An accountant and a chartered accountant may look similar to you probably because they bear the same term “accountant,” but the fact remains that they are two different professions. We often make the mistake of viewing them in the same light, which, to some extent, isn’t our fault.
Anyone who sees these two terms would, at first thought think they are synonymous. Now, to enlighten you on the disparity that exists between these two professions, why don’t we fill you in on some features and duties of an accountant and a chartered accountant?
Who is a chartered accountant?
A chartered accountant can be said to be an advanced accountant. These persons hold membership in professional bodies such as the Institute of Singapore Chartered Accountants. You can only associate yourself with these bodies or organizations after sitting and passing their exams, and after gaining a specific amount of experience.
What do Chartered Accountants Do?
You must understand that a chartered accountant will have undergone more training than a typical accountant. A chartered accountant needs to have finished an academic postgraduate program after graduation and must have garnered a lot of experience working under a mentoring program for nothing less than three years.
A chartered accountant specializes in tax returns, including other real-time tasks. Unlike a typical accountant, it is also the duty of a chartered accountant to provide correct records of all financial transactions of a company or an individual. Although accountants can help with the financial statements of a company or an individual, a chartered accountant is often regarded as the best and ideal option due to their experience.
A chartered accountant won’t likely wait for long to get employed due to their experience and expertise and also because they belong to a professional body. You will likely find a chartered accountant working in a more commercial capacity like bigger non-profit organizations, corporations, including the commerce or industrial sector.
What is an accountant?
An accountant is somewhat different from a chartered accountant. An individual who records business transactions, access and provides reports on company performance to management, and produces financial statements is an accountant.
Their duties range from offering payroll services, creating a transfer pricing document, etc. In case you reside in Singapore, and you are in need of the services of an accountant, you can get one from any accounting firms in Singapore.
What do accountants do?
The main job of an accountant is to provide a precise and continuous record of the financial transactions of an individual or a company. Some accountants work fulltime for a big company, while some may decide to serve the need of an individual. A common type of accountant is an accountant that assists individuals in organizing and documenting their government forms annually. An accountant may also have practical knowledge in more prudent fields, for instance, subsidy administration, home arranging, retirement bundles, etc.
An accountant normally works for several hours, especially when working on tax-related documents. These sets of people are also required to partake in several examinations and audits of financial records. Other duties of an accountant include:
- Making sure that the financial activities of a company adhere to the laws.
- Balancing of accounts and creating financial documents
- Preparing and paying tax returns for big companies
- Inputting data about payables, profits, sales taxes, including other transactions in a systematic manner.
In a Nutshell
The difference these seemingly similar jobs is glaring. A chartered accountant is simply a more experienced and sophisticated accountant who is a member of professional bodies such as the Institute of Singapore Chartered Accountants, etc. An accountant, on the other hand, can be a fresh graduate, one who doesn’t have much experience in the field of accounting nor is associated with a professional body such as the Institute of Singapore Chartered Accountant.
In search of an auditor? An audit firm in Singapore consists of many firms that can assist you in carrying out a thorough audit of your company’s financial records. For more information, get in touch with us.