Chartered accountants are hired by organizations so that they can offer financial advice, audit company accounts and provide information about financial records so that business decisions can be made easier. The work of a chartered accountant is certainly not easy, as there is so much insight that one has to develop and elicit when working at this position.
The main areas that chartered accountants work in include financial reporting, tax matters, auditing, corporate finance, forensic accounting, business recovery, and accounting systems and processes. To be able to work efficiently as a chartered accountant, one has to possess a degree in finance, along with a CPA. Since this work requires an individual to be hands-on with financial work, one has to possess exceptional grasp on financial matters. An analytic mind and the ability to resolve problems in a profound manner is extremely important if this is the work that you want to do. In addition to this, you have to be exceptionally talented in handling fraudulent activities, and provide insight to the management about how to handle things when fraud does prevail.
Working as a chartered accountant means that you will be putting in extra hours at work and that your work schedule will have to be defined by how much progress you’ve made in the problem assigned to you. Here is what you will be doing on any typical work day as a chartered accountant:
• Manage financial systems and budgets and undertake financial audits
• Provide financial device to clients and the management, ensuring that profitability is maximized
• Review the company’s financial and business systems and analyze possible risks
• Execute tests to check financial information and systems, and advise clients on tax planning and issues
• Maintain accounting records and prepare accounts and management reports for management review
• Advise clients on business transactions, including mergers and takeovers, and provide counseling on areas regarding business improvement and dealing with solvency issues
• Create metrics to detect fraudulent activities and take measures to prevent fraud by putting in place core preventative strategies
• Maintain effective liaison with internal and external auditors and deal with financial irregularities
• Produce recommendation reports post auditing to assist the management in making informed business decisions
• Arrange financial management reports including financial planning and forecasting
• Negotiate terms with suppliers and vendors, ensuring that the best possible terms are agreed upon
• Put in place financial controls and plans, including introduction of policies to manage cash flow procedures