Chartered Accountants work within a broad range of various business sectors and a wide spectrum of different roles, ranging from Financial Controllers to Chief Executives.
The following are a couple of examples of the kinds of positions that are occupied by Chartered Accountants.
Every aspect of operating a business involves tax issues that can arise, from share schemes through daily VAT. Tax accountants prepare personal and corporate income tax statements as well as formulate tax strategies that involve issues like when to expense things, deferral of taxes, how to treat an acquisition or merger and other financial decisions.
The work requires accountants to have a thorough understanding of the tax code and economics. Large corporations are increasingly looking for individuals with both a legal and accounting background in taxes. Although tax issues do vary according to the sector, it is critical that all clients be tax compliant.
These are accountants that work at companies and are involved in decisions regarding business analyses and capital budgeting. Some of their primary functions include efforts to control expenses efficiently, analysing new contracts and cost analysis.
The work frequently involves analysing an organisation’s structure. Is the responsibility for spending money within a company at the correct level of the organisation? Are objectives and goals for controlling costs being effectively communicated? Many management accountants historically have been viewed derisively as “bean counters.” However, this viewpoint has changed substantially as management accountants frequently work side by side now with financial and marketing personnel to develop new business.
Financial statements are prepared by financial accountants, which are based on the general ledger. They also participate in the main financial decisions that involve long-term financial projections, benefits planning, and mergers and acquisitions. That kind of work can be quite varied – you could be running spreadsheets one day and then the next day out visiting a supplier or customer to discuss business and set a new account up. This type of work requires you to have a thorough understanding of both finance and accounting.
The budget analyst is responsible for the development and management of the organisation’s financial plans. This area of specialisation has plenty of jobs in both private industry and government. Numerous budget analyst positions, in addition to quantitative skills, require excellent people skills since this work involves a lot of negotiating.
Working audits involves checking financial statements and accounting ledgers within government and corporations. This forms the basis of the majority of accountancy practice. This type of work is increasingly becoming computerised and sophisticated forms of random sampling methods are relied on. Considerable travel may be involved in this work and enable you to work in a broad range of different sectors, which provides you with a good understanding of the way money is made as well as managed.
I hope that has provided a broad range of what a chartered accountants does. If you have points that you need clarifying please leave a comment below.