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.

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Setting Up A Business? Know Why You Need A CA

If you are one of those business owners who think that they don’t need a chartered accountant just because they are setting up a business, it’s high time you debunk the myth. Gone are the days when the only responsibility of an accountant was to set up business accounts and file tax returns. Nowadays, chartered accountants offer a wide variety of services which make business operations easier for you. Hire a CA from the very first day of the startup and setting up your business will become easier.

Responsibility Of A CA

Certified chartered accountants have the experience, expertise and training required to complete your tax work on time. Whether it is about registering of taxes or tax compliance, they know how to make the process hassle-free and easier for you to understand. Every CA in Kolkata values the reputation earned by them over the years. They try to maintain it by completing the job assigned to them on time. Some of them can even help the business owners in other fields, besides accounting

Hire The Right CA

With so many chartered accountants scattered all over Kolkata, choosing just one is indeed a daunting task. The best you can do is to look for one with years of industry presence and they can help you maximise your business finances. They should understand your business goals and provide proper accounting advice during every stage of your venture, starting from the set-up of your business to succession planning. You can even ask them some basic small-business accounting questions and check whether they can answer your queries confidently.

2 Primary Reasons Why You Need A CA When Setting Up A Business

• Craft A Suitable Business Plan

Since developing a suitable business plan which can fulfil your business goals is not as easy as you think, hire a CA and let them craft a cost-effective tax plan. You can use it as a platform on which your business can start. If you are selling some goods or services, the focus of the CA will be on promoting those. You can start trading with ease if all the business activities are performed carefully. They will also let you know whether there is some unexpected cost around the corner.

• Get Financial Advice

Whether you are planning to start a business or expand it, money plays a very vital role. How you utilise your money will determine whether you will succeed or fail in the business. The best professional you can approach for effective business advice is a CA. They will do some calculations and share some ideas from where you can make money and boost your business. If they ever feel that you are going wrong in the business during the set-up phase, they will let you know so that you can act accordingly.

How to choose the best institute for pursing CA in Kolkata?

Chartered Accountants are professionals who are employed by organizations to audit and maintain the accounting systems. These professionals either work as employees inside a company or gives professional advice for a onetime fee. There are many professional coaching centers for chartered accountant where you can enroll and get tuition to clear this difficult exam.

There are some prerequisites you should keep in mind while selecting the institute of your choice. This article will navigate you through the criteria’s you should keep in mind while embarking on the endeavor to find the perfect professional help to clear the CA hurdles.

Do Your Research

Searching online is considered the best bait these days as you will get a lot of institute names in your area. Also, these institutes will be ranked according to their performances and there will be reviews accompanying them. It will be healthy for you to assess and come with the best institute of your choice. It is always better not to leave your judgment on the internet alone as all institutes these days have marketing wings to promote themselves.

Corroborate Your Facts

Before making your selection, it’s always wise to call up the institute and clear your doubts. Seek out ex students from the institutes and learn from their engagements with the coaching center. Verify all the credentials, certificate and services offered by them before making your final choice.

Timely Course Completion

This is one of the most important criteria while choosing an institute. Coaching classes have a tendency to drag their classes well after the stipulated completion date. You should make sure that they complete all their courses and assignments at least two months before the exams. It will give you the much needed time to revise your papers.

Checkout the Faculty

Faculty of an institute should be your first criteria for choosing the institute of your choice. Checkout whether the faculty has the required years of experience for training students in CA.You should judge the quality of the teachers, the method of teaching and strategies employed by them while conducting classes.

Compare the Fee Structure

Exercise your judgment before getting lured by the discounts offered by the institutes. Scrutinize the normal fees taken by the institute as you can’t discontinue midsession.

A good institute can make your career, while a bad one can ruin it. The best institutes will not only train you but will also make sure that you become a well groomed professional. So, it is imperative to make your choice and this article will definitely make your search much easier than ever.

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.

Why Do MNCs Prefer Indian Chartered Accountants?

Though any accountant or financial worker can crunch the numbers, this is only the Indian Chartered Accountants (CAs) who have special expertise and undergone special training to become a noteworthy and valued addition to any organisation. Besides businesses, Chartered Accountants also help individuals with their financial issues. But how do they differ from other financial professionals across the world? Well, let’s have a quick look at them.

They Are More Experienced – A person wanting to become a Chartered Accountant has to appear for 3 exams – Common Proficiency Test (CPT), then Integrated Professional Competence Course (IPCC) and finally Chartered Accountancy (CA). After passing 10+2, the students with aspire to become CA have to appear for CPT and after passing the exam, they can appear for IPCC. Once IPCC is cleared, they need to undergo a 3-years Articleship under the supervision of an established CA and during the last 6 months of this, they can appear for Final exam. So you can see the total years of study and thus experience of the CAs in India are more than any CA-equivalent course across the world. So it may be assumed that Indian CAs are more skilled and of course experienced than people from other countries with equivalent qualification.

They Can be Multi-tasker – From basic financial planning to tax filing, from business evaluation to auditing – the Chartered Accountants in India can handle any type of finance related jobs efficiently without requiring you to hire any other professional from the same field. Be it a start-up, an established firm/organisation or an individual – a reputed chartered accountant Kolkata can help any client, irrespective of their niches. Chartered Accountants also assure that your assets are safe from any legal issues. They give you a clear picture in the business and keep you safe from any type of legal risks.

They can Handle Different Projects at a Time – Indian Chartered Accountants are quite efficient in handling more than one project at a time. Such projects may belong to an individual, firm or multiple clients. During the course of Articleship, they learn how to handle multiple projects at a time and that surely makes them a pro as they become a licensed chartered accountant Kolkata.

They Are Advisor and Consultant – As already discussed, a person becomes a licensed Chartered Accountant only after years of studying, passing difficult exams and doing strict Articleship for as long as 3 years. During this period of studying and practicing, they literally become master of different finance services. And that comes handy as they become licensed. They use their expertise, knowledge and experience to handle any type of financial difficulties of their clients. They also give them proper advice and direction on dealing efficiently with economic matters.

So you can see how hiring a chartered accountant Kolkata ensures peace of mind that you can expect only from a highly trained, educated and experienced professional. Go ahead and hire a chartered accountant to handle all financial issues related to you, your business and your asset.

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.

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.

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.

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.

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.