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The Increasing Importance of Chartered Accounting Firms

The career of chartered accounting is one of the most important as well as the most challenging careers in the world. But even in chartered accountancy there are multiple ways in which the accountancy services can be rendered. It could be a certified chartered accountant who is providing accounting services to the clients or it could be a whole firm consisting of chartered accountants that have specialized in different fields offering services to a whole range of clients. In the recent years it has been seen that there has been an increase in the hiring of the accounting firms rather than a certified chartered accountant. There are myriad of reasons that could be responsible for this shift.

Some of the most Important Reasons that are Responsible for this Change in Trend are:

  • The chartered accountants that form the inclusive elements of an accounting firm have specialized in diverse fields of accountancy and thus can offer services that vary from wealth management, financial investigation, auditing Services, accounting advice, valuation of Businesses, cost accounting, taxation, tax assessment etc. As a result it becomes easier for the companies to hire one single accounting firm to avail the whole accounting services.
  • Another most important reason that is responsible for this change in trend is that hiring an accounting firm proves to be a lot more cost effective than a professional chartered accountant that can offer services only in a specialized field.
  • One reason that can really highlight the importance of Chartered Accounting Firms is that the chartered accountants with varying specialization keep in touch with each other while working on their respective cases. Thus the client can always feel safe that the people who are working on their accounting problems would always provide them with the most reliable advice as well as accounting solutions.
  • One fact that has its own significance is that the firm cares a lot about their reputation and thus it becomes necessary for them that they provide dedicated services to their clients. The chartered accountants working in a firm are a lot more knowledgeable as well as competitive and have the capability to handle demanding and sometimes complex situations while working on a particular case.