chartered accounts in india Archives - Business , Financial & Legal Consultant In India

Business Tycoons and small-business proprietors wear a lot of hats, but hiring
an accounting firm can ease some of the load and permit more time to focus
on the essential core business tactics and schemes. Firms offer a wide range of services, from basic bookkeeping to more complex issues, such as tax returns and audits.
Chartered Accountant is one of the major and most swiftly growing careers in
the recent times. The responsibility of a Chartered Accountant has increased
due to the large economic reforms done by the political parties. They provide
vital services such as:-

Provide Financial Advisory Services:
Sometimes people need financial advice for the astonishing growth of their
business. They need to have some kind of surety that they are providing the
information about their business into the safe hands. This is where the
Chartered Accountant provides their services to the businesses. Sometimes
providing the financial advisory can be hazardous as it is very difficult to expect
the future. They need to ensure that the greater part of the information is
given to the person to get valuable advice to maximize the profits.
Financial advice is something which is very critical. Giving consultancy advice
about the financial transactions, what and how much will be the future
investment is crucial for the growth of business.

Accountancy and Auditing:
Maintaining and preparing the financial accounts and statements of the
customers is known as Accountancy and these are the services provided by the
Chartered Accountant. It encompasses the range of writing accounts to the
financial Analysis of the business. Accountancy comprises of the routine
financial transactions of the company. There are numerous accounting
functions like writing a check, cash, bills and payment send to the vendors.
Payroll and tax deductions are all part of accountancy.

Auditing is one of the crucial services offered by the Chartered Accountants. It
involves reviewing and checking all the accounting books of the company for
any kind of discrepancy. The audit is usually done by an independent body. It is
the in-depth examination of each fiscal transaction made by the business.
When the audit is finished, all the accounting procedures and books are
verified.

Providing Information about Limited Company Information
Private Ltd. Company is considered one of the best ways to start a business.
Once the company is established, there are multiple compliances that are
required to be followed after the company has been established. Managing the day to day operations of the company and the requirement of the corporate laws can be a little taxing for any entrepreneur and that is where role of people like the Chartered Accountant comes into the picture. Big companies take help of the professional while starting a business to ensure timely fulfilment of compliances, without any levy of interest or penalty.

Direct and Indirect Taxation
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered Accountant has an advantageous position for preparing the returns for tax purposes, before the Income-Tax authorities and general advice on taxes to his clients.
An extra liability is placed on him according to whom his services will be
prerequisite by the tax department for auditing very complex cases, having a
very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Import Export Code Registration
Now-a-days export and import are the pillars of any business. They have
become an integral part of growth of an economy. In India, after the
introduction of Industrial Policy, 1991, Indian Government has also introduced the concept ofliberalisation and globalisation. You must have validImport-
Export Code (IEC) for doing import and export of goods or services in India.
While selecting the form of business organisation for export and import
purpose, a person should keep notice of the nature of business, tax
implications, liability, etc. The Chartered Accountants provide this type of
service.

Goods and Service Taxes
Indian Government introduced GST (Goods and Service Tax) in 2017. GST is an
indirect Tax which is levied on the goods and services in India. It replaced many
indirect Taxes present in India. The Chartered accountant is responsible for
checking the implementation of the Goods and Service Tax in a company so
that there are no malpractices.

BIATconsultant is leading consultancy firm based in India providing quality services since 2004 .

Chartered Accountant is one of the biggest and most rapidly growing
professions in recent times. India is going through a large number of economic
reforms which has resulted in the increased responsibilities of chartered
accountant. These changes bring a challenge to the profession and the services
provided by the chartered accountant…

Accountancy and Auditing
Chartered Accountancy means maintaining and preparing the financial
accounts and statements of the customers. It encompasses the range from
writing accounts to financial analysis of the accounts. Accountancy comprises
handling the daily fiscal transactions for the company. This comprises the very
diverse purposes ranging from the incoming earnings to the outgoing
payments. Some accounting functions include the bills or payments sent to
vendors. It also includes the check, credit card, cash and the electronic
payments received from customers; and checks written and received by the
company. Payroll and tax deductions, along with the reconciling of the
company books for the year, are all accounting processes.
Auditing is one of the most important services of the Chartered Accountants.
An audit involves the review of the accounting books of the company. An audit
is generally done through forensic accounting, or it is mainly conducted by the
company. The audit is usually done by an official independent body, if the
company is traded on a stock exchange. The audit process is an in-depth
examination of each fiscal transaction made by a business and checks whether all the transactions made is correct or not. When the audit is completed, the books and accounting procedures are verified as accurate.

TAXATION
As there are number of taxes on the law book and the continuing tax info has
become vibrant to the actual economics of business organisation. The
valuation of taxes is very deeply connected with fiscal accounts. The Chartered

Accountant has an advantageous position for preparing the returns for tax
purposes, before the Income-Tax authorities and general advice on taxes to his clients. An extra liability is placed on him according to whom his services will be prerequisite by the tax department for auditing very complex cases, having a very huge profit potential. The requirement under the Income-Tax law for
compulsory maintenance of accounts by the specified categories of taxpayers
would also make a demand on his time and services.

Cost Accountancy
The Chartered Accountant has a big responsibility to ascertain cost of
production of the processes and the operations in the construction of a
product and services. He/she has to take control of the establishment of the
appropriate selling price and introduce the cost cutting methods.
Special Company Work
The chartered accountant provides special company work like formation,
financial structure and liquidation of the limited companies. They also do
secretarial and Registration work and the duties of a Receiver in addition to
other special work.

Investigation

The investigation work is carried out by the Chartered Accountant who makes
sure that the fiscal position of business in matters such as share capital,
purchase, sale or financing of a business. This is done to achieve a better
efficiency of a business.

Directorship

Some Chartered Accountant who is at a very senior position of a company or
industry provides their services for the directorship of company.
Company Secretarial Work
Secretary is a man who has professional qualifications and they are an
important link in the management chain. The huge growth of limited
companies has enabled the Chartered Accountant to gives these secretarial
services to small companies.

Management Accounting
Formulation of Policies, performance evaluation and other responsibilities are
undertaken by the chartered accountant.
The chartered accountant serves many purposes like above to increase the
business productivity and make sure that the business is done through the
right process following the rules and guidelines of the law book.

BIATConsultant.com is one of the biggest name in providing chartered account services in India since 2004 , headed by leading CA firm in India UKS&Associates since 1993 .

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