When seeking financial support, it’s crucial to understand the distinction between an accountant and a chartered accountant. Both provide accounting services, but chartered accountants possess additional qualifications, expertise, and adhere to specific regulatory requirements, differentiating them from accountants.
At Oasis Accountants, we provide expert chartered accounting services, tax solutions, and financial planning. This guide will help you determine which type of accountant best suits your needs.
What Does an Accountant Do?
An accountant provides financial services to individuals and businesses, focusing on bookkeeping, tax returns, and financial reports. Some of the most common tasks performed by accountants include:
- Bookkeeping – Maintaining financial records and tracking expenses
- Tax Returns – Calculating tax liabilities and preparing submissions
- Payroll Management – Processing employee salaries and deductions
- Financial Reports – Preparing statements to assess business performance
Accountants can work independently or within an accounting firm, offering essential financial support for small businesses and individuals. However, they are not required to have formal qualifications or professional body membership, which means their expertise may vary.
What Does a Chartered Accountant Offer?
A chartered accountant is a highly qualified professional who has completed formal training, passed rigorous exams, and is regulated by a recognised accounting body such as:
- ICAEW (Institute of Chartered Accountants in England and Wales)
- ACCA (Association of Chartered Certified Accountants)
- CIMA (Chartered Institute of Management Accountants)
This level of qualification ensures a chartered accountant has extensive knowledge in financial management, tax planning, and compliance. Some of the key services offered include:
- Tax Solutions – Advanced tax planning and advice for individuals and businesses
- Auditing and Compliance – Ensuring businesses meet legal financial regulations
- Business Growth Strategy – Financial forecasting and strategic planning
- Corporate Finance – Assistance with mergers, acquisitions, and financial restructuring
- Property Tax and Investment Advice – Specialist guidance for landlords and investors
Chartered accountants must also adhere to strict ethical standards and participate in continuous professional development, ensuring their knowledge remains current.
Key Differences Between an Accountant and a Chartered Accountant
Qualifications
A standard accountant may not have formal training, whereas a chartered accountant must meet the requirements of a professional body.
Regulation
Chartered accountants are subject to ongoing professional standards, while regular accountants are not required to follow the same level of governance.
Expertise
Chartered accountants offer more complex financial planning, auditing, and tax solutions, making them better suited for businesses with high-level financial needs.
Business Impact
Businesses seeking compliance, tax efficiency, or financial strategy benefit more from working with a chartered accountant.
Which One Do You Need?
For basic accounting tasks such as bookkeeping, payroll, and tax returns, a standard accountant may be sufficient. However, if you require:
- Strategic tax planning and compliance
- Business financial management and forecasting
- High-level financial restructuring or auditing
Then a chartered accountant is the best option.
Chartered Accountants You Can Trust
At Oasis Accountants, our team of chartered accountants provides expert tax solutions, business planning, and financial advice tailored to your needs.
Whether you are an individual, a business owner, or looking to manage your wealth, choosing the right accountant is essential for long-term financial success.
Contact us today to speak with a qualified chartered accountant and find out how our services can help you achieve your financial goals.
