Roles That the Chartered Accountants Play

Business owners often look for various ways to keep the companies on track and it is the role of the chartered accountants to help the companies in this. The chartered accountants or CA work in different business sectors and play a complete range of roles from the directors and financial controllers to chief executives. Besides, a chartered accountant Oakville also helps to create financial reports that are compared with the reports of competitors. Apart from that, the management of the companies uses the chartered accounting services to review the efficiency of the operations. Therefore, according to the government rules, the businesses need both reporting and accounting services.

Here come the details of the roles that a chartered accountant plays for any business:

  1. Bookkeeping and finance: Chartered accountants also help to maintain all the records of financial transaction of any business. This works as the most fundamental and basic job that any chartered accountant performs any business. The books that the chartered accountants update on a daily basis are: Sales Book, Purchase Book, Receipts Book and Payments Book. Updating these books help a CA to prepare the income statement at the end of the quarter of year and this thing is collated with the company’s balance sheet.
  2. Advice and analysis: The chartered accountants don’t only expect to maintain and prepare the books of any company. In fact, they play a more strategic responsibility and this includes analyzing the data for different purposes.
  3. Auditing and Accounting: As a company flourishes and includes shareholders, it becomes mandatory for the company owners to get the accounts audited on every year. But only a professional chartered accountant can actually help the companies to prepare for these audits. This thing includes loads of tactics and number crunching that must be performed only by a professional CA.
  4. Taxation: For every business, it is a must to file tax returns annually or quarterly to make it sure that the business is running smoothly. This thing doesn’t only include the tax returns of that company but can also include a thorough checkup that ensures that there is no pending liability on the board members or chairman of the company.
  5. Advisory: Apart from the above mentioned roles, a professional CA also plays the role of an advisor in any company and gives the necessary advices to the company owners on the basis of the requirement.