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According to this article on accountancy, upcoming chartered accountants usually specialise in auditing or financial management when performing their articles. In a nutshell, a chartered accountant is responsible for the analysis of a company’s financial information, as well as preparing financial reports and capturing financial information on a digital platform. That’s the short answer; now for the detailed one. What does a chartered accountant do? You’re about to find out…
Chartered Accountant Responsibilities
These can vary depending on the experience and capabilities of the chartered accountant in question. Here’s what a chartered accountant does:
Financial Planning
This aspect of a chartered accountant’s duties pertains to the financial goals a company might or might not have set for itself. If there are no financial goals, a chartered accountant is able to develop realistic, achievable financial goals – through financial advising – that the entity can work towards. Should there already be goals in place, a chartered accountant will endeavour to facilitate the realisation of these.
Financial Management
Here a chartered accountant will manage and control the various assets associated with an organisation. The financial goals mentioned above come into play here, and a chartered accountant might give input regarding general business management – specifically how a business can better manage itself in order to achieve set financial goals.
Accounting
As the bread and butter of an accountant or chartered accountant’s vocation, accounting services that a chartered accountant should offer include planning and managing business finances, mergers and acquisitions, yearly budgeting, raising capital or procuring loans, investment management and cash projections.
Auditing Services
One vital role a chartered accountant plays in a business is the facilitation of auditing services. This involves the thorough investigation of financial reports, packaging the information in easy-to-understand findings reports, and using these to council the company decision-makers. This is usually the first step taken when deciding on financial goals.
Costing Solutions
In the interest of achieving financial goals, a chartered accountant will often step in and analyse the costing structure of a company’s service and product delivery. This includes facilitating cost-effective manufacturing, designing processes to be cost-effective, as well as seeking avenues of general cost reduction for the business in question.
Company Taxation
A chartered accountant really shines when dealing with an organisation’s company tax responsibilities. This includes registering a new entity with SARS, ensuring that a company pays its relevant taxes, as well as advising a business on legal tax breaks and tax-reducing practices. In essence, a chartered accountant will ensure that a business is consistently in good standing with the tax man.
Legal Advising
An essential quality of any chartered accountant is a deep and holistic understanding of the country’s laws that govern an organisation’s various operations. Company law is a tangled web of loopholes and red tape, so having a chartered accountant as part of the business (whether as an employee or through a partnership) will ensure that it remains above-board in the legal sense.
Chartered Accountants in Durban
MJ Accounting is a group of fierce female accountants based in Durban, KwaZulu-Natal. We provide world-class chartered accountancy services to entities of any size, and take pride in our ability to add real value to a business. Connect with us today and discover what we’re all about!
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