Can you Spot a Rogue Accountant?

Rogue accountants form a significant problem for many businesses in the UK. As the term ‘accountant’ isn’t regulated, almost anyone can call themselves an ‘accountant’. It does not matter if they don’t have the necessary formal qualifications, examinations, insurance or experience.

The recession has led many people to set up their own ‘accountant’ business, either as a result of redundancy or as a way to supplement frozen incomes. This, in itself, isn’t a problem, as long as the person has the necessary experience, training and qualifications to support the accounting services they provide.

Increasingly, many SMEs are complaining about the poor guidance and service they receive from so-called ‘accountants’, who frequently disappear when their shortcomings become exposed. The consequences of hiring these uncertified accountants range from bad business decisions, unnecessarily high tax bills to fines for late filing. These penalties place unnecessary burdens on small firms who are already struggling in the current economic climate. Bad tax advice could even lead to the failure and liquidation of a business.

Types of Accountants

There are several different types of accountants in the UK, who work in a variety of sectors from auditing to taxation and personal to corporate. A qualified UK accountant will belong to a professional body, such as the Institute of Chartered Accountants, the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, and the Chartered Institute of Public Finance and Accountancy.

How To Choose an Accountant

You might think that a start up or small business isn't big enough to need a chartered accountant or certified chartered accountant, but unless you're an expert in tax and finance - in short an accountant yourself - this simply isn't the case. An accountant will provide your business with a great deal of essential support and expert financial advice. Hiring an accountant also leaves you to focus on growing your business and expanding into new frontiers.

Probably the most important consideration in choosing an accountant is whether you choose a specialist accountant or general accountant. If you need an accountant for a specific purpose, such as taxation or corporate recovery, it may be worth seeking the help of an expert accountant in that field.

VICOM ACCOUNTANCY SERVICES LIMITED is a team of Chartered Accountants and Tax Consultants with a proven track record of providing effective and quality accounting service. We recognize that the accounting need of every business varies. We therefore provide a specialized and affordable client based approach to meet the varied need of every client. We pay attention to our clients to determine their needs and offer reliable, accurate and timely information to enable them manage their operations effectively.

Sources
http://whatisanaccountant.co.uk/pressrelease.pdf
http://www.accountantlocal.co.uk

Author: Olufemi Olukoya

Good Housekeeping

Everyone produces receipts, whether it is from your regular weekly grocery shopping or from your business transactions.  It is important to maintain a form of record keeping to keep your finances and surroundings in good order by taking good care of your receipts, invoices, statements, etc.

As a small business, it is important that you keep records of all your transactions including all purchases and sales.  Invest in a filing cabinet and keep all receipts, invoices, bank statements and other documents in good chronological order so you can retrieve them when required.  Make it a habit to file your paperwork at least on a weekly basis - every other day might be better but you may have other pressing matters to attend to. 

Do not cheat yourself by not keeping records of what you input in the business, every loan you introduce must be recorded, so you can have accurate information for your decision making process. 

Vicom Accountancy Service makes it a point of duty to provide an exceptional service to all our clients.  We provide tools to help them manage their accounts effectively so returns are in good order and always filed on time.