What a Chartered Accountant Can Do For Your Business

Edison Wen CPA’s are internationally recognised professionals who work in all areas of personal and business finance, including audit, taxation, financial and general management. The CA, or chartered accountant, designation means that the individual is certified and qualified to file a business’s tax return, audit financial statements and business practices, and offer advisory services to clients. Around the world, CAS may fall under different titles. For instance, in the United States, a CA is generally known as a Certified Professional Accountant (CPA).

While accounting firms may offer a number of basic accounting functions such as tax services, only a chartered accountant is licensed and held to the stringent standards to allow them to perform more advanced functions. CAs may specialize in audit and assurance, financial accounting and reporting, management accounting and applied finance, or taxation. Depending on their area of focus, CAs may handle one aspect of a company’s business or all of the company’s financial needs.

Beyond Taxes

Most businesses already contract with an accounting firm to provide at least tax preparation services. Knowledgeable professionals are able to save money and mitigate risk by using their vast tax expertise to prepare the documents. However, CAs can provide many invaluable financial services to businesses of all sizes that go well beyond simple tax preparation.

For example, a CA may offer unique expertise and advisory services in financial planning, auditing for stakeholder or board interests, and providing financial path charts. They may give investment advice including portfolio diversification ideas or advise on the profitability expectations of new or proposed product lines.

Choosing a Chartered Accountant

Your accounting professional should meet or exceed all of the rigorous qualification and licensing requirements of your country, region, and industry. At a minimum, the CA should prominently advertise and be able to produce an active license and proof of credentials such as degree and examination results. Further, your choice should closely align in experience and specialization with your business needs.

Other important factors to consider are such items as communication and trust. Ideally, your relationship with your CA will be long-term and productive. If you prefer casual communication on a constant basis, a freelance chartered accountant may be best. If a formal business communication style better suits you, established accounting firms may suit your needs. Consulting with other trusted business partners such as bankers and legal advisors may be useful for recommendations for hiring a CA.

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