Meaning of Chartered Accountant

Chartered Accountant means a solution oriented person and a person who is awake in those that sleep, and it refers to professional accountant who is qualified to take on a number of specific activities within the spectrum of accountancy . Whereas the position of degree of Chartered Accountants of India is equivalent to certified public accountant, or CPA in United States.
 

What Chartered Accountants Do?

There are usually four areas in which Chartered Accountants can work-

• Taxation.
• Financial Accounting.
• Financial Reporting.
• Applied Finance Management Accounting.

 
Chartered Accountants also work in organizations; establish his own firm, industries and commerce, as well as not-for-profit-organization and public sectors. Working strategically, the aim of chartered accountant is to maximize profitability on behalf of your client or employer.

Responsibilities

As a chartered accountant, you’ll need to:

• Manage financial systems and budgets.
• Undertake financial audits (an independent check of an organization’s financial position).
• Provide financial advice.
• Communicate with client (individuals or businesses) and provide financial information and advice.
• Review the company’s system and analyse risk.
• Advice client on tax planning (within current legislation to enable them to minimize their tax liability) and tax issues associated with activities such as business acquisitions and merger.
• Maintain accounting records and prepare accounts and management information for small businesses (accountancy).
• Counsel clients on area of business improvement, or dealing with insolvency.
• Detect and prevent fraud (forensic accounting).
• Communicate with internal and external auditors (where applicable) and deal with any financial irregularities as they arise.
• Produce financial management reports, including financial planning and forecasting.
• Advice on tax and treasury issues.
• Negotiate terms with suppliers.

 

Working Hours

Working hours vary depending on the role and the organization but usually 8 to 9 hours in a day. However during peak months i.e., March, July, August, September and December, working extra hours are quite common in order to meet deadlines, particularly in larger firms. As a trainee, you’ll usually be given time off in lien of any overtime worked.

Skills

A Chartered accountant always has –

• Motivation and initiative.
• Leadership qualities and effective teamwork skills.
• Communication and interpersonal skills.
• General business interest and awareness.
• Organizational and time management skills.
• Integrity and trustworthiness.
• Confidentiality (CA has various confidential information which requires not to be disclosed until and unless the client permitted and law requires).
• IT proficiency.

 

Reasons Chartered Accountants are in demand in India.

• After the implementation of the goods and service tax (GST) in India, the demand of Chartered Accountants well-versed in the new tax regime has been on a rise.
• More and more cross-border transactions happening nowadays and thus there is an increased demand of Chartered Accountants in the area of International Taxation.
• Increasingly stringent regulatory norms for the companies have raised the demand for competent auditors to examine records and report them.
• Wealth management is a professional service which combine financial and investment advice, accounting and tax services which create the more demand of Chartered Accountants in India.
• Chartered Accountants being required to handle client-specific mergers and acquisitions cases.
• The number of income taxpayers in India has more than doubled over the last few years, and this is expected to increase the demand of Chartered Accountants.
• Chartered Accountants also help in making plans regarding business startups.

 

How you can benefit from GKKedia & Co.?

Our Chartered Accountancy firm has 9 full time working CA Partners, 6 CA Assistants working under the guidance of the best Chartered Accountant of India i.e. CA Gopal Kumar Kedia, a former Accountant Member of the Income Tax Appellate Tribunal. We are located in Delhi and Punjab

If you are looking for any guidance regarding your business and financial needs, you may enquire now.

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gkkedia