The role of a Chartered Accountant in an organisation is indispensable. Whenever, a company faces financial issues, a Chartered Accountant is approached. This idea has gradually influenced borrowers who now seek the services of CAs for domestic financial planning. This cliché has removed the thin line between the professions, namely financial planner and accountant.
Ideally, a CA’s work aims to prove his/her client’s capability to file an income tax return and offer financial advice to firms, and audit financial statements for the same. To run a successful CA firm or to scale the operations, professionals need to invest considerable funds. In this regard, a professional can avail CA loan that offers collateral-free funds against an affordable interest rate.
Starting a CA firm would again help make a brand name and remove the job role’s confusion. A professional loan for a chartered accountant would act as financial support under this scenario.
What is the job profile of a Chartered Accountant?
The CA is an expert in taxation, accounting, and auditing. An organisation ideally hires them to take advice on financial planning and investments.
Chartered Accountant’s primary purpose is to offer quality investment advice to streamline an individual’s tax payment and management, assets, etc. Many individuals seek an accountant before making a domestic investment like purchasing a property, loan borrowing advice, etc.
These queries usually exceed the expertise of an accounting professional. In this regard, owning a CA firm that specifies services can remove the cliché regarding an accountant’s job profile. However, achieving this goal requires an investment of substantial finances, which can be arranged by availing a professional loan.
For instance, potential borrowers can approach lenders like Bajaj Finserv, who offer up to Rs.32 lakh as loan for chartered accountants. Moreover, the tenor against this credit form is quite flexible that can extend up to 7 years.
The financial institution also provides pre-approved offers on their products like business loans, personal loans, etc. This feature makes the loan application quick and hassle-free. Check your pre-approved offer by entering a name and contact number today.
Hence, an individual must keep track of the top qualities that an ideal account must have to hire the right financial help. For this purpose, understanding the fundamental difference between a chartered accountant and a financial planner would be helpful.
How is the role of CA different from a financial planner?
Redefining the role of a chartered accountant is very crucial to understand the reasons for hiring a professional. Some of them are discussed below.
- Auditing
A Chartered Accountant’s primary work involves auditing and accountancy. This includes preparing financial statements, profit and loss balance sheets, and writing up accounts. They are also required to manage the bookkeeping and analysing the financial transaction made yearly. Under auditing, CA reviews the transactions claimed under the financial report. Moreover, the report assessed by a CA falls under the eligibility criteria of many loan variants.
This is a significant reason behind the rise in CA firms in India. To manage the cash flow, many professionals depend on hassle-free credit forms like a CA loan. This fast disbursal loan requires minimum documentation and simple eligibility criteria.
- Taxation
Another essential function performed by CA is taxation. They estimate the amount for tax purposes, analyse the tax returns, and offer advice on the same to clients. They identify and suggest a lucrative investment regarding tax savings based on a client’s financial capability.
- Financial advice
Unlike a CFA or certified financial planner who suggests financial risk management, a CA advises a client on insurance policies, mutual funds, other investment forms, etc. It is essential to know that this is a complimentary or value-added service offered by the professional. Hence, it is vital to take a second opinion from a CFA.
Hence, professional accountants can avail a CA loan to upscale their services and create a brand name. This would help attract more clients and simultaneously remove the confusion regarding a chartered accountant’s role and limitations.