75% Unsure what Qualifications their Accountant has!
We have a survey running at the moment and one of the question asks if people know what qualifications their accountant has.
25% Admit they haven’t got the first clue!
A further 50% approx are not sure but think they have some sort of recognised qualification but don’t know what.
We are asking this question not because we advocate that qualifications are the be all and end all of supplying accountancy services, but because we are evaluating where the perceived benefits are from particular qualifications.
It goes without saying that experience and recommendation are usually important when selecting an accounting, but to not have any idea whatsoever of qualifications can make certain people in certain industries more vulnerable and exposed than others to areas such as large tax bills, financial surprises, weaker financial performance etc. To build on this having someone with the appropriate qualifications (plus experience, personality etc) can make a huge positive impact to financial performance.
Personally I am surprised that the levels of ignorance around qualifications was as high as this. I expected there to be a large number of people who were not so sure but 25% without the first clue is a bit worrying don’t you think?