September 4, 2018 0

What is the difference between an accountant and a chartered accountant?

What is the difference between an accountant and a chartered accountant?

When you run a business, one of the most complex and confusing matters you have to handle is financial matters. You need to be particular about every single detail; otherwise, you may face certain problems. However, if the record is correct and kept in the timely and accurate manner by following the international and national laws related to financial matters, it plays a significant role in the financial welfare of the organisation. This is the main reason why an accountant is hired to look after the financial matters as he or she is the one proficient in this task.

Accountancy deals with all the financial information. In this field, all the information related to economic matters is collected for the purpose of conveying it to the investors and all the concerned people. The information is represented in the form of financial statements. These statements indicate debit and credit records of money of the company. All these records are efficiently maintained by an accountant. You can very easily find an accountant in UK.

The differences: Accountant vs Chartered Accountant

An accountant is a professional who has a thorough understanding of all the laws related to financial matters. They are hired by the companies in order to get their assistance in solving all the economic questions. Accountants also help them in dealing with management of their personal financial issues with transparency and flexibility. They are also the experts who handle the audits of private as well as public sector companies. The accountants are of two types, the accountants and the chartered accountants. Let’s try to understand the difference between them.

  • An accountant- The most important role an accountant plays in organization is of keeping an eye on debit and credit transactions of the organization. He provides the complete record of monetary transactions. The accountant has to keep himself updated according to the guidelines set by federal, state and local administration. He has to authenticate all the money transactions for accuracy.

Many of the accountants choose to work in big organizations while few of them prefer to work for individuals in order to look after their personal financial matters. The very well-known accountants of this type are the ones who help people in filing their tax returns annually. They can achieve specialisation in various fields including real estate planning, investment and fund management, etc. The person needs to have great experience in order to perform the role efficiently and meritoriously.

  • A Chartered accountant- A Chartered accountant is a person who has completed post-graduation and have gained 3 years’ of experience by working with an expert of the field. Chartered accountants have more career opportunities than accountants. They don’t focus on specializations like tax returns. Instead, they pay more attention to keeping the correct record of monetary transactions conducted by a company or an individual. They perform tasks like taxation, financial reporting, business financing, auditing, etc.

They serve as an adviser to their clients or employers when it comes to reach highest productivity. They usually work in large companies, non-profit organizations and industrial sectors. Chartered accountant has several years of experience under his belt and it makes him far more superior than any accountant. They extend their services to public sector also by charging certain fees. They can attain rapid growth in career due to high demand and get handsome salary packages too.

These are the differences between an accountant and a chartered accountant. You can avail accountant’s services in UK in order to keep your accounts up-to-date, as they have all the expertise and experience to handle the same.

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