Role Of A Chartered Accountant
In the present times, there has been a shift in the responsibility of a chartered accountant, and now not only technicality matters. What matters is learning how to solve problems. Businesses and clients usually prefer Chartered accountants who have a better understanding of business dynamics.
With that being stated, withdraw down some of the services offered by Chartered accountants as they play their primary role.
GST compliance, audit, and training
Cost accountancy
Company secretarial services
Company auditing and servicing tax
Directing and excising tax
International taxation
Apart from the above-mentioned areas, with the changing times, there has been a shift in the role of Chartered accountants with some newly added roles as well. Those are:
Forensic auditing and accounting
Share valuation
Risk assessment and Management
Financial modeling
Government schemes
Corporate governance
Structuring and planning revenue models
Intellectual property valuation
NRI services
Consultation related to insolvency
Structuring entry plans for foreign organizations
With the dynamic business environment, Chartered accountants are required to shift their role from just being an accountant to being strategists, business advisors, and forefront administrators to organizations. These days, businesses demand Chartered accountants to help them change their strategies as per the ever-changing business scenario. They look for professionals who can tactfully interpret reports, discover easy solutions to business issues along with performing accounting duties.
Other than that, merger and acquisition analysis, equity and IPO research, investment banking as well as fraud and insolvency analysis are some of the job roles Chartered accountants need to manage nowadays with the changing business situation. When it comes to audit and accounting firms, they look for chartered accountant experts with knowledge in cybersecurity and data management. When a chartered accountant possesses these skills, he or she can help reduce fraud, thereby improving transparency in the financial industry.
If you are a chartered accountant looking forward to revamping your areas for achieving an edge over basic roles, there are always courses available for chartered accountants to be more professional according to the changing business scenario. Catering to new markets by diversifying your portfolio can also be helpful for you when it comes to getting new clients in the market. Overall, thinking analytically and focusing on providing adequate solutions for business challenges in an easy and integrated manner by conducting thorough research can help you stand out from the rest of the herd.
Blog Courtesy: Navin Classes | CA CS CMA Coaching
