Chartered accountancy is one of the most prestigious and attractive career options for most commerce background students. It's a well-paid profession that allows you to do a high-paid job or run a CA firm. Every chartered accountant has unique skills that help them get new job opportunities and clients to keep earning money.
In today's article, we will talk about some roles and responsibilities of chartered accountants. So, you can understand what chartered accountants do in their profession. If you are a CA student or willing to pursue your career in the same. This article will help you build a solid career and decide on the domain to get specialization.
Who Is A Chartered Accountant?
A CA or chartered accountant is a professional pursuing the CA course and passing the CA exam conducted by ICAI. The ICAI, or the Institute of Chartered Accountants of India, certifies qualified professionals. So, they can do accounting, taxation, auditing, tax consulting, stock management, and various other types of work to contribute positively to the Indian economy.
7 Roles Of Chartered Accountants
If you ask, "what does a chartered accountant do," we will clear your doubt today. All you need to do is keep scrolling down and learning about all its roles in a company or CA firm.
#1. Accounting and bookkeeping
One of the significant roles of a CA is to do accounting and bookkeeping for the businesses. It includes passing journal entries in the books of accounts, preparing financial statements, and making financial analyses. Most chartered accountants have an accountant or account assistant who does bookkeeping work and presents financial statements to CA. So, the CA can adequately analyze the given statement and make some predictions.
#2. Auditing
Another role of chartered accountants is to audit the decided company. For auditing, either company or the bank hires the CA and pays a fixed fee. You must have proper communication and judgment-taking skills. By doing this process, you will have to answer several questions which are relevant to the company. It will affect the company's goodwill as the financial statement is validated.
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#3. Tax management
A chartered accountant or CA is also responsible for providing taxation-related services. If you master the taxation skill during articles or CA training. In that case, it can be a significant source of your earnings. Many companies pay a decent fee for filing TDS, TCS, GST, Income Tax, and several types of other taxes. Many professionals and companies also get a consultation from CA to save a decent amount of tax.
#4. GST filing and related services
Nowadays, small to large businesses have a GST number, and most of them contact CA to file its return. If you are a chartered accountant, you must know GST as per India's taxation system. It will help you build a sturdy career as a CA in India. Because you can train CA aspirants, give counseling, and offer GST registration to filing services.
#5. Cost accountancy
CA is also responsible for providing cost accountancy services to manufacturing and service-based companies. Here CA needs to calculate the manufacturing cost at all the levels and decide whether the product generates surplus or loss.
Many chartered accountants have started offering specialized cost accountancy services to companies. And they mainly deal in cost accountancy-related matters only. Hence, another role of chartered accountants is to provide cost accountancy-related services or work also.
#6. Directorship in the company
CA is a professional who does not have a profound understanding of product price and cost-effective manufacturing. They know how to do billing, advertising and most importantly, make budgets. Because of these reasons, companies have started giving the CA a place in the board of director meetings. So, they all can make better decisions and take the company to a high level.
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#7. Investigation
If you know to present the correct financial statement of the company, it can be a valuable skill for your career. Whenever a company sells its business, acquires other business, or finds new financial ways to grow it. In that case, they look for highly skilled chartered accountants who can present the proper financial position of the given company.
Hence, if you are thinking about building a career as a chartered accountant. You should focus on learning about the investigation process that a CA conducts to find the proper value of the company.
How Much Do Chartered Accountants Earn?
The salary of a chartered accountant can vary based on multiple factors such as city, experience, job vs. practice, industry, and expertise. However, for an estimate, a chartered accountant generally earns Rs 7,00,000 to Rs 12,00,000 a year.
So, What Does A CA Do?
A chartered accountant or CA investigates the business to track its financial position. They also provide accountancy, bookkeeping, taxation, auditing, tax management consultation, and cost accountancy services. Some of the CAs also become members of the Board of Directors to attend general meetings and provide crucial insights about the company's financial progress.
Thus, I hope now you have learned the roles of chartered accountants and find this piece of helpful article. If you still have any questions in your mind, you can ask us in the comment box; we would love to share possible answers with you.
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