What are the Roles and Responsibilities of a Chartered Accountant?

 

The career of chartered accountancy is one of the most preferred In our country. Becoming a successful CA is tough; however, it is not impossible. It needs 4.5 years of dedicated studying and training in this course. The roles and responsibilities are huge, but every task requires expertise. If you are looking to hire professionals for your business, you should go for the best chartered accountant in Kolkata. They are trained to work for individual as well as corporate clients.  

What does a CA Professional do? 

Audit and Accountancy 

Accountancy is one of the main streams of work for CA experts. They perform this prominent function with high levels of knowledge and capability. Their role involves bookkeeping, doing complex financial scrutiny, writing up the accounts, making financial statements etc. Chartered accountants act as auditors with the potential to assess the business’s financial condition. They handle all risks and identify scopes of improvement. Auditing also entails reviewing business financial data, checking document validation etc. 

Taxation 

Determine the Firm’s Financial Status  

Taxation is another important task performed by CA experts. They furnish returns, manage different kinds of tax assessments etc. They are also responsible for assessing the financial liabilities on behalf of the business. The CA provide general advice to the owners/clients dealing with taxation issues. They seal the cost of production that is involved in a project. Besides, they guide you with cost management, cost control, price setting etc.  

CA professionals examine the financial documents of the company and determine its financial status. They conduct a thorough analysis to conclude if the business is going through gains or losses. You can seek essential guidance from them related to market risk management. This way, the companies can improve service efficiency and increase their profits.  

Strategic Advisor 

 When you hire chartered accountants for your business, they will assist you with effective corporate strategies. As a business leader, you can gather advice about cutting costs and making the business financially efficient. This will help you improve the bottom line after mitigating all risks. CA experts have knowledge in financial reporting, budgeting and governance. With their help, you can meet the financial objectives of your company.  

Since you know about a CA expert’s vital roles and responsibilities, you can hire the best ones for your business.

MCA mandates Companies to use Software with Audit Trail of each Transaction

Auditing Software

The Ministry of Corporate Affairs (MCA) notified that every company
which uses accounting software for maintaining its books of account
shall use only such accounting software which has a feature of recording
audit trail of each and every transaction, creating an edit log of each
change made in books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled.

The Government notified the Companies (Accounts) Amendment Rules, 2021
which seeks to amend Companies (Accounts) Rules, 2014.

In rule 3, in sub-rule (1), the proviso shall be inserted which says,
“Provided that for the financial year commencing on or after the 1st day
of April 2021, every company which uses accounting software for
maintaining its books of account, shall use only such accounting
software which has a feature of recording audit trail of each and every
transaction, creating an edit log of each change made in books of
account along with the date when such changes were made and ensuring
that the audit trail cannot be disabled.”

In rule 8, in sub-rule (5), after clause (x), the two clauses shall be
inserted.

Firstly, the details of an application made or any proceeding pending
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the
year along with their status as at the end of the financial year.

Secondly, the details of difference between the amount of the valuation
done at the time of one time settlement and the valuation done while
taking loan from the Banks or Financial Institutions along with the
reasons thereof.”

The notification shall come into force with effect from the 1 April,
2021.

Signs You Need To Hire Income Tax Consultants For Tax Return

Though you can try a DIY for simple tax situations, preparing your tax return is not advisable under a few circumstances. Some financial situations are quite complicated and you can have complete peace of mind only if you hire an income tax consultant to do the return for you. Not only will they help you save time by preparing the tax return but also ensure that you don’t end up paying more than necessary. Though there are numerous of them scattered all over Kolkata, make sure that the one you are hiring is popular among clients for providing on-time and accurate information.

4 Warning Signs Indicating That You Shouldn’t Prepare Your Tax Return

  • You Have A Rental Property

The tax code based on which rental properties are taxed is indeed quite complicated. No wonder, homeowners have a tough time following the rules which will help them determine how much tax they have to pay for a rental property. The situation can become more complicated if you have lived in that property during that year or suffered losses due to an accident. Experienced income tax consultants undergo training at fixed intervals to keep themselves updated with the latest rules on how and how much rental properties should be taxed.

