Top 10 Roles That a Chartered Accountant Plays in Today’s Global Economy
The global economy has changed tremendously in the past few years and has brought chartered accountants and others in the accountancy profession into the limelight. Their service is not limited to tax payments and audits now and has evolved to include a variety of other services and responsibilities that a chartered accountant now has to fulfill.
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Role of a chartered accountant in the current global scenario
A chartered account is required to fulfill the following responsibilities ever since their role as just an accounting officer has changed:
- It is the main responsibility of a CA to provide tax compliance services to the clients.
- They ensure that all your business processes are as per guidelines set by the Income Tax Authorities of the state.
- They also help their clients in tax preparation and represent them before the tax authorities in case of any compliance issues.
- It is the basis on which accountancy practices.
- Their role as an auditor is to check the ledgers and financial statements of their client organizations.
3. Investigation of financial positions:
- A CA has to investigate non-compliance of financial statements in respect to issues such as mergers, financing, share capital, sale, purchase, and profit margins.
- They sometimes also investigate the efficiency of the administrative and management department of an organization.
4. Budget analysis:
- Their role as budget analysts involves the formulation of yearly financial plans.
5. Financial accountancy:
- A CA has the knowledge that makes it valuable in taking important financial decisions such as acquisitions or mergers.
- As financial accountants, they could also be asked to visit clients and suppliers to discuss a business deal or to simply set up new accounts.
6. Investment planning:
- A CA is a valuable asset and can play multiple roles in not just creating a financial plan but also in formulating strategies that can help to implement those plans more practically.
- They can also work to strengthen their client’s financial portfolio and work as a part of investment portfolio management.
7. Valuation of shares:
- A CA is responsible for the share valuation of both public and private sector companies in cases of acquisitions and takeovers.
8. Cost accountancy:
- Their role is to correctly ascertain the cost involved at different production levels and how to efficiently manage that cost.
9. Assurance services:
- This role places the responsibility of reviewing the validity of various financial documents such as financial transactions, loans agreements, and contracts on the shoulders of a CA.
10. Management accountancy:
- They work closely with the finance and marketing department to analyze capital budgeting.
In the current era, chartered accountants Australia assists big and small organizations in providing them solutions to ensure that all the company resources are utilized effectively to be able to break their target goals with much ease.
Chartered accountants now play a much diverse role and you can see them at different administrative positions as well such as chief executives, business analysts, and even directors of their respective organizations.