What is the work of a Chartered Accountant?
A Chartered Accountant has the knowledge relating to all the areas of commerce field which is obtained during different levels of the course. A CA is certified to have achieved expert knowledge in vast subjects such as Accountancy, Taxation, Law, Audit, etc. A business has multiple functions and a CA can offer services in almost all the departments- from the purchasing department to sales to the treasury to operations. Below are the broad areas where a CA can be hired. Please note that this article is for a CA in service. A practicing CA can undertake any work permitted in accordance with applicable laws.
- Financial planning- the work may vary company to company but broadly, this function includes managing the finance of the whole company. Senior levels in this function include- CFO, CEO, and so on. Depending on the company size and nature of the business, roles and work responsibilities differ from one company to another.
- Taxation- A CA is considered to have most of the taxation knowledge. Hence, to handle complex tax matters of a company, CA’s are required.
- Accounts- CA’s are the masters of accountancy. Therefore, anyone who is more interested in core accounting can take up this function in any organization.
- Procurement- This department is responsible for budgeting and planning for the purchases, making purchases, and finally the settlement. Here as well, a CA can be hired.
- Sales- The most important function of a business is Sales. A CA can help in effective collaboration with customers/ key stakeholders to increase the revenue of the Company.
- Treasury- Cash management and Treasury is a critical role that can also be undertaken by Chartered accountants. In this role, A CA is expected to apply his expert knowledge S/he has gained in financial management to ensure that the cash flow is positive and liquidity is maintained.
- Human resources- This function is not restricted to just MBAs and graduates. A CA can also play an important role in budgeting, payroll, and other monetary aspects in the HR department.
- Internal audit- In many companies, there is a separate Internal audit division that looks after the overall functions of the business. A CA can be well placed in this function as S/he has immense knowledge in auditing.