Chartered Accountant

  • Your Life Has Undergone Some Major Changes

Not everyone preparing their tax return is aware of the fact that the process through which taxes are filed changes after you have some important changes in your life like buying your first home, getting married or become parents. This is why hiring tax experts to do the next return is advisable every time your life goes through some vital changes. You can later use the return prepared by professionals as a template to check the credits you are qualified to claim. Those you had a baby recently are eligible for new-parent tax breaks.

  • You Have Started A Home Business

Irrespective of the size of your home business, it can make your tax return process complicated. This is why you should start looking for a reliable income tax consultant if you have started a side business recently. The professionals know that a business owner has to take care of hundreds of documents and fill out forms irrespective of it being a gruesome failure or a wild success. Let them prepare your income tax return so that you can utilise your time with other business-related activities.

  • You Have Previously Failed To File Returns

There are a few taxpayers who purposely skip filing their tax return just because their tax bill was larger than they expected. Some of them are not even aware of the fact they will have a tough time dealing with the IRIS just because they have failed to file their tax returns. If you don’t have sufficient fund to pay the bill, just file the return. This is always treated as a better option than not filing the return at all. This easiest way to prevent making a tax fraud is by hiring experienced income tax consultants.

Since you are now aware of the warning signs indicating that you shouldn’t prepare your tax return, start looking for an experienced income tax consultant before it is too late.

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Know The Various Types Of Accountants Before Approaching One

If you are looking for a professional who can advice you on your tax affairs, it’s time you start looking for an accountant in your city. Not only will they help you to make your financial things run smoothly but also spot potential issues and solve them. If you think that you need them only for tax filing, it’s high time you debunk the myth. Approach the right professional and they can provide a host of services.

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Skills Needed to be a Chartered Accountant Professional in Kolkata

Chartered accountants are in high demand in Kolkata and people who have successfully completed the course are among the most celebrated people. Most of them have to go through years and years of studying to get that rare distinction. Even after one has completed the course, there are some intrinsic qualities that every CA must possess to be successful. Discussed below are some of the key requirements.

chartered accountant skills

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What Are The Benefits Of Hiring A Chartered Accountant In Kolkata?

Do you know that chartered accountants (CAs) can be a valuable addition to your finance team? Well, hiring a qualified professional can be the key to your business success. Wondering what makes working with a CA so beneficial? Keep reading to learn the key benefits.

Benefits Of Hiring A Chartered Accountant

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5 Questions To Ask While Hiring An Income Tax Consultant In Kolkata!

Do you face difficulties while filing income tax returns? Are you on the lookout for professionals who can offer effective tax preparation services? Still wondering how to choose a professional who provides the right assistance and support? Fret not. All you need to do is check out few questions which you must ask a professional for making an informed choice!

When it comes to income tax, choosing the right consultant can indeed be an overwhelming task. Be it the aspects which must be taken into consideration or the qualities to look for in a professional, there are several factors which you must consider for taking the right decision. A prior knowledge of the selection process can thus help you in making a well-informed decision!

income tax consultant

Read on then to check out the questions which you must ask a professional before hiring him!

Few Essential Questions To Ask Before Choosing An Income Tax Consultant In Kolkata

1.What Types Of Clients Have You Previously Worked With?
It’s important to ensure that the professional or the firm you are willing to work with, has an understanding of the type of business you are associated with. For instance, a construction company needs to handle issues related to their contractual workers while a restaurant will have policies for wages and tips. Remember; you have to hire a specialist who has previously worked with businesses like yours and even knows the ins and outs of your industry.

2.Who Will Do The Work?
Inquire if the company outsources work to some third party or has its own team of experts to work for you. Since relying on such third parties can be a costly decision, it is always wise to choose a firm which has its own team of financial advisors, tax consultants and auditors. Further, you must ensure if the agency has any certified filing centre of its own.

