A chartered accountant is a global accounting designation given to accounting professionals and is equal to a certified public accountant or CPA.

What is a chartered accountant’s role?

The chartered accountants credential proves as a holder with the qualifications to file a company’s:

• Tax return
• Audit financial statements and business procedures
• Offer advisory service to clients

CPAs and CPAs do very similar tasks. The chartered accounts claimed as the first accounting group that formed a professional body. Today, many organizations and accountants belong around the world. Some countries impose different rules and regulations on becoming a CA.

In New Zealand, potential accountants should complete academic programs, such as a 3-year bachelor’s degree and even an accredited master’s degree that covers business and accounting topics. The candidates are required to complete the practical experience program and CA program. These programs will train them in modern accounting principles and methods.

In Canada, to become a chartered professional accountant, you have to finish an undergraduate degree with coursework in accounting and business areas. Then, you can enroll in a professional Educ program for CAs.

Why is a chartered accountant essential in a business?

The CAs perform more than traditional bookkeeping but might be unaware of how essential and extensive the role of a CA is in the business world. The CAs are found at the senior management level of larger companies. Here are the top reasons why CAs offer valuable input:

• Strategic insight. A good CA understands wise financial decisions have to be backed by an in-depth analysis and well-researched data. Critical and analytical thinking allows CAs to offer essential advice for strategic future planning.
• Financial expertise. The extensive expertise and qualifications empowered the CAs as very knowledgeable of all aspects of financial situations and understand several sophisticated financial models and accounting. This makes CAs valuable contributors to a business; they are an essential part of financial management.
• Forecasting accuracy. Any company prepares well for the future, it is challenging to do this efficiently. A chartered accountant has the skills in taking multiple factors into account when forecasting and planning for the business. The CAs can identify changes that can immediately improve the financial position of the company, improve cash flow, and save costs.
• Scarce skill. A CA is listed on the scarce skills. The ability to support the decision-making of the corporate through data-driven and analytical insights is rare and can give advice based on the facts allowing businesses to easily adapt and be profitable.
• Flexibility. A CA is a well-trained professional, easily adaptable to several environments and any changing requirement. The CAs are accustomed to new challenges and changes in their line of work, which makes them adjust to the after-pandemic business landscape.