Non-qualified Accountants: A New Threat to UK’s Small Businesses

Friday, July 18, 2014 Print Email
ACCA (the Association of Chartered Certified Accountants) recently published a new threat for UK small business about facing a new problem caused by non-qualified accountants. This is not only damaging the business, but also seriously affect the business growth and prospects.

ACCA adopts the research report from cloud accounting software provider ClearBanks. According to that report, only 8% of small business, consider the accountant’s qualification before hiring them. Surprisingly, ACCA found that – there is no law prevents anyone claiming him/her as an “accountant”. That indicates – small businesses pay unknowingly pay someone without adequate qualifications.

According to ACCA UK head, Sarah Hathaway, unlike other professionals like – advocates or doctors, the professional role “Accountant” is not protected by laws and anyone can claim he/she is an accountant without any training. She also stated that, people who have minimal qualification and training in book-keeping or accountancy can never comply with a professionally qualified chartered qualified accountants. Those under-qualified people simply block the business growth.

She also added: no matter whether the accountant is an external practitioner or an in-house employee, he/she works with multiple roles and know the strategic input and output. It is really impossible by a person who is not properly trained or qualified. Only book kipping or tax related knowledge is not enough to complete the whole scope of work.

Additionally, she suggested: for any small business that have serious growth potential must need a person who can quickly understand the management changes and the current accounting needs of that business and able to build and manage finances. It is very important, because the business growth never follows the plan! So it is crucial that the management must place the right skills in the right place.
ACCA clearly mentioned that, all businesses must check the accountant’s qualifications before using their services.
Source: ReadyRatios

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