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Is a Chartered accountant really necessary?

jermiahjohnjermiahjohn subscriber Posts: 19 Bronze Level Member
Suggestions please?


  • Tuah BaoTuah Bao subscriber Posts: 176 Silver Level Member
    A person is require to gain certain work experience, minimum number of years of experience, complete exams, comply to code of ethics and ensure skill & knowledge are always kept up-to-date before he/she can be qualified as a chartered accountant (CA). CA is also regulated by professional bodies like ACCA and CPA (depends which country you stay). Therefore, you may want to considering hiring a CA to get certain project done.
    Tuah Bao
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  • EntreflowEntreflow subscriber Posts: 15 Bronze Level Member
    Your business results are improved when an accountant can help you use QuickBooks. It will save you money long term as well as reduce the chances of audit. An accountant will also help you with the correct implementation of apps.
    If you are a small business owner or a startup, you might not need a full-time accountant. Don't hesitate to contact an accounting consultant, that have experience with different companies, preferably in your industry.

  • Jessie HookieJessie Hookie subscriber Posts: 351 Silver Level Member
    1. Record keeping: Proper book keeping is not only a good business practice, but also a legal requirement, even if your firm is small. CA's assistance in record keeping will not only make you a legal compliant, but can also be a powerful tool to analyze and envisage the financial position of the past and future respectively.
    2. Auditing process: Auditing processes are always tedious and your company accountant would be the first person to agree with this opinion. With the professional help of a chartered accountant, it is absolutely possible it to make your financial auditing to sail smoothly without any sort of hiccups.
    3. Formulate business plans: The strategic understanding and vast knowledge of chartered accountants makes it easy for them to formulate new business plans or fine tune the existing ones to deliver best results for your company. It can be a one-off advice or ongoing suggestions in complex business environment, either way your business stands to gain a lot.
    4. Financial compliance: As your business grows, so does the complexity that revolves around tax requirements and business procedures. Precisely, this is where the expertise of a chartered accountant can be put into good use. An expert CA would gladly present you with a good tax plan that can definitely bring down the amount of tax your company pays to the government. Moreover, you can always count on chartered accountants to streamline accounting practices and perform advanced preparations for taxes and make you remain steady within the legal stipulations and regulations.
    5. Cost controls: A chartered accountant comes to the rescue act not only when businesses face dull days but also on fast expanding mode. And all it requires is precise budgeting with a perfect balancing of fixed and variable costs. Believe us, there can’t be a better person other than a CA to offer advises on various avenues for cost controlling and make your growth graph pointing towards north.
    6. Enhance the financial mechanism: Chartered accountants have undergone the professional training to get better results out of the current mechanisms of your business. Their vast expertise in financial matters easily enables them to find ways to enhance your profitability and business growth.
    7. Merger and acquisition: Merger and acquisition process is one of the complex situations in the business world that not only necessitates strategies to be formulated but also calls for dedicated attention towards comprehensive tax planning. Without an iota of doubt, it can be ascertained that the valuable counsel offered by chartered accountants would pave way for easier transition during the acquisition process.

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