A Chartered Accountant is a person who is an accounting professional and has received a certificate from a statutory body. The certificate states that he/she is qualified enough to handle matters of accountancy and taxation. The Chartered Accountant is a designation that one can achieve by clearing all the exams of the course. The Chartered Accountant helps the business and here are certain reasons why we need them:
The Chartered accountants are professionals when it comes to tax savings. They can assist the business and they will know how to minimize the tax. They know about all the laws and they take advantage of complex laws to minimize tax. They are aware that how to bypass laws without getting any penalty.
The best part is that the owner can save time and can focus on his main business. If one is working on his accounts as well then he hardly gets time to work on the main business. This will lead to neglecting business and hence the loss.
The profession chartered accountant is a reservoir of business strategies. He can suggest to the business owner new strategies that can help the business to grow. They have great management and financial insights that can be used by owners in their business. With time the professional will become a consultant for the business as he will be able to understand the business better.
These are some of the reasons that clearly state why we need them. They are highly efficient for business and help the business to be successful. Now, here are few points that one can consider to choose the right Chartered Accountant:
Check the certification
The first thing to check is whether he has the certification from the right statutory body or not. Different bodies provide certification and one should check for the proper degree.
Check for the affordability
The chartered accountants who have experience usually charge high prices. One should inspect first that what is the prevailing rate in the industry and then check whether he can afford the experienced professional or not. The elite professionals charge high and some businesses cannot afford them so they have to find the best in what they can pay.
Ask his experience
The experience counts in this field as one can offer him the salary as per his experience. The fresher accountants usually take up less salary as compared to experienced ones. One should hire experienced ones as they know about the industry better.
Check his record of recession
The best way to check for the credibility of the chartered accountant is to check his record of recession. If he was not laid off during the recession and was appreciated at this time then he is the best option one can hire.
These tips will surely help one to hire the right professional chartered accountant. One should test his skills in advance as it is better to be cautious in advance.