The first and foremost responsibility of a Chartered Accountant is to manage the accounts of their clients. The duties of a Chartered Accountant varies depending on the size of the industry. In a small scale industry they may be required to handle only the tax payments and bookkeeping, but in larger industries, they also have to perform audits and convene team consultancy session to better optimize the business.
The contribution of a Chartered Accountant in a company is paramount and in this article, we will be discussing some of those key requirements.
- Core Financing
Financing can mean one of many things. Primarily it refers to keeping track of everyday financial processes and transactions. They also keep a record of necessary information related to these transactions that may come in handy during an audit report, or during the budget report.
- Building a good credit record
Oftentimes companies need to apply for loans and having a good credit record makes the hassle of applying for said loan that much easier. The chartered accountants in Oakville are experts in providing useful insights that will help your company maintain a good credit record. They can help you optimize your workload by streamlining whatever resources you have at your disposal, thereby eliminating any excess costs.
- Handling tax related issues
Filing income tax and completing their payments is yet another responsibility that falls under the belt of Chartered Accountant. Paying taxes include a lot of paperwork and something can easily go wrong if you’re all engrossed in other aspects of the business. A Chartered Accountant represents their client tax related matters and sees to it that it all goes by without any problems.
- Calculating budget analysis
A budget dictates the direction your company will be going in any given year. A comprehensive budget analysis helps maintain the cash flow and channel it in those aspects of the business that require it the most.
A Chartered Accountants responsibilityaren’t limited only to handling the finances of their clients. They also assist them in taking curtail decisions meant for the growth of the enterprise. Equipped with their expertise in the matter the chartered accountants in Oakville can give a detailed and well-informed analysis of your business’ current position and even help close acquisitions and mergers.
- Risk analysis
The ability to analyze any potential risk that may occur due to new business propositions or expansion ideas is very important. In a situation where you are not sure about the ROI, you may want to consult your CA and chart out the probability of risk and proceed accordingly. This will not only help your company grow but help it prosper in the most efficient way possible.