Today, businesses are playing a key role in bringing the world together. It's very important that the finances of every business to be kept on a strict watch all the time and a chartered accountant Bridgnorth plays an important role in any business; whether it's a large corporation or just a small business. A business needs to keep the score of their organization and a chartered accountant help in this. It's the responsibility of the accountant to audit the accuracy of every business transaction and make sure that they are lawful and follow the guidelines set by the government. Chartered accountants also help to create financial reports and manage any accounting operations to review any operations as mandated by the government. Below are the key roles of a business chartered accountant:
1. Bookkeeping
Chartered accountants help in maintaining the records of every financial transaction of business. According to the majority of chartered accountants, this is the most fundamental function of CA in every company. A chartered accountant keeps and manages the fundamental books of accounts such as the purchase books, sales books, receipt book and payment books among others. This assists the CA in the preparation of income statements after a few months which is eventually added to the balance sheet at the end of a financial year.
2. Analysis and advice
Chartered accountants are not just expected to prepare and maintain the books of account of a company. A more complex job of a CA is the analysis of data for financial purposes. The data from an income statement can be analyzed for various purposes to see the top and bottom line of the growth of a company. The accountant can analyze the balance sheet to get a clear view of the financial standing of a company.
3. Account Auditing
When a company grows, there is an increase of shareholders who and it becomes a mandatory requirement for their accounts to be audited every year. However, only a chartered accountant can help you prepare these audits as the process involves a lot of numbers crunching which should only be done by a certified CA.
4. Filing tax returns
It's a requirement for business to file tax returns quarterly or yearly to enjoy a smooth running of business. This does not only include the tax returns of a company but also involves making sure that the business does not have any pending liabilities on the chairman of the company or the board of directors of the company.
5. Management of business operations
Chartered accountants provide financial and non-financial decisions that aid in the general decision making necessary for decision making. As a chartered accountant, you will likely supervise lower level accountants who handle the basic accounting tasks such the recording of invoices and the preparation of income statements. As a chartered accountant, you will analyze this basic data and make forecasts, budgets, and plans and finally present them to the senior management to assist them in future decision making.