3.Are You Available Throughout The Year?
Look for a reliable income tax consultant in Kolkata who is available throughout the year. Unlike some firms which keep their doors open only during the tax season, these reputed agencies boast of a diligent team of professionals who can cater to the issues of their clients anytime. From the appropriate arrangement of files to suitable documentation, these accounting firms specialise in offering a range of tax preparation services which are both effective and authorised.

4.How Do You Manage While Working With Multiple Entities?
For business owners who run more than one agency under their name, looking for professionals who have the capability to manage several entities at a time is of paramount importance. You need to remember that these are skills which not every specialist posses. Hiring a firm which can co-ordinate between your entities is important.

5.How Often Do You Communicate With Your Clients?
When it comes to the frequency of communication for planning tax issues, every professional is different. Inquire about the approach of the expert and ensure that you are satisfied with his degree of communication. Remember; you must feel comfortable while discussing your issues with him.

So what are you still waiting for? Quickly find a reputed consultancy agency in your area and start availing exemplary income tax related issues!

5 Vital Duties Every CA in Kolkata Can Offer To Your Business

A Chartered Accountant is not just a strategic financial advisor you need for your business. In today’s rapidly changing world, taking the aid of a CA is a must if you want your business to navigate those uncertainties safely. These professionals have high ethical standards and undergo professional development at frequent intervals to keep themselves updated with the latest issues in the field of accountancy. Recently, there has been an increase in the demand for these professionals. The various roles played by them are regarded to be the main reason behind it.

CA in Kolkata

Few Roles A CA In Kolkata Can Play

Tax Accountant
An issue that arises in various aspects while running a business is tax matters. Whether it is the share scheme or day-to-day VAT, tax related issues are quite common. A CA when working as a Tax Accountant will not only prepare personal or corporate income tax statements but also formulate various functional tax strategies. These issues generally involve financial choices, the ideal time to expense items, deferral of taxes, and how to treat an acquisition or merger, among others.

Management Accountant
Gone are the days when CAs working as management accountants was known as ‘bean counters’. These days the job profile of management accountants has changed drastically. They collaborate with finance and marketing personnel with the aim of developing new business. They have started working in various companies and take an active part in decision making regarding the line of business analysis and capital budgeting.

Auditor
Every CA working as an auditor shoulders the responsibility of checking financial statements and accounting ledgers for your corporation. The job done by an auditor is supposed to be the base of numerous accounting practices. Since auditing work is nowadays becoming computerised, companies have to depend on complicated sampling methods. When a Chartered Accountant is working as an auditor, they have to work for different sectors and might even have to undertake numerous travels.

Financial Accountant
An experienced CA in Kolkata can also work as a Financial Accountant for your business. Their job profile varies drastically and is dependent on the type of business you are dealing with. They have the skills and experience to participate in vital financial decisions regarding acquisitions and mergers. If required, they also visit suppliers or clients to discuss business or set up a new account. Since a CA have adequate knowledge about both finance and accounting, working as a financial accountant isn’t a daunting task for them.

Budget Analyst
Since it is the responsibility of budget analysts to develop and manage the financial plans of an organisation, a CA can undertake the tasks of a Budget Analyst with ease. The demand for these professionals is quite noteworthy in various government and private industries. Just make sure that the Chartered Accountant you are hiring has superior public relation skills as negotiations are a vital part of their job.

Since the qualifications and skills of a CA make them suitable for all the roles stated above. It’s time you hire a professional and let them excel in those areas.

Know Why A Chartered Accountant In Kolkata Is A Blessing In Disguise!

Do you think you need help in your company’s financial matters? Looking for skilled professionals who can help you in your taxation and other financial issues? Trust us; hiring a well-qualified chartered accountant (CA) can undoubtedly be one of your best business decisions then!

Hiring a well-qualified CA for your business can be more than just getting maximum returns. Be it your need of advisory services and taxation issues or consultancy and financial advice, recruiting an accountant can indeed be a wise decision. Further, what makes appointing a CA more viable option as compared to other financial professionals is the number of benefits that they offer to their clients!

chartered accountant in Kolkata

Take a look below to know the reasons which make a CA more beneficial than other professionals!

