What is Chartered Accountancy? Guide to Outsource Accounting Services in Malaysia

In the global economy, both ethical and talented individuals are necessities especially if you want to outsource accounting services. Merging the skills of the Chartered Accountants helps organizations to meet their set goals and visions. The founders of the accountancy profession are chartered accountants and have led to their worldwide growth.

outsourcing service for your account

Presently, they bear the most influential positions in a company as either business advisers or decision-makers. In most successful businesses, chartered accountants play an essential role in shaping their success and influence. Therefore, chartered accountants are professional accountants whose qualifications give them the authority to execute specific activities in the accountancy spectrum.

What Do Chartered Accountants Do?

There are a number of services a chartered accountant can offer to their clients. You can outsource payroll services to these experts. Besides, they will help in preparing tax returns and have in-depth knowledge of tax code changes. Generally, the government needs to make certain of the competence of a licensed professional.

This conveys that a skilled and competent professional can offer the right figures in your tax returns. Moreover, the legal deductions and updated benefits are what you can enjoy as a taxpayer. The transfer pricing documentation is something that accountants do with a lot of ease.

The Main Areas in which Chartered Accountants Work

Areas of work

1.      Forensic Accounting and Foreigner Register Company in Malaysia

During investigations into civil cases, personal injury and industrial fraud, a company or individual will require the testimony of an accountant. Huge firms have peculiar departments in legal actions support constituting qualified chartered accountants.

2.      Public Practice in Company Secretary Service

The members working within an accountancy firm provide several tax and accountancy services to clients. These services include management consultancy, business advice and audits. Firms vary in size from the sole practitioner to one of the multinational accountancy firms.

3.      Corporate Finance

Enormous firms mainly have specialized departments in corporate finance and transfer pricing documentation. Often, the work involves acquisitions, securing capital for company mergers and management buy-ins and buy-outs and capital reconstructions. To have a position in corporate finance needs skills in negotiation with key professionals, capital providers, lawyers and researchers.  

4.      Business

Chartered accountants are commonly employed within an organization due to their financial expertise and knowledge. With this knowledge, they are able to control the management of the business, register the company online and also help it develop. Generally, they occupy roles like the finance manager or director.

What is the difference between a Chartered Accountant and an Accountant?

To become a chartered accountant, you have to undertake a minimum of three years of in-depth training. You ought to pass a series of diligent examinations in cloud accounting software, financial management, business strategy, taxation and auditing. Additionally, you have to be committed to continuing your professional development to keep the skills up to date.

Though both the accountants and chartered accountants have the same laws, chartered accountants are bound by a code of ethics. They are also subject to disciplinary procedures under any registered Sdn Bhd Company. Chartered accountants also hold professional insurance and a practising certificate in case they want to offer paid services to the public. As each route is different, they all require trainees to exhibit the same level of skills, knowledge and experience to qualify. Therefore, all the applicants must have a high professional standard in their previous qualifications.