If you are looking for a chartered accountant firm, remember to engage one with chartered accountant insurance. Chartered accountants are essential for professional advice on taxes and finances. However, not just any accountant will serve your business right.
For the best results, you need a chartered accountant. The services of chartered accountants are approved by the board and government aagencies to ensure that they deliver quality services to their customers. This, however, does not mean that regular accountants are not up to the task. The difference is just that chartered accountants perform a more analyzed job than their counterparts do.
Accountants Versus Chartered Accountants
Accountants are often financial and tax experts following specific rules of accounting. On the other hand, chartered accountants are accounting professionals who are licensed to practice in a given state. For small and medium businesses, the services of a chartered accountant are quite important.
All the same, when you select a chartered accounting firm to provide you with finance and tax services, it is advisable to work with a firm that has a good standing. Confirm credibility of your preferred firm with the Better Business Bureau and find out if the firm has chartered accountant insurance.
Here are some of the gains of using the services of a chartered accountant.
A Chartered Accountant is Licensed
Licensing by a particular state enables a chartered accountant to be familiar with all the accounting laws and regulations of the state. Unlike general accountants, chartered accounting professionals must undergo an exam that qualifies them to deal with all aspects of taxation and finances. Even after licensing, chartered accountants must undergo continuing education classes in order to maintain the license. This requirement does not exist for general accountants.
Knowledge in Taxes
Most chartered accountants are more conversant with tax laws than general accountants are. Some even specialize in tax accounting only. They have to understand the tax code, especially how it relates to the state in which they are licensed.
Chartered Accountants are Good in Financial Analysis
With the deep accounting knowledge they possess, they are in a better position to perform various bookkeeping tasks. Unlike general accountants that just prepare and analyze the balance sheet, chartered accountants do much more on analysis and provide appropriate advice on tax and financial matters.
They can Perform Audit
A general accountant cannot represent you as an audit professional. Only a certified accountant and an enrolled agent can do. The representation before an audit can help you make important decisions regarding your business.
In the light of their services, chartered accountants or CPAs perform a more detailed task on your business. However, compared to general accountants, chartered accountants charge more. Chartered accounting firms also have their services covered through chartered accountant insurance provided by reliable organizations.
Choosing a Chartered Accountant
If you are looking for an accounting form for your business, you should find one that comprises bookkeepers and accountants. While your chartered accountant specializes in tax issues, the bookkeepers can carry on with the regular accounting duties.