Accounting ethics – Dos and don’ts and why it matters

Business - 02/03/2021

Accounting ethics are important. They’re integral to ensuring that your business is operating within the law. Maintaining a good set of ethics is essential no matter what field or industry you’re in, and accounting is no exception. In fact, good accounting ethics are imperative to gain and retain the trust of clients, co-workers and business partners. 

When dealing with the accounts, you’re likely to be handling sensitive information relating your clients. Ultimately, if you don’t manage that data properly, it’s going to affect your reputation as a business.

In this week’s blog, we’re outlining a few dos and don’ts when it comes to accounting ethics. 

Do:

Practice complete client confidentiality. 

Your client’s finances and other sensitive details need to be treated with the utmost confidentiality. They’re trusting you to keep that information safe. You should only disclose it to other professionals if necessary, and with your clients permission. Failure to keep information confidential could result in bad publicity and possible defamation of a company or person. 

Not to mention the legal repercussions. Failure to keep confidentiality can lead to identity theft, fraud, and other damaging consequences if the information falls into the wrong hands.

Be professional beyond the office.

Maintaining a professional attitude is good for your reputation. So if you’re at a networking event, or an event where colleagues or clients will be in attendance, it’s worth your while to stay professional. Whilst this is important for many industries, it’s more explicit for some. Think about it this way; if you’re drunk and loose-tongued at a party, prospective clients are unlikely to trust you with their accounts, or their legal matter. 

Be completely transparent.

When it comes to the accounts, honesty really is the best (and only) policy. If you make a mistake, own up. It’s important that you’re completely honest with your clients, so that you gain their trust.

Don’t:

Show bias.

If you’re dealing with a conflict of interest, it mustn’t influence your decisions when it comes to the accounts. You’ve got to be objective, and possess independent viewpoints. You need to relay the facts without an agenda. Present them through an objective lens, not one that may be inclined towards a particular view or ideal.

If you show bias towards one business or ideology, you’re going to lose the trust of your clients, and alienate prospective ones. 

Overlook the fine details.

Every detail matters. Making one small mistake can lead to any number of negative financial and legal consequences.

Need help with your accounts?

Numero is committed to giving your firm the best possible service when it comes to outsourcing your accounts. That means treating them with the utmost care and professionalism. If you’re interested in working with us, get in touch with us today.