Published On: Mon, Jun 2nd, 2014 on 1:27 pm

Yorkshire businesses exposed to unqualified ‘accountant’ risk

Money Grabbing

Small businesses may be damaging their growth prospects by paying accountants who aren’t even qualified, an association of accountants has warned.

The Association of Chartered Certified Accountants (ACCA), has pointed out that there is no law preventing anyone from calling themselves an accountant, and that small businesses could be paying someone without the key skills to handle finances.

The warning comes after research from cloud accounting software provider ClearBooksPro, which showed that just 8% of small businesses considered an accountant’s qualifications when choosing one.

Andi Lonnen, chair of ACCA’s Yorkshire Women’s members’ network, warned: “Unlike solicitors and some other professional roles, the term accountant is not protected by law, so absolutely anyone can call themselves one, even without any training.

“Even those with minimal training in book-keeping or just one aspect of accountancy, will not always have the same rigorous qualifications and insurance as a chartered certified accountant. They will also be limited in helping the business grow.”

There is an estimated number of 344,544 small and medium enterprises (businesses with up to 249 employees) across Yorkshire and the Humber, with a total annual turnover of £100.1 billion.

ACCA has urged businesses to check accountant’s qualifications before using their services.

About the Author

Hasan Faridi

- Hasan is the founder and editor-in chief of the Yorkshire Standard. A BA Hons graduate from the University of Huddersfield, he has over four years of experience in newspapers, magazines and radio.

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