If you’re navigating the world of contracting or freelancing, you know that managing your finances isn’t exactly a piece of cake. But don’t worry, we’re here to simplify things. Today, let’s talk about a decision that’s as straightforward as it is important: choosing a regulated accountancy firm.
The Benefits of Going Regulated
Trust and Credibility: The Cornerstones
When you engage a regulated accountant, you’re essentially choosing peace of mind. Bodies like the ICAEW, ACCA and AAT make sure their members are not just qualified, but also stick to a high ethical standard. It’s like having a safety seal on your financial advice.
Consistency: It Matters
Regulated firms get regular check-ups to ensure they’re delivering quality service. So, you can expect consistent, reliable advice without any unpleasant surprises.
A Safety Net: Because Life Happens
If things take an unexpected turn, regulated accountants have something called professional indemnity insurance. It’s your financial safety net, giving you that extra layer of security.
A Full Suite of Services: Your Financial Toolbox
Regulated accountants can offer you a whole range of services, from tax planning to accounts preparation. Plus, they’re always updating their training, so you can be sure their advice is current.
How to Check if Your Accountant is Regulated
Curious about your current accountant’s status? Checking is usually a breeze. Most professional bodies, like the ICAEW, ACCA and AAT, have online directories. Just pop in your accountant’s name or firm, and if they’re listed, you’re in good hands. Also, feel free to ask them directly about their credentials; a regulated accountant will be more than happy to share.
The Risks of Going Unregulated
Ethical Question Marks
Without a governing body, there’s no set ethical standard for unregulated accountants. This can lead to some sketchy practices that you’d rather not deal with.
Quality: It’s a Gamble
With no one keeping tabs, the quality of service can be hit or miss. It’s a bit like rolling the dice with your finances, and who wants to gamble like that?
Limited Options: You’re On Your Own
If you run into issues with an unregulated accountant, your options for recourse are pretty limited. They’re not required to have that handy indemnity insurance, leaving you in a bit of a pickle.
Why PaperRocket Accounting is Your Go-To
We’re proud to say that we’re regulated by both the ICAEW and the AAT. At PaperRocket Accounting, we’re all about delivering top-notch, ethical service. When you work with us, you’re choosing the benefits and security that come with a regulated firm.
Choosing a regulated accountancy firm isn’t just ticking a box; it’s a smart move for your financial well-being. With PaperRocket Accounting, you can rest easy knowing you’ve made a wise choice.
Want to find out more? Contact us to learn how we can make your financial journey smoother.
PaperRocket are a multi award winning accounting practice, and Accredited FreeAgent Practitioners.
We specialise in providing friendly, non-accounting jargon, services for contractors, freelancers, sole traders, and landlords across the UK.
Our fixed fee monthly accounting packages all include a FreeAgent subscription as standard and unlimited support from your allocated accountant.
To find out how we can help you please get in touch now.