What Is A Chartered Accountant And Why Should You Hire One?

What Is A Chartered Accountant And Why Should You Hire One-AI-02-01-1

One of the most popular professions is Chartered accountant; though it’s not an easy field, it offers an awesome career, salary, respect and whatnot. It’s not at all a piece of cake to be a Chartered accountant, and it takes a lot of determination and hard work to achieve this milestone. That’s why this job offers lots of respect and fame in society. All the money management in the area of economy, i.e., accounts, budgeting, auditing, business strategy, taxation, finances entity, finances advice and etc., are handled by Chartered accountants. Now, this can vary from individual businesses to various government departments.

Specified Scope

If you are worried about scope, just be relaxed and stop thinking because this sector always remains in high demand. One can easily choose any organisation after being a chartered accountant. Either you can work independently, offering Chartered Accountant services to anybody who needs it, or you can work for an organisation, helping them in managing their finances, accounts, taxes, etc.

According to a survey, the Times of India stated that there were only 2.82 lakh CAs in India in April 2018, out of which only 1.25 lakh were full time in practice. In short, only 44% of CAs work actively. Now, proceeding with the fact that there are approx. 7 crore taxpayers in our country and day by day business is increasing drastically, leading to new demand for CAs in the economy sector. As more start-ups and businesses are coming into the market, the employment opportunities for this career are also going high.

What’s the major difference between an Accountant and a Chartered accountant?

The work of an Accountant is to manage the financial records, while a Chartered accountant does handle all the money management of the department. A chartered accountant is an in-depth trained official who passed many exams in various accounting firms.

The sectors which come under Chartered accountants are:

  • Businesses and industries
  • Chartered accountant firms
  • Consultancy firms
  • Institutions
  • Capital market services
  • Financial institutions
  • Independent practice

Why hire a Chartered Accountant?

Accounting is the major part of any business, and handling it effectively is an important requirement for any business. Now, for this, you need a Chartered Accountant because, in the end, the growth of the company depends on the CA. Hiring a chartered accountant helps legalise the whole business, manage all the accounts, and much more. You can hire a CA according to the type of company and its requirements. There are many choices in CA, such as public accountant, management accountant, and financial accountant, or you can choose to become your own individual accountant. You can provide online CA services or offline to whoever seeks them. After this, you can also find a CA according to your business model, i.e., offline or online CA. Whether your business is small or large, you will always need a chartered accountant. Since a chartered accountant is a completely specialised person in accounts, they help get the business to new high limits. CA performs many roles in a company, from managing finances to giving financial advice, finding cost-cutting to effective methods of earning and a lot more. 

Rising Reasons for a CA

  • The most important role in any business is to manage the company’s expenses and make the increase in profit and decrease the expenses to the least possible extent. With a CA, there will be no track of the finances. CA helps to save a good amount of money for the company.
  • Making a profit is not the only target of any business but investing in the right thing is also important. Now, how to select the right place to invest is suggested by CA only.
  • For businesses to run, legal issues are to be solved as the first priority. So, we also need to get a CA for the company. They manage all the legal work and resolve any issue if there.
  • Since a CA plays lots of roles in any business, so basically, they take off a huge burden from your shoulders. This helps in managing the work easier and saves a lot of time.
  • There are mainly two types of accounting that are used to run a business effectively, i.e., financial accountants and management accountants. When we work together on both of them, the results are always best. We just need one person to work for both the works, i.e., a CA.