Many people think that the role of Chartered Accountants is restricted in bookkeeping only. However, there are so many things that the CA is capable of doing. Sometimes, they act like the financial backbone of the company. Many times they save the company from making wrong investment decisions as well. They are the guide with experience and industry knowledge to manage the cash flow of the organization.
What are the responsibilities of the Chartered Accountant?
The CA works in a wide range of industries along with a broad spectrum of responsibilities. They have to execute an array of specialized tasks related to finance. Here are the key responsibilities of the Finance management: The CA can work as the manager of the organization. They can steer the business in the right direction by giving resolution to the problem, helping in decision making, deciding the strategy, and implementing changes.
Report: The financial performance is documented by the Chartered Accountant. Depending on the report, the investment decision is taken by the authority.
Advice: In most of the companies, the Chartered Accountant is considered as the trusted advisor. They provide advisory support to many companies as a consultant or practicing partner.
What are the roles in a company that the Chartered Accountant performs?
Auditor: The financial statement and accounting ledgers are the base of any organization. Managing finance needs much experience and practice. The Chartered Accountants do the job efficiently for almost every type of organization. They check all the accounts and cash flow to find out any dispute.
Tax Accountant: For any company or salaried individual, calculating and submitting the tax are the two major financial factors. The Chartered Accountants are well efficient to do the job for both the personal and corporate account. They can prepare the income tax statement along with formulating the tax strategies including factors like how to treat a merger or acquisition, financial choice, selecting the tax-saving investment schemes, tax deferral, and many other decisions.
Financial Accountants: For any company, mergers and acquisition is a huge decision. They have to analyze all the possibilities from the financial aspects. It is the Chartered Accountant who can do the job by involving in the financial decision. They may have to discuss with the suppliers to set up new accounts. They have to utilize their accounting and finance analyzing skills for that.
Management Accounts: The job role of the management accountant has taken a major shift. They have to work in the marketing and finance sectors to develop new business. They have to participate in decisions for capital budgeting in order to get the line of business analysis.
Budget Analyst: The financial plan of any organization is developed and managed by the budget analyst. Both the government and private enterprises need the service of the budget analyst. The qualified, experienced, and efficient Chartered Accountant can work as the budget analyst who can explore the quantitative skills to negotiate.