A Chartered Accountant is a person holding a degree in accounting, auditing, taxation, financial assessment for an individual or organization. Every country has an institute or a professional body that awards the Chartered account degree after examination and specified years of practice. The designation is given to an individual who has is an accounting professional and who has received a certificate for the same from a body which states that he or she is qualified to take care of the matters that are related to accounting and the taxation business, tax return filing, audit the financial statements and the business practices, maintaining records of the investments. A chartered accountant in India can also offer advisory services to clients which include companies and individuals.
To become a Chartered Account in India requires completing three levels of training that are designed by the Institute of the Chartered Accountant of India (ICAI).
To become a certified chartered accountant the candidate has to go through the whole CA eligibility criteria and be eligible for all the requirements as prescribed by the ICAI. The eligibility criteria are decided by the ICAI and help determine the candidate has proper qualifications that will assist him or her in the profession in the future. A candidate interested in pursuing the course of the chartered accountant has to go through the CA eligibility before they enroll themselves.
A chartered accountant is a person who specializes in accounts who helps in making better business-related decisions for you. The Company's account a good chartered accountant is playing various roles in helping managers and owners in legal and financial advice, stringent bookkeeping, finding cost-cutting yet effective methods, etc.
Without a Chartered accountant, a business cannot flourish properly.
Helps in Managing expenses: For any business, it is necessary to manage expenses and be cost-efficient. If there is no track of the cash flow the expenses will be much more than the profit. A chartered accountant helps the business holders to save money. A chartered accountant has to make sure that the company is not losing track owing to the financial crisis.
Assists in correct investments: A chartered accountant not only aims at making the business solutions affordable but also has advice on the correct investments which is advantageous for a company in the long run. A chartered accountant helps the business in the growth and puts the best method in process for making it a profitable entity.
Cutting down the cost of the Company: A chartered accountant can be expensive but a good chartered accountant can also effectively help in cutting the cost of the business. By Hiring a Chartered Accountant from year account to tax returns a Chartered accountant maintains and rectifies every smallest detail that is relevant to the monetarily flow in the company.
Helps in Audit and the legal issues: A chartered accountant reduces the burden of the shoulders, as they are efficient in accounting skills and they can get advice on bookkeeping and other legal issues as well.
Saves Time: A chartered accountant takes all the major responsibilities and helps in managing the company's account efficiently. The CA makes the job much easier by handling the financial tasks for the company.
B: Two types of accounting needs to be followed, to run a business smoothly. The financial accountants and the business accountants need to work hand in hand to bring out the best.
Chartered Accountants are recognized across many countries except the United States in India, where the CA is equal to a Chartered Public Accountant (CPA).
The chartered accountant can set up practices of their own or work for private and public and government firms. Duties of the Chartered Accountant in India are just not limited to business and finance. The CAs also guide in renewing the avenues for professional networking, career, and also business development. Having a Chartered Accountant degree is enough to provide advisory benefits to the clients.
The Chartered Accountant may handle only the area of focus or may handle the entire accounting department or work as a freelance on their work.
As the candidate chooses their area of focus the work of a Chartered Account is wide or narrow. The CA can choose where and how to carry out the duties of the Company and wear many hats in the countless fields within accounting and finance.
The Chartered Accountants in India are employed in four major sectors: Corporate finance, pubic practice in the accounting firm or as a freelance, forensic accounting, or in any major business.
The Job of the Chartered Accountant is considered to be one of the toughest jobs in the world of business. The responsibility of the Company's financial health is dependent on the competency of the Chartered Accountant, for he not only advises the client on the financial matters but also detects and prevents frauds and deals with financial irregularities.
A chartered accountant can work in the sectors that are mentioned below:
CAs in India are always in high demand in the sectors that are mentioned above. The CA can work with a business or an organization and help in managing the accounts, finances, taxation, or auditing. The CA can also work independently and offer services to anybody who is seeking it.
Financial institutions are always lookout for skilled chartered accountants which is another employment opportunity. Working for consultancy firms is another way to utilize accounting skills.
Whereas the consultancy firms assign the chartered accountants to various clients to help them in short or long-term financial goals. In case the client is wanting to work with multiple clients then a consultancy firm is a right option.
|Financial Accounting||Manage accounts, perform internal audits, manage salaries and wages, send out invoices and manage tax.|
|Auditing||Performs the statutory audits as per the Company Act, internal audit|
|Cost accounting||For casting, budgeting, and control, and expenditure control.|
|Tax management||Advise on the taxes as per the changes that are made in the business plans|
|Consultancy||Corporate law advice on the financial aspects, project planning, business advice relevant to profits, expansion, and more, information systems management.|
Last updated: Aug 24, 2021