Every child that adds up pocket money and works out how it was earned, spent and saved is an accountant. However, he is not a professional accountant. The reason why it is best for your business to hire a chartered accountant resides in that word ‘professional’.

Members of the accountants’ institute earn high salaries because they are highly trained and competent. They have spent time acquiring general academic qualifications before entering the specialist training that is required as part of membership. First they work as lowly paid articled clerks even though they have academic degrees. As clerks working in accounting firms they learn the hard lessons of their profession, doing hum drum work.

At the same time they study for Board examinations which are probably more demanding than initial academic examinations. High standards are set because those already in the profession wish to maintain standards and retain high fees.

Acceptance into the Institute of accountants does not guarantee a lifelong passage to wealth and ease. Members must maintain a high degree of service excellence and ethical behaviour. Failure to maintain professional standards may result in disbarment and consequent of loss of face. When you hire an accountant for your business you can expect excellent accounting and that is what every business needs.

In the course of their rigorous training accountants have the prudence principle instilled in them. They are taught to be responsible and prudent when dealing with money, and especially people belonging to other people.

Being trained in prudence accountants are not always successful entrepreneurs. They tend to be so risk averse that they cannot take the risks that may be necessary for success. But the fact that they may not be good at running their own business does not disqualify them from being good at their job, which is not starting and running a business.

It is best to hire a chartered accountant for your business because quality professional advice will be useful. It may not be an indispensable ingredient for success, but it will certainly be a good defence against failure.

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