A Chartered Accountant: What they are and how they can help
When it comes to outsourced accounting services for your business, engaging the skills of a Chartered Accountant can bring major benefits to your business operations. However, choosing the right accountant can be confusing especially if you are trying to understand the distinction between a Chartered Accountant firm and a standard accountant.
If you are considering engaging with a professional for your large, medium or small business accounting, you will likely come across firms that present themselves as either ‘Chartered Accountants’ or ‘accountants’. Here, we help you make the distinction between the two.
What is a Chartered Accountant?
A Chartered Accountant is an accountant that has completed a variety of qualifications and meets a series of industry standards. To become a Chartered Accountant, one must obtain a bachelor’s degree in accounting and then go on to complete a Chartered Accountants (CA ANZ) Program.
The CA ANZ Program is a series of post-graduate courses on topics such as management accounting, auditing and ethics. A person must also undertake three years of verified work experience that is overseen by a fully qualified Chartered Accountant. Once a person meets these requirements, they are eligible to be a Chartered Accountant.
So, what is the difference?
A professional accountant that has not acquired qualifications that go beyond a bachelor’s degree is typically only able to assist in a narrower field of business accounting. This does not mean that a professional without higher levels of qualifications is unable to help you with your business accounting needs. It just means they only really have the capabilities of assisting with functions such as tax structuring, bookkeeping and payroll.
A Chartered Accountant, on the other hand, has a deeper understanding of a broad spectrum of outsourced accounting services. For example, a Registered Tax Agent will be able to assist senior members of a company with complicated tax legislation, rulings and their implications.
Essentially, a professional accountant is suitable for the day-to-day accounting needs of a business, whereas a Chartered Accountant is able to assist with more complex situations. They will deliver the most value for businesses that require additional expertise, such as structuring a start-up business or small business accounting in order for growth.
How can a Chartered Accountant benefit your business?
Seeking advice from a Chartered Accountant can give your business a significant competitive edge during critical growth stages. They will assist in freeing up additional capital or pursuing finance in order to fund growth.
A Registered Tax Agent and Chartered Accountant will assist in optimizing employment and payroll structures, as well as identifying crucial opportunities such as the purchase of new assets. Furthermore, obtaining specialised outsourced accounting services from a Chartered Accountant firm can assist with launching new products and entering new markets.
BMR Business Solutions are a Chartered Accountants firm, assisting Brisbane businesses with a range of specialised services. Contact us today on 07 3353 7111 to discuss how we can assist with the operations and growth of your business.