Today, businesses are playing a vital role in bringing the world together. It is the responsibility of a chartered accountant to audit the accuracy of every business transaction and ensure that they are legitimate and following the guidelines set by the government.
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The chartered accountant also helps to create financial reports and manage any accounting operations to review each operation as mandated by the government. Below is the main role of the chartered accountant:
A chartered accountant helps in keeping a record of every financial transaction of business. He/She creates and manages accounts such as purchase books, selling books, receipt books, and books among other payments.
2. Analysis and advice
A more complex work of CA is the analysis of data for financial purposes. Data from the income statement can be analyzed for a variety of purposes to see the top and bottom-line growth. He/She can analyze the balance sheet to obtain a clear view of the company's financial standing.
3. Audit account
As the company grew likewise, the increase of shareholders, and it became a mandatory requirement for their accounts to be audited every year. However, an only chartered accountant can help you prepare this audit as the process involves a lot of numbers that should only be done by the CA.
4. Tax filing
This is a requirement for businesses to file tax returns quarterly or yearly to enjoy the smooth running of the business.
5. Management of business operations
As an accountant, you might keep an eye on the lower level accountants who handle basic accounting tasks such as invoicing and recording statements of income. As an accountant, you will analyze the basic data and create forecasts, budgets, and plans and finally present them to senior management to assist them in making decisions in the future