Is a chartered accountant imperative in the life of a business?

The tasks and goals of an accountant vary enormously depending on the needs of companies, their accounting obligations, and their status.

Even if his main function remains the processing of accounting, tax, social and legal elements, the providers of?chartered accountant service in GST?are also the privileged interlocutor of the manager of SMEs and intermediary between the company and its various interlocutors (tax bodies, etc.).

The benefit of?chartered accountant services?goes beyond the keeping and the accounts. Indeed, the accountant provides expertise and advice in various fields (legal, development, tax, etc.) and supports companies at all stages of their existence.

It is the business manager who, at the start of the assignment, together with his accountant, determines the nature of the services sought and the framework for intervention.?

Prepare accounting and tax balances

At the end of the accounting year, it is necessary to establish what is called an accounting balance sheet. This table is a photo – at a given moment – of the company’s accounting situation. It provides an update on the financial situation of the company and is an essential element for decision-making.

A chartered accountant also prepares the tax balance sheet of your company, and this report takes stock of the tax situation of your company and indicates the taxable result of your company.?

GST

The chartered accountant is also responsible for preparing the monthly GST returns for your business. He will also be responsible for verifying and calculating the deductible GST.?

An advisor

He can also act as an adviser to the company director. He will then oversee helping the manager to find the best legal status for his company, guiding him in the tax choices of his company, to encourage him to put in place relevant management tools to maximize the profitability of the company.?

Preparing a business plan

He can also intervene directly in the business plan of the company. In particular, he will have a key role in the preparation of financial statements. He will also design several options to allow the manager to choose the one that is most suited to his needs.?

Accountant versus chartered accountant

Finally, be aware that in the world of accounting, there are two different but complementary functions: that of the accountant and that of the chartered accountant.

Both are account specialists. The accountant is primarily responsible for managing the day-to-day accounts. He takes care, for example, of establishing GST returns for the company, preparing the balance sheet, preparing payslips, and day-to-day accounting operations.

The chartered accountant is also a technician of figures, but he has more years of training and is certified by ICAI (Institute of Chartered Accountants of India).

Concretely, he can also take care of the management of business accounts and can also conduct audits of companies.

It is not wrong to say that a chartered accountant plays a significant role in smoothly running a business. It doesn’t matter if your business is big or small, with their analytical and problem-solving skills, it is always easier to handle business issues in the right way.

This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise.?AKGVG & Associates?does not intend to advertise its services through this.

Posted by:

CA Aman Aggarwal

AKGVG & Associates