What Does A Chartered Accountant Do?
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Published by TOP4 Team
Contrary to popular belief, not every accountant is a chartered accountant. Although both professionals perform accounting tasks for individuals or businesses, they greatly differ in so many ways. For the latter to achieve the title, high-level educational attainment and professional training are needed. Afterwards, the passing of the licensure exam must be assured. Individuals who have acquired this title are members of organisations like Institute of Chartered Accountants of Australia, Certified Practising Accountant and National Institute of Accountants. Membership to this organisations sort of acts as a gauge of one's credibility in the industry.
A chartered accountant can offer many things to his clients. This somehow explains why the services of this professional costs higher - a point that prods some people to just hire a general accountant. Apart from being an expert in preparing tax returns, this professional is knowledgeable of tax laws and all the continuous changes that are happening in the tax code. The government requires so to ensure the competence of a licensed professional. This impacts that such a competent professional can give the correct figures in your tax returns and the updated benefits or legal deductions that you can enjoy as a tax payer.
If you are running a business, this professional can analyse and provide a clear overview of your finances. This is not just about keeping you away from debt. A small business accountant can help you understand your company structure and the ways you can save money and bring in more profits. Means to improve credit rating is another element that can be taught by this professional.
Keen to make investments? Never push through with one unless you have consulted a chartered accounting professional. Based on your financial status, this professional can advise you the amount of money which you can possibly spend without losing. This is because you will be presented with the most suitable mortgage type for your real estate investment.
The biggest thing that this professional can do for you is to represent you in times of audit. Once a regular accountant has signed the prepared tax return, you are left with no assurance that your business is well represented legally. This is unlikely to happen when the above-mentioned professional prepares and signs your tax return. This is something that is very important to entrepreneurs who need to make business and tax decisions of a higher level.
Even though it would cost you more to hire a chartered accountant, never exchange the opportunity to get a capable professional with hiring a regular accountant particularly when you are running a business. If you are keen to get the best, contact only the trusted names out there. Apart from the accreditation and certification, do consider the feedback given by the past and current clients of the professional you are considering to hire. You may first put your prospect professional on trial by giving a small project to accomplish. Decide whether you will push through with the hiring once you have seen the output.
If you are looking for a chartered accountant in Gregory Hills, feel free to call DJK Partners today!