting firm, you can expect valuable local business knowledge. They will be able to help you grow your business by using their understanding on local and regional challenges that have been encountered by most businesses in your locality.

Build Trust

It is often said, your business is your baby. And rightly so! It is personal to you and for some even part of their identity regardless of the entity’s size. So trusting someone to handle your finances is something that you want to feel comfortable in doing. More often than not, local practices are likely to work with business owners you may be familiar with. You can look for other local businesses that can vouch for the accountant’s proficiency and strong reputation within the local business community. The referral and recommendation are a great trust indicator.

Lesser Cost

Are you a small business? Or just starting-up? Cost might be essential in keeping your business on track, and hiring a local accountant can help you. Accounting fees may vary, but they can offer you competitive rates based on the services you would avail. In all cases, it may not be the cheapest solution but research suggests that hiring local accountant over a large firm can save you a fair amount. You can expect that they will place more value on you as their client, and that will reflect on their rate.

Convenience

A major advantage for local accountants is that they are conveniently located. Whether you need help in updating your financials or in need of an accountant to accompany you to meetings – their location will play a huge part. If issues occur in the future, you wouldn’t have to worry on the response time such as delay due to unanswered email or calls since you can keep in touch with them in their office. With this, it can save up your time and leaves you to focus on growing your business more.

Why consider using a regulated Chartered Accountant?

Anyone can open an accounting practice, regardless of their level of training, technical proficiency, educational background, or professional liability insurance. Many additional accounting and tax services do not require authorization from authorities, despite the fact that some service providers—such as those who offer audit, insolvency, investment business, and probate—do.

Therefore, it is crucial to choose a professional you can trust if you need specialized advice or services regarding issues like these. Since you wouldn’t go to an unlicensed or unregulated doctor for medical advice, you want to be reassured that they have the training, expertise, and credentials to provide high quality independent advice and services.

Setting a good example

Reputation is important. For more than a century, ICAEW has been a pioneer in the accounting industry. Chartered accountants are all licensed and qualified. They adhere to the values-based guidelines and standards on issues like ethics and quality assurance while offering their specialized advice and services at the highest levels of professionalism.

The professional bodies monitor and regulate their members, member firms, and the non-member affiliates they authorize to make sure they adhere to their guidelines and standards in addition to the relevant laws, rules, and standards. The ICAEW has set policies and straightforward complaint handling procedures in place.

Monitoring conduct and performance

You might not know where to turn if there are issues with the calibre of their counsel, their behaviour, or their standards of service if you choose an unqualified or unregulated accountant to manage your money or tax work. On the other hand, you may count on thorough, pro-active, and periodic monitoring of the actions and results of the ICAEW.

You have the security of a safety net in case something goes wrong, which is improbable. Professional indemnity insurance coverage of up to £1.5 million is needed for all ICAEW Chartered Accountants in public practice, and many businesses will have much more coverage. A company is always willing to give you information about the degree of insurance that they maintain. For specific categories of authorized investment company providers and probate providers, they run financial compensation programmes.

Professional services

For individuals, companies, and other organizations, ICAEW Chartered Accountants and firms can provide a wide range of professional advice and services connected to accountancy, audit, insolvency, investment company, probate, tax, and several other legal and technical fields.

It takes work to become certified as an ICAEW Chartered Accountant. Technical knowledge and practical skills must be developed through extensive formal training with ICAEW-approved firms and training providers, and they must be kept current and relevant through continuing professional education.

Accountable for their actions

The ICAEW establishes and upholds standards of conduct and performance for its members, students, firms, and non-member affiliates in its capacity as a professional body and regulator.

By emphasizing education, promoting continuous improvement, and offering specialized technical and practical resources, they help them, but they also keep an eye on the services they offer and the quality management systems and practices they use.

Their Code of Ethics must be followed by all members, students, and affiliates in order to uphold the highest ethical and professional standards. They must also adhere to the rules and guidelines for professional conduct in the tax industry.

ICAEW Chartered Accountants anticipate that members will uphold both their client-focused commitment to excellence and their broader social obligations.

How to choose a good Accountant for your business?

Hiring an accountant is similar to hiring a proficient employee, and should make you feel they are an extension of your team. The decision-making process for hiring one should not only focus on the cost of their services but should also include how they fit into your business model and objectives, and the support that you actually need for your business.

Consequently, if you’re based in Coventry or the West Midlands and want to choose a finance professional you can rely on, supported by a professional organization you can depend upon, get in touch with our team today.