Choosing a chartered accountant for your business or firm can be a pretty tricky task. With the demand for Chartered Accountants being the highest in history, finding the right chartered accountancy firm that suits your needs can be challenging. It doesn’t have to be if you know the fundamental differences between them all. The primary role of a chartered accountant is to implement accounting systems and processes. However, there are seven different types of Chartered accountants, and they have a considerable amount of difference
as given below:-
Chartered Accountants In Dubai
There has been a sharp upsurge in demand for chartered accountants. This is mainly because of the establishment of new businesses and startups. It is also estimated that the demand shall rise within the next few years. To meet this demand, lots of new Chartered accountants firms in dubai are popping up all around the world. Dubai, in the recent few years, has faced a lot of demand for chartered accountants. If you are someone from Dubai looking for chartered accountants and chartered accountancy firms, make sure to conduct thorough research and measure out the pros and cons of all the accounting firms in dubai to choose the one that suits your requirements the best!
1. Chartered Accountant Audit
They are also known as auditor accountants and Their work heavily relies on checking accounting ledgers and financial statements within corporations and is the basic framework of accountancy practice. Audits can be very hectic, and these accountants make them seem easier to deal with.
2. Chartered Management Accountant
They are also known as management accountants may also be called cost accountants, managerial accountants, industrial accountants, private accountants, or corporate accountants. These accountants work for public companies, private businesses, and government agencies. They are risk managers, budgeters, planners, strategists, and decision-makers. They often supervise low-level lower-level accountants and help them handle basic accounting tasks, such as recording income and expenses and tracking tax liabilities.
3. Chartered Certified Accountant
A chartered certified accountant developed and maintained financial and accounting systems. Their other roles are financial forecasting, auditing final records, and investigating financial anomalies. They can work in a wide range of sectors like public practice, financial services, or the corporate sectors. They are responsible for preparing financial statements, business plans, commentaries, and budgets for management or client reports. They also produce and analyze annual and monthly accounts and provide regular financial reports.
4. Chartered Finance accountant
They are also known as financial accountants, and their work varies from day today. These accountants primarily help clients make investment decisions, invest their money, and provide services to enhance financial markets. Typically a chartered finance accountant has the following roles that are portfolio management, research, consulting, risk analysis and risk management, investment strategy, wealth management, credit analysis, chief investment officer, trading, accounting and auditing, investment banking, and financial planning. Additionally, they also assist in Asset management, Private wealth management, Commercial banking, Investment banking, insurance.
5. Public Accountant
In simpler words, a public accountant or a certified public accountant has the following role: they interpret and communicate financial data to satisfy regulatory requirements. Additionally, they support corporations, organizations, and individuals with tax and financial statement planning. Their primary tasks are studying financial records, preparing tax forms, and overseeing audits. They also have to maintain an organized digital and physical financial record. Assessment of business transactions, coordination with employees on income tax
research, and planning and responding to tax and accounting-related issues.
6. Budget Analyst
A budget analyst maintains a balanced budget by helping companies and organizations by keeping their budgets and finances on track. They organize company finances by running regular financial reports, collaborating with executives about funding needs, and assessing budget decisions or one-time expenses. In private organizations, budget analysts also review the budget and look for new ways to increase profit and improve efficiency. The primary responsibilities of budget analysts are Developing the organization’s budget with the help of project managers, combining programs and department budgets into a consolidated organizational budget and reviewing requests for merit, helping the chief operations officer, agency head, or other managers to analyze proposed plans and alternatives, monitoring the organizational spending, calculating estimation future financial needs. Moreover, they also help in effective communication for achieving the goals of the organization smoothly.
7. Tax accountant
They are finance professionals responsible for helping companies, firms, and individuals to file their taxes appropriately. The primary role of a tax accountant is to prepare corporate and personal income tax statements and the formulation of tax strategies and plans that involve issues such as financial choice, treatment of merger or acquisition, taxes, expenses, etc. Their roles are as follows: preparations of tax provisions, schedules, returns, payments, and reports; maintaining a company tax database; finding tax solutions; identifying legal tax savings. And suggesting methods to improve profits. Advising the management about the effect of tax liabilities, corporate strategies, and new tax laws, coordinating outsourced tax preparation work, keeping up to date with tax charges and industry trends.
