How Can a Chartered Accounting Firm Benefit a Business

Professional chartered accounting firms employ the use of specialist accountants with specific qualifications. These companies provide a broad range of various services, most of them being categorised as formulating, auditing accounts, and offering skilled consultancy services.

A number of particular services of these chartered accounting firms require additional qualifications amongst the accountants.

Adept in Their Field

Charted accounting firms can even provide skilled accountants in Vanuatu, for those in need of their specialist services.

 This includes assistance in services like:

  • Putting emphasis on various methods in which a business is able to work more efficiently
  • Provide expert tips and advice on how to get the best deal regarding loans or investments.
  • The formulation of tax returns for any business
  • Providing professional advice on how to go about minimizing tax liabilities.
  • It can also encompass any services which relate to bankruptcy procedures.

Interesting History

Chartered accountant is a term which can only be given to members of a certain organisation, and one such as the United Kingdom’s Institute of Chartered Accountants.

  • Similar organisations do exist in many nations which are members of the British Commonwealth, like Canada, Australia and New Zealand.

The main business service of most chartered accounting firms is the preparation and arrangement of accounts. This by itself requires a complete understanding of a country’s legal necessities for the configuration and content of a business’s accounts, and mathematical and administrative skills.

Such prerequisites have been generated both to keep shareholders updated and in the know and to allow for a balanced comparison between different companies’ financial achievements.

The Reason Auditing is Vital for all Companies

Many chartered accounting firms also carry out audits. An audit is a methodical and independent examination of books, accounts, statutory records, documents and vouchers of a business to determine how far the financial statements and the non-financial disclosures provide a credible and fair view of any company.

The audit is specifically made to be an independent review of all of the accounts, giving any interested viewer’s confidence that every detail is both correct and not dishonest.

  • In some countries, like India, auditing is only legally carried out by chartered accountants.

Some other countries have laws which state that if accountants wish to offer such services, they must first gain additional specialist qualifications.

Why Is It Important to Use a Chartered Accountant Instead of an Accountant? 

Why employ a Chartered Accountant when there are others out there using the title Accountant?  The reason is that a chartered professional is an individual who has taken his or her time in order to obtain the highest level of proficiency in that specific field of work and has as such also been awarded a reputable credential by an outstanding organisation in recognition.

That very same organisation, ICAEW (Institute of Chartered Accountants in England and Wales) is globally recognised as a professional accountancy body, which operates under a Royal Charter, ensuring the highest quality with a trustworthy service.

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