On every accountant’s website they will claim that they are different. They may claim to be Xero or QuickBooks specialists but take a look at the ‘find an accountant’ pages on both Xero and QBO websites and there are thousands of accountants registered with them. They claim to be modern in their use of technology but again you can find that comment on thousands of accountants’ websites. They claim to avoid jargon and be plain speaking and that also appears on thousands of websites. They may have won multiple awards but again you will see that on hundreds of accountants’ websites. Some even claim to be disruptors of the accountancy profession, accountancy influencers, ahead of the curve or even revolutionary which just sound self-absorbed rather than a reason for clients to go to them.
So, Accountants ARE all the same then? Which if that’s the case is it safe to choose the cheapest?
Actually no, in our opinion every accountant is UNIQUE, and we will explain why it is important for you to understand how this helps you as a business owner select the right one for you, even if that accountant is the more expensive option.
Each and every accountant is unique because they are who they are, through a magical combination of:
- qualifications,
- ongoing formal learning and
- their very specific practical experience.
Let’s start with accountancy qualifications.
The assumption is, that if someone calls themselves an accountant then they must be qualified, but sadly this is untrue. The term accountant is unregulated in the UK, so you need to check carefully who you are dealing with.
An accountancy qualification is not a certification that you can use a piece of accounting software. All of the major cloud accounting companies have a certification program for bookkeepers. All these certifications prove, are that you are competent to use the software not that you are an accountant.
Ideally you need someone who is a Chartered Accountant so will have the initials ACA, FCA, ACCA or FCCA after their names.
Number two is ‘Ongoing formal learning’.
There is an old saying which states that “when you stop learning you stop earning”. The finance world is constantly changing. The tax world changes even faster. You learn one set of complex rules and six months later you may have to learn a whole new set. If your accountant was busy trying to run a business, it would be very easy for him to miss important new changes. Professional accountancy bodies impose minimum hours every year of both structured study (seminars, webinars and conferences) and unstructured study (accountancy magazines, tax magazines and related technical reading). The ICAEW who regulates Wood and Disney requires the directors and qualified staff to do a minimum of 40 hours of study each year to ensure we remain up to date with tax and accounting regulations.
The combination of Wood and Disney’s qualifications as Chartered Accountants and our continuing formal study ensures high standards of professional and ethical behaviour and a focus on quality.
The third ingredient is experience.
Experience plays a crucial role in shaping an accountant’s skills particularly in judgement, problem solving and decision making but there are many different ‘levels’ and ‘types’ of experience.
Levels achieved over time. You could describe them as beginner, intermediate, advanced and expert. These levels represent increasing knowledge compounded over many years perhaps even decades. Levels represents breadth of experience. Breadth of experience could be the sheer variety of experience accumulated over time including business structures such as sole traders, partnerships and companies, industries acted for such as manufacturing or construction and of course wider areas of finance such as financial analysis, budgeting, forecasting and internal controls.
Types of experience simply means depth of experience. An example of depth may be that an accountant with 25 years’ experience is likely to have a deeper understanding of complex accounting concepts, regulations and best practices acquired through handling diverse situations.
This depth and breadth of experience is important in developing judgement, problem solving skills and the ability to make better decisions. The accountant with decades of experience has probably made or seen lots of mistakes and this has helped fine tune their skills such that they can identify potential issues faster and recommend proactive solutions based on their past experiences. With longer exposure to business dynamics the more experienced accountant will possess a more long-term strategic perspective as opposed to a short-term knee-jerk reaction.
The combination of formal qualifications and experience is TRUST. The combination of Ongoing learning and Experience is Mastery. And the combination of all three is what makes us Unique.
Wood and Disney's qualifications, formal ongoing learning and experience added together create insights and often unique insights. So, the answer to the original question “aren’t all accountants the same?” is a resounding NO.
If you have hit a plateau and are struggling to grow or are growing so fast you are fearful of losing control, then you need to contact Wood and Disney, the advisors to ambitious entrepreneurs.
Call us on 01206 233170, or
Email us on info@wood-disney.com or
Visit our website at https://www.woodanddisney.co.uk/