Top Reasons To Hire A Qualified Chartered Accountant In Kolkata

1.Well-Educated Professionals With The Right Experience

A CA is more skilled and knowledgeable than the professionals who play other CA-related roles all around the world. It is only after a student has successfully cleared 3 exams can he become a Chartered Accountant. This total study duration and experience in India is much more than any other CA related course conducted in UK, America, Canada and Australia.

2.Handles Several Projects At A Time

What makes a skilled chartered accountant in Kolkata more preferable as compared to other professionals is his exceptional ability to handle several financial projects at a time. From carefully evaluating a business’ financial status to helping them in various financial matters and offering advisory services, these professionals can handle several projects for your business at a time.

CA in kolkata

3.Single-Handedly Manage Multiple Finance Related Tasks

A CA can take care of various financial matters for your business. From filing your taxes and handling all paperwork to evaluating your business and offering advices, he ensures that you and your company remain safe from all unwanted legal hassles. Be it a large MNC, a medium sized business or a start-up, he can manage finance related tasks for all businesses.

4.Expert Advisory Services

A CA can even help you in planning investments. Such sound is his knowledge about corporate laws that he can carry out investigative audits, review your system and file petitions to the company law board. Further, with his skills and knowledge, they can even clear all your doubts and queries which are related to finances.

Now, don’t you think that appointing a CA can indeed be a wise business decision? Quickly find a reputed chartered accountant and start availing some exceptional solutions!

Why Choosing A CA In Kolkata From A Right Firm Is Effective?

“If you choose to not deal with an issue, then you give up your right of control over the issue and it will select the path of least resistance.”
― Susan Del Gatto

Are you an entrepreneur or have a well-grown business organization? Are you in search of a recognized chartered accountant firm in Kolkata or thinking about changing the old accountant? Well, let me tell you, a group of CAs is there in the business industry as its one of the broadest professional need.

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If you take my opinion, I will suggest to look for a CA firm than an individual as hiring an organization is more reliable. Since you need some legal as well as financial helps, an individual accountant can prove the best in the time of hiring. On the other hand, selecting a firm can be more effective for your organization as they help you by sending the right financial person according to your choice and need.

Aspect That You Need To Consider Before Hiring A CA Firms In Kolkata:

1.Fix The Goal:
Before looking for some outsider searching, you need to be clear about your requirement. The very first step should be deciding the types of CA that you need. A grown up business production always need a knowledgeable Bookkeeper who has gathered his/her experience working with the most reputed companies. Of course they charge higher than those who are working with the small enterprises. Ask the firms your requirements as they provide different bookkeepers from different agencies.

2.Create A Short List:
Finding out the firms, according to your wish list is the second step to be taken. Thouh it is really an invalid fact to suggest the place where one will get the best bookkeeper firms India as well as the Kolkata, let me know you all preferred and plausible firms are maintaining their official websites. So, choose them form the internet according to their rates and comments (on the social media) of their previous or existing customers.

3.Ask The Local Businessmen And Friends For approval:
A friend, who is associated with a CA firm like a bank manager, a company owner or a member of a top notch company are able to suggest you the best CA In Kolkata. Approaching the firm directly after getting the referral is a big no-no. Ask for the performances and other related questions that a friend as well as a previous client of a accountant can answer.

CA in kolkata

4.Verify The Credentials:
Don’t jump the gun just after getting the referral. Are the firm has registered certificate from The Institute of Chartered Accountants of India or from ISO? Every registered firm mentions their registration numbers on their official papers or websites. Choosing a non-registered firm is a big no-no.

5.After Meeting The Bookkeeper:
Your selected firm has sent the man (CA)? Well, ask him these questions:

  • What do you know about my business enterprise?
  • What direct activities do you have with my business activity?
  • Are you a full time employee of your firm?
  • From when you are associated with this job?
  • Are you permanent employee or contractual?
  • And the answers will pave you the way easily.

These were the 5 facts that help you choose a reliable CA firm in your city. Choose them wisely and be more prosperous in your sector.