Running a successful business takes a great team of skilled experts. One of the most essential roles is that of a good accountant. Support provided includes the obvious, that of tax compliance and bringing together the numbers. Beyond the numbers is the key. A good accountant will nurture, guide, offer the right advice around structure and tax planning in times of growth. Most good accountants also work within a network of professional advisors that together, provide such an invaluable knowledge base that affectively offers a one stop shop.
What is a Chartered Accountant?
You may have noticed that some accountants are designated as Chartered Accountants (with a CA or CPA after their names). So, what does this mean and how do they differ from those without it?
In New Zealand and Australia, there is a united professional body known as Chartered Accountants Australia & New Zealand (CAANZ). A qualified accountant may choose to enter this professional body and in doing so gaining Chartered Accountant status. The entry requirements are stringent, as are the requirements to becoming a qualified accountant. Members must hold a bachelor’s degree along with an intensive three-year post-graduate course of study. They must also have at least three years of practical experience in the industry.
What sets a Chartered Accountant apart from the rest is ultimately that we are ethically bound to do the right thing. This is all monitored by CAANZ every 3 to 5 years in practice review, and includes complying with rules around continuing education. We cannot hold ourselves out to having knowledge we don’t have. We are encouraged to walk away from work we know to be unethical, but also to walk away from work that is beyond us.
Clearly, Chartered Accountants are highly qualified, bringing extensive knowledge and experience to your business.
What Does This Mean For Your Business?
Hiring a Chartered Accountant will result in a professional/ethical approach to your circumstances. In New Zealand, anyone can call themselves an “accountant”, regardless of how much (or little) education and experience they have. Some accountants may in fact have very little formal training.
These are the people you are relying on to provide you timely informed advice that greatly impacts the success of your business. To ensure you are getting the best possible service, look for a Chartered Accountant.
If you are interested in having an expert on your team, then get in touch with us here at Arnerich & Associates Ltd. We speak your language, will be as transparent as what we can about what we do, and share with you what we know. You will walk away feeling reassured that you are in capable hands, that frees you up to do what you do best in whatever field you may be in.