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The primary role of chartered accountant is an in-depth analysis of the financial aspects of a business. For this purpose, CAs provide tax consultation benefits, internal and external audits, prepare profit and loss statements and balance sheets, create reports forecasting future profit margins and approximate revenue generation, help in developing business modules, etc.
Due to emerging valuation of stock markets, most companies opt to raise finances by listing their respective business in the major stock exchanges operating in the country as a way of raising adequate capital. Nonetheless, this procedure is complicated as the overall equity stake is distributed through shares. To answer what is the role of a chartered accountant, he/she is primarily responsible for deciding upon the optimal number of shares to be distributed in the market and the nominal value at which they will be up for sale.
Job role of Chartered accountants-
Major aspects of what is the role of chartered accountant in India can be discussed as follows –
- Analyses the risk involved in the production and sale of manufactured goods in the market.
- Chartered accountants play an essential role in the acquisition or merger of a business.
- Certain firms provide forensic accounting services. Forensic accounting is a coveted career option for CAs, as it is an emerging profession with high demands.
- Management consultancy facilities are provided in cases of internal managerial disputes among employers and employees.
- Any business conducted with another company is subject to a thorough analysis by CAs to ensure optimal terms.
- Tax calculations of all kinds are performed, along with the computation of total returns. In this respect, employee income tax deduction at source and EPF deductions are also calculated by chartered accountants.
- In case of bankruptcy or insolvency, the role of a chartered accountant in India is dilution and liquidation of all capital assets.
- Expansion of business into new sectors are also analysed by CAs to determine profitability.
- Services to non-residential Indians are provided.
- Social accounting and economic planning services are facilitated by major chartered accountant firms operating in India.
- Major accounting firms also provide governance in internal and external corporate affairs of a business.
Due to such extensive coverage and a comprehensively redefined role of chartered accountants, they are in high demand in India. The median salary of such individuals is considerably high as well, making it one of the most preferred professions in India.
Why launch your own accounting firm?
Individuals successfully obtaining a practising license from the Institute of Chartered Accountants of India (ICAI) can choose to work for the top accounting firms in India, or set up their own CA business. The latter is preferred by most practising CAs as the overall profit generated is considerably higher than the average annual salary.
To set up their own business, individuals can opt for a Loan for Chartered accountants provided by major financial institutions such as Bajaj Finserv. Such loans are extended to individuals having a certificate of practice along with at least 3 years of experience as a chartered accountant in India.
All expenses incurred while launching a start-up CA firm can be covered by obtaining a professional loan for chartered accountants, from gathering the necessary equipment to cover office expenses and hiring workers.
Providing a wide array of services makes an accounting firm stand out from other competitive companies in the same field, ensuring the success of your business. It is one of the main secrets to making your CA firm stand out from the rest in the market. Thus, the role of chartered accountant is vital for the success of respective businesses.
