How can a chartered accountant add value to your business?

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Sometimes referred to as certified public accountants, chartered accountants are specialised accountants with an international accounting designation. They can perform everyday tasks, and have a wide knowledge of accounting principles.

Offering unique perspectives and skills in analysis, chartered accountants are able to solve the toughest taxation problems which can save you money. Most importantly they always improve or maintain your level of compliance thus mitigating risks and saving you time.

Who are chartered accountants?

Unlike your everyday accountants, chartered accountants have to undergo a four-part standardised exam, and undergo continual training. This means they meet the required industry standards and are thus able to act as a tax representative for your business in a courtroom. 

They have a degree, as does any accountant, but have a higher level of taxation expertise. Regular accountants specialise in certain aspects of accounting, while chartered accountants have a broader knowledge base and years of experience under a senior chartered accountant. 

What do chartered accountants do?

With their continual training, they are enabled to file tax returns and perform an audit on a business’s financial statements. Assurance and auditing are some of the basic capabilities among chartered accountants. They have a broad spectrum of accounting knowledge. 

Their education allows them to monitor funds and provide technical assistance whenever necessary. They have experience with practical applications of managing accounts and being consultants to financial data. Alongside all that, they are versed in taxation and tax payments and are legally allowed to approve tax deductions. 

How do chartered accountants add value?

There would be a stark difference in the value created by a chartered accountant compared with a regular accountant. 

That’s not to say one shouldn’t hire an everyday accountant, but if your needs are more complex and you’re looking to increase your value then hiring a chartered accountant is the way to go. Here are some of the few ways that chartered accountants add value to a firm.

Taxes expertise

When it comes to filing your tax returns, they will have insight on whether to add to the cash flow or roll over to the following tax year. Tactical choices as such is a speciality of chartered accountants. 

Estimates of tax deductions from accurate bookkeeping allow them to plan long-term. With more precise estimates, your company can keep a good cash flow even in times of financial dips. With funds on hand year-round, you’re able to improve upon assets and keep all liabilities low and debt out of the picture.

Keep you compliant

Outsourcing your accounting to a chartered accountant does minimise the risk involved. They know the ins and outs of governing laws regarding business compliance. Often they would start implementing strategic plans from the get-go. This would steer your finances in the right direction, and your existing stresses will fade. 

If you’re able to stay compliant then you will likely experience sustainable growth. While your business grows you will have to upgrade certain departments and increase expenditures. All this will require a careful accountant with comprehensive knowledge of the laws for your current business standing. Different regulations apply to each sector, whether it be a small enterprise or an established corporation. Having a dedicated accountant massively improves your rate of growth when transitioning to a higher financial bracket.

Evaluating & advise financial plans

If you have solid accounting plans in place there will be less work for your chartered accountant. In other cases, they will optimize existing operations, and set clear processes to achieve your financial goals. Collaborating with them and setting down the blueprints is a crucial part of their work. 

If you’re heading towards financial ruin, they can intervene and set up your plans to a workable goal, to your satisfaction. With outsourced chartered accountant advisers having additional experience and colleagues to consult, you can trust their evaluation. You can consult on prospective investments and critically evaluate investing in relations and certain resources, thus discovering opportunities that weren’t previously visible.  

Unique accounting perspectives

Chartered accountants have a wider and deeper knowledge of accounting principles, and can handle more complex issues than regular accountants. This adds to the overall productivity and maintains that financial edge among other businesses. Their knowledge and creativity present themselves in the form of ingenious solutions and add to their competitiveness.  Predicting the consequences gives you more with which to work. 

If your business needs to take on a loan, your accountant can select a bank with good interest rates. They can also back up your financial statements, increasing the likelihood of attaining the loans and can provide you with a financial overview before making decisions in a timely manner.

Takeaways

Chartered accountants bring specialised accounting skills to the table to help your business grow. Having an intentional mind about solving your financial problems, chartered accountants can lower your tax expenses and bring about more investing options.

They bring about peace of mind and free up time when handling financial plans and always keep you in compliance with the latest regulations.

Information about the authors, publication, and publisher

Picture of Author - Arnaud Brunel

Author - Arnaud Brunel

After a 15 year long career in International Banking and Compliance, Arnaud launched multiple businesses in Cape town. He still heads 2 of these businesses today in the Digital Marketing Industry with Brunel Studios and in the Financial Industry with Thryv.

Picture of Publication & Publisher - Thryv Accountants

Publication & Publisher - Thryv Accountants

Thryv accountants is a private accounting company that focuses on outsourcing of the financial functions of small and medium companies in Cape Town and other regions of South Africa.

The publications on this website are for information purposes only. They are based on our professional opinion.

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