Why it is best for your business to hire a chartered accountant must be considered by people setting up new enterprises. One important consideration is the scale of the project. As turn over escalates the personal accounting system must give way to a professional
A firm does not need to be profitable in order to employ a professionally qualified person. It might in fact be argued that a project that is not profitable may be in more need than one that is running at a profit. Accounting services are more of a necessity than a luxury because they yield insights into business practice.
Any professional person will have undergone a process of rigorous training before being accepted. He will have practical and theoretical knowledge, underpinned by internationally accepted accreditation. A professional person will also have been trained to abide by a code of ethics that will modify and refine the decisions that he makes.
Because business is now conducted across the world as a matter of course it is vital to have standards and methods that are accepted and understood everywhere. The Association of Chartered Certified Accountants (ACCA) has spread out from the United Kingdom where it started. Now its membership is 72% outside of the UK and it has 83 centres spread through all the continents on the globe.
Generally accepted accounting conventions must benefit any firm that they are applied to. The old saying that ‘no man is an island’ applies to business too. The application of world class accounting standards will earn the company respect and understanding at those points at which its activities intersect with others.
International trade is an ancient human practice but globalization is a recent phenomenon. The difference is that improved communication means that businesses operate across the globe continuously. One mining operation will have businesses on five continents with headquarters possibly in London. The need for international accounting standards is obvious
China became the second biggest economy in the world in 2011 but in 2010 few foreign exchange bank officials in South Africa could name the Chinese currency. This illustrates the pace of change and the way it leaves people struggling in the wake of change.
Many qualified accountants work in small and medium sized businesses. It is there that they serve a very useful purpose in bringing international standards and ethics to the businesses that are the grist to the mill of a nation’s economy. That is why it is best for your business to employ an chatrtered accountant.
Learn why it is best for your company to hire a chartered accountant now in our comprehensive overview of everything you need to know about how and where to find a top chartered accountants Ealing and accountants west London .