Financial statements of any organization speak for its financial position in a particular period of time. These statements are of vital importance as they are under close scrutiny of a large section of the society dealing with that enterprise. They may include material suppliers, investors, customers, banks, financial institutions, insurers, government, tax authorities, collaborators, employees and even competitors. They all use the vital information provided in the statements to make crucial investment decisions and such. Hence, looking at the importance of these documents, it becomes very necessary that these documents are verified by a person who is an expert in the field to vouch for the objectivity, reliability, integrity and credibility of the provided information. A professional Chartered Accountant is one such expert who can offer assistance in all financial matters.

Different Roles Played By Chartered Accountants

  • Tax Accountants – Chartered accountants have all the information about the accounting and legal background of taxation. As Tax accountants, they prepare personal and corporate income tax statements and formulate tax strategies. These strategies may involve decisions about the financial choice, how to treat a merger or acquisition, deferral of taxes and expense related issues.
  • Management Accountants – As management accountants, they participate in company decisions about capital budgeting and business analysis. ·    Their involvement is very crucial in the cost analysis, analysis of new contracts and controlling and managing the expenses. They work side by side with marketing and finance personnel to develop new strategies for businesses.
  • Budget Analysts – They are responsible for managing and developing an organization’s financial plans. They ensure that the expenditure made by the company is within the budget and make sure that there are profitable returns. In case, the company is not doing well financially, then it is their job to determine the flaws in the financial decisions.
  • Financial Accountants – They are required to prepare ledgers and participate in the major decisions of the company involving mergers and acquisitions, long term financial projections and benefits planning. They are required to have a good understanding of the finance and accounting.
  • Auditors As auditors, they check the financial statements and accounting ledgers. They have a lot of theoretical and practical understanding of how the money can be made and should be managed.

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