You’re probably wondering what the difference is between a chartered accountant and a regular accountant. Well to put it simply, a chartered accountant has certain skills and knowledge that make them a greater asset to the success of a business. With the world economy being what it is lately, a business depends on reliable advice more than ever. Even the slightest hiccup can result in a business going under. However, a chartered accountant isn’t limited to simply keeping your business afloat; they’re also in charge of finding ways to help you increase your profit margin and grow your company.
A chartered accountant must go through a grueling series of examinations and education to ensure that they will be able to meet the high standards that the business that hires them requires of them. To that end, they will put their knowledge of financing, business management, taxation, and risk management to use.
One thing that sets chartered accountants in a class of their own is that they are train to restructure corporate procedures and improve upon the current mechanisms that are being used in the business. Their extensive financial training not only makes them great bookkeepers but it also gives them the ability to search for ways to enhance the financial process and tailor it to the needs of a company.
Chartered accountants use strategic knowledge to formulate business plans and to help companies get through even the most grueling auditing process with as few headaches as possible.
Another benefit they provide is in helping businesses perform complex tax planning and other strategies during the acquisition and merger processes. They can also provide valuable financial counsel that will make for an easier transition throughout the acquiring and merging of companies.
Keep in mind that while your business continues to grow, tax requirements and procedures will begin to change as well. In order to remain in compliance, a chartered accountant can come up with a financial tax plan that can reduce the amount of taxes your company will have to pay the government. Since tax laws are in a state of constant flux, you’ll definitely need to count on your chartered accountant to gradually improve your accounting management techniques and perform the adequate tax preparations to ensure that you stay within the state’s compliance regulations.
Ultimately, if you’re registering your business and are not sure whether you should register as a proprietorship, a partnership, or a corporation you can consult your accountant. Someone who has the right training and experience can advise you, manage your business taxes, and protect your corporation from going under with the proper structure management. This will not only benefit you in the sense that you won’t have to pay a significant amount of excess taxes, but it will also ensure that your business thrives and remains competitive. This will give you and the corporate heads the freedom to manage the other important business decisions that need your attention.