Business

3 Ways Chartered Accountants are Changing Our Daily Lives

Punjab News Express | December 14, 2019 01:52 PM

It is not just your company accounts that they can handle, but Chartered Accountants play a greater role in our lives, which usually goes unobserved. They are a part of a much significant group and a part of a nation’s economic foundation. They guide the people of a nation to rightfully direct their finances in various resources and help them enhance the growth of their company and, thereby the economy. Chartered Accountants take care of finances, tax planning, budget forecast, capital budget, draft rules and prepare accounts in various fields. Here are three major ways in which Chartered Accountants are changing our daily lives

1. Regulation of Foreign Currencies

The inflow and outflow of foreign currencies in a country is regulated by Chartered Accountants. Forward contracts, swap contracts, futures contracts, or similar types of contracts are created by the Chartered Accountants that help in controlling the foreign currencies that flow in the nations. The growth of any country is in direct proportion with the growth of her people. With the wide opportunities that are available for investment, a sensible investor will want to invest in the stocks that offer maximum profits. All investors and businesses have to observe the laws related to investment – i.e. they must abide by the different Acts that have been laid down by the government. Not only do the Chartered Accountants frame these important government policies but they also advise the investors or businesses whether or not to make an investment. Chartered Accountants are also acutely equipped with the knowledge of various online taxations related to the e-commerce sector and assist the businesses by taking care of their taxation matters.

2. Tracking Corruption

Another way in which Chartered Accountants have an impact in our lives is preventing corruption, detection of frauds and window dressing in companies. Society can benefit only when there is no corruption around them and likewise nation flourishes only when the society prospers. Finance is a complicated department and people get avaricious when it comes to money. CA define the financial boundaries for organizations and businesses. They make them aware of the wrong practices and the consequences of breaking the rules and regulations pertaining to finance. It is obligatory that a Chartered Accountant express his or her judgment on the accurate and impartial view of financial statements. The judgment of a CA intensifies the credence of investors and it helps in confining any faults.

3. Influencing Taxation

The Chartered Accountants also have an important role to play in taxation. It is their perspicacity that helps in planning tax. It should be understood that their skills should be used for tax planning and not tax evasion. Planning taxes is significant for all earning individuals that fall in the tax slap set by the government. It is the scrutiny of a financial situation. Chartered Accountants offer the necessary knowledge to businesses that help in its proper functioning.  They take care of law related matters of a company, issues concerning taxation. Chartered Accountants help to prepare and maintain books of accounts along with documents required in financial reporting.

Chartered Accountant or CA course is very difficult to pass. Once the students pass out they become the backbone of a country’s economy. They use their skills and expertise in various fields.  CAs help the people to understand and follow the rules and regulations related to their field.

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