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The Importance of Ethical Accounting

the importance of ethical accounting the harding group

Ethical accounting is essential for a well-run business.

Whether you are handling the books for your small business yourself, or you are using a reliable professional at the Harding Group, the ethics of accounting are important to uphold to ensure that your business maintains its reputation and financial stability. At The Harding Group, we believe in ethical accounting and practice it with all of our clients. Read on to learn about the importance of ethical accounting and the consequences your business could face if you resort to unethical practices. 

The Accountant is Dealing with Sensitive Information

Accountants are expected to act a particular way when they handle client’s books, which includes demonstrating integrity, keeping things confidential, staying up-to-date on accounting news, and acting professionally. 

An accountant has access to sensitive information, including the finances of the business and the SSN and bank information of its employees. Ethical accounting includes taking care to keep confidential information secure. You can do this by having secure WiFi, not emailing sensitive data, and using firewalls and other security precautions. 

Accountants Have to Accept Responsibility for Mistakes 

When you make accounting mistakes or act unethically, you will be the one responsible for those mistakes. If you don’t stay up-to-date on accounting rules, you may make dramatic errors. If you are frequently making mistakes and ignoring accounting ethics, it may be time to seek help from a professional who practices ethical accounting. 

Accountants Must Be Seen as Professional

Part of ethical accounting is following particular rules and laws set by the Financial Accounting Standards Board, such as the GAAP (generally accepted accounting principles). If you want to be seen as an accounting professional, follow accounting regulations to avoid penalties or negative outcomes. If you have questions or aren’t sure how to proceed, consult with someone to make sure you comply with the professional rules. 

Ethical Accounting Puts You At Less Legal Risk

When you don’t comply with accounting rules, you are much more likely to get your business or clients into legal trouble. Even if you begin with small unethical choices, those choices can develop into significant problems. To avoid future legal issues, familiarize yourself with ethics and accounting, and understand what unethical accounting practices put your small business at risk. 

The Business is Counting On You

The most important reason to practice ethical accounting is that your small business, or your small business client, is relying on you. If you don’t practice good ethics in accounting, your business could: 

  • Lose customers
  • Have trouble retaining employees
  • Struggle to stay afloat
  • Loser other business relationships, such as investors
  • Have serious legal repercussions 

Additionally, investors, customers, and employees might lose faith in your business and brand if they know you use unethical practices. Regardless of whether you are an accounting professional with an established group such as The Harding Group, or a bookkeeper for your own business, ethical accounting is essential for the health of any business. 

trust the professionals at the harding group

Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for emails or phone calls and will strive for open communication with our clients. Whether you are interested in business advising, tax preparation, bookkeeping and accounting, payroll services, Training + support for QuickBooks, or retirement planning, we have the expertise and years of experience to help. We serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of taxes, contact us online or give us a call at (410) 573-9991 for a free consultation. For more tax tips, follow us on Facebook, Twitter, YouTube, and LinkedIn.

This entry was posted on Thursday, February 20th, 2020 at 12:14 pm. Both comments and pings are currently closed.

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