CA MEANS Chartered Accounting
Chartered accounting includes much more than basic accounting services and entails the management, as well as the establishment of new and thorough accounting systems and methods for a company. It includes keeping a record of various types of finances for small companies, sole proprietors, CC’s, trusts, and partnerships. Chartered accountants deal with bank reconciliations, key ratio analysis, as well as budget preparation and the monitoring of financial results compared to original budgets. Personal financial statements are a key responsibility of an accounting firm, as well as assistance with support installation, such as Pastel and online accounting tools.
A chartered accounting firm specializes in comprehending a business and then interpreting the management information presented in order to determine a successful course of action for the company’s future. Chartered accountants look at monthly management accounts to prepare and analyze them; they deal with project costing; they will forecast cash flow of the business and prepare accurate budgets; they will set up management reports and help with finance applications; they will do comprehensive breakeven analysis and will be able to give early warnings about financial issues by analyzing key performance indicators.
Chartered accounting firms are multi-disciplinary and will provide various specialized services to clients. These services can include everything from loan covenant compliance to licensing reports. They will also do lease agreement turnover confirmations, provide litigation support, and do reports on contractual compliance to ensure the company’s success and solvency. A chartered accountancy company will then do sophisticated independent reviews, which are inquiries into financial statements and analyses thereof. This applies to accounting practices, policies, and principles, record-keeping practices, as well as actions on the part of the board of directors and alterations in business activities.
With new technology, chartered accountants need to be able to go online. This means that a chartered accounting firm will need to set a business up with online accounting facilities and should have the technical knowledge to manage these applications. This ensures effective communication and proper record keeping of individual transactions that occur during the year. It makes the process of retrieving information and analysis much simpler.